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Registered number: 08927340









MARBEC MEATS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MARBEC MEATS LIMITED
 
 
COMPANY INFORMATION


Directors
M Beckworth 
A Beckworth 
M Ishfaq 
T P Hussey 




Company secretary
M Ishfaq



Registered number
08927340



Registered office
40 West Market Building
London Central Markets

London

EC1A 9PS




Independent auditor
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

Leytonstone

London

E11 1GA





 
MARBEC MEATS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9
Statement of cash flows
 
10 - 11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 25


 
MARBEC MEATS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
The company's principal activity continued to be that of a catering butcher selling meat and meat products to the catering industry.
The directors are pleased with the results of the company during the year and continue to benefit from the hard work carried out to generate new customers and support our existing customers and contracts.

Principal risks and uncertainties
 
The company is subject to the same general risks and uncertainties as any other business, for example, the impact of natural disasters, changes in general economic conditions including currency and interest rate fluctuations and the impact of competition. 
The company, like many, will be exposed to any severe economic slump and further increase in utility prices. However as disclosed in the notes to the accounts, the directors are comfortable that they have access to funding for which they believe is sufficient to ensure the company is well placed for the future.

Financial key performance indicators
 
To measure the performance of the company in the period we look at the turnover, gross profit margins and profit before tax. These are key indicators of how our business has performed.
   
 Year ended 30 April 2024     Year ended 30 April 2023
Turnover      £16,705,098               £14,822,169
Gross profit      £  2,751,235                  £   2,425,918
Gross profit margin           16.5%                             16.4%
Profit before tax               £    1,123,928                        £  658,326


This report was approved by the board on 31 January 2025 and signed on its behalf.






M Beckworth
Director

Page 1

 
MARBEC MEATS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £814,205 (2023 - £534,104).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

M Beckworth 
A Beckworth 

Page 2

 
MARBEC MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 







M Beckworth
Director

Page 3

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED
 

Qualified Opinion


We have audited the financial statements of Marbec Meats Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


Except for the possible effects of the matter described in the basis of qualified opinion section, in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


There was no physical check of inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities and value which are included in the balance sheet at 30 April 2024 of £331,576, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
 
°we have not obtained all the information and explanations that we require for our audit; and
°we were unable to determine whether adequate accounting records have been kept.
 
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 
 
°returns adequate for our audit have not been received from branches not visited by us; or
°the financial statements are not in agreement with the accounting records and returns; or
°certain disclosures of directors' remuneration specified by law are not made. 


Page 5

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and
performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.
 
Page 6

 
MARBEC MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARBEC MEATS LIMITED (CONTINUED)



There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.  


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Andrew May ACCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
Leytonstone
London
E11 1GA

31 January 2025
Page 7

 
MARBEC MEATS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
                                                                                                                          Note
£
£

  

Turnover
 4 
16,705,098
14,822,169

Cost of sales
  
(13,953,863)
(12,396,251)

Gross profit
  
2,751,235
2,425,918

Administrative expenses
  
(1,599,096)
(1,693,879)

Operating profit
 5 
1,152,139
732,039

Interest receivable and similar income
 8 
-
290

Interest payable and similar charges
 9 
(28,211)
(74,003)

Profit before tax
  
1,123,928
658,326

Tax on profit
 10 
(309,723)
(124,222)

Profit after tax
  
814,205
534,104

  

  

Retained earnings at the beginning of the year
  
2,140,589
1,610,485

  
2,140,589
1,610,485

Profit for the year
  
814,205
534,104

Dividends declared and paid
  
-
(4,000)

Retained earnings at the end of the year
  
2,954,794
2,140,589

The notes on pages 13 to 25 form part of these financial statements.

Page 8

 
MARBEC MEATS LIMITED
REGISTERED NUMBER: 08927340

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
                                                                         Note
£
£

Fixed assets
  

Intangible assets
 12 
1,007,500
1,107,500

Tangible assets
 13 
586,313
574,950

  
1,593,813
1,682,450

Current assets
  

Stocks
 14 
331,576
322,003

Debtors: amounts falling due within one year
 15 
2,305,031
2,309,867

Cash at bank and in hand
 16 
645,628
43,441

  
3,282,235
2,675,311

Creditors: amounts falling due within one year
 17 
(1,756,892)
(1,645,621)

Net current assets
  
 
 
1,525,343
 
 
1,029,690

Total assets less current liabilities
  
3,119,156
2,712,140

Creditors: amounts falling due after more than one year
 18 
(164,262)
(571,451)

  

Net assets
  
2,954,894
2,140,689


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
  
2,954,794
2,140,589

  
2,954,894
2,140,689


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




M Beckworth
Director

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
MARBEC MEATS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
814,205
534,104

Adjustments for:

Amortisation of intangible assets
100,000
100,000

Depreciation of tangible assets
160,492
143,717

Loss on disposal of tangible assets
26,036
9,907

Interest paid
28,211
74,003

Interest received
-
(290)

Taxation charge
313,747
126,268

(Increase) in stocks
(9,573)
(71,700)

Decrease/(increase) in debtors
4,836
(342,465)

(Decrease) in creditors
(373,563)
(5,681)

Corporation tax paid
(126,268)
(955)

Net cash generated from operating activities

938,123
566,908


Cash flows from investing activities

Purchase of tangible fixed assets
(10,055)
(6,500)

Sale of tangible fixed assets
12,900
600

Interest received
-
290

Net cash from investing activities

2,845
(5,610)
Page 10

 
MARBEC MEATS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(143,333)
(40,000)

Repayment of/new finance leases
(167,237)
(124,454)

Dividends paid
-
(4,000)

Interest paid
(12,217)
(64,344)

HP interest paid
(15,994)
(9,659)

Net cash used in financing activities
(338,781)
(242,457)

Net increase in cash and cash equivalents
602,187
318,841

Cash and cash equivalents at beginning of year
43,441
(275,400)

Cash and cash equivalents at the end of year
645,628
43,441


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
645,628
43,441

645,628
43,441


Page 11

 
MARBEC MEATS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

43,441

602,187

-

645,628

Debt due after 1 year

(103,333)

103,333

-

-

Debt due within 1 year

(128,500)

96,187

-

(32,313)

Finance leases

(301,174)

-

(33,498)

(334,672)


(489,566)
801,707
(33,498)
278,643

The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Marbec Meats Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is 40 West Market Building, London Central Markets, London, EC1A 9PS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.   

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Page 13

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:


Improvements to leasehold property
-
Over the length of the lease
Plant, machinery and trade equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Furniture, fittings and office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 14

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

Page 15

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 16

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Taxation

Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgments in applying accounting policies
The company does not consider there to be any critical judgments in applying accounting policies.
Accounting judgments and estimation
The company does not consider there to be any material sources of estimation uncertainty.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.

Page 17

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation on tangible fixed assets
160,492
143,717

Amortisation of intangible assets, including goodwill
100,000
100,000

Auditor's remuneration
14,000
14,000

Other operating lease rentals
99,000
107,916


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,133,163
1,767,854

Social security costs
208,830
174,673

Cost of defined contribution scheme
44,453
35,603

2,386,446
1,978,130


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
12
12



Drivers
24
20



Butchers
23
23



Labourers
11
10

70
65


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
8,250
11,000


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 18

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Interest receivable and similar income

2024
2023
£
£


Bank interest
-
290


9.


Interest payable and similar charges

2024
2023
£
£


Bank interest
12,217
14,344

Other interest
-
50,000

Finance leases and hire purchase contracts
15,994
9,659

28,211
74,003


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
313,747
126,268

Adjustments in respect of previous periods
(4,024)
(2,046)

Total current tax
309,723
124,222
Page 19

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,123,928
658,326


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
280,982
164,582

Effects of:


Non-tax deductible amortisation of goodwill and impairment
25,000
25,000

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,315
11,317

Depreciation for the year in excess of capital allowances
(11,550)
(38,959)

Adjustments to tax charge in respect of prior periods
(4,024)
(2,047)

Differences due to a change in tax rate
-
(35,671)

Total tax charge for the year
309,723
124,222


11.


Dividends

2024
2023
£
£


Ordinary share dividends
-
4,000

Page 20

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
2,007,500



At 30 April 2024

2,007,500



Amortisation


At 1 May 2023
900,000


Charge for the year on owned assets
100,000



At 30 April 2024

1,000,000



Net book value



At 30 April 2024
1,007,500



At 30 April 2023
1,107,500



Page 21

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Improvements to leasehold property
Plant, machinery and trade equipment
Motor vehicles
Furniture, fittings and office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
8,897
448,652
1,028,617
66,049
1,552,215


Additions
-
4,550
200,736
5,505
210,791


Disposals
-
-
(211,541)
-
(211,541)



At 30 April 2024

8,897
453,202
1,017,812
71,554
1,551,465



Depreciation


At 1 May 2023
-
381,590
543,304
52,371
977,265


Charge for the year on owned assets
-
16,959
42,319
4,859
64,137


Charge for the year on financed assets
-
-
96,355
-
96,355


Disposals
-
-
(172,605)
-
(172,605)



At 30 April 2024

-
398,549
509,373
57,230
965,152



Net book value



At 30 April 2024
8,897
54,653
508,439
14,324
586,313



At 30 April 2023
8,897
67,062
485,313
13,678
574,950

Motor vehicles with a net book value of £420,417 (2023 - £349,831) are held under hire purchase contracts.

Page 22

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Stocks

2024
2023
£
£

Meat products for resale
331,576
322,003



15.


Debtors

2024
2023
£
£


Trade debtors
2,199,069
2,135,824

Other debtors
42,190
115,239

Prepayments and accrued income
63,772
58,804

2,305,031
2,309,867



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
645,628
43,441



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
40,000

Trade creditors
1,093,665
1,143,648

Corporation tax
313,748
126,268

Other taxation and social security
48,973
46,120

Obligations under finance lease and hire purchase contracts
170,410
145,006

Other creditors
130,096
144,579

1,756,892
1,645,621


Page 23

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
103,333

Net obligations under finance leases and hire purchase contracts
164,262
156,168

Other creditors
-
311,950

164,262
571,451


Security
Net obligations under finance leases and hire purchases contracts of £334,672 (2023 - £301,174) are secured against the assets to which they relate.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
40,000

Amounts falling due 2-5 years

Bank loans
-
103,333


-
143,333


The loan was settled early during the year. 


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
170,410
145,006

Between 1-5 years
164,262
156,168

334,672
301,174

Page 24

 
MARBEC MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



22.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £44,453 (2023 - £35,603). Contributions totalling £9,062 (2023 - £7,654) were accrued at the year end.


23.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
99,000
99,000

Later than 1 year and not later than 5 years
396,000
396,000

Later than 5 years
198,000
297,000

693,000
792,000


24.


Related party transactions

Included in other creditors at the year end are amounts owed to the directors of the company of £32,313 (2023 - £400,450). Interest of £Nil (2023 - £50,000) was paid to the directors in respect of these loans. 
During the year the directors had an interest in dividends of £Nil 
(2023 - £4,000).

 
Page 25