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Registration number: 06858354

Lambournes Butchers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Lambournes Butchers Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Lambournes Butchers Ltd

(Registration number: 06858354)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,302

13,736

Investment property

5

414,837

414,837

 

425,139

428,573

Current assets

 

Cash at bank and in hand

 

3,362

23,052

Creditors: Amounts falling due within one year

6

(165,894)

(175,299)

Net current liabilities

 

(162,532)

(152,247)

Total assets less current liabilities

 

262,607

276,326

Creditors: Amounts falling due after more than one year

6

(134,228)

(152,817)

Provisions for liabilities

(2,576)

(3,434)

Net assets

 

125,803

120,075

Capital and reserves

 

Called up share capital

1

1

Share premium reserve

10,875

10,875

Retained earnings

114,927

109,199

Shareholders' funds

 

125,803

120,075

 

Lambournes Butchers Ltd

(Registration number: 06858354)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 January 2025 and signed on its behalf by:
 

.........................................
KM Preston
Director

 

Lambournes Butchers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lambournes Butchers
Digbeth Street
Stow-on-the-Wold
Cheltenham
Gloucestershire
GL54 1BN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lambournes Butchers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance/ over period of finance lease

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Land and buildings

Not depreciated as the residual value is not expected to fall below the cost.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Lambournes Butchers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

19,671

19,671

At 31 May 2024

19,671

19,671

Depreciation

At 1 June 2023

5,935

5,935

Charge for the year

3,434

3,434

At 31 May 2024

9,369

9,369

Carrying amount

At 31 May 2024

10,302

10,302

At 31 May 2023

13,736

13,736

 

Lambournes Butchers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

5

Investment properties

2024
£

At 1 June

414,837

At 31 May

414,837

There has been no valuation of investment property by an independent valuer.

During the year to 31 May 2023 the butchers shop was reclassified from a tangible fixed asset to an investment property.

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

18,706

18,706

Trade creditors

 

1,178

-

Taxation and social security

 

2,418

14,208

Other creditors

 

143,592

142,385

 

165,894

175,299

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

134,228

152,817

 

Lambournes Butchers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,706

18,706

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

134,228

152,817

The loan is secured by a fixed charge over the assets of the company.

8

Related party transactions

Other transactions with directors

Included in other creditors at the year end was a balance due to the directors of £140,010 (2023 - £138,038)