IRIS Accounts Production v24.3.2.46 02727662 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities a wholesale butchers. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027276622023-06-30027276622024-06-30027276622023-07-012024-06-30027276622022-06-30027276622022-07-012023-06-30027276622023-06-3002727662ns15:EnglandWales2023-07-012024-06-3002727662ns14:PoundSterling2023-07-012024-06-3002727662ns10:Director12023-07-012024-06-3002727662ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3002727662ns10:MediumEntities2023-07-012024-06-3002727662ns10:Audited2023-07-012024-06-3002727662ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3002727662ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3002727662ns10:FullAccounts2023-07-012024-06-3002727662ns10:OrdinaryShareClass12023-07-012024-06-3002727662ns10:Director22023-07-012024-06-3002727662ns10:Director32023-07-012024-06-3002727662ns10:CompanySecretary12023-07-012024-06-3002727662ns10:RegisteredOffice2023-07-012024-06-3002727662ns5:CurrentFinancialInstruments2024-06-3002727662ns5:CurrentFinancialInstruments2023-06-3002727662ns5:Non-currentFinancialInstruments2024-06-3002727662ns5:Non-currentFinancialInstruments2023-06-3002727662ns5:ShareCapital2024-06-3002727662ns5:ShareCapital2023-06-3002727662ns5:RetainedEarningsAccumulatedLosses2024-06-3002727662ns5:RetainedEarningsAccumulatedLosses2023-06-3002727662ns5:ShareCapital2022-06-3002727662ns5:RetainedEarningsAccumulatedLosses2022-06-3002727662ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3002727662ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-300272766212023-07-012024-06-3002727662ns5:PlantMachinery2023-07-012024-06-3002727662ns5:FurnitureFittings2023-07-012024-06-3002727662ns5:MotorVehicles2023-07-012024-06-3002727662ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-07-012024-06-3002727662ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-07-012023-06-3002727662ns5:OwnedAssets2023-07-012024-06-3002727662ns5:OwnedAssets2022-07-012023-06-3002727662ns10:OrdinaryShareClass12022-07-012023-06-3002727662ns5:PlantMachinery2023-06-3002727662ns5:FurnitureFittings2023-06-3002727662ns5:MotorVehicles2023-06-3002727662ns5:PlantMachinery2024-06-3002727662ns5:FurnitureFittings2024-06-3002727662ns5:MotorVehicles2024-06-3002727662ns5:PlantMachinery2023-06-3002727662ns5:FurnitureFittings2023-06-3002727662ns5:MotorVehicles2023-06-3002727662ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3002727662ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3002727662ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-3002727662ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-3002727662ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-3002727662ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3002727662ns5:WithinOneYear2024-06-3002727662ns5:WithinOneYear2023-06-3002727662ns5:BetweenOneFiveYears2024-06-3002727662ns5:BetweenOneFiveYears2023-06-3002727662ns5:MoreThanFiveYears2024-06-3002727662ns5:MoreThanFiveYears2023-06-3002727662ns5:AllPeriods2024-06-3002727662ns5:AllPeriods2023-06-3002727662ns5:DeferredTaxation2023-06-3002727662ns5:DeferredTaxation2023-07-012024-06-3002727662ns5:DeferredTaxation2024-06-3002727662ns10:OrdinaryShareClass12024-06-3002727662ns5:RetainedEarningsAccumulatedLosses2023-06-30027276621ns10:Director12023-06-30027276621ns10:Director12022-06-30027276621ns10:Director12023-07-012024-06-30027276621ns10:Director12022-07-012023-06-30027276621ns10:Director12024-06-30027276621ns10:Director12023-06-30
REGISTERED NUMBER: 02727662 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

JOHN SHEPPARD BUTCHERS LIMITED

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


JOHN SHEPPARD BUTCHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R J Sheppard
A N Forrest-Jones
J R F Sheppard



SECRETARY: R J Sheppard



REGISTERED OFFICE: Units 5, 6 & 7
Ashley Trading Estate
Ashley Parade
Bristol
Avon
BS2 9XS



REGISTERED NUMBER: 02727662 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Gary Sargeant



AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

The company continued its principal activity as wholesale and catering butchers.

REVIEW OF BUSINESS
Since the resumption of business following the Covid pandemic results have proved encouraging and the Company has traded profitably in the year under review.

COVID FINANCIAL SUPPORT
The Company is funding repayment of its CBILS Loans and other support from the Company's financiers. The trading recovery is believed sustainable and adequate to meet these commitments.

PRINCIPAL RISKS AND UNCERTAINTIES
Currently the UK and World economies conspire to affect trading conditions whether in regard to the pricing or availability of product, and overhead costs generally:
- Increases in raw material costs Weakness of Sterling
- Supply chains
- Wage and overhead inflationary pressures.

Where possible these main risks are being addressed on a daily basis by placing emphasis on UK product, together with operating to shorter term pricing agreements.
With the support of staff both at production and administrative levels it is hoped to contain the effects of adverse cost increases.

ON BEHALF OF THE BOARD:





R J Sheppard - Director


20 February 2025

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 61,000 .

DIRECTOR
R J Sheppard held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

A N Forrest-Jones and J R F Sheppard were appointed as directors after 30 June 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Sheppard - Director


20 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN SHEPPARD BUTCHERS LIMITED

Opinion
We have audited the financial statements of John Sheppard Butchers Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 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 opinion
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 Auditors' 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN SHEPPARD BUTCHERS LIMITED


Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or 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; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN SHEPPARD BUTCHERS LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks.

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, FRS 102, UK corporate taxation laws and the Data Protection Act.

- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence.

-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying the controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates; and

d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature and a review of profit margins.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN SHEPPARD BUTCHERS LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Gary Sargeant (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

25 February 2025

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 19,201,592 18,209,267

Cost of sales 15,492,582 14,881,040
GROSS PROFIT 3,709,010 3,328,227

Distribution costs 1,300,012 1,276,301
Administrative expenses 1,702,434 1,663,361
3,002,446 2,939,662
OPERATING PROFIT 4 706,564 388,565


Interest payable and similar expenses 5 236,780 187,040
PROFIT BEFORE TAXATION 469,784 201,525

Tax on profit 6 116,740 37,698
PROFIT FOR THE FINANCIAL
YEAR

353,044

163,827

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 353,044 163,827


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

353,044

163,827

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 212,234 89,699

CURRENT ASSETS
Stocks 9 559,470 415,539
Debtors 10 7,409,975 6,436,178
Cash at bank and in hand 43,057 35,855
8,012,502 6,887,572
CREDITORS
Amounts falling due within one year 11 6,475,631 5,294,177
NET CURRENT ASSETS 1,536,871 1,593,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,749,105

1,683,094

CREDITORS
Amounts falling due after more than one
year

12

(333,333

)

(590,000

)

PROVISIONS FOR LIABILITIES 16 (53,059 ) (22,425 )
NET ASSETS 1,362,713 1,070,669

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Retained earnings 18 1,352,713 1,060,669
SHAREHOLDERS' FUNDS 1,362,713 1,070,669

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





R J Sheppard - Director


JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 10,000 1,056,842 1,066,842

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 163,827 163,827
Balance at 30 June 2023 10,000 1,060,669 1,070,669

Changes in equity
Dividends - (61,000 ) (61,000 )
Total comprehensive income - 353,044 353,044
Balance at 30 June 2024 10,000 1,352,713 1,362,713

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

John Sheppard Butchers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the companies accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. This will be upon despatch of the goods as it is at this point that the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% per annum on cost
Fixtures and fittings - 10% per annum on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Operating leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits
Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred.

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,550,899 2,490,380
Social security costs 213,987 213,624
Other pension costs 107,692 110,366
2,872,578 2,814,370

The average number of employees during the year was as follows:
2024 2023

Production Staff 58 61
Distribution Staff 21 23
Administrative Staff 21 22
Other Staff 6 4
106 110

2024 2023
£    £   
Director's remuneration - -

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 20,461 25,119
Depreciation - owned assets 26,133 22,866
Auditors' remuneration 32,000 20,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 236,780 187,040

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 78,336 35,328
Prior period corporation tax 7,770 -
Total current tax 86,106 35,328

Deferred tax 30,634 2,370
Tax on profit 116,740 37,698

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 469,784 201,525
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 20.496%)

117,446

41,305

Effects of:
Expenses not deductible for tax purposes 32,827 4,372
Capital allowances in excess of depreciation (30,654 ) -
Depreciation in excess of capital allowances - 3,317
Adjustments to tax charge in respect of previous periods 8,083 -
Tax Losses (10,962 ) (11,296 )
Total tax charge 116,740 37,698

7. DIVIDENDS
2024 2023
£    £   
Interim 61,000 160,000

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 31,277 184,759 37,150 253,186
Additions 4,248 - 144,420 148,668
At 30 June 2024 35,525 184,759 181,570 401,854
DEPRECIATION
At 1 July 2023 4,022 137,502 21,963 163,487
Charge for year 3,518 12,801 9,814 26,133
At 30 June 2024 7,540 150,303 31,777 189,620
NET BOOK VALUE
At 30 June 2024 27,985 34,456 149,793 212,234
At 30 June 2023 27,255 47,257 15,187 89,699

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. STOCKS
2024 2023
£    £   
Stocks 559,470 415,539

Stock is valued at the lower of cost and net realisable value on a first in, first out basis.

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 4,214,282 3,173,072
Other debtors 196,192 193,991
VAT 36,242 32,110
Prepayments 129,587 162,494
4,576,303 3,561,667

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,833,672 2,874,511

Aggregate amounts 7,409,975 6,436,178

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 280,000 280,000
Trade creditors 2,042,700 1,904,309
Amounts owed to group undertakings 139,864 -
Tax 78,337 35,328
Social security and other taxes 79,339 55,683
Other creditors 2,943,656 2,534,164
Directors' loan accounts 3,518 61,419
Accruals and deferred income 908,217 423,274
6,475,631 5,294,177

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 333,333 590,000

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 280,000 280,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 280,000 280,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 53,333 310,000

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 323,034 326,312
Between one and five years 86,878 214,784
In more than five years 683 -
410,595 541,096

15. SECURED DEBTS

HSBC Invoice Finance (UK) Limited holds a floating charge with a negative pledge on all the property or undertaking of the company. They also hold a fixed charge on purchased debts which fail to vest and the amount is secured on all monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge.

HSBC Bank PLC has a legal mortgage, legal assignment and chattel mortgage on all monies due or to become due from the company to the charge on any account whatsoever. They also hold a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery of the company.

Midlands Bank PLC holds a fixed and floating charge on all monies due or to become due from the company to the chargee on any account whatsoever.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 53,059 22,425

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 22,425
Provided during year 30,634
Balance at 30 June 2024 53,059

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

18. RESERVES
Retained
earnings
£   

At 1 July 2023 1,060,669
Profit for the year 353,044
Dividends (61,000 )
At 30 June 2024 1,352,713

19. ULTIMATE PARENT COMPANY

JSB Companies Limited is regarded by the directors as being the company's ultimate parent company.

The Parent and ultimate parent company is JSB Companies Limited, a company registered in England and Wales.

The results of this company are included in the consolidated accounts of JSB Companies Limited and the consolidated accounts are available to view at Companies House.

JOHN SHEPPARD BUTCHERS LIMITED (REGISTERED NUMBER: 02727662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
R J Sheppard
Balance outstanding at start of year (61,419 ) 47,349
Amounts advanced 113,772 196,513
Amounts repaid (55,872 ) (305,281 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,519 ) (61,419 )

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other than the directors there are no other members of key management. Directors' remuneration is reported in note 3.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Richard Sheppard by virtue of his shareholding in JSB Companies Limited.