Registered number
09656671
NEIL FROST MEATS LTD
Unaudited Filleted Accounts
30 June 2024
NEIL FROST MEATS LTD
Registered number: 09656671
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,424 20,645
Current assets
Stocks 12,145 10,430
Debtors 4 70,663 84,649
Cash at bank and in hand 54,546 24,946
137,354 120,025
Creditors: amounts falling due within one year 5 (105,298) (95,648)
Net current assets 32,056 24,377
Net assets 56,480 45,022
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 55,480 44,022
Shareholders' funds 56,480 45,022
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Frost
Director
Approved by the board on 18 March 2025
NEIL FROST MEATS LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% Reducing balance
Plant and machinery 10% Reducing balance
Fixtures, fittings, tools and equipment 10% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 11,325 22,500 33,825
Additions 470 9,500 9,970
Disposals - (4,000) (4,000)
At 30 June 2024 11,795 28,000 39,795
Depreciation
At 1 July 2023 5,301 7,879 13,180
Charge for the year 696 4,656 5,352
On disposals - (3,161) (3,161)
At 30 June 2024 5,997 9,374 15,371
Net book value
At 30 June 2024 5,798 18,626 24,424
At 30 June 2023 6,024 14,621 20,645
4 Debtors 2024 2023
£ £
Trade debtors 65,845 81,962
Other debtors 4,818 2,687
70,663 84,649
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 85,230 77,271
Taxation and social security costs 15,798 13,428
Other creditors 4,270 4,949
105,298 95,648
6 Other information
NEIL FROST MEATS LTD is a private company limited by shares and incorporated in England. Its registered office is:
13 King Street West
Stockport
Cheshire
SK3 0TD
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