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Registered number: 03668192
Elite Meat Limited
Unaudited Financial Statements
For the Period 1 February 2024 to 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03668192
31 December 2024 31 January 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 66,534 78,478
66,534 78,478
CURRENT ASSETS
Stocks 5 19,818 17,161
Debtors 6 711 23,860
Cash at bank and in hand 74,908 32,013
95,437 73,034
Creditors: Amounts Falling Due Within One Year 7 (63,003 ) (55,664 )
NET CURRENT ASSETS (LIABILITIES) 32,434 17,370
TOTAL ASSETS LESS CURRENT LIABILITIES 98,968 95,848
Creditors: Amounts Falling Due After More Than One Year 8 (58,399 ) (72,513 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,500 ) (19,000 )
NET ASSETS 24,069 4,335
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 23,069 3,335
SHAREHOLDERS' FUNDS 24,069 4,335
Page 1
Page 2
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Atkinson
Director
20/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Elite Meat Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03668192 . The registered office is 53-57 High Street, Harrogate, North Yorkshire, HG2 7LQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20 years straight line
Plant & Machinery 15% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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 or loss. Reversals of impairment losses are also recognised in profit or loss.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 13 (2024: 10)
13 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2024 90,285 20,609 298,708 26,574 436,176
Additions - - 1,532 597 2,129
Disposals - - (4,868 ) - (4,868 )
As at 31 December 2024 90,285 20,609 295,372 27,171 433,437
Depreciation
As at 1 February 2024 90,285 12,740 234,436 20,237 357,698
Provided during the period - 1,082 9,048 953 11,083
Disposals - - (1,878 ) - (1,878 )
As at 31 December 2024 90,285 13,822 241,606 21,190 366,903
Net Book Value
As at 31 December 2024 - 6,787 53,766 5,981 66,534
As at 1 February 2024 - 7,869 64,272 6,337 78,478
5. Stocks
31 December 2024 31 January 2024
£ £
Stock 19,818 17,161
6. Debtors
31 December 2024 31 January 2024
£ £
Due within one year
Other debtors 711 23,860
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7. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 January 2024
£ £
Trade creditors 6,708 15,974
Bank loans and overdrafts 16,090 16,316
Other creditors 19,801 8,417
Taxation and social security 20,404 14,957
63,003 55,664
The bank loan and overdraft is secured by way of a fixed and floating charge over the property and undertakings of the company.
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 January 2024
£ £
Bank loans 58,399 72,513
The bank loan and overdraft is secured by way of a fixed and floating charge over the property and undertakings of the company.
9. Share Capital
31 December 2024 31 January 2024
Allotted, called up and fully paid £ £
500 Ordinary A shares of £ 1.00 each 500 500
500 Ordinary B shares of £ 1.00 each 500 500
1,000 1,000
10. Directors Advances, Credits and Guarantees
Included within brought forward Debtors are the following loans to directors:
As at 1 February 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Gordon Atkinson 22,770 19,629 (50,708 ) - (8,309 )
The above loan was unsecured, interest free and repayable on demand.
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