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Registration number: SC438936

Lothian Catering Butchers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Lothian Catering Butchers Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Lothian Catering Butchers Limited

Company Information

Directors

D B Simpson

G D Simpson

Registered office

 

Randolph Place
Randolph Industrial Estate
Kirkcaldy
KY1 2YX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lothian Catering Butchers Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lothian Catering Butchers Limited for the year ended 31 May 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lothian Catering Butchers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lothian Catering Butchers Limited and state those matters that we have agreed to state to the Board of Directors of Lothian Catering Butchers Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lothian Catering Butchers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lothian Catering Butchers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lothian Catering Butchers Limited. You consider that Lothian Catering Butchers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lothian Catering Butchers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

24 March 2025

 

Lothian Catering Butchers Limited

(Registration number: SC438936)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,627

22,700

Current assets

 

Stocks

5

36,266

30,059

Debtors

6

160,981

101,628

Cash at bank and in hand

 

39,848

31,710

 

237,095

163,397

Creditors: Amounts falling due within one year

7

(331,409)

(313,383)

Net current liabilities

 

(94,314)

(149,986)

Total assets less current liabilities

 

(65,687)

(127,286)

Creditors: Amounts falling due after more than one year

7

(31,263)

(37,218)

Provisions for liabilities

26,275

-

Net liabilities

 

(70,675)

(164,504)

Capital and reserves

 

Called up share capital

9

500

500

Retained earnings

(71,175)

(165,004)

Shareholders' deficit

 

(70,675)

(164,504)

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.

 

Lothian Catering Butchers Limited

(Registration number: SC438936)
Balance Sheet as at 31 May 2024

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 24 March 2025 and signed on its behalf by:
 

.........................................
D B Simpson
Director

 

Lothian Catering Butchers Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Randolph Place
Randolph Industrial Estate
Kirkcaldy
KY1 2YX

These financial statements were authorised for issue by the Board on 24 March 2025.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The accounts have been prepared on a going concern basis as the directors' and credtiors' have undertaken to support the company until profitability can be achieved.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

 

Lothian Catering Butchers Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the processing and preserving of meat. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

Furniture, fittings and equipment

20% and 10% straight line

Other tangible assets

50% and 20% straight line

 

Lothian Catering Butchers Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Lothian Catering Butchers Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

28,727

112,251

140,978

Additions

5,800

12,260

18,060

At 31 May 2024

34,527

124,511

159,038

Depreciation

At 1 June 2023

28,500

89,778

118,278

Charge for the year

1,394

10,739

12,133

At 31 May 2024

29,894

100,517

130,411

Carrying amount

At 31 May 2024

4,633

23,994

28,627

At 31 May 2023

227

22,473

22,700

5

Stocks

2024
£

2023
£

Stock

36,266

30,059

 

Lothian Catering Butchers Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

150,881

73,144

Prepayments

5,729

25,244

Other debtors

4,371

3,240

160,981

101,628

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,955

5,955

Trade creditors

 

266,504

247,980

Taxation and social security

 

2,812

2,405

Accruals and deferred income

 

12,833

9,186

Other creditors

 

43,305

47,857

 

331,409

313,383

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

31,263

37,218

 

Lothian Catering Butchers Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,263

37,218

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,955

5,955

The bank loan is supported by a 100% guarantee from the UK Government.

Included in the loans and borrowings are amounts of £7,443 (2023 - £13,398) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

50,000

500

50,000

500

       
 

Lothian Catering Butchers Limited

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

10

Related party transactions

The company operates a loan account with the director, A Maxwell.
At the year end, the balance due to the director was £4,686 (2023 - £4,686). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, H Vareille.
At the year end, the balance due to the director was £9,374 (2023 - £9,374). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, A Lamond.
At the year end, the balance due to the director was £4,687 (2023 - £4,687). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, A Reilly.
At the year end, the balance due to the director was £16,404 (2023 - £16,404). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the related company, Food Options UK Limited, a company in which company directors are shareholders.
During the period the company made sales of £967,860 (2023 - £1,013,254) and acquired goods of £16,449 (2023 - £29,243). Food Options UK Limited has provided a bank guarantee of up to £50,000 against the bank loan to Lothian Catering Butchers Limited. At the balance sheet date, £0 (2023 - £0) was due to Bank of Scotland by the company. At the year end, the debtor balance owed from Food Options UK Limited to the company was £120,913 (2023 - £52,075) and the creditor balance owed to Food Options UK Limited was £89,620 (2023 - £74,089). This arrangement is unsecured, interest free and has no fixed repayment terms.