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REGISTERED NUMBER: SC775189 (Scotland)











































J M Quality Meats Ltd

Unaudited Financial Statements

for the period

10th July 2023 to 31st July 2024






J M Quality Meats Ltd (Registered number: SC775189)






Contents of the Financial Statements
for the period 10th July 2023 to 31st July 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


J M Quality Meats Ltd

Company Information
for the period 10th July 2023 to 31st July 2024







Directors: I G R Hogg
Mrs F Hogg
D Hogg





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: 25 Harleyburn Drive
Melrose
Roxburghshire
TD6 9JX





Registered number: SC775189 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

J M Quality Meats Ltd (Registered number: SC775189)

Balance Sheet
31st July 2024

Notes £    £   
Fixed assets
Intangible assets 4 13,500
Tangible assets 5 63,481
76,981

Current assets
Stocks 3,500
Debtors 6 2,877
Cash at bank 37,995
44,372
Creditors
Amounts falling due within one year 7 97,742
Net current liabilities (53,370 )
Total assets less current liabilities 23,611

Provisions for liabilities 5,221
Net assets 18,390

Capital and reserves
Called up share capital 100
Retained earnings 18,290
18,390

J M Quality Meats Ltd (Registered number: SC775189)

Balance Sheet - continued
31st July 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th January 2025 and were signed on its behalf by:





I G R Hogg - Director


J M Quality Meats Ltd (Registered number: SC775189)

Notes to the Financial Statements
for the period 10th July 2023 to 31st July 2024

1. Statutory information

J M Quality Meats Ltd is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Nil
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors,accruals, other loans and directors' loans.

Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


J M Quality Meats Ltd (Registered number: SC775189)

Notes to the Financial Statements - continued
for the period 10th July 2023 to 31st July 2024

2. Accounting policies - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

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

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the period was 2 .

J M Quality Meats Ltd (Registered number: SC775189)

Notes to the Financial Statements - continued
for the period 10th July 2023 to 31st July 2024

4. Intangible fixed assets
Goodwill
£   
Cost
Additions 15,000
At 31st July 2024 15,000
Amortisation
Amortisation for period 1,500
At 31st July 2024 1,500
Net book value
At 31st July 2024 13,500

5. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
Additions 36,000 26,012 10,750 72,762
Disposals - - (5,000 ) (5,000 )
At 31st July 2024 36,000 26,012 5,750 67,762
Depreciation
Charge for period - 3,682 599 4,281
At 31st July 2024 - 3,682 599 4,281
Net book value
At 31st July 2024 36,000 22,330 5,151 63,481

6. Debtors: amounts falling due within one year
£   
Trade debtors 1,080
Other debtors 1,797
2,877

7. Creditors: amounts falling due within one year
£   
Trade creditors 15,131
Taxation and social security 1,676
Other creditors 80,935
97,742