Company registration number 03294071 (England and Wales)
REEVES BUTCHERS LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
REEVES BUTCHERS LTD.
COMPANY INFORMATION
Directors
P M C Reeves
H L Reeves
Company number
03294071
Registered office
11 - 12 Brickfields
Kiln Lane
Bracknell
Berkshire
England
RG12 1NQ
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
REEVES BUTCHERS LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 23
REEVES BUTCHERS LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Review of the business

The primary focus of the business remains the supply of quality meat, poultry and game produce to a wide range of commercial customers. The business centres itself around excellent levels of customer service and industry leading accreditations.

 

The Company prides itself on providing a wide range of products with a customer first mentality, whilst offering scale and wholly controlled delivery infrastructure which helps to provide value and reliability to customers. It is also dedicated to developing innovative working practices, leveraging technology wherever feasible to ensure customers receive value for money.

 

Underlying trading for the period was strong, even as the Company helped its customers navigate a turbulent period in the sector. Cost of living and inflationary pressures in both the industry and the wider economy have created challenges for all levels of the food supply chain.

 

Intelligent product sourcing, robust quality checks and efficient processing techniques which are underpinned by excellent customer support continues to create value for clients. This customer centric approach and mindset for growth has enabled strong customer retention and new prospect wins. This has ensured the Company retains strong core business, which in turn, has allowed the Company to invest in growth initiatives, primarily the expansion of the facility and systems upgrades.

Principal risks and uncertainties

Key risks to the Company are predominantly external in nature. Economic uncertainty and cost of living pressures in the UK have put strain on the hospitality sector. Inflationary pressures continue to impact both the supply chain and end customers.

 

Investment in new equipment and facility upgrades, which help to create efficiencies, are central to the Company’s strategy for addressing these uncertainties. As a result of this commitment to continued development, the Company is well placed to meet these challenges and support customers.

Key performance indicators

The Company's key financial and other performance indicators during the year were as follows:

Unit
2024
2023
Turnover
£
15,455,846
15,232,387
Operating profit
£
806,565
841,932

Turnover: Despite pressures in the wider marketplace, turnover is robust. This comes from a strong market position due to strategic positioning as a highly reliable, customer focused supplier with strong accreditations.

 

Operating profit: Despite inflationary pressures creating a highly competitive marketplace, operating profit remains strong. This is driven by the Company’s strong revenue and investment in technology, which helps maintain scalable operations as demand for the Company’s services have grown.

 

The directors continue to monitor performance indicators and will annually determine those defined as key.

On behalf of the board

P M C Reeves
Director
9 April 2025
REEVES BUTCHERS LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the Company in the period under review was that of a supplier of meat, poultry and game produce.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P M C Reeves
H L Reeves
Auditor

FLB Audit LLP were re-appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

REEVES BUTCHERS LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
P M C Reeves
Director
9 April 2025
REEVES BUTCHERS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REEVES BUTCHERS LTD.
- 4 -
Opinion

We have audited the financial statements of Reeves Butchers Ltd. (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

REEVES BUTCHERS LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REEVES BUTCHERS LTD.
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included sample testing a sample of income across the year to agree to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

REEVES BUTCHERS LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REEVES BUTCHERS LTD.
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Daniel Wesolowski
Senior Statutory Auditor
For and on behalf of FLB Audit LLP
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
10 April 2025
REEVES BUTCHERS LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
15,455,846
15,232,387
Cost of sales
(12,866,246)
(12,837,656)
Gross profit
2,589,600
2,394,731
Administrative expenses
(1,783,035)
(1,552,799)
Operating profit
4
806,565
841,932
Interest receivable and similar income
7
8,498
-
0
Interest payable and similar expenses
8
(56,496)
(60,498)
Profit before taxation
758,567
781,434
Tax on profit
9
(174,233)
(160,030)
Profit and total comprehensive income for the year
584,334
621,404

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

REEVES BUTCHERS LTD.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
3,929
Tangible assets
11
190,296
306,287
190,296
310,216
Current assets
Stocks
12
353,429
297,938
Debtors
13
2,579,216
2,534,042
Cash at bank and in hand
780,145
319,874
3,712,790
3,151,854
Creditors: amounts falling due within one year
14
(1,971,863)
(1,816,797)
Net current assets
1,740,927
1,335,057
Total assets less current liabilities
1,931,223
1,645,273
Creditors: amounts falling due after more than one year
15
(167,157)
(439,154)
Provisions for liabilities
Deferred tax liability
19
17,367
43,754
(17,367)
(43,754)
Net assets
1,746,699
1,162,365
Capital and reserves
Called up share capital
21
6
6
Profit and loss reserves
1,746,693
1,162,359
Total equity
1,746,699
1,162,365

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
P M C Reeves
Director
Company registration number 03294071 (England and Wales)
REEVES BUTCHERS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
6
540,955
540,961
Year ended 30 June 2023:
Profit and total comprehensive income
-
621,404
621,404
Balance at 30 June 2023
6
1,162,359
1,162,365
Year ended 30 June 2024:
Profit and total comprehensive income
-
584,334
584,334
Balance at 30 June 2024
6
1,746,693
1,746,699
Profit and loss reserves
Profit and loss reserves include all cumulative retained profit and losses.
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

Reeves Butchers Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 11 - 12 Brickfields, Kiln Lane, Bracknell, Berkshire, England, RG12 1NQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the Company are consolidated in the financial statements of Reeves Butchers Group Limited. These consolidated financial statements are available from its registered office, 11-12 Brickfields, Kiln Lane, Bracknell, Berkshire, RG12 1NQ.

1.2
Going concern

In preparing the financial statements, the directors are required to assess the Company’s ability to continue to trade as a going concern.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

 

Furthermore, the directors have prepared detailed cash flow forecasts which extend at least 12 months from the date of signing these financial statements. The directors have applied a severe but plausible stress test to these forecasts which demonstrate they maintain sufficient funds to discharge their liabilities under this severe scenario. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, 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.

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% - 20% on cost
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
20% - 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, loans to fellow group companies, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The Assets of the plan are held separately from the Company in independently administered funds.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s 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.

 

The directors are are of the opinion that there are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as at year end.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amortisation and depreciation of intangible and tangible fixed assets

Fixed assets are amortised or depreciated over their estimated useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Supply of meat, poultry and game produce
15,455,846
15,232,387
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,455,846
15,232,387
2024
2023
£
£
Other revenue
Interest income
8,498
-
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,500
14,000
Depreciation of owned tangible fixed assets
72,906
73,625
Depreciation of tangible fixed assets held under finance leases
76,434
112,986
Loss on disposal of tangible fixed assets
14,000
-
Amortisation of intangible assets
3,928
4,714
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
152,333
160,121
Company pension contributions to defined contribution schemes
1,317
7,179
153,650
167,300
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
35
36
Distribution
18
18
Administration
10
11
Total
63
65

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,680,878
2,265,771
Social security costs
230,133
212,247
Pension costs
41,152
43,876
2,952,163
2,521,894
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
8,498
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
33,743
36,741
Interest on finance leases and hire purchase contracts
13,233
23,757
Other interest
9,520
-
0
56,496
60,498
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
200,619
189,102
Deferred tax
Origination and reversal of timing differences
(26,386)
(29,072)
Total tax charge
174,233
160,030
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
758,567
781,434
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
189,642
160,194
Tax effect of expenses that are not deductible in determining taxable profit
14,925
12,978
Group relief
(30,179)
-
0
Depreciation on assets not qualifying for tax allowances
(155)
6,898
Other permanent differences
-
0
(6,899)
Under/(over) provided in prior years
-
0
(9,598)
Effect of difference in tax rate applied to deferred tax
-
0
(3,543)
Taxation charge for the year
174,233
160,030
10
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
23,571
Amortisation and impairment
At 1 July 2023
19,642
Amortisation charged for the year
3,929
At 30 June 2024
23,571
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
3,929
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
503,347
178,284
66,691
102,373
567,791
1,418,486
Additions
23,051
16,712
7,586
-
0
-
0
47,349
Disposals
-
0
-
0
-
0
-
0
(24,000)
(24,000)
At 30 June 2024
526,398
194,996
74,277
102,373
543,791
1,441,835
Depreciation and impairment
At 1 July 2023
444,090
139,362
53,847
56,488
418,412
1,112,199
Depreciation charged in the year
26,978
20,969
8,058
12,101
81,234
149,340
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(10,000)
(10,000)
At 30 June 2024
471,068
160,331
61,905
68,589
489,646
1,251,539
Carrying amount
At 30 June 2024
55,330
34,665
12,372
33,784
54,145
190,296
At 30 June 2023
59,257
38,922
12,844
45,885
149,379
306,287

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
1,409
5,636
Motor vehicles
54,144
130,578
55,553
136,214

During the year depreciation of £76,434 (2023: £112,984) was charged on assets held under finance leases.

12
Stocks
2024
2023
£
£
Raw materials and consumables
353,429
297,938
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,300,770
1,344,819
Amounts owed by group undertakings
1,046,230
1,008,914
Other debtors
125,399
82,667
Prepayments and accrued income
106,817
97,642
2,579,216
2,534,042

Amounts owed by to the company by group undertakings of £1,046,230 (2023: £1,008,914) were unsecured, free of interest and deemed repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
176,232
162,052
Obligations under finance leases
17
85,819
128,058
Trade creditors
1,298,246
1,180,629
Corporation tax
81,241
189,102
Other taxation and social security
58,405
56,873
Other creditors
9,727
8,506
Accruals and deferred income
262,193
91,577
1,971,863
1,816,797
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
167,157
343,389
Obligations under finance leases
17
-
0
95,765
167,157
439,154
16
Loans and overdrafts
2024
2023
£
£
Bank loans
343,389
505,441
Payable within one year
176,232
162,052
Payable after one year
167,157
343,389
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Loans and overdrafts
(Continued)
- 21 -

Bank loans consist of the following:

 

 

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
85,819
128,058
In two to five years
-
0
95,765
85,819
223,823

Finance lease payments represent rentals payable by the company for certain items of motor vehicles and plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

18
Secured debts

The following secured debts are included within creditors:

 

Finance leases of £85,819 (2023: £223,823).

 

Obligations under finance leases and hire purchase contracts are secured by reservation of title, by the lessor, over the fixed assets to which they relate.

 

Fixed and floating charges have been registered against the company over all the assets, property and undertaking of the company in relation to other borrowings. A charge dated 23 May 2023 was satisfied on 18 October 2024.

 

Charges registered on 14 October 2024 containing fixed and floating charges, were registered post year end. The charges contains a negative pledge.

 

REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
20,442
45,763
Other temporary timing differences
(3,075)
(2,009)
17,367
43,754
2024
Movements in the year:
£
Liability at 1 July 2023
43,754
Credit to profit or loss
(26,387)
Liability at 30 June 2024
17,367

The deferred tax liability set out above is expected to reverse within 5 years of the reporting date, being the corresponding depreciation term on the tangible fixed assets to which the accelerated capital allowances relate.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,152
43,876

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £8,363 (2023: £8,040) were payable to the fund at the year end and are included in other creditors.

 

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
A shares of £1 each
2
2
2
2
6
6
6
6
REEVES BUTCHERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Share capital
(Continued)
- 23 -

At the reporting date, the Company had 2 classes of shares in issue with the following prescribed particulars;

 

Ordinary shares were non-redeemable and had full voting and distribution rights.

 

A shares were non-redeemable, had non-voting rights and full distribution rights.

 

There were no movements in share capital during the year.

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
104,244
104,244
Between two and five years
416,976
416,976
In over five years
130,305
235,049
651,525
756,269
23
Events after the reporting date

On 22 July 2024, an intragroup dividend was voted and paid to Reeves Butchers Holdings Limited amounting to £1,119,583.

24
Related party transactions

The company has taken advantage of the exemption covered by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions entered into between two or more members of a group on the grounds that any subsidiaries party to the transactions is wholly owned by such a member. No material transactions or those outside the course of ordinary business have been identified in the year.

 

25
Ultimate controlling party

The immediate parent undertaking is Reeves Butchers Holdings Ltd (company number: 10374579), a company incorporated in England and Wales. The registered office address is 11 - 12 Brickfields Kiln Lane, Bracknell, Berkshire, RG12 1NQ.

 

At the reporting date, the ultimate parent company is Reeves Butchers Group Limited (company number: 14791636), a company incorporated in England and Wales. The registered office address is 11 - 12 Brickfields Kiln Lane, Bracknell, Berkshire, RG12 1NQ. On 14 October 2024, there was a change in control making Baobab Topco Limited the new ultimate parent of the Group.

 

The results will be consolidated within the group by Reeves Butchers Group Limited therefore Reeves Butchers Limited have taken the exemption under reduced disclosure framework based on consolidation at group level.

 

Baobab Topco Limited is owned by several shareholders and individually no shareholder can exert control.

 

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