Company Registration Number
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CRANSTONS QUALITY BUTCHERS LIMITED
COMPANY INFORMATION
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CRANSTONS QUALITY BUTCHERS LIMITED
CONTENTS
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CRANSTONS QUALITY BUTCHERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The directors present their strategic report for the year ended 31 July 2024.
Cranstons turnover and gross margin both increased versus the prior year as the business delivered improved performance having successfully navigated through the challenges brought on by inflation and the cost-of-living crisis.
The directors remain committed to the importance of making and selling quality products in well-maintained and managed shops that are easily accessible to customers. They are focused on a continued growth path in the future managed on a prudent basis. Investment in retail units will be on-going throughout the coming year. Expansion of the business will be delivered in a sustainable way, with long term goals in mind. At the end of the year the company had shareholder funds of approximately £6.2m (2023 5.8m).
The principal risks to any food company are customer loyalty and engagement, the maintenance of food hygiene standards, along with a reliable supply chain. The directors are committed to maintaining high food hygiene standards and to ensuring that supply of key materials is consistent and secure. Our customer numbers continue to grow, supported by continuous investment in the shops, product quality and development.
Food price inflation remains a risk, albeit that food and energy commodity markets are currently more stable than for several years. Labour costs continue to increase and will do so again in 2025 following the budget changes announced in October 2024. Selling prices are constantly reviewed to ensure that margins are maintained, while balancing this with provided a competitive offer to customers.
As the business continues its trajectory of incremental turnover growth, an on-going programme of investment is in place across the shops and production facilities to underpin this over the coming years.
Turnover increased by 5.5% (2023 - 5.4%)
Gross Profit Margin was 50.3% (2023 - 48.6%) The company can manage its affairs with the above basic KPI's, no other KPI's are relevant to business decisions.
This report was approved by the board on 23 April 2025 and signed on its behalf.
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CRANSTONS QUALITY BUTCHERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
The directors present their report and the financial statements for the year ended 31 July 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The directors who served during the year were:
Crantsons hope to continue to provide high quality food to the local area and expand when it is expedient to do so.
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CRANSTONS QUALITY BUTCHERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
There have been no significant events affecting the Company since the year end.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CRANSTONS QUALITY BUTCHERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRANSTONS QUALITY BUTCHERS LIMITED
We have audited the financial statements of Cranstons Quality Butchers Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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CRANSTONS QUALITY BUTCHERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRANSTONS QUALITY BUTCHERS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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CRANSTONS QUALITY BUTCHERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRANSTONS QUALITY BUTCHERS LIMITED (CONTINUED)
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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, such as the Health & Safety at Work Act 1974, Food Hygiene Regulations and Companies Act 2006; • we identified the laws and regulations applicable to the company through discussions with directors and other management; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; and • tested journal entries to identify unusual transactions; and • tested the operating effectiveness of key controls over purchase cycles on a sample basis. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management as to actual and potential litigation and claims.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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CRANSTONS QUALITY BUTCHERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRANSTONS QUALITY BUTCHERS LIMITED (CONTINUED)
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 Auditors' 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.
James Watson House
Montgomery Way
Rosehill
Cumbria
CA1 2UU
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CRANSTONS QUALITY BUTCHERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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CRANSTONS QUALITY BUTCHERS LIMITED
REGISTERED NUMBER: 00228917
BALANCE SHEET
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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CRANSTONS QUALITY BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
14.Tangible fixed assets (continued)
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CRANSTONS QUALITY BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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CRANSTONS QUALITY BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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CRANSTONS QUALITY BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss account
The Company operates a defined contribution pension scheme. In the year ended to 31 July 2024 contributions amounting to £127,529 (2023 - £112,750) were payable by the company. At the balance sheet date the Company owed £24,720 to the scheme.
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