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Registered number: NI072850
BEGNEY MEATS LTD
Unaudited Financial Statements
For The Year Ended 30 June 2024
JAMES SAVAGE & CO
88 LISTOODER ROAD
SAINTFIELD
BT24 7JX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI072850
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 180,936 145,193
180,936 145,193
CURRENT ASSETS
Stocks 5 57,375 63,750
Debtors 6 21,170 17,669
Cash at bank and in hand 103,998 146,785
182,543 228,204
Creditors: Amounts Falling Due Within One Year 7 (67,179 ) (87,991 )
NET CURRENT ASSETS (LIABILITIES) 115,364 140,213
TOTAL ASSETS LESS CURRENT LIABILITIES 296,300 285,406
NET ASSETS 296,300 285,406
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 296,298 285,404
SHAREHOLDERS' FUNDS 296,300 285,406
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 RAYMOND MCCULLOUGH
Director
16/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
BEGNEY MEATS LTD is a private company, limited by shares, incorporated in Northern Ireland, registered number NI072850 . The registered office is 7 Main Street, Rathfriland, Down, BT34 5PS.
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.
Sale of goods
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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Freehold 3%
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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 year 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 asset reflects 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.
...CONTINUED
Page 3
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 14)
15 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 25,394 109,315 62,366 160,131
Additions - 67,345 6,147 3,125
Disposals - (28,000 ) - -
As at 30 June 2024 25,394 148,660 68,513 163,256
Depreciation
As at 1 July 2023 381 76,400 44,229 91,003
Provided during the period 1,251 16,647 5,303 17,673
Disposals - (28,000 ) - -
As at 30 June 2024 1,632 65,047 49,532 108,676
Net Book Value
As at 30 June 2024 23,762 83,613 18,981 54,580
As at 1 July 2023 25,013 32,915 18,137 69,128
Computer Equipment Total
£ £
Cost
As at 1 July 2023 1,021 358,227
Additions - 76,617
Disposals - (28,000 )
As at 30 June 2024 1,021 406,844
Depreciation
As at 1 July 2023 1,021 213,034
Provided during the period - 40,874
Disposals - (28,000 )
As at 30 June 2024 1,021 225,908
Net Book Value
As at 30 June 2024 - 180,936
As at 1 July 2023 - 145,193
Page 4
Page 5
5. Stocks
2024 2023
£ £
Goods for re-sale 57,375 63,750
6. Debtors
2024 2023
£ £
Due within one year
VAT 1,955 -
Other taxes and social security 437 -
2,392 -
Due after more than one year
Amounts recoverable on contracts 18,778 17,669
21,170 17,669
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,907 57,909
Corporation tax 19,736 19,816
Other taxes and social security - 3,215
VAT - 843
Accruals and deferred income 4,536 6,208
67,179 87,991
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5