Registered number
04855584
Livestock Supplies Ltd
Unaudited Filleted Accounts
31 August 2024
Livestock Supplies Ltd
Registered number: 04855584
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 346,087 322,827
Current assets
Stocks 484,455 488,774
Debtors 4 399,212 388,760
Cash at bank and in hand 3,815 69,038
887,482 946,572
Creditors: amounts falling due within one year 5 (258,190) (371,353)
Net current assets 629,292 575,219
Total assets less current liabilities 975,379 898,046
Creditors: amounts falling due after more than one year 6 (20,070) (18,899)
Provisions for liabilities (80,175) (74,026)
Net assets 875,134 805,121
Capital and reserves
Called up share capital 100 100
Profit and loss account 875,034 805,021
Shareholders' funds 875,134 805,121
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr AJ Latham
Director
Approved by the board on 16 May 2025
Livestock Supplies Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents net invoiced sales of Livestock and related products, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Land and buildings 5% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 25,112 188,109 316,830 530,051
Additions - 23,341 103,134 126,475
Disposals - (15,452) (66,789) (82,241)
At 31 August 2024 25,112 195,998 353,175 574,285
Depreciation
At 1 September 2023 2,512 97,911 106,801 207,224
Charge for the year 1,256 13,863 60,756 75,875
On disposals - (7,171) (47,730) (54,901)
At 31 August 2024 3,768 104,603 119,827 228,198
Net book value
At 31 August 2024 21,344 91,395 233,348 346,087
At 31 August 2023 22,600 90,198 210,029 322,827
4 Debtors 2024 2023
£ £
Trade debtors 352,473 334,813
Other debtors 46,739 53,947
399,212 388,760
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,403 10,074
Obligations under finance lease and hire purchase contracts 33,288 77,672
Trade creditors 147,689 252,609
Taxation and social security costs 56,961 21,586
Other creditors 4,849 9,412
258,190 371,353
Obligations under hire purchase contracts are secured on the plant and machinery that they are financing.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,974 18,899
Obligations under finance lease and hire purchase contracts 11,096 -
20,070 18,899
7 Other information
Livestock Supplies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Beeston Gate Farm
Whitchurch Road
Beeston, Nr Tarporley
Chester
CW6 9NN
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