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Registration number: 07106868

Billfields of London Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Billfields of London Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Billfields of London Limited

Company Information

Directors:

D North

J North

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

07106868

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Billfields of London Limited

(Registration number: 07106868)
Balance Sheet as at 31 January 2025

Note

31.01.25

31.01.24

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

58,688

 

84,637

Tangible assets

5

 

1,038,748

 

1,109,615

   

1,097,436

 

1,194,252

CURRENT ASSETS

   

 

Stocks

72,622

 

61,388

 

Debtors

6

1,190,401

 

1,396,551

 

Cash at bank and in hand

 

195,359

 

239,113

 

 

1,458,382

 

1,697,052

 

CREDITORS

   

 

Creditors within 1yr

7

1,065,002

 

1,172,042

 

Net current assets

   

393,380

 

525,010

Total assets less current liabilities

   

1,490,816

 

1,719,262

Creditors
Amounts falling due after more than one year

7

 

95,589

 

340,343

PROVISIONS FOR LIABILITIES

 

(218,788)

 

(241,519)

Net assets

   

1,176,439

 

1,137,400

CAPITAL AND RESERVES

   

 

Called up share capital

 

1,000

 

1,000

Profit and loss account

 

1,175,439

 

1,136,400

Shareholders' funds

   

1,176,439

 

1,137,400

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Billfields of London Limited

(Registration number: 07106868)
Balance Sheet as at 31 January 2025 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 June 2025

.........................................
D North
Director

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Plant and machinery was valued by independent valuers who established the market value of the assets for which a value had not previously been included in the finacial statements. The effective date of which is 31 January 2021.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

the life of lease

Plant and machinery

Straight line over 5 - 15 years

Fixtures and fittings

Straight line over 5 - 15 years

Motor Vehicles

Straight line over 5 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2024 - 28).

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

4.

Intangible assets

Goodwill
£

Cost or valuation

At 1 February 2024

1,197,000

At 31 January 2025

1,197,000

Amortisation

At 1 February 2024

1,112,363

Amortisation charge

25,949

At 31 January 2025

1,138,312

Carrying amount

At 31 January 2025

58,688

At 31 January 2024

84,637

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

5.

Tangible assets

Short leasehold
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

24,980

190,481

1,313,152

422,659

1,951,272

Additions

-

8,336

-

102,361

110,697

Disposals

-

-

-

(123,264)

(123,264)

At 31 January 2025

24,980

198,817

1,313,152

401,756

1,938,705

Depreciation

At 1 February 2024

10,589

144,486

544,463

142,119

841,657

Charge for the year

1,500

24,378

45,946

67,740

139,564

Eliminated on disposal

-

-

-

(81,264)

(81,264)

At 31 January 2025

12,089

168,864

590,409

128,595

899,957

Carrying amount

At 31 January 2025

12,891

29,953

722,743

273,161

1,038,748

At 31 January 2024

14,391

45,995

768,689

280,540

1,109,615

Included in plant and machinery are assets which were valued at £769,000 less accumulated depreciation of £62,697. The assets were acquired at no cost within the leasehold premises.
 

6.

Debtors

31.01.25
£

31.01.24
£

Trade debtors

1,019,048

1,046,882

Prepayments

74,848

61,876

Other debtors

96,505

287,793

1,190,401

1,396,551

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

7.

Creditors

Creditors: amounts falling due within one year

Note

31.01.25
£

31.01.24
£

Due within one year

 

Loans and borrowings

9

117,524

153,692

Trade creditors

 

593,840

565,752

Taxation and social security

 

229,427

232,187

Accruals and deferred income

 

122,104

220,411

Other creditors

 

2,107

-

 

1,065,002

1,172,042

Included in other creditors is £2,107 owed to the directors. No interest or repayment terms have been set.

Creditors: amounts falling due after more than one year

Note

31.01.25
£

31.01.24
£

Due after one year

 

Loans and borrowings

9

95,589

340,343

8.

Obligations under leases and hire purchase contracts

Finance leases

Lloyds Bank plc and Lloyds Commercial Finance Ltd hold a charge over all the company's assets.

The total of future minimum lease payments is as follows:

31.01.25
£

31.01.24
£

Not later than one year

67,532

78,985

Later than one year and not later than five years

49,756

141,660

117,288

220,645

 

Billfields of London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

9.

Loans and borrowings

31.01.25
£

31.01.24
£

Non-current loans and borrowings

Bank borrowings

45,833

157,025

Hire purchase contracts

49,756

183,318

95,589

340,343

31.01.25
£

31.01.24
£

Current loans and borrowings

Bank borrowings

50,000

116,365

Hire purchase contracts

67,524

37,327

117,524

153,692