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Registration number: 06704516

Ashfold Quality Meats Limited
Annual Report and
Unaudited Financial Statements

30 September 2024

 

Ashfold Quality Meats Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ashfold Quality Meats Limited

Balance Sheet
30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

258,623

246,608

Current assets

 

Stocks

5

108,000

106,000

Debtors

6

802,170

690,975

Cash at bank and in hand

 

462,744

282,779

 

1,372,914

1,079,754

Creditors: Amounts falling due within one year

7

(952,703)

(707,499)

Net current assets

 

420,211

372,255

Total assets less current liabilities

 

678,834

618,863

Creditors: Amounts falling due after more than one year

7

(17,246)

(27,251)

Provisions for liabilities

(65,671)

(65,671)

Net assets

 

595,917

525,941

Capital and reserves

 

Called up share capital

100

100

Retained earnings

595,817

525,841

Shareholders' funds

 

595,917

525,941

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ashfold Quality Meats Limited

Balance Sheet
30 September 2024

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.

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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 June 2025
 

.........................................
Mrs C M Ashworth
Director

   
     

Company Registration Number: 06704516

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
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.

Going concern

The financial statements have been prepared on a going concern basis.

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 respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

Tax

The tax expense for the period comprises current 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.

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.

Depreciation

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

Asset class

Depreciation method and rate

Property

20% Reducing Balance

Plant and Machinery

15% Reducing Balance

Fixtures and Fittings

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

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.

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

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.

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.

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

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 the Director) during the year, was 13 (2023 - 12).

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

37,143

11,987

269,927

163,631

482,688

Additions

-

391

30,995

37,469

68,855

At 30 September 2024

37,143

12,378

300,922

201,100

551,543

Depreciation

At 1 October 2023

33,915

4,152

131,521

66,492

236,080

Charge for the year

646

1,200

38,559

16,435

56,840

At 30 September 2024

34,561

5,352

170,080

82,927

292,920

Carrying amount

At 30 September 2024

2,582

7,026

130,842

118,173

258,623

At 30 September 2023

3,228

7,835

138,406

97,139

246,608

Included within the net book value of land and buildings above is £2,582 (2023 - £3,228) in respect of freehold land and buildings.
 

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

108,000

106,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

561,124

451,899

Amounts owed by related parties

9

220,000

220,000

Prepayments

 

2,603

6,590

Other debtors

 

18,443

12,486

   

802,170

690,975

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

809,990

594,035

Taxation and social security

56,270

90,351

Accruals and deferred income

4,035

3,843

Other creditors

82,408

19,270

952,703

707,499

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

17,246

27,251

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,246

27,251

 

Ashfold Quality Meats Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2024

9

Related party transactions

Director's remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.