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Registered number: 07111681
Prime Cut Butchers Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07111681
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,065,567 452,800
1,065,567 452,800
CURRENT ASSETS
Stocks 5 89,200 87,100
Debtors 6 2,732,299 2,984,763
Cash at bank and in hand 120,599 173,224
2,942,098 3,245,087
Creditors: Amounts Falling Due Within One Year 7 (1,094,414 ) (909,224 )
NET CURRENT ASSETS (LIABILITIES) 1,847,684 2,335,863
TOTAL ASSETS LESS CURRENT LIABILITIES 2,913,251 2,788,663
Creditors: Amounts Falling Due After More Than One Year 8 (174,765 ) (168,963 )
NET ASSETS 2,738,486 2,619,700
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 2,738,485 2,619,699
SHAREHOLDERS' FUNDS 2,738,486 2,619,700
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Moses Moskowits
Director
06/08/2025
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
Prime Cut Butchers Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07111681 . The registered office is Js & Co Accountants, 26 Theydon Road, London, E5 9NA.
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:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
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 years 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 assets reflect 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 27)
28 27
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2023 582,747 197,012 345,257 14,120 1,139,136
Additions 295,784 39,950 477,736 950 814,420
As at 30 November 2024 878,531 236,962 822,993 15,070 1,953,556
Depreciation
As at 1 December 2023 435,048 124,579 114,956 11,753 686,336
Provided during the period 66,522 28,096 106,206 829 201,653
As at 30 November 2024 501,570 152,675 221,162 12,582 887,989
Net Book Value
As at 30 November 2024 376,961 84,287 601,831 2,488 1,065,567
As at 1 December 2023 147,699 72,433 230,301 2,367 452,800
5. Stocks
2024 2023
£ £
Stock 89,200 87,100
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,434,643 1,825,105
Prepayments and accrued income 141,808 -
Other debtors 1,101,704 1,087,384
VAT 54,144 72,274
2,732,299 2,984,763
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 415,873 230,743
Bank loans and overdrafts 266,394 12,992
Corporation tax - 154,045
Other creditors 412,147 511,444
1,094,414 909,224
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 174,765 168,963
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Moses Moskowits 3,000 19,475
Page 5