Staffordshire Meat Packers Limited 31/12/2024 iXBRL

Company registration number: 01025417

Staffordshire Meat Packers Limited

Unaudited filleted financial statements

31 December 2024

Staffordshire Meat Packers Limited

Contents

Statement of financial position

Notes to the financial statements

Staffordshire Meat Packers Limited

Statement of financial position

31st December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	1,636,816		1,728,584
		_______		_______
			1,636,816		1,728,584

Current assets
Stocks		202,729		229,744
Debtors	7	757,469		672,442
Cash at bank and in hand		248,460		427,456
		_______		_______
		1,208,658		1,329,642
Creditors: amounts falling due
within one year	8	( 2,375,947)		( 2,319,204)
		_______		_______
Net current liabilities			( 1,167,289)		( 989,562)
			_______		_______
Total assets less current liabilities			469,527		739,022

Creditors: amounts falling due
after more than one year	9		( 106,927)		( 155,302)

Provisions for liabilities			( 52,193)		( 99,529)

			_______		_______
Net assets			310,407		484,191
			_______		_______

Capital and reserves
Called up share capital			147,750		147,750
Profit and loss account			162,657		336,441
			_______		_______
Shareholders funds			310,407		484,191
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

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

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:

Mr H James Mrs D James

Director Director

Company registration number: 01025417

Staffordshire Meat Packers Limited

Notes to the financial statements

Year ended 31st December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Staffordshire Meat Packers Limited, Newhouse Farm, Werrington Road, Bucknall, Stoke on Trent, ST2 9AL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The company makes judgements and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the actual results. The only estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the rates at which assets are being depreciated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Buildings	-	2 %	straight line
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Computer equipment	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 50 (2023: 54 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1st January 2024 and 31st December 2024	215,018	215,018
	_______	_______
Amortisation
At 1st January 2024 and 31st December 2024	215,018	215,018
	_______	_______
Carrying amount
At 31st December 2024	-	-
	_______	_______
At 31st December 2023	-	-
	_______	_______

6. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Computer	Total
	£	£	£	£	£
Cost
At 1st January 2024	2,130,749	1,741,842	421,989	28,314	4,322,894
Additions	-	13,670	-	516	14,186
	_______	_______	_______	_______	_______
At 31st December 2024	2,130,749	1,755,512	421,989	28,830	4,337,080
	_______	_______	_______	_______	_______
Depreciation
At 1st January 2024	696,281	1,622,502	251,462	24,065	2,594,310
Charge for the year	30,356	31,390	42,629	1,579	105,954
	_______	_______	_______	_______	_______
At 31st December 2024	726,637	1,653,892	294,091	25,644	2,700,264
	_______	_______	_______	_______	_______
Carrying amount
At 31st December 2024	1,404,112	101,620	127,898	3,186	1,636,816
	_______	_______	_______	_______	_______
At 31st December 2023	1,434,468	119,340	170,527	4,249	1,728,584
	_______	_______	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	557,025	533,350
Other debtors	200,444	139,092
	_______	_______
	757,469	672,442
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	328,741	284,817
Trade creditors	1,183,233	1,143,460
Social security and other taxes	27,877	40,485
Other creditors	836,096	850,442
	_______	_______
	2,375,947	2,319,204
	_______	_______

A debenture over the whole of the company's assets was granted to Close Brothers Limited on 25 April 2014 and registered on 28 April 2014.

Included in loans and overdrafts due in less than 12 months is an amount of £21,111 (2023: £21,350) that relates to an unsecured Covid Business Bounce Back loan bearing an interest rate of 2.5%, as well as a secured bank loan.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	29,907	50,779
Other creditors	77,020	104,523
	_______	_______
	106,927	155,302
	_______	_______

Included in loans and overdrafts due in monre than 12 months is an amount of £29,907 (2023: £50,779). This balance consists of an unsecured Covid Business Bounce Back loan bearing an interest rate of 2.5%, as well as an additional secured bank loan.

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr H James	( 537,400)	105,689	( 105,053)	( 536,764)
		_______	_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr H James	( 56,163)	85,254	( 566,490)	(537,399)
		_______	_______	_______	_______

These balances are shown within other debtors and Director loan accounts in the financial statements.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Receipt of goods & services	-	24,060	142,990	171,710
	_______	_______	_______	_______

The receipt of goods and services was in the course of normal business. All transactions with related parties were at full market value. The related parties are Mr H James and Mrs D James (Directors).

12. Controlling party

The Company is wholly controlled by the Directors, Mr H James and Mrs D James.