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BANNINGS' BUTCHERS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Registered number: 12861001
BANNINGS' BUTCHERS LIMITED REGISTERED NUMBER:12861001
BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 99,000 |  | 115,500
Tangible assets | 5 |  | 31,448 |  | 40,578
|  |  | 130,448 |  | 156,078
Current assets |  |  |  |  |
Stocks |  | 14,000 |  | 7,000 |
Debtors: amounts falling due within one year | 6 | 12,930 |  | 14,133 |
Cash at bank and in hand |  | 101,885 |  | 56,001 |
|  | 128,815 |  | 77,134 |
Creditors: amounts falling due within one year | 7 | (139,169) |  | (116,609) |
Net current liabilities |  |  | (10,354) |  | (39,475)
Total assets less current liabilities |  |  | 120,094 |  | 116,603
Creditors: amounts falling due after more than one year | 8 |  | (25,293) |  | (30,219)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (7,469) |  | (8,318)
Net assets |  |  | 87,332 |  | 78,066
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 87,232 |  | 77,966
|  |  | 87,332 |  | 78,066
Page 1
BANNINGS' BUTCHERS LIMITED REGISTERED NUMBER:12861001
BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2025.
A D Banning
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Bannings' Butchers Limited is a private company limited by shares, incorporated in England and Wales. The company's principal place of business is 3 Church Street, Sheringham, Norfolk, NR26 8QR. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Turnover comprises revenue recognised by the Company in respect of the sales of meat and associated products.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
| 2.4 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 3
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income. The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom. The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.
| 2.8 | Intangible assets
Goodwill Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its estimated useful economic life of ten years.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives. A full years depreciation is provided in the year of acquisition and none in the year of disposal. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value.
| 2.11 | Debtors
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 4
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.13 | Creditors
Creditors are measured at the transaction price.
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
| 2.15 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 7 (2024 - 7).
Page 5
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 March 2024 | 165,000
| At 28 February 2025 | 165,000
| Amortisation |
| At 1 March 2024 | 49,500
| Charge for the year on owned assets | 16,500
| At 28 February 2025 | 66,000
| Net book value |
| At 28 February 2025 | 99,000
| At 29 February 2024 | 115,500
Page 6
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Tangible fixed assets
|  | Fixtures and fittings | Motor vehicles | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 March 2024 | 16,363 | 40,576 | 56,939
| At 28 February 2025 | 16,363 | 40,576 | 56,939
| Depreciation |  |  |
| At 1 March 2024 | 6,217 | 10,144 | 16,361
| Charge for the year on owned assets | 1,522 | 7,608 | 9,130
| At 28 February 2025 | 7,739 | 17,752 | 25,491
| Net book value |  |  |
| At 28 February 2025 | 8,624 | 22,824 | 31,448
| At 29 February 2024 | 10,146 | 30,432 | 40,578
6. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,800 | 9,083
| Other debtors | 2,078 | 1,098
| Prepayments and accrued income | 4,052 | 3,952
|  | 12,930 | 14,133
Page 7
BANNINGS' BUTCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 18,910 | 16,031
| Corporation tax | 32,329 | 12,625
| Other taxation and social security | 2,542 | 1,966
| Obligations under finance lease and hire purchase contracts | 4,927 | 4,441
| Other creditors | 76,607 | 77,607
| Accruals and deferred income | 3,854 | 3,939
|  | 139,169 | 116,609
| The hire purchase contract is secured on the asset concerned.
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 25,293 | 30,219
|  | 25,293 | 30,219
| The hire purchase contract is secured on the asset concerned.
Page 8