Company No: 11134854 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	262,467		291,630
		262,467		291,630
Current assets
Stocks	4	198,120		264,800
Debtors	5	443,740		1,695
Cash at bank and in hand		74,288		89,688
		716,148		356,183
Creditors: amounts falling due within one year	6	( 808,993)		( 482,529)
Net current liabilities		(92,845)		(126,346)
Total assets less current liabilities		169,622		165,284
Net assets		169,622		165,284
Capital and reserves
Called-up share capital		100		100
Profit and loss account		169,522		165,184
Total shareholder's funds		169,622		165,284

For the financial 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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of IEC Beef Limited (registered number: 11134854) were approved and authorised for issue by the Director on 01 December 2025. They were signed on its behalf by:

Mr K Wilson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

IEC Beef Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is IEC House, Old Springs, Market Drayton, Shropshire, TF9 2PG , United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting estimate

During the year, the company reviewed the depreciation method applied to its fixed assets. Previously no depreciation was charged on land and buildings, however management determined that depreciation buildings over 10 years more accurately reflected the pattern of economic benefits derived from these assets. As a result, the depreciation method was changed prospectively from 1 January 2024. The impact of this change on the current years depreciation is an increase of £29,163.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Current tax

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings

10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Land and buildings		Total
	£		£
Cost
At 01 January 2024	291,630		291,630
At 31 December 2024	291,630		291,630
Accumulated depreciation
At 01 January 2024	0		0
Charge for the financial year	29,163		29,163
At 31 December 2024	29,163		29,163
Net book value
At 31 December 2024	262,467		262,467
At 31 December 2023	291,630		291,630

4. Stocks

	2024		2023
	£		£
Livestock	198,120		264,800

5. Debtors

	2024		2023
	£		£
Trade debtors	176,677		0
Amounts owed by related parties	265,000		0
Prepayments	290		27
VAT recoverable	1,773		1,668
	443,740		1,695

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	3,081		26,380
Amounts owed to related parties	646,190		247,373
Accruals	148,500		200,358
Taxation and social security	11,222		8,418
	808,993		482,529