| Best Meat (UK) Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Government grants |
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Grants received during the year from the government are recognised as other income. This income is recognised when the application is made to the local authority after receiving confirmation of entitlement from them. There would either be a debtor, a deferred income or no balance due recognised depending upon when the cash was received from the local authority. The grants received in the year include Coronavirus Job Retention Scheme (CJRS). CJRS is recognised on a straight line basis, accrued over the furlough period for each relevant employee on the PAYE payroll scheme. Cash payments were received from HMRC. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
15% reducing balance |
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Motor vehicles |
15% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Functional and presentation currency |
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The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency. |
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Employee benefits |
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Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.
Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. |
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Going concern |
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The financial statements have been prepared on the basis that the company will receive continued financial support from bank and directors and has adequate resources to continue in operational existence for the foreseeable future. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
38 |
|
46 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
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At 1 April 2024 |
- |
|
1,747,905 |
|
490,503 |
|
2,238,408 |
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Additions |
1,016,768 |
|
160,037 |
|
- |
|
1,176,805 |
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Disposals |
- |
|
(118,125) |
|
(272,920) |
|
(391,045) |
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At 31 March 2025 |
1,016,768 |
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1,789,817 |
|
217,583 |
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3,024,168 |
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Depreciation |
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At 1 April 2024 |
- |
|
683,672 |
|
144,422 |
|
828,094 |
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Charge for the year |
40,671 |
|
177,182 |
|
23,028 |
|
240,881 |
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On disposals |
- |
|
(75,075) |
|
(80,357) |
|
(155,432) |
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At 31 March 2025 |
40,671 |
|
785,779 |
|
87,093 |
|
913,543 |
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Net book value |
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At 31 March 2025 |
976,097 |
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1,004,038 |
|
130,490 |
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2,110,625 |
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At 31 March 2024 |
- |
|
1,064,233 |
|
346,081 |
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1,410,314 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
661,422 |
|
308,767 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
|
2,099,070 |
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Other debtors |
478,956 |
|
84,533 |
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1,140,378 |
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2,492,370 |
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| 5 |
Cash at bank and in hand |
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Cash at bank includes treasury deposit of £2,507,211 held by Barclays. |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
4,794,606 |
|
1,729,351 |
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Taxation and social security costs |
319,559 |
|
265,234 |
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Other creditors |
62,292 |
|
50,641 |
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5,176,457 |
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2,045,226 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans |
15,064 |
|
45,275 |
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Obligations under finance lease and hire purchase contracts |
22,442 |
|
30,137 |
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|
37,506 |
|
75,412 |
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| 8 |
Prior year adjustment |
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Corporation tax liability in prior year's balance sheet was understated by £80,873. An Adjustment has been made to correct this liability. |
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Creditors: amounts falling due within one year |
£ |
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Cost at 1 April 2024 |
- |
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Prior year adjustment-Corporation tax |
80,873 |
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At 1 April 2024 - as restated |
80,873 |
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| 9 |
Related party transactions |
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Included within other creditors is a directors' loan of £19,535 (2024 - £19,535). |
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| 10 |
Controlling party |
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Kemal Buyukmizmilli is the ultimate controlling party. |
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| 11 |
Other information |
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Best Meat (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 4-8 Universal Crescent |
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North Anston |
|
Sheffield |
|
S25 4NZ |