Prime Cuts Butchers Specialists Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC456628 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

PRIME CUTS BUTCHERS SPECIALISTS LTD

Page

Company Information

1

Statement of Financial Position

2

Statement of Changes in Equity

4

Notes to the Financial Statements

5

DIRECTOR:

Mrs J Kennedy

REGISTERED OFFICE:

7 Royal Crescent

Glasgow

G3 7SL

REGISTERED NUMBER:

SC456628 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Santander

Customer Service Centre

Bootle

Merseyside

L30 4GB

FIXED ASSETS

Intangible assets

4

5,500

6,600

Tangible assets

5

7,561

7,469

13,061

14,069

CURRENT ASSETS

Stocks

2,330

2,330

Debtors

6

65,037

16,507

Cash at bank

6,442

5,182

73,809

24,019

CREDITORS

Amounts falling due within one year

7

22,336

11,908

NET CURRENT ASSETS

51,473

12,111

TOTAL ASSETS LESS CURRENT LIABILITIES

64,534

26,180

PROVISIONS FOR LIABILITIES

1,437

1,646

NET ASSETS

63,097

24,534

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

62,997

24,434

SHAREHOLDERS' FUNDS

63,097

24,534

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 May 2019 and were signed by:

Mrs J Kennedy - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2016

100

7,121

7,221

Changes in equity

Dividends

-

(5,500

)

(5,500

)

Total comprehensive income

-

22,813

22,813

Balance at 31 August 2017

100

24,434

24,534

Changes in equity

Total comprehensive income

-

38,563

38,563

Balance at 31 August 2018

100

62,997

63,097

1.	STATUTORY INFORMATION

Prime Cuts Butchers Specialists Ltd is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are

shown to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the

Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher

degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the

financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be

depreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment

history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the

recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation

The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when

each item was purchased and the Company's ability to sell that particular item. Where it is considered the net

realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock

value in the financial statements.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its application of FRS 102:

i) The Company has not revisited previous accounting estimates.

Turnover

Turnover represents net invoiced sales of retail butcher products, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company

recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 4 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

11,000

AMORTISATION

At 1 September 2017

4,400

Amortisation for year

1,100

At 31 August 2018

5,500

NET BOOK VALUE

At 31 August 2018

5,500

At 31 August 2017

6,600

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 September 2017

7,397

2,400

700

10,497

Additions

-

600

458

1,058

At 31 August 2018

7,397

3,000

1,158

11,555

DEPRECIATION

At 1 September 2017

1,109

1,219

700

3,028

Charge for year

370

445

151

966

At 31 August 2018

1,479

1,664

851

3,994

NET BOOK VALUE

At 31 August 2018

5,918

1,336

307

7,561

At 31 August 2017

6,288

1,181

-

7,469

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

757

Other debtors

65,037

15,750

65,037

16,507

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

5,730

3,837

Taxation and social security

9,578

6,362

Other creditors

7,028

1,709

22,336

11,908

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2017

24,434

Profit for the year

38,563

At 31 August 2018

62,997