Murdoch Brothers Butchers Ltd 31/10/2019 iXBRL

Murdoch Brothers Butchers Ltd 31/10/2019 iXBRL

MURDOCH BROTHERS BUTCHERS LTD. - Company Information

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Company registration number: SC298108
Murdoch Brothers Butchers Ltd
Unaudited filleted financial statements
31 October 2019
Murdoch Brothers Butchers Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Murdoch Brothers Butchers Ltd
Directors and other information
Directors Graham Murdoch
Ronald Murdoch
Secretary Graham Murdoch
Company number SC298108
Registered office Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Accountants Frame Kennedy
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Bankers Bank of Scotland
Murdoch Brothers Butchers Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Murdoch Brothers Butchers Ltd
Year ended 31 October 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Murdoch Brothers Butchers Ltd for the year ended 31 October 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Murdoch Brothers Butchers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Murdoch Brothers Butchers Ltd and state those matters that we have agreed to state to the board of directors of Murdoch Brothers Butchers Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Murdoch Brothers Butchers Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Murdoch Brothers Butchers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Murdoch Brothers Butchers Ltd. You consider that Murdoch Brothers Butchers Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Murdoch Brothers Butchers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Frame Kennedy
Chartered Accountants
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
18 March 2020
Murdoch Brothers Butchers Ltd
Statement of financial position
31 October 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 301,017 321,984
_______ _______
301,017 321,984
Current assets
Stocks 7,900 7,900
Debtors 7 123,861 91,661
Cash at bank and in hand 627,347 582,440
_______ _______
759,108 682,001
Creditors: amounts falling due
within one year 8 ( 289,945) ( 375,780)
_______ _______
Net current assets 469,163 306,221
_______ _______
Total assets less current liabilities 770,180 628,205
Creditors: amounts falling due
after more than one year 9 ( 135,072) ( 147,081)
Provisions for liabilities ( 10,308) ( 11,539)
_______ _______
Net assets 624,800 469,585
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 624,700 469,485
_______ _______
Shareholders funds 624,800 469,585
_______ _______
For the year ending 31 October 2019 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2020 , and are signed on behalf of the board by:
Graham Murdoch
Director
Company registration number: SC298108
Murdoch Brothers Butchers Ltd
Notes to the financial statements
Year ended 31 October 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Frame Kennedy, Metropolitan House, 31-33 High Street, Inverness, IV1 1HT.
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'.
There are no material departures from this statement.
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.
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:
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold properties - Straight line over the life of the lease
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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 company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Fair value
Fair value is the amount for which an asset could be exchanged, or a liablility settled, between knowledgeable, willing parties in an arm's length transaction. It is determined by reference to quoted market prices adjusted for estimated transaction costs that would be incurred in an actual transaction, or by use of established estimation techiniques.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2018: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2018 and 31 October 2019 50,000 50,000
_______ _______
Amortisation
At 1 November 2018 and 31 October 2019 50,000 50,000
_______ _______
Carrying amount
At 31 October 2019 - -
_______ _______
At 31 October 2018 - -
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2018
and at 31 October 2019 424,442 303,536 46,677 774,655
_______ _______ _______ _______
Depreciation
At 1 November 2018 147,093 267,172 38,406 452,671
Charge for the year 9,809 9,091 2,067 20,967
_______ _______ _______ _______
At 31 October 2019 156,902 276,263 40,473 473,638
_______ _______ _______ _______
Carrying amount
At 31 October 2019 267,540 27,273 6,204 301,017
_______ _______ _______ _______
At 31 October 2018 277,349 36,364 8,271 321,984
_______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 112,661 79,490
Other debtors 11,200 12,171
_______ _______
123,861 91,661
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 11,226 30,818
Corporation tax 49,001 33,378
Social security and other taxes - 3,021
Other creditors 229,718 308,563
_______ _______
289,945 375,780
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 135,072 147,081
_______ _______
10. Related party transactions
During the year to 31 October 2019, the directors received total remuneration of £16,120 (year to 31 October 2018 - £14,880) and total dividends of £40,000 (year to 31 October 2018 - £70,000).