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 2021

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:

6 Miller Road

Ayr

Ayrshire

KA7 2AY

REGISTERED NUMBER:

SC456628 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

6 Miller Road

Ayr

KA7 2AY

BANKERS:

Santander

Customer Service Centre

Bootle

Merseyside

L30 4GB

FIXED ASSETS

Intangible assets

4

2,200

3,300

Property, plant and equipment

5

11,820

11,529

14,020

14,829

CURRENT ASSETS

Inventories

1,972

1,972

Debtors

6

10,475

8,228

Cash at bank

53,521

11,734

65,968

21,934

CREDITORS

Amounts falling due within one year

7

70,983

35,016

NET CURRENT LIABILITIES

(5,015

)

(13,082

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,005

1,747

PROVISIONS FOR LIABILITIES

2,245

2,191

NET ASSETS/(LIABILITIES)

6,760

(444

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

6,660

(544

)

SHAREHOLDERS' FUNDS

6,760

(444

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 1 August 2022 and were signed by:

Mrs J Kennedy - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2019

100

4,557

4,657

Changes in equity

Dividends

-

(28,400

)

(28,400

)

Total comprehensive income

-

23,299

23,299

Balance at 31 August 2020

100

(544

)

(444

)

Changes in equity

Total comprehensive income

-

7,204

7,204

Balance at 31 August 2021

100

6,660

6,760

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

-

15% on reducing balance

Plant and machinery

-

10% on cost

Computer equipment

-

25% on cost

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 3 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

11,000

AMORTISATION

At 1 September 2020

7,700

Amortisation for year

1,100

At 31 August 2021

8,800

NET BOOK VALUE

At 31 August 2021

2,200

At 31 August 2020

3,300

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 September 2020

7,397

10,155

1,158

18,710

Additions

2,031

-

350

2,381

At 31 August 2021

9,428

10,155

1,508

21,091

DEPRECIATION

At 1 September 2020

3,121

2,980

1,080

7,181

Charge for year

946

1,015

129

2,090

At 31 August 2021

4,067

3,995

1,209

9,271

NET BOOK VALUE

At 31 August 2021

5,361

6,160

299

11,820

At 31 August 2020

4,276

7,175

78

11,529

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

10,475

8,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

42,000

-

Trade creditors

6,886

7,672

Taxation and social security

7,057

6,501

Other creditors

15,040

20,843

70,983

35,016

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2020

(544

)

Profit for the year

7,204

At 31 August 2021

6,660