R.P. Meats Wholesale Limited
R.P. Meats Wholesale Limited
Registered number: 01338579
Unaudited Financial Statements
For The Year Ended
28 February 2022
Time Accounts Ltd
136 Ditchling Road
Brighton
East Sussex
BN1 6JA
R.P. Meats Wholesale Limited
Unaudited Financial Statements
For The Year Ended
28 February 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
R.P. Meats Wholesale Limited
Balance Sheet
As at
28 February 2022
Balance Sheet
Registered number:
01338579
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 1,494,684 | 1,399,083 | |||
R.P. Meats Wholesale Limited
Balance Sheet (continued)
As at
28 February 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
R.P. Meats Wholesale Limited
Notes to the Financial Statements
For The Year Ended
28 February 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
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Leasehold |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
1.6.
Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
R.P. Meats Wholesale Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
1.7.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 29 (2021: 27)
3.
Intangible Assets
Goodwill | |||
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Cost | |||
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Amortisation | |||
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Net Book Value | |||
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As at
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R.P. Meats Wholesale Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
4.
Tangible Assets
Land & Property | ||||
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Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost | ||||
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Additions |
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Depreciation | ||||
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Provided during the period |
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As at
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Net Book Value | ||||
As at
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As at
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Computer Equipment | Total | |
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£ | £ | |
Cost | ||
As at
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Additions |
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As at
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Depreciation | ||
As at
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Provided during the period |
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As at
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Net Book Value | ||
As at
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As at
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5.
Stocks
2022 | 2021 | ||
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£ | £ | ||
Stock - materials and work in progress | - | 297,029 | |
Stock - finished goods |
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R.P. Meats Wholesale Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
6.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Staff loans |
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Deferred tax current asset | 3,342 | 3,342 | |
VAT |
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Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Factor creditor |
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Pension contributions unpaid |
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Accruals and deferred income |
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Director's loan account |
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Amounts owed to group undertakings |
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8.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loan 1 (1-2 yrs) |
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R.P. Meats Wholesale Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
9.
Obligations Under Finance Leases and Hire Purchase
2022 | 2021 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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Between one and five years |
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11.
Ultimate Controlling Party
The company's immediate parent is Viande Group Limited, incorporated in England and Wales.
The ultimate controlling party is Mr G Thatcher.
12.
General Information
R.P. Meats Wholesale Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01338579
. The registered office is 136 Ditchling Road , Brighton, East Sussex, BN1 6JA.