Woods Butchers of Knutsford Limited Filleted accounts for Companies House (small and micro)

Woods Butchers of Knutsford Limited Filleted accounts for Companies House (small and micro)

WOODS BUTCHERS OF KNUTSFORD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07676599
Woods Butchers of Knutsford Limited
Filleted Unaudited Abridged Financial Statements
31 August 2022
Woods Butchers of Knutsford Limited
Abridged Statement of Financial Position
31 August 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
54,789
64,574
Current assets
Stocks
10,354
6,581
Debtors
9,622
13,796
Cash at bank and in hand
3,133
7,622
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--------
23,109
27,999
Creditors: amounts falling due within one year
65,244
75,147
--------
--------
Net current liabilities
42,135
47,148
--------
--------
Total assets less current liabilities
12,654
17,426
Provisions
Taxation including deferred tax
10,410
12,109
--------
--------
Net assets
2,244
5,317
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,144
5,217
-------
-------
Shareholders funds
2,244
5,317
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-------
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 2022 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Woods Butchers of Knutsford Limited
Abridged Statement of Financial Position (continued)
31 August 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 10 November 2022 , and are signed on behalf of the board by:
Mr S Connor
Mrs D Connor
Director
Director
Company registration number: 07676599
Woods Butchers of Knutsford Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Princess Street, Knutsford, Cheshire, WA16 6BN, United Kingdom.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover represents shop takings for the sale of meats, sauces and associated products, which do not include Value Added Tax. Turnover is recognised at the point of sale over the counter on a strict daily time basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods and is measured at the amounts of tax expected to be payable or recoverable 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 that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
Goodwill
-
10% straight line
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 accumulated depreciation.
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:
Fixtures, fittings and equipment
-
15% reducing balance
-
25% reducing balance
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 stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 7 ).
5. Intangible assets
£
Cost
At 1 September 2021 and 31 August 2022
45,000
--------
Amortisation
At 1 September 2021 and 31 August 2022
45,000
--------
Carrying amount
At 31 August 2022
–
--------
At 31 August 2021
–
--------
The goodwill of £45,000 represents the acquisition from the director Mr S Connor at the close of business on 31st August 2011 of the whole of the undertaking of the butcher's business previously carried on by him as a sole trader, which he in turn acquired from an unconnected third party on 1st August 2003. The consideration was determined on an arms length basis at its estimated open market value.
6. Tangible assets
£
Cost
At 1 September 2021 and 31 August 2022
85,128
--------
Depreciation
At 1 September 2021
20,554
Charge for the year
9,785
--------
At 31 August 2022
30,339
--------
Carrying amount
At 31 August 2022
54,789
--------
At 31 August 2021
64,574
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
–
14,560
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