D & M Meats Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08651470 (England and Wales)

D & M MEATS LIMITED

Unaudited Financial Statements for the Year Ended 31 August 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

M A Jacob

REGISTERED OFFICE:

1st Floor, Lincoln Lodge

Tettenhall Road,

Wolverhampton

West Midlands

WV1 4SA

REGISTERED NUMBER:

08651470 (England and Wales)

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

83,224

118,763

83,224

118,763

CURRENT ASSETS

Stocks

145,000

140,000

Debtors

6

166,748

179,228

Cash at bank and in hand

23,124

35,583

334,872

354,811

CREDITORS

Amounts falling due within one year

7

223,846

336,593

NET CURRENT ASSETS

111,026

18,218

TOTAL ASSETS LESS CURRENT LIABILITIES

194,250

136,981

CREDITORS

Amounts falling due after more than one year

8

(86,944

)

(39,605

)

PROVISIONS FOR LIABILITIES

(5,700

)

(10,160

)

NET ASSETS

101,606

87,216

CAPITAL AND RESERVES

Called up share capital

10

2

2

Non distributable reserve

11

24,300

46,650

Retained earnings

77,304

40,564

SHAREHOLDERS' FUNDS

101,606

87,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 3 August 2021 and were signed by:

M A Jacob - Director

1.	STATUTORY INFORMATION

D & M Meats Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Grants received are recognised in the period in which the related cost or expense is recognised.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 balance sheet date.

Deferred tax

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has complied with the UK government's lockdown rules, and it has put the health and safety of its employees and customers at the heart of the measures it has introduced to ensure its working practices comply with social distancing. The company has been operating well overall through their stores, with only markets being closed as a result of the pandemic. As a result the director believes that the ongoing adoption of the going concern basis for the preparation of the financial statements to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

20,000

AMORTISATION

At 1 September 2019

and 31 August 2020

20,000

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 September 2019

187,979

9,334

110,176

307,489

Additions

-

4,278

2,000

6,278

At 31 August 2020

187,979

13,612

112,176

313,767

DEPRECIATION

At 1 September 2019

133,904

3,343

51,479

188,726

Charge for year

24,075

2,567

15,175

41,817

At 31 August 2020

157,979

5,910

66,654

230,543

NET BOOK VALUE

At 31 August 2020

30,000

7,702

45,522

83,224

At 31 August 2019

54,075

5,991

58,697

118,763

Cost or valuation at 31 August 2020 is represented by:

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Valuation in 2018

60,000

-

-

60,000

Cost

127,979

13,612

112,176

253,767

187,979

13,612

112,176

313,767

Plant and machinery was valued on a market value basis on 31 August 2018 by the directors. The directors believe that the market value has not materially changed.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 September 2019

and 31 August 2020

46,000

DEPRECIATION

At 1 September 2019

5,750

Charge for year

10,063

At 31 August 2020

15,813

NET BOOK VALUE

At 31 August 2020

30,187

At 31 August 2019

40,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Other debtors

166,748

179,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

8,333

-

Hire purchase contracts

9,778

6,189

Trade creditors

165,695

262,008

Taxation and social security

28,601

23,842

Other creditors

11,439

44,554

223,846

336,593

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans

62,500

-

Hire purchase contracts

24,444

39,605

86,944

39,605

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

6,667

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.20

31.8.19

£

£

Hire purchase

34,222

45,794

Hire purchase liabilities are secured over the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Non

distributable

reserve

£

At 1 September 2019

46,650

Non distributable reserve movements

2,850

Transfer

(25,200

)

At 31 August 2020

24,300

12.	POST BALANCE SHEET EVENTS

The company has complied with the UK government's lockdown rules, and it has put the health and safety of its employees and customers at the heart of the measures it has introduced to ensure its working practices comply with social distancing. The company has been operating well overall through their stores, with only markets being closed as a result of the pandemic. As a result the director believes that the ongoing adoption of the going concern basis for the preparation of the financial statements to be appropriate.

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of the director.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D & M Meats Limited for the year ended 31 August 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of D & M Meats Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of D & M Meats Limited and state those matters that we have agreed to state to the director of D & M Meats Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D & M Meats Limited and its director for our work or for this report.

It is your duty to ensure that D & M Meats Limited 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 D & M Meats Limited. You consider that D & M Meats Limited 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 D & M Meats Limited. 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.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

9 August 2021