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 2021
Woods Butchers of Knutsford Limited
Abridged Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
–
4,500
Tangible assets
6
64,574
44,348
--------
--------
64,574
48,848
Current assets
Stocks
6,581
8,115
Debtors
13,796
10,179
Cash at bank and in hand
7,622
25,825
--------
--------
27,999
44,119
Creditors: amounts falling due within one year
75,147
67,466
--------
--------
Net current liabilities
47,148
23,347
--------
--------
Total assets less current liabilities
17,426
25,501
Provisions
Taxation including deferred tax
12,109
8,231
--------
--------
Net assets
5,317
17,270
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
5,217
17,170
-------
--------
Shareholders funds
5,317
17,270
-------
--------
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 2021 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 .
Woods Butchers of Knutsford Limited
Abridged Statement of Financial Position (continued)
31 August 2021
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 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 17 November 2021 , 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 2021
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are recognised in income immediately that there is reasonable assurance that the company has complied with the conditions attaching to them and the grants have been received.
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 7 (2020: 6 ).
5. Intangible assets
£
Cost
At 1 September 2020 and 31 August 2021
45,000
--------
Amortisation
At 1 September 2020
40,500
Charge for the year
4,500
--------
At 31 August 2021
45,000
--------
Carrying amount
At 31 August 2021
–
--------
At 31 August 2020
4,500
--------
6. Tangible assets
£
Cost
At 1 September 2020
57,395
Additions
27,733
--------
At 31 August 2021
85,128
--------
Depreciation
At 1 September 2020
13,047
Charge for the year
7,507
--------
At 31 August 2021
20,554
--------
Carrying amount
At 31 August 2021
64,574
--------
At 31 August 2020
44,348
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
14,560
14,560
Later than 1 year and not later than 5 years
–
14,560
--------
--------
14,560
29,120
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr S Connor
–
–
–
Mrs D Connor
–
–
–
----
----
----
–
–
–
----
----
----
2020
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr S Connor
5,725
( 5,725)
–
Mrs D Connor
5,725
( 5,725)
–
--------
--------
----
11,450
( 11,450)
–
--------
--------
----