Blakes Meats Limited - Period Ending 2016-05-31

Registration number: 06047847

Blakes Meats Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Blakes Meats Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Blakes Meats Limited
(Registration number: 06047847)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					200,750			219,000
Tangible fixed assets					162,837			291,832
					363,587			510,832
Current assets
Stocks					50,830			59,000
Debtors					598,225			618,334
Cash at bank and in hand					385,566			280,707
					1,034,621			958,041
Creditors: Amounts falling due within one year					(284,276)			(322,245)
Net current assets					750,345			635,796
Net assets					1,113,932			1,146,628
Capital and reserves
Called up share capital		3			100			100
Share premium account					182,400			182,400
Revaluation reserve					2,071			132,071
Profit and loss account					929,361			832,057
Shareholders' funds					1,113,932			1,146,628

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 1 December 2016

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Blakes Meats Limited
(Registration number: 06047847)
Abbreviated Balance Sheet at 31 May 2016
......... continued

.........................................
Kevin Blake
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Blakes Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Useful economic life of 20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	Revalued annually
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Fixtures and fittings	25% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Blakes Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		365,000			329,087			694,087
Revaluations		-			(130,000)			(130,000)
Additions		-			5,005			5,005
At 31 May 2016		365,000			204,092			569,092
Depreciation
At 1 June 2015		146,000			37,255			183,255
Charge for the year		18,250			4,000			22,250
At 31 May 2016		164,250			41,255			205,505
Net book value
At 31 May 2016		200,750			162,837			363,587
At 31 May 2015		219,000			291,832			510,832

Page 4

Blakes Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Kevin Blake
Interest free advances	24,748	-	79,735	-

5	Going concern

The director has reviewed the twelve months ahead and considered the company's financial position and notes no material uncertainties that may cast significant doubt about the ability of it to continue as a going concern.

Page 5