Salcombe Meat Company Limited - Period Ending 2017-03-31

Salcombe Meat Company Limited

Annual Report and Unaudited Financial Statements
Period from 5 July 2016 to 31 March 2017

Registration number: 10262785

Salcombe Meat Company Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Salcombe Meat Company Limited

Balance Sheet

31 March 2017

	Note	2017 £
Fixed assets
Tangible assets	4	45,011
Current assets
Stocks	5	4,820
Debtors	6	4,060
Cash at bank and in hand		1,461
		10,341
Creditors: Amounts falling due within one year	7	(51,817)
Net current liabilities		(41,476)
Total assets less current liabilities		3,535
Creditors: Amounts falling due after more than one year	7	(17,490)
Net liabilities		(13,955)
Capital and reserves
Called up share capital		100
Profit and loss account		(14,055)
Total equity		(13,955)

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Salcombe Meat Company Limited

Balance Sheet

31 March 2017

For the financial period ending 31 March 2017 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 November 2017 and signed on its behalf by:
 

A Brazier

Director

L Brazier

Director

Company Registration Number: 10262785

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Salcombe Meat Company Limited

Notes to the Financial Statements

Period from 5 July 2016 to 31 March 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
147 Cumber Close
Malborough
Kingsbridge
Devon
TQ7 3DG

These financial statements were authorised for issue by the Board on 29 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Salcombe Meat Company Limited

Notes to the Financial Statements

Period from 5 July 2016 to 31 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short leasehold improvements	25% straight line
Office equipment	25% straight line
Motor vehicles	25% straight line
Plant and machinery	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

Page 4

Salcombe Meat Company Limited

Notes to the Financial Statements

Period from 5 July 2016 to 31 March 2017

4	Tangible assets

	Land and buildings £	Office equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
Additions	7,422	349	29,780	11,525	49,076
At 31 March 2017	7,422	349	29,780	11,525	49,076
Depreciation
Charge for the period	928	28	1,723	1,386	4,065
At 31 March 2017	928	28	1,723	1,386	4,065
Carrying amount
At 31 March 2017	6,494	321	28,057	10,139	45,011

Included within the net book value of land and buildings above is £6,494 in respect of short leasehold land and buildings.
 

Page 5

Salcombe Meat Company Limited

Notes to the Financial Statements

Period from 5 July 2016 to 31 March 2017

5

Stocks

	2017 £
Other inventories	4,820

6

Debtors

	31 March 2017  £
Trade debtors	2,461
Other debtors	1,599
	4,060

7

Creditors

Creditors: amounts falling due within one year

	Note	31 March 2017  £
Due within one year
Loans and borrowings	9	2,317
Trade creditors		2,851
Other creditors		45,699
Accrued expenses		950
		51,817
Due after one year
Loans and borrowings	9	17,490

Creditors: amounts falling due after more than one year

	Note	2017 £
Due after one year
Loans and borrowings	9	17,490

Page 6

Salcombe Meat Company Limited

Notes to the Financial Statements

Period from 5 July 2016 to 31 March 2017

8	Share capital

Allotted, called up and fully paid shares

	2017
	No.	£
Ordinary shares of £1 each	100	100

9	Loans and borrowings

	2017 £
Loans and borrowings due after one year
Finance lease liabilities	17,490

	2017 £
Current loans and borrowings
Finance lease liabilities	2,317

Page 7