McKanna Meats Limited - Period Ending 2017-03-31
McKanna Meats Limited - Period Ending 2017-03-31
Registration number:
McKanna Meats Limited
trading as
for the Year Ended 31 March 2017
2nd Floor, Northside House
Mount Pleasant
Cockfosters
Hertfordshire
EN4 9EB
McKanna Meats Limited
trading as McKanna Meats Ltd
Contents
|
Company Information |
|
|
Directors' Report |
|
|
Accountants' Report |
|
|
Statement of Comprehensive Income |
|
|
Abridged Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Abridged Financial Statements |
McKanna Meats Limited
trading as McKanna Meats Ltd
Company Information
|
Directors |
Mr Mark James Johns Mrs Carole Ritchie Mr Daniel Ritchie Mr Ian Maulkin |
|
Registered office |
|
|
Accountants |
|
|
Page 1 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the abridged financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is wholesale and retail Butchers.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Ian Maulkin
Director
|
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
McKanna Meats Limited
trading as McKanna Meats Ltd
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of McKanna Meats Limited for the year ended 31 March 2017 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that McKanna Meats Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of McKanna Meats Limited. You consider that McKanna 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 accounts of McKanna 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 accounts.
......................................
Mount Pleasant
Cockfosters
Hertfordshire
EN4 9EB
|
Page 3 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2017
|
Note |
2017 |
2016 |
|
|
Profit for the year |
|
|
|
|
Total comprehensive income for the year |
|
|
|
Page 4 |
McKanna Meats Limited
trading as McKanna Meats Ltd
(Registration number: 01702260)
Abridged Balance Sheet as at 31 March 2017
|
Note |
2017 |
2016 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Accruals and deferred income |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
For the financial year 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 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
|
Page 5 |
McKanna Meats Limited
trading as McKanna Meats Ltd
(Registration number: 01702260)
Abridged Balance Sheet as at 31 March 2017
Approved and authorised by the
.........................................
Mr Ian Maulkin
Director
|
Page 6 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Statement of Changes in Equity for the Year Ended 31 March 2017
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 April 2016 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2017 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 April 2015 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2016 |
|
|
|
|
Page 7 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
|
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
|
Page 8 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Shortleasehold |
10% on cost |
|
Plant and machinery |
10% on reducing balance |
|
Furniture and fittings |
10% on reducing balance |
|
Motor vehicles |
20% on reducing balance |
|
Computer and office equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
|
Page 9 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Profit before tax |
Arrived at after charging/(crediting)
|
2017 |
2016 |
|
|
Depreciation expense |
|
|
|
Page 10 |
McKanna Meats Limited
trading as McKanna Meats Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
|
Tangible assets |
|
Total |
|
|
Cost or valuation |
|
|
At 1 April 2016 |
|
|
Additions |
|
|
At 31 March 2017 |
|
|
Depreciation |
|
|
At 1 April 2016 |
|
|
Charge for the year |
|
|
At 31 March 2017 |
|
|
Carrying amount |
|
|
At 31 March 2017 |
|
|
At 31 March 2016 |
|
Included within the net book value of land and buildings above is £1 (2016 - £1) in respect of short leasehold land and buildings.
|
Stocks |
|
2017 |
2016 |
|
|
Other inventories |
|
|
|
Dividends |
Final dividends paid
|
2017 |
2016 |
|
|
Final dividend of £ |
|
|
|
Transition to FRS 102 |
On the 1st January 2016 the company transitioned from preparing accounts under the Financial Reporting Standard for Smaller Entities (effective January 2015), to preparing accounts under Financial Reporting Standard 102 (Section 1A). There is no prior year items that require restatement as a result of this transition.
|
Page 11 |