Blakes Meats Limited - Period Ending 2017-05-31
Blakes Meats Limited - Period Ending 2017-05-31
Registration number:
Blakes Meats Limited
for the Year Ended 31 May 2017
Chartered Accountants and Chartered Tax Advisers
2nd Floor
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB
Blakes Meats Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Blakes Meats Limited
Company Information
Directors |
Mr Gregory James Thatcher Mr Adrian Alan Burr |
Registered office |
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Accountants |
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Page 1 |
Blakes Meats Limited
Directors' Report for the Year Ended 31 May 2017
The directors present their report and the financial statements for the year ended 31 May 2017.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on
.........................................
Mr Gregory James Thatcher
Director
.........................................
Mr Adrian Alan Burr
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Blakes Meats Limited
for the Year Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blakes Meats Limited for the year ended 31 May 2017 as set out on pages 4 to 11 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 at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Blakes Meats Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Blakes Meats Limited and state those matters that we have agreed to state to the Board of Directors of Blakes Meats Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blakes Meats Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Blakes 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 Blakes Meats Limited. You consider that Blakes 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 Blakes 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.
......................................
Chartered Accountants and Chartered Tax Advisers
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB
Page 3 |
Blakes Meats Limited
(Registration number: 06047847)
Balance Sheet as at 31 May 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Page 4 |
Blakes Meats Limited
(Registration number: 06047847)
Balance Sheet as at 31 May 2017
Approved and authorised by the
.........................................
Mr Gregory James Thatcher
Director
.........................................
Mr Adrian Alan Burr
Director
Page 5 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
England
The principal place of business is:
Units 1&2
Brighton Meat Market
Upper Hollingdean Road
Brighton
BN1 7GW
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.
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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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 6 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Investment property
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
useful economic life of 10 years |
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.
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 7 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Directors' remuneration |
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
- |
|
9,590 |
37,837 |
Taxation |
Tax charged/(credited) in the income statement
2017 |
2016 |
|
Current taxation |
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UK corporation tax |
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Page 8 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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Amortisation charge |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Disposals |
( |
- |
- |
- |
( |
At 31 May 2017 |
- |
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Depreciation |
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At 1 June 2016 |
- |
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Charge for the year |
- |
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At 31 May 2017 |
- |
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Carrying amount |
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At 31 May 2017 |
- |
- |
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At 31 May 2016 |
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There has been no valuation of the investment property by an independent valuer.
Stocks |
2017 |
2016 |
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Other inventories |
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Page 9 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by related parties |
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- |
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Other debtors |
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Prepayments |
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Income tax asset |
|
- |
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Total current trade and other debtors |
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Cash and cash equivalents |
2017 |
2016 |
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Cash on hand |
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Cash at bank |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
|||
Loans and borrowings |
|
- |
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Trade creditors |
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Social security and other taxes |
|
- |
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Outstanding defined contribution pension costs |
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- |
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Other payables |
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- |
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Accrued expenses |
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Income tax liability |
- |
35,444 |
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|
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Page 10 |
Blakes Meats Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Control |
The company's immediate parent is
The ultimate controlling party is
Page 11 |