Collicutt Meats Limited - Limited company accounts 18.1.1

REGISTERED NUMBER: 02116013 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 30 September 2017

for

Collicutt Meats Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

DIRECTORS:

P A Collicutt

A R Lewis

R R Hughes

G J Short

SECRETARY:

R R Hughes

REGISTERED OFFICE:

Unit 2, Leckhampton Dairy

Church Road

Leckhampton

Cheltenham

Gloucestershire

GL53 0QJ

REGISTERED NUMBER:

02116013 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

National Westminster Bank Plc

31 Promenade

Cheltenham

Gloucestershire

GL50 1LH

The directors present their report with the financial statements of the company for the year ended 30 September 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2016 to the date of

this report.

P A Collicutt

A R Lewis

R R Hughes

G J Short

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

For and on behalf of the Board

R R Hughes - Secretary

21 December 2017

TURNOVER

16,729,906

16,130,219

Cost of sales

14,225,953

13,351,493

GROSS PROFIT

2,503,953

2,778,726

Distribution costs

348,434

303,435

Administrative expenses

1,663,343

1,734,940

2,011,777

2,038,375

OPERATING PROFIT

4

492,176

740,351

Interest receivable and similar income

447

858

492,623

741,209

Interest payable and similar expenses

3,836

9,248

PROFIT BEFORE TAXATION

488,787

731,961

Tax on profit

108,958

166,729

PROFIT FOR THE FINANCIAL YEAR

379,829

565,232

FIXED ASSETS

Tangible assets

5

51,450

154,808

CURRENT ASSETS

Stocks

159,196

193,480

Debtors

6

1,371,065

1,346,053

Cash at bank and in hand

626,636

693,290

2,156,897

2,232,823

CREDITORS

Amounts falling due within one year

7

1,517,780

1,496,555

NET CURRENT ASSETS

639,117

736,268

TOTAL ASSETS LESS CURRENT LIABILITIES

690,567

891,076

CREDITORS

Amounts falling due after more than one year

8

-

15,338

NET ASSETS

690,567

875,738

CAPITAL AND RESERVES

Called up share capital

17,000

17,000

Retained earnings

673,567

858,738

SHAREHOLDERS' FUNDS

690,567

875,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

A R Lewis - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2015

17,000

893,506

910,506

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

565,232

565,232

Balance at 30 September 2016

17,000

858,738

875,738

Changes in equity

Dividends

-

(565,000

)

(565,000

)

Total comprehensive income

-

379,829

379,829

Balance at 30 September 2017

17,000

673,567

690,567

1.	STATUTORY INFORMATION

Collicutt Meats Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated

useful life, as follows:

Leasehold property

over remaining term of lease

Plant and machinery

10% on cost

Fixtures and fittings

10% on cost

Motor vehicles

20% or 25% on cost

Computer equipment

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2016 - 36 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.17

30.9.16

£

£

Depreciation - owned assets

66,426

31,190

Depreciation - assets on hire purchase contracts

41,268

122,603

Profit on disposal of fixed assets

(24,080

)

(28,750

)

Contract hire costs

69,324

27,426

Operating lease rentals: Land and buildings

57,020

57,020

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2016

130,310

706,155

129,637

623,592

1,589,694

Additions

-

4,336

-

-

4,336

Disposals

(21,398

)

(40,197

)

(2,433

)

(149,308

)

(213,336

)

At 30 September 2017

108,912

670,294

127,204

474,284

1,380,694

DEPRECIATION

At 1 October 2016

130,310

706,155

129,637

468,784

1,434,886

Charge for year

-

4,336

-

103,358

107,694

Eliminated on disposal

(21,398

)

(40,197

)

(2,433

)

(149,308

)

(213,336

)

At 30 September 2017

108,912

670,294

127,204

422,834

1,329,244

NET BOOK VALUE

At 30 September 2017

-

-

-

51,450

51,450

At 30 September 2016

-

-

-

154,808

154,808

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2016

545,350

Transfer to ownership

(380,276

)

At 30 September 2017

165,074

DEPRECIATION

At 1 October 2016

437,612

Charge for year

41,268

Transfer to ownership

(346,477

)

At 30 September 2017

132,403

NET BOOK VALUE

At 30 September 2017

32,671

At 30 September 2016

107,738

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

1,339,335

1,316,031

Other debtors

21,407

18,848

Prepayments and accrued income

10,323

11,174

1,371,065

1,346,053

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts (see note 9)

11,872

63,772

Trade creditors

1,060,949

1,034,937

Corporation tax

108,958

166,729

Social security and other taxes

26,666

28,950

Other creditors

137,448

65,700

Directors' current accounts

170,220

133,300

Accruals and deferred income

1,667

3,167

1,517,780

1,496,555

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts (see note 9)

-

15,338

9.	LEASING AGREEMENTS

The total payable under non-cancellable operating leases was £574,831 (2016: £512,462).

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Hire purchase contracts

11,872

79,110

11.	RELATED PARTY DISCLOSURES

Ultimate controlling party

The Company is under the common control of all the Directors with no one Director considered as

having more of a controlling influence than the others.