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Company Registration No. 05419586 (England and Wales)
THE YORKSHIRE MEAT COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
THE YORKSHIRE MEAT COMPANY LTD
COMPANY INFORMATION
Directors
Mr MJ  Hebden
Mr G Poole
Mr BG Davies
Secretary
Mr G Poole
Company number
05419586
Registered office
Equinox House
Clifton Park Avenue
Shipton Road
York
YO30 5PA
Accountants
PCLG Limited
Equinox House
Clifton Park Avenue
Shipton Road
York
YO30 5PA
Business address
Unit 423C
Street 7
Thorpe Arch Trading Estate
Wetherby
N Yorks
LS23 7FG
THE YORKSHIRE MEAT COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE YORKSHIRE MEAT COMPANY LTD
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,458
17,070
Current assets
Stocks
57,716
42,948
Debtors
5
191,424
201,350
Cash at bank and in hand
64,845
44,619
313,985
288,917
Creditors: amounts falling due within one year
6
(257,802)
(246,671)
Net current assets
56,183
42,246
Total assets less current liabilities
69,641
59,316
Creditors: amounts falling due after more than one year
7
(753)
(753)
Provisions for liabilities
(2,492)
(3,209)
Net assets
66,396
55,354
Capital and reserves
Called up share capital
8
99
99
Profit and loss reserves
66,297
55,255
Total equity
66,396
55,354

As permitted by s444(5A) of the Companies Act 2006 the directors of the company have not delivered to the Registrar a copy of the Company's profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.

THE YORKSHIRE MEAT COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 January 2018 and are signed on its behalf by:
Mr MJ  Hebden
Mr BG Davies
Director
Director
Company Registration No. 05419586
THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information

THE YORKSHIRE MEAT COMPANY LTD is a private company limited by shares incorporated in England and Wales. The registered office is Equinox House, Clifton Park Avenue, Shipton Road, York, YO30 5PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of THE YORKSHIRE MEAT COMPANY LTD prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover
Turnover represents amounts receivable from the sale of meat and related products.
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance.
Motor vehicles
25% reducing balance.
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2016 - 9).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2016 and 30 June 2017
32,000
Amortisation and impairment
At 1 July 2016 and 30 June 2017
32,000
Carrying amount
At 30 June 2017
-
At 30 June 2016
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
69,591
Additions
874
At 30 June 2017
70,465
Depreciation and impairment
At 1 July 2016
52,521
Depreciation charged in the year
4,486
At 30 June 2017
57,007
Carrying amount
At 30 June 2017
13,458
At 30 June 2016
17,070
THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
188,193
199,106
Other debtors
3,231
2,244
191,424
201,350
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
2,278
3,487
Trade creditors
209,736
154,838
Corporation tax
15,001
18,301
Other taxation and social security
50
(10)
Other creditors
30,737
70,055
257,802
246,671
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
753
753
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary of £1 each
99
99
99
99
9
Directors' transactions

Dividends totalling £47,200 (2016 - £44,118) were paid in the year in respect of shares held by the company's directors.

Included in other creditors due within one year are amounts of £27,665 (2016 - £67,284) owed to the directors.

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