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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 2018
PAGES FOR FILING WITH REGISTRAR
THE YORKSHIRE MEAT COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE YORKSHIRE MEAT COMPANY LTD
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,643
13,458
Current assets
Stocks
59,890
57,716
Debtors
5
181,706
191,424
Cash at bank and in hand
52,812
64,845
294,408
313,985
Creditors: amounts falling due within one year
6
(234,193)
(257,802)
Net current assets
60,215
56,183
Total assets less current liabilities
73,858
69,641
Creditors: amounts falling due after more than one year
7
(753)
(753)
Provisions for liabilities
(2,558)
(2,492)
Net assets
70,547
66,396
Capital and reserves
Called up share capital
8
198
99
Profit and loss reserves
70,349
66,297
Total equity
70,547
66,396

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

THE YORKSHIRE MEAT COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2019 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 2018
- 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.

The principal activity of the company is the sale of meat and related products.

 

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.

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 2018
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 2018
1
Accounting policies
(Continued)
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 8).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2017 and 30 June 2018
32,000
Amortisation and impairment
At 1 July 2017 and 30 June 2018
32,000
Carrying amount
At 30 June 2018
-
At 30 June 2017
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017
70,466
Additions
4,732
At 30 June 2018
75,198
Depreciation and impairment
At 1 July 2017
57,007
Depreciation charged in the year
4,548
At 30 June 2018
61,555
Carrying amount
At 30 June 2018
13,643
At 30 June 2017
13,458
THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
179,578
188,193
Other debtors
2,128
3,231
181,706
191,424
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
470
2,278
Trade creditors
187,002
209,736
Corporation tax
13,836
15,001
Other taxation and social security
(13)
50
Other creditors
32,898
30,737
234,193
257,802
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
753
753
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary A of £1 each
99
99
33 Ordinary B of £1 each
33
-
66 Ordinary C of £1 each
66
-
198
99
9
Related party transactions

Dividends totalling £55,200 (2017 - £47,200) were paid in the year in respect of shares held by the company's directors and their relatives.

THE YORKSHIRE MEAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
10
Directors' transactions

Included in other creditors due within one year are amounts of £29,847 (2017- £27,665 ) owed to the directors.

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