S S MEAT WHOLESALE LIMITED Accounts

S.S. MEAT WHOLESALE LIMITED - Company Information






S S MEAT WHOLESALE LIMITED
	Company No. 02733606
		Information for Filing with The Registrar
		30 September 2018

at	30 September 2018
Company No.		02733606	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		2	101,748	112,063


				101,748	112,063
Current assets
	Stocks		3	470,104	114,621
	Debtors		4	857,480	869,800

	Cash at bank and in hand			440,663	288,339
				1,768,247	1,272,760
Creditors: Amount falling due within one year			5	(796,435)	(910,397)
Net current assets				971,812	362,363
Total assets less current liabilities				1,073,560	474,426




Net assets				1,073,560	474,426

Capital and reserves
	Called up share capital			120	120



	Profit and loss account		6	1,073,440	474,306

Total equity				1,073,560	474,426


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 September 2018
And signed on its behalf by:
S.V. Speed
Director

for the year ended 30 September 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25%% Reducing Balance

Motor vehicles

25%% Reducing Balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 October 2017	21,880	169,338	191,218
		Additions	-	34,550	34,550



		At 30 September 2018	21,880	203,888	225,768
		Depreciation
		At 1 October 2017	9,572	69,583	79,155
		Charge for the year	4,102	40,763	44,865



		At 30 September 2018	13,674	110,346	124,020
		Net book values
		At 30 September 2018	8,206	93,542	101,748
		At 30 September 2017	12,308	99,755	112,063

3	Stocks
			2018	2017
			£	£
		Raw materials and consumables	470,104	114,621


			470,104	114,621

4	Debtors
			2018	2017
			£	£
		Trade debtors	752,339	789,659





		Other debtors	105,141	80,141

			857,480	869,800

5	Creditors:
		amounts falling due within one year
			2018	2017
			£	£




		Trade creditors	603,375	800,044

		Corporation tax	170,169	73,129
		Other taxes and social security	(16,744)	(18,053)

		Other creditors	36,885	52,527
		Accruals and deferred income	2,750	2,750
			796,435	910,397

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

7	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	116,000	-
		Dividends accrued at the period end	-	66,000
			116,000	66,000

		Dividends by type:

		Equity dividends	116,000	66,000
			116,000	66,000

Related party disclosures

Controlling party

Immediate controlling party

Mr S V Speed

Additional information

Its registered number is:

02733606

Its registered office is:

Hall 2

Apter enterprise Park

Darlington Road

West auckland

DL14 9HT