Town And Country Butchers Limited Accounts


Town And Country Butchers Limited FILLETED ACCOUNTS COVER
Town And Country Butchers Limited
Company No. 09889744
Information for Filing with The Registrar
31 October 2018
Town And Country Butchers Limited BALANCE SHEET REGISTRAR
at
31 October 2018
Company No.
09889744
Notes
2018
2017
£
£
Fixed assets
Tangible assets
2
131,435115,796
131,435115,796
Current assets
Stocks
3
42,140-
Debtors
4
10,73237,982
Cash at bank and in hand
6,61911,559
59,49149,541
Creditors: Amount falling due within one year
5
(205,364)
(103,908)
Net current liabilities
(145,873)
(54,367)
Total assets less current liabilities
(14,438)
61,429
Creditors: Amounts falling due after more than one year
6
(222,770)
(118,558)
Net liabilities
(237,208)
(57,129)
Capital and reserves
Called up share capital
11
Profit and loss account
7
(237,209)
(57,130)
Total equity
(237,208)
(57,129)
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 31 October 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 31 October 2018
And signed on its behalf by:
G. Scott
Director
Town And Country Butchers Limited NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 October 2018
1
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.
The accounts are presented in Sterling, which is the functional currency of the company.
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.
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.
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
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 November 2017
108,76117,365126,126
Additions
49,4895,93455,423
Disposals
(23,514)
-
(23,514)
At 31 October 2018
134,73623,299158,035
Depreciation
At 1 November 2017
8,1552,17510,330
Charge for the year
12,8305,20318,033
Disposals
(1,763)
-
(1,763)
At 31 October 2018
19,2227,37826,600
Net book values
At 31 October 2018
115,51415,921131,435
At 31 October 2017
100,60615,190115,796
3
Stocks
2018
2017
£
£
Finished goods
42,140-
42,140-
4
Debtors
2018
2017
£
£
Other debtors
-32,511
Prepayments and accrued income
10,7325,471
10,73237,982
5
Creditors:
amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
50,51812,700
Trade creditors
83,98723,000
Other taxes and social security
(7,421)
-
Other creditors
68,48048,480
Accruals and deferred income
9,80019,728
205,364103,908
6
Creditors:
amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
18,37074,558
Other loans
204,40044,000
222,770118,558
7
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
8
Additional information
Its registered number is:
09889744
Hall 2, Aptec Enterprise Par
Darlington Road
West Auckland
Co. Durham
DL14 9HT
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