George Arthur (Butchers) Limited - Period Ending 2019-10-31

George Arthur (Butchers) Limited - Period Ending 2019-10-31


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Registration number: 00775405

George Arthur (Butchers) Limited

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 October 2019

 

George Arthur (Butchers) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

George Arthur (Butchers) Limited

Company Information

Directors

J Dickinson

C Dickinson

Registered office

70 Guildford Road
Lightwater
Surrey
GU18 5SD

Accountants

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
George Arthur (Butchers) Limited
for the Year Ended 31 October 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of George Arthur (Butchers) Limited for the year ended 31 October 2019 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of George Arthur (Butchers) Limited, as a body, in accordance with the terms of our engagement letter dated 24 March 2015. Our work has been undertaken solely to prepare for your approval the accounts of George Arthur (Butchers) Limited and state those matters that we have agreed to state to the Board of Directors of George Arthur (Butchers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Arthur (Butchers) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that George Arthur (Butchers) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of George Arthur (Butchers) Limited. You consider that George Arthur (Butchers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of George Arthur (Butchers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

7 July 2020

 

George Arthur (Butchers) Limited

(Registration number: 00775405)
Statement of Financial Position as at 31 October 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

20,131

22,442

Current assets

 

Stocks

5

10,500

10,500

Debtors

6

11,066

10,459

Cash at bank and in hand

 

922

1,429

 

22,488

22,388

Creditors: Amounts falling due within one year

7

(48,737)

(40,339)

Net current liabilities

 

(26,249)

(17,951)

Total assets less current liabilities

 

(6,118)

4,491

Provisions for liabilities

(2,967)

(3,250)

Net (liabilities)/assets

 

(9,085)

1,241

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(10,085)

241

Total equity

 

(9,085)

1,241

For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

George Arthur (Butchers) Limited

(Registration number: 00775405)
Statement of Financial Position as at 31 October 2019

Approved and authorised by the Board on 7 July 2020 and signed on its behalf by:
 

.........................................

J Dickinson
Director

 

George Arthur (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
70 Guildford Road
Lightwater
Surrey
GU18 5SD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

George Arthur (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

7.5% reducing balance

Leasehold properties

Straight line over the life of the lease

Fixtures, fittings and equipment

15% 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. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

George Arthur (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 10).

 

George Arthur (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2018

14,490

37,664

41,610

13,362

Disposals

-

(308)

-

-

At 31 October 2019

14,490

37,356

41,610

13,362

Depreciation

At 1 November 2018

14,488

30,689

26,726

12,781

Charge for the year

-

1,044

1,115

146

Eliminated on disposal

-

(302)

-

-

At 31 October 2019

14,488

31,431

27,841

12,927

Carrying amount

At 31 October 2019

2

5,925

13,769

435

At 31 October 2018

2

6,975

14,884

581

Total
£

Cost or valuation

At 1 November 2018

107,126

Disposals

(308)

At 31 October 2019

106,818

Depreciation

At 1 November 2018

84,684

Charge for the year

2,305

Eliminated on disposal

(302)

At 31 October 2019

86,687

Carrying amount

At 31 October 2019

20,131

At 31 October 2018

22,442

 

George Arthur (Butchers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

5

Stocks

2019
£

2018
£

Finished goods and goods for resale

10,500

10,500

6

Debtors

2019
£

2018
£

Trade debtors

5,744

5,269

Prepayments

625

636

Other debtors

4,697

4,554

11,066

10,459

7

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Bank loans and overdrafts

8

13,237

10,875

Trade creditors

 

24,692

18,720

Taxation and social security

 

2,592

4,656

Accruals and deferred income

 

2,750

2,700

Other creditors

 

5,466

3,388

 

48,737

40,339

8

Loans and borrowings

2019
£

2018
£

Current loans and borrowings

Bank overdrafts

13,237

10,875

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,271 (2018 - £14,247).