George Arthur (Butchers) Limited - Period Ending 2017-10-31

George Arthur (Butchers) Limited - Period Ending 2017-10-31


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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 2017

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

 

George Arthur (Butchers) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Financial Statements

5 to 10

 

George Arthur (Butchers) Limited

Company Information

Directors

Mr John James Dickinson

Mrs Cheryl Dickinson

Company secretary

Mrs Cheryl 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 2017

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 2017 as set out on pages 3 to 10 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 profit 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

26 July 2018

 

George Arthur (Butchers) Limited

(Registration number: 00775405)
Statement of Financial Position as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

25,473

28,494

Current assets

 

Stocks

5

9,000

9,850

Debtors

6

21,715

8,563

Cash at bank and in hand

 

635

804

 

31,350

19,217

Creditors: Amounts falling due within one year

7

(49,986)

(41,391)

Net current liabilities

 

(18,636)

(22,174)

Total assets less current liabilities

 

6,837

6,320

Provisions for liabilities

(4,840)

(4,199)

Net assets

 

1,997

2,121

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

997

1,121

Total equity

 

1,997

2,121

For the financial year ending 31 October 2017 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 2017

Approved and authorised by the Board on 26 July 2018 and signed on its behalf by:
 

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

Mr John James Dickinson

Director

 

George Arthur (Butchers) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

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 prepares 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 sales/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 Financial Statements for the Year Ended 31 October 2017

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

Leasehold properties

Straight line over the life of the lease

Plant and machinery

7.5% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

George Arthur (Butchers) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

George Arthur (Butchers) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

 

3

Staff numbers

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

 

George Arthur (Butchers) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2016

14,490

44,189

43,567

13,362

Disposals

-

(125)

-

-

At 31 October 2017

14,490

44,064

43,567

13,362

Depreciation

At 1 November 2016

14,488

35,602

24,694

12,330

Charge for the year

-

1,270

1,417

258

Eliminated on disposal

-

(49)

-

-

At 31 October 2017

14,488

36,823

26,111

12,588

Carrying amount

At 31 October 2017

2

7,241

17,456

774

At 31 October 2016

2

8,587

18,873

1,032

Total
£

Cost or valuation

At 1 November 2016

115,608

Disposals

(125)

At 31 October 2017

115,483

Depreciation

At 1 November 2016

87,114

Charge for the year

2,945

Eliminated on disposal

(49)

At 31 October 2017

90,010

Carrying amount

At 31 October 2017

25,473

At 31 October 2016

28,494

Included within the net book value of land and buildings above is £2 (2016 - £2) in respect of short leasehold land and buildings.
 

 

George Arthur (Butchers) Limited

Notes to the Financial Statements for the Year Ended 31 October 2017

5

Stocks

2017
£

2016
£

Finished goods and goods for resale

9,000

9,850

6

Debtors

2017
£

2016
£

Trade debtors

17,360

5,485

Prepayments

1,871

600

Other debtors

2,484

2,478

21,715

8,563

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Bank loans and overdrafts

8

15,016

17,077

Trade creditors

 

27,053

12,948

Taxation and social security

 

5,193

3,418

Accruals and deferred income

 

2,590

2,520

Other creditors

 

134

5,428

 

49,986

41,391

8

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

15,016

17,077