79
31/03/2020
2020-03-31
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No description of principal activities is disclosed
2019-04-01
Sage Accounts Production 20.0 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
7540052
2019-04-01
2020-03-31
7540052
2020-03-31
7540052
2019-03-31
7540052
2018-04-01
2019-03-31
7540052
2019-03-31
7540052
core:NetGoodwill
2019-04-01
2020-03-31
7540052
core:LandBuildings
core:LongLeaseholdAssets
2019-04-01
2020-03-31
7540052
core:LandBuildings
core:ShortLeaseholdAssets
2019-04-01
2020-03-31
7540052
core:PlantMachinery
2019-04-01
2020-03-31
7540052
core:FurnitureFittingsToolsEquipment
2019-04-01
2020-03-31
7540052
core:MotorVehicles
2019-04-01
2020-03-31
7540052
core:OnerousContractsExcludingVacantProperties
2019-04-01
2020-03-31
7540052
bus:Director2
2019-04-01
2020-03-31
7540052
core:WithinOneYear
2020-03-31
7540052
core:WithinOneYear
2019-03-31
7540052
core:AfterOneYear
2019-03-31
7540052
core:ShareCapital
2020-03-31
7540052
core:ShareCapital
2019-03-31
7540052
core:RetainedEarningsAccumulatedLosses
2020-03-31
7540052
core:RetainedEarningsAccumulatedLosses
2019-03-31
7540052
bus:Director3
2020-03-31
7540052
bus:Director3
2019-04-01
2020-03-31
7540052
bus:Director3
2018-04-01
2019-03-31
7540052
bus:SmallEntities
2019-04-01
2020-03-31
7540052
bus:AuditExempt-NoAccountantsReport
2019-04-01
2020-03-31
7540052
bus:AbridgedAccounts
2019-04-01
2020-03-31
7540052
bus:SmallCompaniesRegimeForAccounts
2019-04-01
2020-03-31
7540052
bus:PrivateLimitedCompanyLtd
2019-04-01
2020-03-31
7540052
core:OfficeEquipment
2019-04-01
2020-03-31
Company registration number:
7540052
Joseph Morris Butchers Limited
Unaudited filleted abridged financial statements
for the Year ended
31 March 2020
Joseph Morris Butchers Limited
Contents
Abridged balance sheet
Notes to the financial statements
Joseph Morris Butchers Limited
Abridged Balance sheet
31 March 2020
|
|
|
31/03/20
|
|
|
|
31/03/19
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
-
|
|
|
|
-
|
|
|
Tangible assets
|
|
6
|
1,735,497
|
|
|
|
1,530,465
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
1,735,497
|
|
|
|
1,530,465
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
152,150
|
|
|
|
146,544
|
|
|
Debtors
|
|
|
315,652
|
|
|
|
305,071
|
|
|
Cash at bank and in hand
|
|
|
435,780
|
|
|
|
394,759
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
903,582
|
|
|
|
846,374
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
668,283)
|
|
|
|
(
484,414)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
235,299
|
|
|
|
361,960
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
1,970,796
|
|
|
|
1,892,425
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
|
|
|
-
|
|
|
|
(
3,182)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
73,000)
|
|
|
|
(
78,800)
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
(
8,207)
|
|
|
|
(
8,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
1,889,589
|
|
|
|
1,802,426
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
|
|
|
1,889,489
|
|
|
|
1,802,326
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
1,889,589
|
|
|
|
1,802,426
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2020 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
All of the members have consented to the preparation of the abridged Balance sheet for the current year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
25 November 2020
, and are signed on behalf of the board by:
Mr R J Morris
Director
Company registration number:
7540052
Joseph Morris Butchers Limited
Notes to the financial statements
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Walnut Tree House, Walcote Road, South Kilworth, Lutterworth, LE17 6EG.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
20 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property
|
-
|
5 %
|
straight line
|
|
Improvements to leasehold property
|
-
|
5 %
|
straight line
|
|
Warehouse improvements
|
-
|
10 %
|
straight line
|
|
Fittings fixtures and equipment
|
-
|
25 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
Office equipment
|
-
|
25 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
79
(2019:
74
).
5.
Intangible assets
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2019 and 31 March 2020
|
859,000
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2019 and 31 March 2020
|
859,000
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2020
|
-
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
At 31 March 2019
|
-
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2019
|
2,308,805
|
|
|
|
|
|
|
|
Additions
|
247,000
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2020
|
2,555,805
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2019
|
778,340
|
|
|
|
|
|
|
|
Charge for the year
|
123,691
|
|
|
|
|
|
|
|
Disposals
|
(
81,723)
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2020
|
820,308
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2020
|
1,735,497
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2019
|
1,530,465
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under FRS102 depreciation should not have been charged on the Investment properties held by the company and so this has been corrected this year.
7.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/03/20
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
-
|
115,150
|
(89,694)
|
25,456
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/03/19
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
-
|
61,113
|
(61,113)
|
-
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|