Aberfoyle Butcher Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Straight line over 40 years
Plant & Machinery	15% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	33.33% Straight Line

1.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Page 3

Aberfoyle Butcher Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

1.7. 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 statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related 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.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2017	2016
Sales, marketing and distribution	5	-

	5	-

3. Intangible Assets

	Goodwill
	£
Cost
As at 1 July 2016	25,000

As at 30 June 2017	25,000

Amortisation
As at 1 July 2016	25,000

As at 30 June 2017	25,000

Net Book Value
As at 30 June 2017	-

As at 1 July 2016	-

Page 4

Aberfoyle Butcher Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 July 2016	141,436	29,998	11,595	976	184,005

As at 30 June 2017	141,436	29,998	11,595	976	184,005

Depreciation
As at 1 July 2016	34,771	22,168	2,899	976	60,814
Provided during the period	3,536	1,175	2,174	-	6,885

As at 30 June 2017	38,307	23,343	5,073	976	67,699

Net Book Value
As at 30 June 2017	103,129	6,655	6,522	-	116,306

As at 1 July 2016	106,665	7,830	8,696	-	123,191

5. Stocks

	2017	2016
	£	£
Stock - materials and work in progress	-	4,960

	-	4,960

6. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	-	27,979
Other debtors	4,192	4,192

	4,192	32,171

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Aberfoyle Butcher Limited

Notes to the Unaudited Accounts (continued)

For The Year Ended 30 June 2017

7. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	3,609	3,609
Trade creditors	27,539	5,061
Bank loans and overdrafts	11,517	8,925
Corporation tax	536	6,101
Other taxes and social security	261	898
Accruals and deferred income	4,800	3,833
Director's loan account	11,435	6,635

	59,697	35,062

8. Creditors: Amounts Falling Due After More Than One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	893	1,450
Bank loans	35,877	44,858

	36,770	46,308

9. Obligations Under Finance Leases and Hire Purchase

	2017	2016
	£	£
The maturity of these amounts is as follows:
Amounts Payable:
Within one year	3,609	3,609
Between one and five years	893	1,450

	4,502	5,059

	4,502	5,059

10. Share Capital

	Value	Number	2017	2016
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	10000	10,000	10,000

11. General Information

Aberfoyle Butcher Limited is a private company, limited by shares, incorporated in Scotland, registered number SC303685. The registered office is Cantywheery, Blanefield, Glasgow, Scotland, G63 9AJ.

Page 6

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		116,306		123,191

			116,306		123,191
CURRENT ASSETS
Stocks	5	-		4,960
Debtors	6	4,192		32,171
Cash at bank and in hand		-		2,237

		4,192		39,368
Creditors: Amounts Falling Due Within One Year	7	(59,697 )		(35,062 )

NET CURRENT ASSETS (LIABILITIES)			(55,505 )		4,306

TOTAL ASSETS LESS CURRENT LIABILITIES			60,801		127,497

Creditors: Amounts Falling Due After More Than One Year	8		(36,770 )		(46,308 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,117 )		(3,117 )

NET ASSETS			20,914		78,072

CAPITAL AND RESERVES
Called up share capital	10		10,000		10,000
Profit and Loss Account			10,914		68,072

SHAREHOLDERS' FUNDS			20,914		78,072