REGISTERED NUMBER: |
LOUGH ERNE DAIRIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
REGISTERED NUMBER: |
LOUGH ERNE DAIRIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
Notes | £ |
NON-CURRENT ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Receivables: amounts falling due within one year |
6 |
PAYABLES |
Amounts falling due within one year | 7 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
1. | Statutory information |
Lough Erne Dairies Limited is a |
Registered number: |
Registered office: |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis and in accordance with the historical cost convention. The following accounting policies have been applied consistently. |
The presentation currency of the financial statements is GBP sterling (£). |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
a) Critical judgements in applying the entity's accounting policies |
There are no critical judgements in applying the entity's accounting policies. |
b) Key accounting estimates and assumptions |
There are no critical accounting estimates and assumptions. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised: |
- the significant risks and rewards of ownership have been transferred to the buyer; |
- the company retains no continuing involvement or control over the goods; |
- the amount of revenue can be measured reliably; |
- it is probable that future economic benefits will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
3. | Accounting policies - continued |
Property, plant and equipment |
Property, plant and equipment are stated at costs or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Plant and machinery - 10% straight line |
Fixtures and fittings - 10% straight line |
Motor vehicles - 5% - 20% straight line |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable and is charged to the Income Statement. |
Inventories |
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
3. | Accounting policies - continued |
Financial instruments |
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
3. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
Biological assets |
Biological assets are measured on initial recognition and at subsequent reporting dates at fair value less estimated costs to sell, unless fair value cannot be reliably measured. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
4. | Employees and directors |
The average number of employees during the period was |
5. | Property, plant and equipment |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
Charge for period |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
LOUGH ERNE DAIRIES LIMITED (REGISTERED NUMBER: NI675161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 23 DECEMBER 2020 TO 31 DECEMBER 2021 |
6. | Receivables: amounts falling due within one year |
£ |
Trade debtors |
Other debtors |
7. | Payables: amounts falling due within one year |
£ |
Bank loans and overdrafts |
Trade payables |
Amounts owed to group undertakings |
Other payables |