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Newcott Dairy Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 13257319

 

Newcott Dairy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Newcott Dairy Limited

Company Information

Directors

Mr D F Parris

Mrs V L Parris

Mr D A D Parris

Mrs T J Parris

Registered office

Newcott Farm
Yarcombe
Honiton
Devon
EX14 9ND

Chartered Accountants

Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Newcott Dairy Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,630,698

1,693,460

Investment property

5

350,000

350,000

 

1,980,698

2,043,460

Current assets

 

Stocks

6

4,546

-

Debtors

7

279,333

216,595

Cash at bank and in hand

 

277,280

131,736

 

561,159

348,331

Creditors: Amounts falling due within one year

8

(834,654)

(1,136,687)

Net current liabilities

 

(273,495)

(788,356)

Total assets less current liabilities

 

1,707,203

1,255,104

Creditors: Amounts falling due after more than one year

8

(1,103,969)

(1,133,695)

Provisions for liabilities

(49,747)

(52,447)

Net assets

 

553,487

68,962

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

553,387

68,862

Shareholders' funds

 

553,487

68,962

 

Newcott Dairy Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mr D F Parris
Director

.........................................
Mrs V L Parris
Director

.........................................
Mr D A D Parris
Director

.........................................
Mrs T J Parris
Director

Company Registration Number: 13257319

 

Newcott Dairy Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Newcott Farm
Yarcombe
Honiton
Devon
EX14 9ND
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 2023.

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.

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 and after eliminating sales within the company.

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

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 corporation 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.

 

Newcott Dairy Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold property

nil

Plant and machinery

8% straight line and 20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 stocks 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.

 

Newcott Dairy Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Newcott Dairy Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Herd
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

836,674

690,453

228,030

1,755,157

Additions

-

187,650

8,130

195,780

Disposals

-

(180,944)

-

(180,944)

At 31 March 2023

836,674

697,159

236,160

1,769,993

Depreciation

At 1 April 2022

-

43,455

18,242

61,697

Charge for the year

-

69,960

18,932

88,892

Eliminated on disposal

-

(11,294)

-

(11,294)

At 31 March 2023

-

102,121

37,174

139,295

Carrying amount

At 31 March 2023

836,674

595,038

198,986

1,630,698

At 31 March 2022

836,674

646,998

209,788

1,693,460

Included within the net book value of land and buildings above is £836,674 (2022 - £836,674) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 April

350,000

At 31 March

350,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 March 2022 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

4,546

-

 

Newcott Dairy Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

225,685

171,244

Prepayments

13,413

12,762

Other debtors

40,235

32,589

279,333

216,595

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

35,476

38,917

Trade creditors

 

153,369

148,523

Corporation tax

 

128,156

39,842

Other creditors

 

514,303

906,905

Accruals and deferred income

 

3,350

2,500

 

834,654

1,136,687

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,103,969

1,133,695