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REGISTERED NUMBER: 04616409 (England and Wales)










CALON WEN DAIRY PRODUCE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CALON WEN DAIRY PRODUCE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R J Tomlinson - Chairman
D T Miles
D J Edge
O J S Lort Phillips
A B Morgan
D K Ward
H A Evans





SECRETARY: A B Morgan





REGISTERED OFFICE: Plas Y Coed Warehouse Stores
Pantyffynnon
Carmarthenshire
SA32 2BH





REGISTERED NUMBER: 04616409 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,680 2,153

CURRENT ASSETS
Stocks 160,898 214,002
Debtors 5 224,869 257,830
Cash at bank and in hand 20,958 18,611
406,725 490,443
CREDITORS
Amounts falling due within one year 6 280,598 369,444
NET CURRENT ASSETS 126,127 120,999
TOTAL ASSETS LESS CURRENT
LIABILITIES

127,807

123,152

CREDITORS
Amounts falling due after more than one
year

7

24,629

24,629
NET ASSETS 103,178 98,523

CAPITAL AND RESERVES
Called up share capital 151,001 151,001
Share premium 546,021 546,021
Retained earnings (593,844 ) (598,499 )
SHAREHOLDERS' FUNDS 103,178 98,523

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 October 2023 and were signed on its behalf by:





D T Miles - Director


CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Calon Wen Dairy Produce Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates arid assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Useful economic lives of tangible assets
The annual depreciation charges for tangibles assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See following notes for the useful economic lives for each class of assets.

Amounts recoverable on debtors
During the year and at the balance sheet date the directors quantify the amounts recoverable on each debtor balance. The company include provisions for any balances they deem as unlikely to be received..

Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. Turnover is recognised in the period in which the supply of goods is made.

Tangible fixed assets
Tangible fixed assets are stated at cost, which represents purchase price together with any incidental expenses of acquisition, less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery - 20% reducing balance
Office equipment - 33% reducing balance

Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.


CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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 at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies, 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.

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 and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.



Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Machinery fittings Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 23,885 3,346 27,231
DEPRECIATION
At 1 April 2022 22,058 3,020 25,078
Charge for year 365 108 473
At 31 March 2023 22,423 3,128 25,551
NET BOOK VALUE
At 31 March 2023 1,462 218 1,680
At 31 March 2022 1,827 326 2,153

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 209,850 253,029
Other debtors 15,019 4,801
224,869 257,830

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 31,457 107,320
Trade creditors 100,845 91,440
Amounts owed to group undertakings 122,132 141,249
Taxation and social security - 1,055
Other creditors 26,164 28,380
280,598 369,444

Amounts owed to the parent undertaking, Calon Wen Organic Milk Co Operative Ltd at the year end was £122,132 (2022: £141,249) and is mainly the result of timing of repayments of recharges.

The company trade debtors are assigned to the company's bankers under a debt purchase agreement. The amounts drawn at the year end is £31,457 (2022: £107,320)

The debt purchase agreement was secured by fixed and floating charges over the assets of the company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 24,629 24,629

CALON WEN DAIRY PRODUCE LTD (REGISTERED NUMBER: 04616409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 31,457 107,320

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Jones (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP

10. RELATED PARTY DISCLOSURES

The amount owed to the directors at the balance sheet date was £24,629 (2022; £24,629). This amount is interest free, unsecured and has no fixed terms for repayment. This amount is included within other creditors (note 8).

11. ULTIMATE CONTROLLING PARTY

Calon Wen Organic Cooperative is regarded by the directors as being the company's ultimate parent company.

There is no ultimate controlling party.