19 26 October 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 2,121,844 1,099,652 99,693 1,199,345 922,499 1,022,192 274,250 274,250 274,250 xbrli:pure xbrli:shares iso4217:GBP 04097273 2022-01-01 2022-12-31 04097273 2022-12-31 04097273 2021-12-31 04097273 2021-01-01 2021-12-31 04097273 2021-12-31 04097273 core:NetGoodwill 2022-01-01 2022-12-31 04097273 bus:Director3 2022-01-01 2022-12-31 04097273 core:NetGoodwill 2021-12-31 04097273 core:NetGoodwill 2022-12-31 04097273 core:PlantMachinery 2021-12-31 04097273 core:PlantMachinery 2022-12-31 04097273 core:WithinOneYear 2022-12-31 04097273 core:WithinOneYear 2021-12-31 04097273 core:AfterOneYear 2022-12-31 04097273 core:AfterOneYear 2021-12-31 04097273 core:ShareCapital 2022-12-31 04097273 core:ShareCapital 2021-12-31 04097273 core:RevaluationReserve 2022-12-31 04097273 core:RevaluationReserve 2021-12-31 04097273 core:RetainedEarningsAccumulatedLosses 2022-12-31 04097273 core:RetainedEarningsAccumulatedLosses 2021-12-31 04097273 core:PlantMachinery 2022-01-01 2022-12-31 04097273 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 04097273 core:Non-currentFinancialInstruments 2022-12-31 04097273 core:Non-currentFinancialInstruments 2021-12-31 04097273 core:PlantMachinery 2021-12-31 04097273 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-12-31 04097273 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-12-31 04097273 bus:SmallEntities 2022-01-01 2022-12-31 04097273 bus:Audited 2022-01-01 2022-12-31 04097273 bus:FullAccounts 2022-01-01 2022-12-31 04097273 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04097273 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04097273 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 04097273 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 04097273 core:IntangibleAssetsOtherThanGoodwill 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 04097273
Nene Milling Company Limited
Filleted Financial Statements
For the year ended
31 December 2022
Nene Milling Company Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
1,323
2,170
Tangible assets
6
922,499
1,022,192
Investments
7
274,250
274,250
------------
------------
1,198,072
1,298,612
Current assets
Stocks
57,315
24,639
Debtors
8
1,103,010
1,205,705
Cash at bank and in hand
141
346
------------
------------
1,160,466
1,230,690
Creditors: amounts falling due within one year
9
958,504
1,099,617
------------
------------
Net current assets
201,962
131,073
------------
------------
Total assets less current liabilities
1,400,034
1,429,685
Creditors: amounts falling due after more than one year
10
159,585
256,032
Provisions
102,504
85,608
------------
------------
Net assets
1,137,945
1,088,045
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
22,500
22,500
Profit and loss account
1,115,345
1,065,445
------------
------------
Shareholders funds
1,137,945
1,088,045
------------
------------
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 statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Nene Milling Company Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
S V Smeeth
Director
Company registration number: 04097273
Nene Milling Company Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brigstock Road, Wisbech, England, PE13 3JJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The judgements and accounting estimates that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1) Revaluation of investment property Investment property is recorded at the fair value at each reporting date by the directors.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
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
-
10% straight line
Website
-
20% reducing balance and 25% 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery etc
-
10%, 20% reducing balance and 20% straight line
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2021: 18 ).
5. Intangible assets
Goodwill
Website
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
10,000
5,067
15,067
--------
-------
--------
Amortisation
At 1 January 2022
10,000
2,897
12,897
Charge for the year
847
847
--------
-------
--------
At 31 December 2022
10,000
3,744
13,744
--------
-------
--------
Carrying amount
At 31 December 2022
1,323
1,323
--------
-------
--------
At 31 December 2021
2,170
2,170
--------
-------
--------
6. Tangible assets
Plant and machinery etc
Total
£
£
Cost
At 1 January 2022 and 31 December 2022
2,121,844
2,121,844
------------
------------
Depreciation
At 1 January 2022
1,099,652
1,099,652
Charge for the year
99,693
99,693
------------
------------
At 31 December 2022
1,199,345
1,199,345
------------
------------
Carrying amount
At 31 December 2022
922,499
922,499
------------
------------
At 31 December 2021
1,022,192
1,022,192
------------
------------
Included in tangible fixed assets are buildings of £196,127 (2021 - £196,127) which are not depreciated.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery etc
£
At 31 December 2022
331,759
---------
At 31 December 2021
394,972
---------
7. Investments
Investment property
£
Valuation
At 1 January 2022 and 31 December 2022
274,250
---------
Impairment
At 1 January 2022 and 31 December 2022
---------
Carrying amount
At 31 December 2022
274,250
---------
At 31 December 2021
274,250
---------
Investments held at valuation
Investment property was valued on an open market basis on 31 December 2022 by the directors based on their knowledge of the property market.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2022
Aggregate cost
244,250
Aggregate depreciation
---------
Carrying value
244,250
---------
At 31 December 2021
Aggregate cost
244,250
Aggregate depreciation
---------
Carrying value
244,250
---------
8. Debtors
2022
2021
£
£
Trade debtors
24,384
73,951
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,050,956
1,131,754
Other debtors
27,670
------------
------------
1,103,010
1,205,705
------------
------------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
27,727
9,188
Trade creditors
27,804
273,550
Amounts owed to group undertakings and undertakings in which the company has a participating interest
508,679
508,679
Social security and other taxes
54,010
98,834
Other creditors
340,284
209,366
---------
------------
958,504
1,099,617
---------
------------
Bank loans and overdrafts are secured by a mortgage over an investment property. A cross guarantee is in place, as described in the contingent liabilities note to the financial statements.
Included in other creditors are assets held under hire purchase agreements of £91,180 (2021 - £101,170). Assets held under hire purchase are secured by the asset to which they relate.
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
136,789
142,057
Other creditors
22,796
113,975
---------
---------
159,585
256,032
---------
---------
Bank loans and overdrafts are secured by a mortgage over an investment property. A cross guarantee is in place, as described in the contingent liabilities note to the financial statements.
Included in other creditors are assets held under hire purchase agreements of £22,276 (2021 - £113,975). Assets held under hire purchase are secured by the asset to which they relate.
11. Contingencies
Under the composite accounting agreement the company has guaranteed the bank borrowing of group undertakings which amounted to £1,979,276 (2021 - £2,082,917)
12. Summary audit opinion
The auditor's report for the year dated 26 October 2023 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
13. Related party transactions
The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the Dagless Holdings Limited group. Transactions with entitles over which the entity has control, joint control or significant influence were as follows:
2022 2021
£ £
Sales 963,819 2,160,660
Recharges 48,573 48,755
Amounts due from related party 1,050,956 1,131,754
Amounts due to related party 508,679 508,679
Transactions with other related parties were as follows:
2022 2021
£ £
Management charges 5,300 4,150
14. Controlling party
The immediate and ultimate parent company is Dagless Holdings Limited, a company registered in England and Wales. The address of the registered office is Brigstock Road, Wisbech, PE13 3JJ. Consolidated financial statements are prepared by Dagless Holdings Limited and are available from Companies House. The company is under the ultimate control of S V Smeeth , a director who holds a majority of the shares in the holding company.