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Registration number: 05261706


Shortwood Dairy Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Shortwood Dairy Limited

Contents

Company Information

1

Balance Sheet

2 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Shortwood Dairy Limited

Company Information

Directors

Mr J R Edge

Mrs S E Edge

Registered office

Shortwood Farm
Standon
Stafford
Staffordshire
ST21 6RG

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Shortwood Dairy Limited

(Registration number: 05261706)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

432,746

451,613

Current assets

 

Stocks

5

374,510

318,589

Debtors

6

187,424

141,016

Cash at bank and in hand

 

13,763

5,073

 

575,697

464,678

Creditors: Amounts falling due within one year

7

(174,475)

(157,548)

Net current assets

 

401,222

307,130

Total assets less current liabilities

 

833,968

758,743

Creditors: Amounts falling due after more than one year

7

(293,898)

(337,890)

Provisions for liabilities

(19,000)

(23,000)

Net assets

 

521,070

397,853

Capital and reserves

 

Called up share capital

200

200

Retained earnings

520,870

397,653

Shareholders' funds

 

521,070

397,853

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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.

 

Shortwood Dairy Limited

(Registration number: 05261706)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Mr J R Edge
Director

.........................................
Mrs S E Edge
Director

 

Shortwood Dairy Limited

(Registration number: 05261706)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Shortwood Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Shortwood Farm
Standon
Stafford
Staffordshire
ST21 6RG

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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 sales/value added tax, returns, rebates and discounts.

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.

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:

 

Shortwood Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Tractors

15% reducing balance basis

Motor vehicles

20% reducing balance basis

Investment property

Investment property is valued at fair value

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, 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.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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.

 Recognition and measurement
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 and loss.

 Impairment
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 in the profit or loss.

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) 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.

3

Staff numbers

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

 

Shortwood Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Motor vehicles and tractors
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

331,878

77,895

202,457

612,230

At 31 March 2023

331,878

77,895

202,457

612,230

Depreciation

At 1 April 2022

-

14,719

145,898

160,617

Charge for the year

-

10,383

8,484

18,867

At 31 March 2023

-

25,102

154,382

179,484

Carrying amount

At 31 March 2023

331,878

52,793

48,075

432,746

At 31 March 2022

331,878

63,176

56,559

451,613

5

Stocks

2023
£

2022
£

Herd revalued as stock

360,000

313,800

Other inventories

14,510

4,789

374,510

318,589

6

Debtors

2023
£

2022
£

Trade debtors

106,997

97,077

Prepayments

-

554

Other debtors

80,427

43,385

 

187,424

141,016

 

Shortwood Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

42,736

48,391

Trade creditors

 

67,802

84,727

Other creditors

 

63,937

24,430

 

174,475

157,548

Due after one year

 

Loans and borrowings

8

293,898

337,890

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

267,673

292,826

Hire purchase

26,225

45,064

293,898

337,890

2023
£

2022
£

Current loans and borrowings

Bank borrowings

24,202

22,968

Hire purchase

18,534

25,423

42,736

48,391