Company registration number SC363556 (Scotland)
DAIRY AUTOMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DAIRY AUTOMATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAIRY AUTOMATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
393,139
102,511
Current assets
Stocks
-
635,070
Debtors
5
1,089,016
509,710
Cash at bank and in hand
594,549
834
1,683,565
1,145,614
Creditors: amounts falling due within one year
6
(772,167)
(761,278)
Net current assets
911,398
384,336
Total assets less current liabilities
1,304,537
486,847
Creditors: amounts falling due after more than one year
7
(25,368)
(76,563)
Provisions for liabilities
(69,600)
(9,905)
Net assets
1,209,569
400,379
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,209,469
400,279
Total equity
1,209,569
400,379

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

DAIRY AUTOMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 August 2023
Mr G J Leitch
Director
Company Registration No. SC363556
DAIRY AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Dairy Automation Limited is a private company limited by shares incorporated in Scotland. The registered office is Braehead Farm, Kilmarnock, United Kingdom, KA1 5LN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

The period end has been extended within these accounts from December to March, this is due to a change in the running of the business. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

DAIRY AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Franchise
10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DAIRY AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2021
Number
Number
Total
13
16
DAIRY AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Franchise
£
Cost
At 31 December 2021
25,823
Disposals
(25,823)
At 31 March 2023
-
0
Amortisation and impairment
At 31 December 2021
25,823
Disposals
(25,823)
At 31 March 2023
-
0
Carrying amount
At 31 March 2023
-
0
At 30 December 2021
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 December 2021
8,283
300,704
308,987
Additions
325,000
61,840
386,840
Disposals
-
0
(159,647)
(159,647)
At 31 March 2023
333,283
202,897
536,180
Depreciation and impairment
At 31 December 2021
5,428
201,048
206,476
Depreciation charged in the Period
17,133
37,434
54,567
Eliminated in respect of disposals
-
0
(118,002)
(118,002)
At 31 March 2023
22,561
120,480
143,041
Carrying amount
At 31 March 2023
310,722
82,417
393,139
At 30 December 2021
2,855
99,656
102,511
DAIRY AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
857,102
388,873
Corporation tax recoverable
67,977
96,831
Other debtors
163,937
24,006
1,089,016
509,710
6
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans and overdrafts
17,618
219,795
Trade creditors
608,041
433,829
Corporation tax
113,275
-
0
Other taxation and social security
7,143
79,807
Other creditors
26,090
27,847
772,167
761,278
7
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
21,667
44,643
Other creditors
3,701
31,920
25,368
76,563
8
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
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