Company No:
Contents
DIRECTORS | Mary Quicke |
Alice Quicke | |
Anne Quicke | |
John Quicke | |
Michael Quicke | |
Peter Quicke |
REGISTERED OFFICE | Home Farm |
Newton St. Cyres | |
Exeter | |
EX5 5AY | |
United Kingdom |
COMPANY NUMBER | 04400300 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Biological assets | 5 | 591,563 | 589,763 | |
Investments | 6 |
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1,340,831 | 1,401,379 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | 8 |
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2,048,304 | 2,040,376 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets | 909,321 | 1,174,606 | ||
Total assets less current liabilities | 2,250,152 | 2,575,985 | ||
Creditors: amounts falling due after more than one year | 10 | (
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Provision for liabilities |
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Quickes Traditional Limited (registered number:
Mary Quicke
Director |
John Quicke
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Quickes Traditional Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Home Farm, Newton St. Cyres, Exeter, EX5 5AY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of food stuffs, livestock and crops and at the point of generation for electricity and in the period to which the government grant relates.
Other Operating Income relating to rents receivable is recognised on an accrual basis.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Entitlements |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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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.
Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably. Biological assets consists of the dairy herd.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Included within stock of £1,314,767 consists of manufactured cheese stock and butter as well as, some packaging and materials. Livestock includes dairy followers, other stocks include tillages in the ground, both of which are current biological assets. Crops include fertiliser, feed and fuel.
Government grants are recognised within other operating income based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Entitlements | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
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Additions |
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Disposals |
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At 31 March 2023 |
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Accumulated depreciation | |||||||
At 01 April 2022 |
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Charge for the financial year |
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Disposals |
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At 31 March 2023 |
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Net book value | |||||||
At 31 March 2023 |
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At 31 March 2022 |
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Leased assets included above: | |||||||
Net book value | |||||||
At 31 March 2023 | 0 | 44,387 | 0 | 44,387 | |||
At 31 March 2022 | 0 | 62,594 | 0 | 62,594 |
2023 | |
£ | |
Biological assets at cost |
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Assets held at cost:
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Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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Increase due to purchases |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Provisions for impairment | |||
At 01 April 2022 |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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Carrying value at 31 March 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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Livestock |
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Crops |
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Other stock |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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John Quicke has provided a guarantee for the bank loan to a maximum of £500,000
Included within bank loans of £817,830 includes £265,143 of bank loans which is due over 5 years.
Other financial commitments
The total amount of financial commitments not included in the balance sheet is £252,000 (2022 - £336,000). These commitments are under non-cancellable operating leases, relating to a Farm Business Tenancy which is 25 years with 18 years remaining , with a break clause every 5 years, the next break clause being in 3 years.