Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mary Quicke 21/03/2002 Alice Quicke 01/11/2018 Anne Quicke 01/04/2016 John Quicke 06/08/2012 Michael Quicke 01/04/2016 Peter Quicke 01/04/2016 22 August 2023 The principal activity of the company during the financial year was of farming and the manufacture, wholesale and retail of cheese and dairy products. 04400300 2023-03-31 04400300 bus:Director1 2023-03-31 04400300 bus:Director2 2023-03-31 04400300 bus:Director3 2023-03-31 04400300 bus:Director4 2023-03-31 04400300 bus:Director5 2023-03-31 04400300 bus:Director6 2023-03-31 04400300 2022-03-31 04400300 core:CurrentFinancialInstruments 2023-03-31 04400300 core:CurrentFinancialInstruments 2022-03-31 04400300 core:Non-currentFinancialInstruments 2023-03-31 04400300 core:Non-currentFinancialInstruments 2022-03-31 04400300 core:ShareCapital 2023-03-31 04400300 core:ShareCapital 2022-03-31 04400300 core:SharePremium 2023-03-31 04400300 core:SharePremium 2022-03-31 04400300 core:RetainedEarningsAccumulatedLosses 2023-03-31 04400300 core:RetainedEarningsAccumulatedLosses 2022-03-31 04400300 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-03-31 04400300 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 04400300 core:LeaseholdImprovements 2022-03-31 04400300 core:PlantMachinery 2022-03-31 04400300 core:Vehicles 2022-03-31 04400300 core:LeaseholdImprovements 2023-03-31 04400300 core:PlantMachinery 2023-03-31 04400300 core:Vehicles 2023-03-31 04400300 core:ConsumableBiologicalAssetClass1 2022-03-31 04400300 core:ConsumableBiologicalAssetClass1 2023-03-31 04400300 core:CostValuation 2022-03-31 04400300 core:AdditionsToInvestments 2023-03-31 04400300 core:CostValuation 2023-03-31 04400300 core:ProvisionsForImpairmentInvestments 2022-03-31 04400300 core:ProvisionsForImpairmentInvestments 2023-03-31 04400300 5 2023-03-31 04400300 5 2022-03-31 04400300 6 2023-03-31 04400300 6 2022-03-31 04400300 2022-04-01 2023-03-31 04400300 bus:FullAccounts 2022-04-01 2023-03-31 04400300 bus:SmallEntities 2022-04-01 2023-03-31 04400300 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04400300 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04400300 bus:Director1 2022-04-01 2023-03-31 04400300 bus:Director2 2022-04-01 2023-03-31 04400300 bus:Director3 2022-04-01 2023-03-31 04400300 bus:Director4 2022-04-01 2023-03-31 04400300 bus:Director5 2022-04-01 2023-03-31 04400300 bus:Director6 2022-04-01 2023-03-31 04400300 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-04-01 2023-03-31 04400300 core:LeaseholdImprovements core:BottomRangeValue 2022-04-01 2023-03-31 04400300 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 04400300 core:PlantMachinery 2022-04-01 2023-03-31 04400300 core:Vehicles 2022-04-01 2023-03-31 04400300 2021-04-01 2022-03-31 04400300 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 04400300 core:LeaseholdImprovements 2022-04-01 2023-03-31 04400300 core:ConsumableBiologicalAssetClass1 2022-04-01 2023-03-31 04400300 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 04400300 (England and Wales)

QUICKES TRADITIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

QUICKES TRADITIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

QUICKES TRADITIONAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
QUICKES TRADITIONAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
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
QUICKES TRADITIONAL LIMITED

BALANCE SHEET

As at 31 March 2023
QUICKES TRADITIONAL LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 17,486
Tangible assets 4 693,074 745,542
Biological assets 5 591,563 589,763
Investments 6 56,194 48,588
1,340,831 1,401,379
Current assets
Stocks 7 1,537,277 1,618,323
Debtors 8 511,027 422,053
2,048,304 2,040,376
Creditors: amounts falling due within one year 9 ( 1,138,983) ( 865,770)
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 ( 826,583) ( 995,083)
Provision for liabilities 0 ( 114,694)
Net assets 1,423,569 1,466,208
Capital and reserves
Called-up share capital 9,063 9,063
Share premium account 520,315 520,315
Profit and loss account 894,191 936,830
Total shareholders' funds 1,423,569 1,466,208

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.

Directors' responsibilities:

The financial statements of Quickes Traditional Limited (registered number: 04400300) were approved and authorised for issue by the Board of Directors on 22 August 2023. They were signed on its behalf by:

Mary Quicke
Director
John Quicke
Director
QUICKES TRADITIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
QUICKES TRADITIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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

Turnover comprises the fair value of the consideration received or receivable for the sale of food stuffs, livestock, crops, the generation and export of electricity and the receipt of government grants.

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.

Taxation


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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 7 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 - 20 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological assets.

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.

Leases

The Company as lessee
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.

Fixed asset investments

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 38

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2022 122,408 122,408
At 31 March 2023 122,408 122,408
Accumulated amortisation
At 01 April 2022 104,922 104,922
Charge for the financial year 17,486 17,486
At 31 March 2023 122,408 122,408
Net book value
At 31 March 2023 0 0
At 31 March 2022 17,486 17,486

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2022 607,620 1,297,247 29,496 1,934,363
Additions 38,048 145,970 0 184,018
Disposals 0 ( 155,823) ( 10,313) ( 166,136)
At 31 March 2023 645,668 1,287,394 19,183 1,952,245
Accumulated depreciation
At 01 April 2022 308,650 868,175 11,996 1,188,821
Charge for the financial year 24,863 114,810 4,184 143,857
Disposals 0 ( 65,679) ( 7,828) ( 73,507)
At 31 March 2023 333,513 917,306 8,352 1,259,171
Net book value
At 31 March 2023 312,155 370,088 10,831 693,074
At 31 March 2022 298,970 429,072 17,500 745,542
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

5. Biological assets

2023
£
Biological assets at cost 591,563

Assets held at cost:

Dairy Total
£ £
Cost
At 01 April 2022 654,529 654,529
Increase due to purchases 1,800 1,800
At 31 March 2023 656,329 656,329
Accumulated depreciation
At 01 April 2022 64,766 64,766
At 31 March 2023 64,766 64,766
Net book value
At 31 March 2023 591,563 591,563
At 31 March 2022 589,763 589,763

6. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 48,588 48,588
Additions 7,606 7,606
At 31 March 2023 56,194 56,194
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 56,194 56,194
Carrying value at 31 March 2022 48,588 48,588

7. Stocks

2023 2022
£ £
Stocks 1,314,767 1,403,741
Livestock 123,310 116,220
Crops 25,647 45,760
Other stock 73,553 52,602
1,537,277 1,618,323

Livestock of £123,310 (2022 £116,220), consists of dairy youngstock which is treated as a current biological asset. Other stocks of £73,553 (2022 £52,602), consists of tillages in the ground which is treated as a current biological asset.

8. Debtors

2023 2022
£ £
Trade debtors 409,387 345,242
Prepayments 30,813 0
VAT recoverable 70,827 76,811
511,027 422,053

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 457,664 298,829
Trade creditors 533,377 398,552
Other taxation and social security 20,264 18,244
Obligations under finance leases and hire purchase contracts 8,696 13,278
Other creditors 118,982 136,867
1,138,983 865,770

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 817,830 969,927
Obligations under finance leases and hire purchase contracts 8,753 7,670
Other creditors 0 17,486
826,583 995,083

The bank borrowings include a Coronavirus Business Interruption Loan which attracts a nominal interest rate of 2.42% over the Bank of England Base Rate. The final instalment is due 20 January 2027. The carrying amount at the year end is £191,666.76 (2022: £241,666.68).

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.

11. Financial commitments

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.