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REGISTRAR OF COMPANIES

Registration number: 03913799

Hillside Dairy Limited

Unaudited Financial Statements

31 March 2023

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Hillside Dairy Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hillside Dairy Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hillside Dairy Limited for the year ended 31 March 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hillside Dairy Limited, as a body, in accordance with the terms of our engagement letter dated 26 July 2022. Our work has been undertaken solely to prepare for your approval the accounts of Hillside Dairy Limited and state those matters that we have agreed to state to the Board of Directors of Hillside Dairy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hillside Dairy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hillside Dairy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hillside Dairy Limited. You consider that Hillside Dairy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hillside Dairy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

6 October 2023

 

Hillside Dairy Limited

(Registration number: 03913799)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

124,862

101,145

Current assets

 

Stocks

221,120

103,736

Debtors

6

75,074

43,382

Cash at bank and in hand

 

160,250

84,740

 

456,444

231,858

Creditors: Amounts falling due within one year

7

(281,011)

(168,236)

Net current assets

 

175,433

63,622

Total assets less current liabilities

 

300,295

164,767

Creditors: Amounts falling due after more than one year

7

(51,859)

(59,577)

Provisions for liabilities

(29,865)

(18,483)

Net assets

 

218,571

86,707

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

218,471

86,607

Total equity

 

218,571

86,707

 

Hillside Dairy Limited

(Registration number: 03913799)
Balance Sheet as at 31 March 2023 (continued)

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 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.

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.

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.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................

T Strange

Company secretary and director

.........................................

A Strange

Director

 

Hillside 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 principal place of business is:
White House Farm
Cross Hall Lane
Chorley
Lancashire
PR6 9AW

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hillside Dairy Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Buildings

25 years straight line basis

Plant and equipment

15% and 25% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

15% reducing balance

Intangible assets

Licences are recognised at cost, and amortised over their economic useful life. Licences are now fully amortised.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Hillside Dairy Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Hillside Dairy Limited

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

4

Intangible assets

Licences
 £

Total
£

Cost or valuation

At 1 April 2022

7,525

7,525

Disposals

(7,525)

(7,525)

At 31 March 2023

-

-

Amortisation

At 1 April 2022

7,525

7,525

Amortisation eliminated on disposals

(7,525)

(7,525)

At 31 March 2023

-

-

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

105,880

409,451

10,500

528

526,359

Additions

-

45,167

-

-

45,167

At 31 March 2023

105,880

454,618

10,500

528

571,526

Depreciation

At 1 April 2022

87,544

328,233

9,101

336

425,214

Charge for the year

764

20,307

350

29

21,450

At 31 March 2023

88,308

348,540

9,451

365

446,664

Carrying amount

At 31 March 2023

17,572

106,078

1,049

163

124,862

At 31 March 2022

18,336

81,218

1,399

192

101,145

 

Hillside Dairy Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

60,001

31,922

Other debtors

15,073

11,460

75,074

43,382

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

189,867

113,142

Trade creditors

 

31,655

31,367

Taxation and social security

 

705

967

Corporation tax liability

 

33,354

5,567

Other creditors

 

25,430

17,193

 

281,011

168,236

Due after one year

 

Loans and borrowings

8

51,859

59,577

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

68,300

6,485

Other borrowings

121,567

106,657

189,867

113,142

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

68,300

6,485

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

Hillside Dairy Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

51,859

59,577

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

51,859

59,577

Bank borrowings are secured by fixed and floating charges over the company's assets.