Keen's Cheddar Limited 04652434 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is butter and cheese production Digita Accounts Production Advanced 6.30.9574.0 true 04652434 2022-04-01 2023-03-31 04652434 2023-03-31 04652434 bus:OrdinaryShareClass1 2023-03-31 04652434 bus:OrdinaryShareClass2 2023-03-31 04652434 bus:OrdinaryShareClass3 2023-03-31 04652434 bus:OrdinaryShareClass4 2023-03-31 04652434 bus:OrdinaryShareClass5 2023-03-31 04652434 core:RetainedEarningsAccumulatedLosses 2023-03-31 04652434 core:ShareCapital 2023-03-31 04652434 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 04652434 core:CurrentFinancialInstruments 2023-03-31 04652434 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04652434 core:Non-currentFinancialInstruments 2023-03-31 04652434 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04652434 core:Goodwill 2023-03-31 04652434 core:FurnitureFittings 2023-03-31 04652434 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 04652434 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04652434 core:OfficeEquipment 2023-03-31 04652434 core:PlantMachinery 2023-03-31 04652434 bus:SmallEntities 2022-04-01 2023-03-31 04652434 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04652434 bus:FullAccounts 2022-04-01 2023-03-31 04652434 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04652434 bus:RegisteredOffice 2022-04-01 2023-03-31 04652434 bus:Director1 2022-04-01 2023-03-31 04652434 bus:Director2 2022-04-01 2023-03-31 04652434 bus:Director3 2022-04-01 2023-03-31 04652434 bus:Director4 2022-04-01 2023-03-31 04652434 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04652434 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04652434 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 04652434 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 04652434 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 04652434 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04652434 core:Goodwill 2022-04-01 2023-03-31 04652434 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 04652434 core:FurnitureFittings 2022-04-01 2023-03-31 04652434 core:LandBuildings 2022-04-01 2023-03-31 04652434 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 04652434 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04652434 core:LeaseholdImprovements 2022-04-01 2023-03-31 04652434 core:OfficeEquipment 2022-04-01 2023-03-31 04652434 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04652434 core:PlantMachinery 2022-04-01 2023-03-31 04652434 core:OtherRelatedParties 2022-04-01 2023-03-31 04652434 countries:England 2022-04-01 2023-03-31 04652434 2022-03-31 04652434 core:Goodwill 2022-03-31 04652434 core:FurnitureFittings 2022-03-31 04652434 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 04652434 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 04652434 core:OfficeEquipment 2022-03-31 04652434 core:PlantMachinery 2022-03-31 04652434 2021-07-01 2022-03-31 04652434 2022-03-31 04652434 bus:OrdinaryShareClass1 2022-03-31 04652434 bus:OrdinaryShareClass2 2022-03-31 04652434 bus:OrdinaryShareClass3 2022-03-31 04652434 bus:OrdinaryShareClass4 2022-03-31 04652434 bus:OrdinaryShareClass5 2022-03-31 04652434 core:RetainedEarningsAccumulatedLosses 2022-03-31 04652434 core:ShareCapital 2022-03-31 04652434 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 04652434 core:CurrentFinancialInstruments 2022-03-31 04652434 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04652434 core:Non-currentFinancialInstruments 2022-03-31 04652434 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04652434 core:Goodwill 2022-03-31 04652434 core:FurnitureFittings 2022-03-31 04652434 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 04652434 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 04652434 core:OfficeEquipment 2022-03-31 04652434 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Keen's Cheddar Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 04652434

 

Keen's Cheddar Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Keen's Cheddar Limited

Balance Sheet

31 March 2023

Note

31 March
2023
£

31 March
2022
£

Fixed assets

 

Intangible assets

4

1,750

22,750

Tangible assets

5

2,336,253

2,043,708

 

2,338,003

2,066,458

Current assets

 

Stocks

484,575

448,690

Debtors

6

164,875

130,839

Cash at bank and in hand

 

209,583

197,835

 

859,033

777,364

Creditors: Amounts falling due within one year

7

(592,962)

(626,236)

Net current assets

 

266,071

151,128

Total assets less current liabilities

 

2,604,074

2,217,586

Creditors: Amounts falling due after more than one year

7

(397,650)

(292,231)

Provisions for liabilities

(316,912)

(281,681)

Net assets

 

1,889,512

1,643,674

Capital and reserves

 

Called up share capital

9

1,000

1,000

Profit and loss account

1,888,512

1,642,674

Shareholders' funds

 

1,889,512

1,643,674

 

Keen's Cheddar Limited

Balance Sheet

31 March 2023

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

Mr S H Keen
Director

Mr N S Keen
Director

Mr G H Keen
Director

Mr J G Keen
Director

     

Company Registration Number: 04652434

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Moorhayes Farm
Verrington Lane
Wincanton
Somerset
BA9 8JR

These financial statements were authorised for issue by the Board on 7 November 2023.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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 corporation 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.

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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

Land and buildings freehold

4% reducing balance

Leasehold property

4% reducing balance

Plant and machinery

15% reducing balance & 8% straight line

Office equipment

15% reducing balance

Dairy herd

20% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

420,000

420,000

At 31 March 2023

420,000

420,000

Amortisation

At 1 April 2022

397,250

397,250

Amortisation charge

21,000

21,000

At 31 March 2023

418,250

418,250

Carrying amount

At 31 March 2023

1,750

1,750

At 31 March 2022

22,750

22,750

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

Leasehold improvements
£

Freehold property
£

Office equipment
£

Plant and machinery
£

Dairy herd
£

Total
£

Cost or valuation

At 1 April 2022

626,533

297,204

59,845

1,930,501

286,390

3,200,473

Additions

203,543

-

-

496,771

54,217

754,531

Disposals

-

-

-

(315,050)

(41,987)

(357,037)

At 31 March 2023

830,076

297,204

59,845

2,112,222

298,620

3,597,967

Depreciation

At 1 April 2022

154,786

25,127

56,151

855,374

65,327

1,156,765

Charge for the year

35,346

10,883

553

118,584

16,437

181,803

Eliminated on disposal

-

-

-

(60,382)

(16,472)

(76,854)

At 31 March 2023

190,132

36,010

56,704

913,576

65,292

1,261,714

Carrying amount

At 31 March 2023

639,944

261,194

3,141

1,198,646

233,328

2,336,253

At 31 March 2022

471,747

272,077

3,694

1,075,127

221,063

2,043,708

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Debtors

Current

31 March
2023
£

31 March
2022
£

Trade debtors

163,680

126,494

Prepayments

1,195

1,256

Other debtors

-

3,089

 

164,875

130,839

7

Creditors

Creditors: amounts falling due within one year

Note

31 March
2023
£

31 March
2022
£

Due within one year

 

Loans and borrowings

8

63,025

66,124

Trade creditors

 

50,573

67,210

Amounts owed to partnership

 

78,707

100,292

Corporation tax

 

42,071

25,348

Taxation and social security

 

17,803

24,376

Other creditors

 

334,338

335,171

Accruals and deferred income

 

6,445

7,715

 

592,962

626,236

Creditors: amounts falling due after more than one year

Note

31 March
2023
£

31 March
2022
£

Due after one year

 

Loans and borrowings

8

397,650

292,231

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

31 March
2023
£

31 March
2022
£

Non-current loans and borrowings

HP and finance lease liabilities

97,530

155,008

Other borrowings

300,120

137,223

397,650

292,231

8

Loans and borrowings

31 March
2023
£

31 March
2022
£

Current loans and borrowings

Hire purchase contracts

57,478

56,124

Other borrowings

5,547

10,000

63,025

66,124

31 March
2023
£

31 March
2022
£

Loans and borrowings due after one year

HP and finance lease liabilities

97,530

155,008

Other borrowings

300,120

137,223

397,650

292,231

Other borrowings

The carrying amount of Hire purchase at year end is £155,008 (2022 - £211,132).

The hire purchase agreements are secured against the assets to which they relate.

 

Keen's Cheddar Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

31 March
2023

31 March
2022

 

No.

£

No.

£

Ordinary 'A' shares of £1 each

470

470

470

470

Ordinary 'B' shares of £1 each

10

10

10

10

Ordinary 'C' shares of £1 each

490

490

490

490

Ordinary 'D' shares of £1 each

10

10

10

10

Ordinary 'E' shares of £1 each

20

20

20

20

 

1,000

1,000

1,000

1,000

10

Related party transactions

Summary of transactions with other related parties

Included within other creditors is a loan of £78,707 (2022 - £100,290) owed to a partnership in which the directors are partners. The loan is interest free and repayable on demand.