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COMPANY REGISTRATION NUMBER: 07545772
DIXONS MILK ICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
DIXONS MILK ICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 8
DIXONS MILK ICES LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
357,707
232,187
Current assets
Stocks
57,192
51,993
Debtors
8
21,882
14,130
Cash at bank and in hand
51,248
112,851
------------
------------
130,322
178,974
Creditors: amounts falling due within one year
9
( 201,907)
( 253,080)
------------
------------
Net current liabilities
( 71,585)
( 74,106)
------------
------------
Total assets less current liabilities
286,122
158,081
Creditors: amounts falling due after more than one year
10
( 130,630)
( 37,031)
Provisions
Taxation including deferred tax
( 50,000)
( 13,200)
------------
------------
Net assets
105,492
107,850
------------
------------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
105,392
107,750
------------
------------
Shareholders funds
105,492
107,850
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DIXONS MILK ICES LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2032 , and are signed on behalf of the board by:
C Dixon
Director
Company registration number: 07545772
DIXONS MILK ICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Swan Lane, Lockwood, Huddersfield, HD1 3UB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixture and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2022: 45 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 13,083)
16,131
Deferred tax:
Origination and reversal of timing differences
36,800
3,017
------------
------------
Tax on profit
23,717
19,148
------------
------------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
108,368
------------
Amortisation
At 1 April 2022 and 31 March 2023
108,368
------------
Carrying amount
At 31 March 2023
------------
At 31 March 2022
------------
7. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
197,079
236,657
4,885
49,587
488,208
Additions
153,596
3,660
157,256
------------
------------
------------
------------
------------
------------
At 31 Mar 2023
197,079
390,253
4,885
49,587
3,660
645,464
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Apr 2022
43,245
182,214
1,601
28,961
256,021
Charge for the year
3,942
20,902
821
5,156
915
31,736
------------
------------
------------
------------
------------
------------
At 31 Mar 2023
47,187
203,116
2,422
34,117
915
287,757
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Mar 2023
149,892
187,137
2,463
15,470
2,745
357,707
------------
------------
------------
------------
------------
------------
At 31 Mar 2022
153,834
54,443
3,284
20,626
232,187
------------
------------
------------
------------
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
585
2,851
Prepayments and accrued income
8,214
11,279
Corporation tax repayable
13,083
------------
------------
21,882
14,130
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
20,649
9,688
Trade creditors
26,666
22,020
Accruals and deferred income
7,713
5,046
Corporation tax
16,131
Social security and other taxes
4,093
22,208
Obligations under finance leases and hire purchase contracts
20,847
1,932
Directors' loan accounts
109,039
162,966
Other creditors
12,900
13,089
------------
------------
201,907
253,080
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
56,733
33,211
Obligations under finance leases and hire purchase contracts
73,897
3,820
------------
------------
130,630
37,031
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
50,000
13,200
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
50,000
13,200
------------
------------
12. Secured liabilities
2023
2022
£
£
Aggregate amounts of secured liabilities
94,744
5,752
------------
------------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
20
20
20
20
Ordinary C shares of £ 1 each
25
25
25
25
Ordinary D shares of £ 1 each
5
5
5
5
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
On 14 November 2022 the ordinary share capital of the company was reorganised into 50 A Ordinary shares, 20 B Ordinary shares, 25 C Ordinary shares and 5 D Ordinary shares. The various classes of share rank pari passu in all respects save as to dividends.
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
3,969
4,641
Later than 1 year and not later than 5 years
7,700
11,396
------------
------------
11,669
16,037
------------
------------
15. Related party transactions
Transactions with directors Included in creditors are directors' loan accounts of £115,039 (2022: £162,996). These loans are unsecured and repayable on demand. Interest of £1,894 (2022: £2,141) has been charged on the loan accounts during the year. Control of the company The company is controlled by the directors.