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Company Registration number: 06956754

B. B. Dairy Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 August 2023

 

B. B. Dairy Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

B. B. Dairy Limited

Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

908

1,608

Tangible assets

5

126,709

65,095

 

127,617

66,703

Current assets

 

Stocks

6

147,036

93,352

Debtors

7

444,098

426,839

Cash at bank and in hand

 

25,405

2,056

 

616,539

522,247

Creditors: Amounts falling due within one year

8

(206,594)

(242,154)

Net current assets

 

409,945

280,093

Total assets less current liabilities

 

537,562

346,796

Creditors: Amounts falling due after more than one year

8

(45,046)

-

Provisions for liabilities

(23,567)

(11,536)

Net assets

 

468,949

335,260

Capital and reserves

 

Called up share capital

200

200

Retained earnings

468,749

335,060

Shareholders' funds

 

468,949

335,260

 

B. B. Dairy Limited

Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 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.

Company registration number: 06956754

Approved and authorised by the Board on 20 December 2023 and signed on its behalf by:
 

.........................................
Mr J E Bainbridge
Director

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023

1

GENERAL INFORMATION

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

The address of its registered office is:
Crossbar View Farm
Soulby
Kirkby Stephen
CA17 4PJ

These financial statements were authorised for issue by the Board on 20 December 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.
 

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

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 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.
 

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

Plant and machinery

20% reducing balance

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Motor vehicles

25% reducing balance

Office equipment

25% straight line

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.

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.

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

119,410

3,500

122,910

At 31 August 2023

119,410

3,500

122,910

Amortisation

At 1 September 2022

119,410

1,892

121,302

Amortisation charge

-

700

700

At 31 August 2023

119,410

2,592

122,002

Carrying amount

At 31 August 2023

-

908

908

At 31 August 2022

-

1,608

1,608

5

TANGIBLE ASSETS

Equipment
 £

Motor vehicles
 £

Plant and
machinery
£

Total
£

Cost or valuation

At 1 September 2022

4,220

90,090

44,904

139,214

Additions

-

100,983

3,025

104,008

Disposals

-

(30,090)

-

(30,090)

At 31 August 2023

4,220

160,983

47,929

213,132

Depreciation

At 1 September 2022

3,889

36,293

33,937

74,119

Charge for the year

87

16,488

2,625

19,200

Eliminated on disposal

-

(6,896)

-

(6,896)

At 31 August 2023

3,976

45,885

36,562

86,423

Carrying amount

At 31 August 2023

244

115,098

11,367

126,709

At 31 August 2022

331

53,797

10,967

65,095

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

6

STOCKS

2023
£

2022
£

Stocks

147,036

93,352

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

390,842

352,161

Prepayments

36,352

40,469

Other debtors

16,904

34,209

 

444,098

426,839

8

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

18,235

21,570

Trade creditors

 

137,801

198,133

Taxation and social security

 

42,888

18,901

Accruals and deferred income

 

4,660

3,550

Other creditors

 

3,010

-

 

206,594

242,154

 

B. B. Dairy Limited

Notes to the financial statements for the Year Ended 31 August 2023 (continued)

9

RELATED PARTY TRANSACTIONS

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mrs J E Bainbridge

Director's loan account

16,054

8,451

(16,054)

8,451

-

-

-

-

 

16,054

8,451

(16,054)

8,451

       

Mr J E Bainbridge

Director's loan account

16,054

8,451

(16,054)

8,451

-

-

-

-

 

16,054

8,451

(16,054)

8,451

       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mrs J E Bainbridge

Director's loan account

20,358

16,054

(20,358)

16,054

-

-

-

-

 

20,358

16,054

(20,358)

16,054

       

Mr J E Bainbridge

Director's loan account

20,358

16,054

(20,358)

16,054

-

-

-

-

 

20,358

16,054

(20,358)

16,054