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Company No: 05205112 (England and Wales)

THE DAIRY GROUP

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

THE DAIRY GROUP

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

THE DAIRY GROUP

BALANCE SHEET

As at 31 October 2023
THE DAIRY GROUP

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 6,297 6,615
Investments 5 2 2
6,299 6,617
Current assets
Debtors 6 169,636 151,027
Cash at bank and in hand 186,541 249,275
356,177 400,302
Creditors: amounts falling due within one year 7 ( 128,013) ( 179,199)
Net current assets 228,164 221,103
Total assets less current liabilities 234,463 227,720
Net assets 234,463 227,720
Capital and reserves
Called-up share capital 12,586 13,350
Share premium account 42,900 42,900
Capital redemption reserve 12,764 12,000
Profit and loss account 166,213 159,470
Total shareholders' funds 234,463 227,720

For the financial year ending 31 October 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 The Dairy Group (registered number: 05205112) were approved and authorised for issue by the Director on 02 February 2024. They were signed on its behalf by:

I C Powell
Director
THE DAIRY GROUP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
THE DAIRY GROUP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

The Dairy Group (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 New Agriculture House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Plant and machinery etc. 2 - 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

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 15 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 30,000 30,000
At 31 October 2023 30,000 30,000
Accumulated amortisation
At 01 November 2022 30,000 30,000
At 31 October 2023 30,000 30,000
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 97,789 97,789
Additions 3,646 3,646
At 31 October 2023 101,435 101,435
Accumulated depreciation
At 01 November 2022 91,174 91,174
Charge for the financial year 3,964 3,964
At 31 October 2023 95,138 95,138
Net book value
At 31 October 2023 6,297 6,297
At 31 October 2022 6,615 6,615

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 November 2022 2
At 31 October 2023 2
Carrying value at 31 October 2023 2
Carrying value at 31 October 2022 2

6. Debtors

2023 2022
£ £
Trade debtors 158,692 132,159
Corporation tax 3,326 0
Other debtors 7,618 18,868
169,636 151,027

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,348 5,933
Taxation and social security 60,575 55,774
Other creditors 62,090 117,492
128,013 179,199

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 12,480 6,240
between one and five years 15,600 0
28,080 6,240