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Company No: 04510433 (England and Wales)

TREORE DAIRY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

TREORE DAIRY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

TREORE DAIRY LIMITED

BALANCE SHEET

As at 30 September 2023
TREORE DAIRY LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 11,780
Tangible assets 4 2,437,189 1,866,209
Biological assets 5 936,424 957,624
Investments 260 260
3,373,873 2,835,873
Current assets
Stocks 393,675 255,283
Debtors 6 287,238 288,080
Cash at bank and in hand 3,949 3,245
684,862 546,608
Creditors: amounts falling due within one year 7 ( 836,765) ( 524,779)
Net current (liabilities)/assets (151,903) 21,829
Total assets less current liabilities 3,221,970 2,857,702
Creditors: amounts falling due after more than one year 8 ( 1,070,118) ( 1,109,371)
Provision for liabilities ( 252,256) ( 120,991)
Net assets 1,899,596 1,627,340
Capital and reserves
Called-up share capital 200 200
Profit and loss account 1,899,396 1,627,140
Total shareholders' funds 1,899,596 1,627,340

For the financial year ending 30 September 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 Treore Dairy Limited (registered number: 04510433) were approved and authorised for issue by the Board of Directors on 15 February 2024. They were signed on its behalf by:

R J Pennington
Director
TREORE DAIRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
TREORE DAIRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Treore Dairy Limited (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 Treore, Port Isaac, Bodmin, PL29 3TB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of milk, livestock and residential rental income, and is shown net of VAT and other sales related taxes.

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

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Other operating income

Other operating income is comprised of the release of BPS entitlement amortisation combined with ancillary income consistent with the trade.

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:

Entitlements 8 years straight line
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:

Land and buildings 0 - 50 years straight line
Leasehold improvements 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

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.

Biological assets

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological assets.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks comprising deadstock such as feed are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Current biological assets of dairy followers and beef young stock are recognised within stock.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to assets are recognised 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Preference shares

Preference shares which are redeemable at the option of the holder are classified as a liability within the balance sheet and any associated divided presented as a finance charge in the profit or loss account.
The redeemable preference shares are redeemable on request by the holder. They are redeemable at £1 per share and carry no voting rights. There is no time limit or premium in relation to this.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Non-current biological assets

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Current biological assets

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and beef young stock and recognised within stock.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 October 2022 94,240 94,240
At 30 September 2023 94,240 94,240
Accumulated amortisation
At 01 October 2022 82,460 82,460
Charge for the financial year 11,780 11,780
At 30 September 2023 94,240 94,240
Net book value
At 30 September 2023 0 0
At 30 September 2022 11,780 11,780

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 October 2022 859,911 619,632 507,452 389,499 2,376,494
Additions 192,254 179,137 159,442 268,985 799,818
Disposals 0 0 0 ( 134,093) ( 134,093)
At 30 September 2023 1,052,165 798,769 666,894 524,391 3,042,219
Accumulated depreciation
At 01 October 2022 44,800 80,859 227,818 156,808 510,285
Charge for the financial year 6,400 12,957 55,705 80,232 155,294
Disposals 0 0 0 ( 60,549) ( 60,549)
At 30 September 2023 51,200 93,816 283,523 176,491 605,030
Net book value
At 30 September 2023 1,000,965 704,953 383,371 347,900 2,437,189
At 30 September 2022 815,111 538,773 279,634 232,691 1,866,209

5. Biological assets

2023
£
Biological assets at cost 936,424

Assets held at cost:

Dairy Total
£ £
Cost
At 01 October 2022 957,624 957,624
Increase due to purchases/ transfers in 3,800 3,800
Decrease attributable to sales/ transfers out ( 25,000) ( 25,000)
At 30 September 2023 936,424 936,424
Net book value
At 30 September 2023 936,424 936,424
At 30 September 2022 957,624 957,624

6. Debtors

2023 2022
£ £
Trade debtors 182,656 239,088
Other debtors 104,582 48,992
287,238 288,080

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 356,591 76,783
Trade creditors 151,600 40,393
Amounts owed to directors 148,938 148,089
Other loans 25,473 55,155
Accruals and deferred income 60,627 70,540
Taxation and social security 42,845 76,368
Obligations under finance leases and hire purchase contracts (secured) 45,443 56,361
Other creditors 5,248 1,090
836,765 524,779

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 648,016 667,044
Obligations under finance leases and hire purchase contracts (secured) 22,102 42,327
Other creditors 400,000 400,000
1,070,118 1,109,371

Security for bank borrowings and overdrafts has been given in the form of land, part of which is owned by Treore Dairy Limited and part of which is owned personally by the directors. Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets included in fixed assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 537,541 522,094