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REGISTRAR OF COMPANIES

Registration number: SC425485

Blaiket Mains Dairy Company Limited

Unaudited Financial Statements

31 May 2023

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Blaiket Mains Dairy Company Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Blaiket Mains Dairy Company Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blaiket Mains Dairy Company Limited for the year ended 31 May 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Blaiket Mains Dairy Company Limited, as a body, in accordance with the terms of our engagement letter dated 10 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Blaiket Mains Dairy Company Limited and state those matters that we have agreed to state to the Board of Directors of Blaiket Mains Dairy Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blaiket Mains Dairy Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blaiket Mains Dairy Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Blaiket Mains Dairy Company Limited. You consider that Blaiket Mains Dairy Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Blaiket Mains Dairy Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

17 January 2024

 

Blaiket Mains Dairy Company Limited

(Registration number: SC425485)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

619

Tangible assets

5

1,394,791

1,357,863

 

1,394,791

1,358,482

Current assets

 

Stocks

1,184,523

1,542,456

Debtors

6

412,208

308,863

Cash at bank and in hand

 

-

63

 

1,596,731

1,851,382

Creditors: Amounts falling due within one year

7

(730,212)

(1,262,545)

Net current assets

 

866,519

588,837

Total assets less current liabilities

 

2,261,310

1,947,319

Creditors: Amounts falling due after more than one year

7

(1,589,055)

(1,285,212)

Provisions for liabilities

(284,232)

(275,094)

Net assets

 

388,023

387,013

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

387,923

386,913

Total equity

 

388,023

387,013

 

Blaiket Mains Dairy Company Limited

(Registration number: SC425485)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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.

Approved and authorised by the Board on 17 January 2024 and signed on its behalf by:
 

.........................................

R Callander

Director

.........................................

L J Callander

Director

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Blaiket Mains
CROCKETFORD
DG2 8QW

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 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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

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 income 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

Land and buildings

4% straight line

Plant and equipment

15% reducing balance and 4% straight line

Motor vehicles

25% reducing balance

Office equipment

3 year straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 4% straight line over their useful economic life, and not the duration of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

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.

3

Staff numbers

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

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 June 2022

59,178

59,178

At 31 May 2023

59,178

59,178

Amortisation

At 1 June 2022

58,559

58,559

Amortisation charge

619

619

At 31 May 2023

59,178

59,178

Carrying amount

At 31 May 2023

-

-

At 31 May 2022

619

619

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

279,622

1,469,154

34,972

604

1,784,352

Additions

-

192,144

21,475

795

214,414

Disposals

-

(72,143)

-

-

(72,143)

At 31 May 2023

279,622

1,589,155

56,447

1,399

1,926,623

Depreciation

At 1 June 2022

32,999

368,529

24,357

604

426,489

Charge for the year

11,186

127,575

6,234

199

145,194

Eliminated on disposal

-

(39,851)

-

-

(39,851)

At 31 May 2023

44,185

456,253

30,591

803

531,832

Carrying amount

At 31 May 2023

235,437

1,132,902

25,856

596

1,394,791

At 31 May 2022

246,623

1,100,625

10,615

-

1,357,863

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

241,640

235,611

Other debtors

170,568

73,252

412,208

308,863

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

462,363

857,690

Trade creditors

 

229,618

333,468

Taxation and social security

 

7,449

16,925

Corporation tax liability

 

309

39,433

Other creditors

 

30,473

15,029

 

730,212

1,262,545

Due after one year

 

Loans and borrowings

8

1,589,055

1,285,212

2023
£

2022
£

After more than five years by instalments

1,227,657

906,520

1,227,657

906,520

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

53,066

313,840

Bank overdrafts

333,745

481,184

Finance lease liabilities

75,552

62,666

462,363

857,690

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

53,066

313,840

Bank overdrafts

333,745

481,184

Finance lease liabilities

75,552

62,666

462,363

857,690

Bank borrowings are secured by a floating charge over the company's assets.

Bank overdrafts are secured by a floating charge over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,475,073

1,171,313

Finance lease liabilities

113,982

113,899

1,589,055

1,285,212

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

1,475,073

1,171,313

Finance lease liabilities

113,982

113,899

1,589,055

1,285,212

Bank borrowings are secured by a floating charge over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

 

Blaiket Mains Dairy Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

9

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2023
£

R Callander

Directors Loan

5,828

140,457

(42,363)

-

(25,000)

1,048

79,970

               
         

L J Callander

Directors Loan

5,827

140,458

(42,363)

-

(25,000)

1,048

79,970

               
         

 

2022

At 1 June 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2022
£

R Callander

Directors Loan

-

51,241

(45,423)

-

-

10

5,828

               
         

L J Callander

Directors Loan

-

51,241

(45,423)

-

-

9

5,827

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to March 2023 and 2.25% thereafter on advances to directors.