Registered number
09924454
Teme Dairy Limited
Filleted Accounts
31 December 2023
Teme Dairy Limited
Registered number: 09924454
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 15,175 12,900
Tangible assets 4 71,434 71,124
86,609 84,024
Current assets
Stocks 2,342 3,528
Debtors 5 80,799 73,935
Cash at bank and in hand 9,436 3,451
92,577 80,914
Creditors: amounts falling due within one year 6 (91,918) (83,758)
Net current assets/(liabilities) 659 (2,844)
Total assets less current liabilities 87,268 81,180
Creditors: amounts falling due after more than one year 7 (18,836) (2,396)
Provisions for liabilities (13,573) (13,514)
Net assets 54,859 65,270
Capital and reserves
Called up share capital 2 2
Profit and loss account 54,857 65,268
Shareholders' funds 54,859 65,270
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Loveys
Director
Approved by the board on 7 February 2024
Teme Dairy Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 38,000
Additions 6,750
At 31 December 2023 44,750
Amortisation
At 1 January 2023 25,100
Provided during the year 4,475
At 31 December 2023 29,575
Net book value
At 31 December 2023 15,175
At 31 December 2022 12,900
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 17,588 157,973 175,561
Additions - 37,745 37,745
Disposals (2,632) (29,390) (32,022)
At 31 December 2023 14,956 166,328 181,284
Depreciation
At 1 January 2023 12,791 91,646 104,437
Charge for the year 1,490 22,770 24,260
On disposals (2,445) (16,402) (18,847)
At 31 December 2023 11,836 98,014 109,850
Net book value
At 31 December 2023 3,120 68,314 71,434
At 31 December 2022 4,797 66,327 71,124
The net book value of Fixed Assets included in the above, which are held under hire purchase contracts at 31st December 2023, amounts to £36,378 (2022 : £42,659). The depreciation charge for the period on assets held under hire purchase contracts for the period to 31st December 2023 amounts to £12,126 (2022 : £14,220).
5 Debtors 2023 2022
£ £
Trade debtors 76,615 66,837
Other debtors 4,184 7,098
80,799 73,935
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 10,087 19,862
Trade creditors 69,868 50,363
Corporation tax 3,475 6,698
Other taxes and social security costs 4,390 3,239
Other creditors 4,098 3,596
91,918 83,758
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 18,836 2,396
8 Other information
Teme Dairy Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 West Field
Highnam
Gloucester
Gloucestershire
GL2 8LX
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