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Winnington Dairy Farms Limited
Financial Statements
For The Year Ended 31 October 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04564808
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,716 55,963
55,716 55,963
CURRENT ASSETS
Stocks 5 111,099 122,764
Debtors 6 6,877 13,002
117,976 135,766
Creditors: Amounts Falling Due Within One Year 7 (107,771 ) (120,896 )
NET CURRENT ASSETS (LIABILITIES) 10,205 14,870
TOTAL ASSETS LESS CURRENT LIABILITIES 65,921 70,833
Creditors: Amounts Falling Due After More Than One Year 8 (58,624 ) (60,131 )
NET ASSETS 7,297 10,702
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 7,197 10,602
SHAREHOLDERS' FUNDS 7,297 10,702
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Winnington
Director
26 February 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Winnington Dairy Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04564808 . The registered office is Brough Hall Farm, Gnosall, Stafford, ST20 0JA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: )
3 -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 November 2022 55,243 92,072 147,315
As at 31 October 2023 55,243 92,072 147,315
Depreciation
As at 1 November 2022 - 91,352 91,352
Provided during the period - 247 247
As at 31 October 2023 - 91,599 91,599
Net Book Value
As at 31 October 2023 55,243 473 55,716
As at 1 November 2022 55,243 720 55,963
5. Stocks
2023 2022
£ £
Valuation 111,099 122,764
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,410 1,645
1,410 1,645
Due after more than one year
VAT 5,467 11,357
5,467 11,357
6,877 13,002
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2 (1 )
Bank loans and overdrafts 41,509 51,925
Corporation tax 365 1,809
Accruals and deferred income 2,015 1,647
Directors' loan accounts 63,880 65,516
107,771 120,896
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Trade creditors 3,696 5,170
Bank loans 54,928 54,961
58,624 60,131
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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