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Company No: 03837876 (England and Wales)

RIVERFORD FARM DAIRIES LIMITED

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

RIVERFORD FARM DAIRIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

RIVERFORD FARM DAIRIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
RIVERFORD FARM DAIRIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTOR Mr R O Watson
SECRETARY Mr R O Watson
REGISTERED OFFICE Riverford
Staverton
Totnes
TQ9 6AF
United Kingdom
COMPANY NUMBER 03837876 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
RIVERFORD FARM DAIRIES LIMITED

BALANCE SHEET

As at 31 October 2023
RIVERFORD FARM DAIRIES LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 79,906 109,801
79,906 109,801
Current assets
Stocks 121,436 107,156
Debtors 4 217,101 226,764
Cash at bank and in hand 219,536 137,912
558,073 471,832
Creditors: amounts falling due within one year 5 ( 249,911) ( 237,950)
Net current assets 308,162 233,882
Total assets less current liabilities 388,068 343,683
Provision for liabilities ( 20,000) ( 27,500)
Net assets 368,068 316,183
Capital and reserves
Called-up share capital 6 75 75
Profit and loss account 367,993 316,108
Total shareholders' funds 368,068 316,183

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.

Director's responsibilities:

The financial statements of Riverford Farm Dairies Limited (registered number: 03837876) were approved and authorised for issue by the Director on 29 July 2024. They were signed on its behalf by:

Mr R O Watson
Director
RIVERFORD FARM DAIRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
RIVERFORD FARM DAIRIES LIMITED

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

Riverford Farm Dairies 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 Riverford, Staverton, Totnes, TQ9 6AF, 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 over its expected useful life, as follows:

Land and buildings 4 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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 are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. 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.

A total of £1,191 (2022: £1,588) was recognised in the profit and loss account during the year.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 18 17

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2022 22,135 423,131 60,220 4,139 509,625
Additions 0 9,554 0 627 10,181
Disposals 0 0 ( 27,744) 0 ( 27,744)
At 31 October 2023 22,135 432,685 32,476 4,766 492,062
Accumulated depreciation
At 01 November 2022 21,653 335,979 40,036 2,156 399,824
Charge for the financial year 447 33,715 4,944 536 39,642
Disposals 0 0 ( 27,310) 0 ( 27,310)
At 31 October 2023 22,100 369,694 17,670 2,692 412,156
Net book value
At 31 October 2023 35 62,991 14,806 2,074 79,906
At 31 October 2022 482 87,152 20,184 1,983 109,801

Included in land and buildings is £35 (2022: £482) in relation to short leasehold assets.

4. Debtors

2023 2022
£ £
Trade debtors 177,968 172,002
Prepayments 11,975 9,158
VAT recoverable 27,158 45,604
217,101 226,764

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 214,196 194,214
Accruals and deferred income 10,387 20,113
Corporation tax 19,040 14,970
Other taxation and social security 5,617 6,609
Obligations under finance leases and hire purchase contracts 0 1,725
Other creditors 671 319
249,911 237,950

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
75 Ordinary shares of £ 1.00 each 75 75

7. Financial commitments

Commitments

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

2023 2022
£ £
within one year 2,013 5,896
between one and five years 2,852 4,865
4,865 10,761

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Rent (above market rate) 9,300 9,300