Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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79,906 | 109,801 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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558,073 | 471,832 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 308,162 | 233,882 | ||
Total assets less current liabilities | 388,068 | 343,683 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Riverford Farm Dairies Limited (registered number:
Mr R O Watson
Director |
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.
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 from the sale of goods is recognised when the goods are physically delivered to the customer.
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.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 November 2022 |
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Additions |
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Disposals |
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At 31 October 2023 |
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Accumulated depreciation | |||||||||
At 01 November 2022 |
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Charge for the financial year |
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Disposals |
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At 31 October 2023 |
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Net book value | |||||||||
At 31 October 2023 |
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At 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Rent (above market rate) | 9,300 | 9,300 |