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Registration number: 06939918

Nantwich Cheese Company Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Nantwich Cheese Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Nantwich Cheese Company Limited

(Registration number: 06939918)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

482,301

482,301

Tangible assets

5

1,036,105

957,575

 

1,518,406

1,439,876

Current assets

 

Stocks

6

489,213

746,857

Debtors

7

2,293,870

2,964,339

Cash at bank and in hand

 

69,491

160,524

 

2,852,574

3,871,720

Creditors: Amounts falling due within one year

8

(2,651,926)

(3,459,810)

Net current assets

 

200,648

411,910

Total assets less current liabilities

 

1,719,054

1,851,786

Creditors: Amounts falling due after more than one year

8

(568,076)

(772,493)

Net assets

 

1,150,978

1,079,293

Capital and reserves

 

Called up share capital

536,100

536,100

Capital redemption reserve

45

45

Revaluation reserve

33,704

33,704

Profit and loss account

581,129

509,444

Shareholders' funds

 

1,150,978

1,079,293

 

Nantwich Cheese Company Limited

(Registration number: 06939918)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr L C Morgan
Director

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ohc Building
Waymills Industrial Estate
Whitchurch
Shropshire
SY13 1TT
England

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.

Tax

The tax expense for the period comprises current 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.

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Furniture and fittings

10% reducing balance

Office equipment

10% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Not provided

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 and preference 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.

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 28 (2022 - 30).

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

482,301

482,301

At 31 December 2023

482,301

482,301

Amortisation

Carrying amount

At 31 December 2023

482,301

482,301

At 31 December 2022

482,301

482,301

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

329,689

1,552,590

1,882,279

Additions

12,237

183,745

195,982

Disposals

-

(5,437)

(5,437)

At 31 December 2023

341,926

1,730,898

2,072,824

Depreciation

At 1 January 2023

67,885

856,819

924,704

Charge for the year

27,404

87,719

115,123

Eliminated on disposal

-

(3,108)

(3,108)

At 31 December 2023

95,289

941,430

1,036,719

Carrying amount

At 31 December 2023

246,637

789,468

1,036,105

At 31 December 2022

261,804

695,771

957,575

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

489,213

746,857

7

Debtors

2023
£

2022
£

Trade debtors

1,062,999

1,404,005

Amounts owed by related parties

1,003,271

1,126,289

Prepayments

92,213

64,331

Other debtors

135,387

369,714

2,293,870

2,964,339

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,212,436

1,917,186

Trade creditors

 

992,440

1,349,515

Accruals and deferred income

 

138,340

8,389

Other creditors

 

308,710

184,720

 

2,651,926

3,459,810

2023
£

2022
£

Current loans and borrowings

Bank borrowings

283,046

139,996

Bank overdrafts

-

4,362

HP and finance lease liabilities

34,190

-

Other borrowings

895,200

1,772,828

1,212,436

1,917,186

 

Nantwich Cheese Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

568,076

772,493

Included within other borrowings due within one year is £836,217 (2022: £1,772,828) in relation to an invoice discount facility which is secured by a fixed and floating charge on 10 June 2022 over the debtors and property of the company.

Included within other borrowings is £235,932 (2022: £287,974) in relation to asset finance which is secured by a fixed and floating charge on 10 June 2022 over the debtors and property of the company.
 

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

345,540

484,519

HP and finance lease liabilities

45,587

-

Other borrowings

176,949

287,974

568,076

772,493