Company Registration No. 07632940 (England and Wales)
A1 DAIRIES LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
A1 DAIRIES LIMITED
COMPANY INFORMATION
Directors
A C R Gerson
P D Gerson
Secretary
C H Chew
Company number
07632940
Registered office
1 Downland Close
Whetstone
London
N20 9LZ
Accountants
Wilson Wright LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
A1 DAIRIES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5 - 10
A1 DAIRIES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A C R Gerson
P D Gerson
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A C R Gerson
Director
4 September 2024
A1 DAIRIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A1 DAIRIES LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A1 Dairies Limited for the period ended 31 December 2023 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of A1 Dairies Limited, as a body, in accordance with the terms of our current engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A1 Dairies Limited and state those matters that we have agreed to state to the board of directors of A1 Dairies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A1 Dairies Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that A1 Dairies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A1 Dairies Limited. You consider that A1 Dairies Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of A1 Dairies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wilson Wright LLP
4 September 2024
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
A1 DAIRIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Period
Year
ended
ended
31 December
30 September
2023
2022
Notes
£
£
Revenue
787,679
195,000
Property expenses
(139,623)
(217,469)
Gross profit/(loss)
648,056
(22,469)
Administrative expenses
(104,736)
(115,351)
Operating profit/(loss)
543,320
(137,820)
Finance costs
3
(393,611)
(122,501)
Other gains and losses
4
2,285,200
-
Profit/(loss) before taxation
2,434,909
(260,321)
Tax on profit/(loss)
(254,500)
-
0
Profit/(loss) for the financial period
2,180,409
(260,321)
Retained earnings brought forward
5,940,653
6,200,974
Retained earnings carried forward
8,121,062
5,940,653

 

A1 DAIRIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
31.12.2023
30.09.2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
17,680
20,972
Investment properties
6
15,245,200
12,960,000
15,262,880
12,980,972
Current assets
Trade and other receivables
7
105,327
19,259
Cash and cash equivalents
270,758
1,010,518
376,085
1,029,777
Current liabilities
8
(263,303)
(69,996)
Net current assets
112,782
959,781
Total assets less current liabilities
15,375,662
13,940,753
Non-current liabilities
9
(7,000,000)
(8,000,000)
Provisions for liabilities
10
(254,500)
-
0
Net assets
8,121,162
5,940,753
Equity
Called up share capital
11
100
100
Retained earnings
12
8,121,062
5,940,653
Total equity
8,121,162
5,940,753

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
A C R Gerson
Director
Company Registration No. 07632940
A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

A1 Dairies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Downland Close, Whetstone, London, N20 9LZ.

1.1
Reporting period

The company has changed its accounting reference date from 30 September to 31 December. The period covered by these financial statements is for the fifteen month period to 31 December 2023, while the comparative figures cover the year to 30 September 2022. The decision to lengthen the accounting period was made to align the company's reporting date with that of its group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Revenue

Revenue represents rent receivable and excludes value added tax.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of income.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Period
Year
ended
ended
31 December
30 September
2023
2022
Number
Number
Total
-
0
-
0

The comparative number has been adjusted to exclude those directors who are not employed under contracts of service.

3
Finance costs
Period
Year
ended
ended
31 December
30 September
2023
2022
£
£
Finance costs includes the following:
Interest payable to parent company
393,611
122,501
4
Other gains and losses
Period
Year
ended
ended
31 December
30 September
2023
2022
£
£
Fair value gains
Changes in the fair value of investment properties
2,285,200
-
A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 October 2022 and 31 December 2023
26,123
Depreciation and impairment
At 1 October 2022
5,151
Depreciation charged in the period
3,292
At 31 December 2023
8,443
Carrying amount
At 31 December 2023
17,680
At 30 September 2022
20,972
6
Investment properties
2023
£
Fair value
At 1 October 2022
12,960,000
Revaluations
2,285,200
At 31 December 2023
15,245,200

The investment properties were valued by the directors at 31 December 2023 on an open market basis by reference to market evidence of transaction prices of similar properties.

7
Trade and other receivables
31.12.2023
30.09.2022
Amounts falling due within one year:
£
£
Trade receivables
72,607
-
0
Other receivables
32,720
19,259
105,327
19,259
A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
8
Current liabilities
31.12.2023
30.09.2022
£
£
Trade payables
570
448
Amount due to parent company
71,160
62,548
Other payables
191,573
7,000
263,303
69,996
9
Non-current liabilities
31.12.2023
30.09.2022
£
£
Amount due to parent company
7,000,000
8,000,000
10
Provisions for liabilities
31.12.2023
30.09.2022
£
£
Deferred tax liabilities
254,500
-
0
11
Called up share capital
31.12.2023
30.09.2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 1p each
100
100
A1 DAIRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
12
Retained earnings
Non-
Distributable
distributable
Total
retained
retained
retained
earnings
earnings
earnings
£
£
£
Balance at 30 September 2022
580,653
5,360,000
5,940,653
Profit for the financial period
2,180,409
-
2,180,409
2,761,062
5,360,000
8,121,062
Transferred to non-distributable retained earnings
(1,958,200)
1,958,200
-
Balance at 31 December 2023
802,862
7,318,200
8,121,062
13
Events after the reporting date

Subsequent to the company's reporting date, the company reached an agreement to lease Unit 4 Downland Close, Whetstone, London.

14
Parent company

Michael Gerson (Investments) Limited, registered in England and Wales, was regarded as the company's parent company at the Statement of Financial Position date.

 

The registered office address of Michael Gerson (Investments) Limited is 1 Downland Close, Whetstone, London, N20 9LZ.

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