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REGISTERED NUMBER: 06422394 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WILLIS DAIRY FARMERS LTD

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,101,606 1,057,827

CURRENT ASSETS
Stocks 1,136,535 1,090,857
Debtors 5 473,237 351,946
1,609,772 1,442,803
CREDITORS
Amounts falling due within one year 6 798,477 570,867
NET CURRENT ASSETS 811,295 871,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,912,901

1,929,763

CREDITORS
Amounts falling due after more than
one year

7

(242,729

)

(247,562

)

PROVISIONS FOR LIABILITIES (157,706 ) (149,388 )
NET ASSETS 1,512,466 1,532,813

CAPITAL AND RESERVES
Called up share capital 360,100 360,100
Retained earnings 1,152,366 1,172,713
SHAREHOLDERS' FUNDS 1,512,466 1,532,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2024 and were signed on its behalf by:





C B Willis - Director


WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Willis Dairy Farmers Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06422394

Registered office: Fields Farm
Cholmondeley
Malpas
Cheshire
SY14 8HN

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 10% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 balance sheet 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 debtors 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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 271,573 1,491,289 1,762,862
Additions - 179,505 179,505
Disposals - (43,500 ) (43,500 )
At 31 December 2023 271,573 1,627,294 1,898,867
DEPRECIATION
At 1 January 2023 - 705,035 705,035
Charge for year - 92,226 92,226
At 31 December 2023 - 797,261 797,261
NET BOOK VALUE
At 31 December 2023 271,573 830,033 1,101,606
At 31 December 2022 271,573 786,254 1,057,827

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 178,802 184,325
Other debtors 294,435 167,621
473,237 351,946

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 8)
253,595

284,073
Hire purchase contracts (see note 9)
50,650

45,374
Trade creditors 472,006 177,145
Taxation and social security 11,046 37,990
Other creditors 11,180 26,285
798,477 570,867

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 8) 189,863 194,456
Hire purchase contracts (see note 9)
52,866

53,106
242,729 247,562

8. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 244,249 273,049
Agricultural mortgage 7,731 9,088
Bank loan 1,615 1,936
Other loans 7,200 22,305
260,795 306,378

Amounts falling due between one and two years:
Bank loans - 1-2 years 32,306 33,073
Agricultural mortgage 157,557 161,383
189,863 194,456

The bank loan is secured by way of a debenture dated 19 March 2008 giving Barclays Bank Plc a legal mortgage over the unregistered land held by the company as at 19 March 2008 and a fixed and floating charge over the assets and income of the company.

There is also a charge dated 15 July 2016 giving Barclays Bank Plc a legal mortgage over the land at Old Hall Lane, Hargreave held by CB Willis who is a director and share holder of the company. This land being used by the company in the farming business.

WILLIS DAIRY FARMERS LTD (REGISTERED NUMBER: 06422394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 50,650 45,374
Between one and five years 52,866 53,106
103,516 98,480

Hire purchase contracts are secured by a fixed charge over the assets purchased.