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REGISTERED NUMBER: 03964543 (England and Wales)










CALON WEN ORGANIC MILK CO OPERATIVE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CALON WEN ORGANIC MILK CO OPERATIVE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R J Tomlinson - Chairman
O J S Lort Phillips
D J Edge
A B Morgan
D T Miles
H A Evans
D K Ward





SECRETARY: A B Morgan





REGISTERED OFFICE: Plas Y Coed Warehouse Stores
Pantyffynnon
Carmarthenshire
SA32 2BH





REGISTERED NUMBER: 03964543 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,407 38,561
Investments 5 235,744 235,744
301,151 274,305

CURRENT ASSETS
Stocks - 29,839
Debtors 6 1,051,063 1,203,603
Cash at bank 62,522 61,440
1,113,585 1,294,882
CREDITORS
Amounts falling due within one year 7 1,134,231 1,284,057
NET CURRENT (LIABILITIES)/ASSETS (20,646 ) 10,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

280,505

285,130

CREDITORS
Amounts falling due after more than one year 8 (56,667 ) (96,667 )

PROVISIONS FOR LIABILITIES (3,338 ) (11,838 )
NET ASSETS 220,500 176,625

RESERVES
Income and expenditure account 220,500 176,625
220,500 176,625

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 28 August 2024 and were signed on its behalf by:





R J Tomlinson - Chairman - Director


CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Calon Wen Organic Milk Co Operative Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Preparation of consolidated financial statements
The financial statements contain information about Calon Wen Organic Milk Co Operative Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates arid assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Useful economic lives of tangible assets
The annual depreciation charges for tangibles assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See following notes for the useful economic lives for each class of assets.

Amounts recoverable on debtors
During the year and at the balance sheet date the directors quantify the amounts recoverable on each debtor balance. The company include provisions for any balances they deem as unlikely to be received.

Impairment of investment in subsidiaries
During the year, the Subsidiary company Calon Wen Diary Produce Ltd made a profit of £9,920 and had negative retained earnings of £583,924. These results provide an indicator of potential impairment of the investment in the subsidiary company, currently held at £235,744 in the parent accounts.The directors have assessed this valuation and have reviewed the current positions of both the subsidiary and the parent company and are satisfied that no impairment is required.
The directors also point to the post year end subsidiary results, as justification of the valuation of the investment.

Turnover
Turnover represents amount receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. Turnover on milk, cream and powdered milk (the main streams of income) are recognised in the period to which the supply of goods is made.

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost, which represents purchase price together with any incidental expenses of acquisition, less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to property -10% straight line
Plant & Machinery -25% reducing balance
Office equipment -25% reducing balance
Motor vehicles-25% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments, other than investments in subsidiaries, are stated at cost less any provision for impairment. A subsidiary is an entity in which the company has significant influence, but not control or joint control, over its management, including participating in financial and operating policy decisions. The investments in subsidiaries are stated at cost less impairment losses.

Going concern
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the director's report. The financial position of the company, liquidity position and borrowing facilities are shown in the financial statements.

The directors have prepared sensitised forecasts for Calon Wen Organic Milk Co Operative Ltd covering 12 months from the date of approving the financial statements. Based on these forecasts the directors are satisfied that Calon Wen Organic Milk Co Operative Ltd will be able to operate within its existing facilities.

The directors have considered the position of the intercompany debt and after making enquiries of its bankers, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The comfort the directors have received from the ongoing support from the company's bankers reinforces this position. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Government Grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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 receipts discounted at a market rate of interest.

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. Accounts 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.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property Machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 18,250 34,417 17,955 51,080 121,702
Additions 13,720 1,030 - 20,000 34,750
Disposals - - - (19,340 ) (19,340 )
At 31 March 2024 31,970 35,447 17,955 51,740 137,112
DEPRECIATION
At 1 April 2023 435 20,451 13,422 48,833 83,141
Charge for year 2,054 2,054 1,133 2,663 7,904
Eliminated on disposal - - - (19,340 ) (19,340 )
At 31 March 2024 2,489 22,505 14,555 32,156 71,705
NET BOOK VALUE
At 31 March 2024 29,481 12,942 3,400 19,584 65,407
At 31 March 2023 17,815 13,966 4,533 2,247 38,561

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 235,744
NET BOOK VALUE
At 31 March 2024 235,744
At 31 March 2023 235,744

Fixed asset investments relate to Calon Wen Diary Ltd (a 100% owned subsidiary company of Calon Wen Milk Co Operative Ltd).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 866,603 1,023,245
Amounts owed by group undertakings 142,825 122,132
Other debtors 41,635 58,226
1,051,063 1,203,603

Included within debtors is a balance of £142,825 (2023: £122,132) owed from Calon Wen Dairy Produce Limited which is a wholly-owned subsidiary of Calon Wen Organic Milk Co Operative Ltd. The subsidiary is reliant on ongoing support from the parent company, the Directors are of the opinion that this amount is recoverable, although not in the near future and the directors have considered the impact on going concern with regards to the long term repayment of this debt.

CALON WEN ORGANIC MILK CO OPERATIVE LTD (REGISTERED NUMBER: 03964543)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 105,337 258,102
Trade creditors 861,925 844,761
Taxation and social security 10,826 13,700
Other creditors 156,143 167,494
1,134,231 1,284,057

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 56,667 96,667

The bank overdraft of £65,496 (2023: £218,102) was secured by fixed and floating charges over the assets of the company and guarantees given by the directors. Interest is charged on the overdraft at 4.25% per annum over the base rate.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Jones (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP

10. RELATED PARTY DISCLOSURES

During the year the company undertook sales transactions, recharged costs and incurred purchases with its wholly owned subsidiary Calon Wen Dairy Produce Ltd.
There are also purchases of milk from the directors included within purchases, these are all purchased at arms length rates and as such are not disclosed in detail.

The directors have also lent the company a total of £4,067 (2023: £4,067), which is included in creditors: falling due within one year (see note 8). These amounts incur no interest, are unsecured and have no fixed terms for repayment. 3 directors provide personal guarantees of £50k each total £150k.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of Calon Wen Organic Milk Co-operative Limited.

12. SHARE CAPITAL

The company is limited by guarantee.