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Registration number: 11756857

Proper Good Dairy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Proper Good Dairy Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

Proper Good Dairy Limited

Company Information

Directors

Mrs J Dale

Mr T Dale

Registered office

C/o 14 St. Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Proper Good Dairy Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs J Dale

Mr T Dale

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has 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.

Approved by the Board on 20 September 2024 and signed on its behalf by:

.........................................
Mrs J Dale
Director

.........................................
Mr T Dale
Director

 
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Proper Good Dairy Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Proper Good Dairy Limited for the year ended 31 January 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

We have not been instructed to carry out an audit or a review of the accounts of Proper Good Dairy 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 accounts.

......................................

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

20 September 2024

 

Proper Good Dairy Limited

Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Profit/(loss) for the year

1,042

(9,519)

Total comprehensive income for the year

1,042

(9,519)

 

Proper Good Dairy Limited

(Registration number: 11756857)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

30,000

30,000

Tangible assets

5

27,281

28,217

 

57,281

58,217

Current assets

 

Debtors

6

24,043

27,461

Cash at bank and in hand

 

4,324

3,435

 

28,367

30,896

Creditors: Amounts falling due within one year

7

(60,891)

(56,506)

Net current liabilities

 

(32,524)

(25,610)

Total assets less current liabilities

 

24,757

32,607

Creditors: Amounts falling due after more than one year

7

(21,611)

(30,503)

Net assets

 

3,146

2,104

Capital and reserves

 

Called up share capital

8

10,000

10,000

Share premium reserve

30,000

30,000

Retained earnings

(36,854)

(37,896)

Shareholders' funds

 

3,146

2,104

For the financial year ending 31 January 2024 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.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mrs J Dale
Director

.........................................
Mr T Dale
Director

 
     
 

Proper Good Dairy Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 February 2023

10,000

30,000

(37,896)

2,104

Profit for the year

-

-

1,042

1,042

At 31 January 2024

10,000

30,000

(36,854)

3,146

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 February 2022

10,000

30,000

(28,377)

11,623

Loss for the year

-

-

(9,519)

(9,519)

At 31 January 2023

10,000

30,000

(37,896)

2,104

 

Proper Good Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
C/o 14 St. Owen Street
Hereford
HR1 2PL
United Kingdom

The principal place of business is:
Hatton Farm
Hatton
Church Stretton
SY6 6QP

These financial statements were authorised for issue by the Board on 20 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Proper Good Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The directors have chosen the fair value model basis for the valuation of biological assets under FRS 102.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Proper Good Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Share capital

Ordinary 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Proper Good Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Amortisation

Carrying amount

At 31 January 2024

30,000

30,000

At 31 January 2023

30,000

30,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

4,800

43,160

47,960

Additions

-

500

500

At 31 January 2024

4,800

43,660

48,460

Depreciation

At 1 February 2023

2,235

17,508

19,743

Charge for the year

128

1,308

1,436

At 31 January 2024

2,363

18,816

21,179

Carrying amount

At 31 January 2024

2,437

24,844

27,281

At 31 January 2023

2,565

25,652

28,217

6

Debtors

Current

2024
£

2023
£

Trade debtors

13,949

14,722

Other debtors

10,094

12,739

 

24,043

27,461

 

Proper Good Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

51,164

45,773

Other creditors

9,727

10,733

60,891

56,506

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

21,611

30,503

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

21,611

30,503