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Company registration number: 08450040

Chew Valley Dairy Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Chew Valley Dairy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Chew Valley Dairy Limited

Company Information

Directors

Mr T C J Gay

Mr C R J Gay

Company secretary

Mr T C J Gay

Registered office


39-40 High Street
Taunton
Somerset
TA1 3PN

Accountants


Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Chew Valley Dairy Limited

(Registration number: 08450040)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

40,500

10,500

Tangible assets

5

1,176,383

915,435

 

1,216,883

925,935

Current assets

 

Stocks

6

590,286

473,500

Debtors

7

1,685,584

1,501,064

Cash at bank and in hand

 

682

1,094

 

2,276,552

1,975,658

Creditors: Amounts falling due within one year

8

(2,642,513)

(2,177,728)

Net current liabilities

 

(365,961)

(202,070)

Total assets less current liabilities

 

850,922

723,865

Creditors: Amounts falling due after more than one year

8

(307,857)

(271,969)

Provisions for liabilities

(120,823)

(98,640)

Net assets

 

422,242

353,256

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

422,240

353,254

Total equity

 

422,242

353,256

 

Chew Valley Dairy Limited

(Registration number: 08450040)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 





Mr T C J Gay
Company secretary and director





Mr C R J Gay
Director

 

Chew Valley Dairy Limited

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

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:
39-40 High Street
Taunton
Somerset
TA1 3PN

The principal place of business is:
North Widcombe Farm
North Widcombe
BRISTOL
Somerset
BS40 6HP

These financial statements were authorised for issue by the Board on 24 October 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 - '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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have agreed to support the company if required over at least the next 12 months should working capital be required.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of dairy and other produce and the provision of milk processing and distribution services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and is recognised at the point of dispatch for the sale of produce and at the point which services are provided to customers.

 

Chew Valley Dairy Limited

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

Government grants

Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received. Government grants are recognised under the accruals model with capital grants being recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and deferred 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.

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.

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.

 

Chew Valley Dairy Limited

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

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

Goodwill

10% straight line

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 of tangible assets

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

15% reducing balance

Motor vehicles

20% reducing balance

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

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.

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.

 

Chew Valley Dairy Limited

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

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

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

 

Chew Valley Dairy Limited

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

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.

Security is provided by way of the assets themselves.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 35 (2023 - 26).

 

Chew Valley Dairy Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

65,000

65,000

Additions acquired separately

35,000

35,000

At 31 March 2024

100,000

100,000

Amortisation

At 1 April 2023

54,500

54,500

Amortisation charge

5,000

5,000

At 31 March 2024

59,500

59,500

Carrying amount

At 31 March 2024

40,500

40,500

At 31 March 2023

10,500

10,500

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

92,686

1,085,129

526,538

1,704,353

Additions

15,661

260,533

218,522

494,716

Disposals

-

(915)

(38,503)

(39,418)

At 31 March 2024

108,347

1,344,747

706,557

2,159,651

Depreciation

At 1 April 2023

6,547

528,805

253,566

788,918

Charge for the year

5,417

122,460

96,517

224,394

Eliminated on disposal

-

(437)

(29,607)

(30,044)

At 31 March 2024

11,964

650,828

320,476

983,268

Carrying amount

At 31 March 2024

96,383

693,919

386,081

1,176,383

At 31 March 2023

86,139

556,324

272,972

915,435

 

Chew Valley Dairy Limited

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

Included within the net book value of land and buildings above is £96,383 (2023 - £86,139) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Raw materials and consumables

397,398

306,500

Finished goods and goods for resale

172,888

157,000

Other inventories

20,000

10,000

590,286

473,500

 

Chew Valley Dairy Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,368,412

1,208,109

Prepayments

1,935

-

Other debtors

315,237

292,955

 

1,685,584

1,501,064

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,374,657

1,068,251

Trade creditors

 

1,134,091

1,021,573

Accruals and deferred income

 

13,282

7,750

Corporation tax

 

-

24,901

Taxation and social security

 

72,584

3,585

Other creditors

 

47,899

51,668

 

2,642,513

2,177,728

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

307,857

271,969

 

Chew Valley Dairy Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

85,490

34,003

Hire purchase contracts

198,351

161,950

Other borrowings

24,016

76,016

307,857

271,969

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,043

5,514

Bank overdrafts

1,176,831

965,460

Hire purchase contracts

161,783

97,277

1,374,657

1,068,251

 

Chew Valley Dairy Limited

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

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Later than one year and not later than five years

3,558

1,469

The amount of non-cancellable operating lease payments recognised as an expense during the year was £953 (2023 - £572).