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Filleted

Registration number: 07972421

DG Quality Feeds Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

DG Quality Feeds Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

DG Quality Feeds Limited

Company Information

Director

Mr C D Griffiths

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

DG Quality Feeds Limited

(Registration number: 07972421)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

1,901

-

Current assets

 

Debtors

7

21,899

45,052

Cash at bank and in hand

 

69,248

35,740

 

91,147

80,792

Creditors: Amounts falling due within one year

8

(91,887)

(80,454)

Net current (liabilities)/assets

 

(740)

338

Net assets

 

1,161

338

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,159

336

Total equity

 

1,161

338

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 October 2024
 

.........................................
Mr C D Griffiths
Director

   
     
 

DG Quality Feeds Limited

Notes to the 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 & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
17 Golwg Tywi
Llangunnor
Carmarthen
SA31 2NE

These financial statements were authorised for issue by the director on 25 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 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.

Tax

The tax expense for the period comprises current 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.

 

DG Quality Feeds Limited

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

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.

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

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

Office Equipment

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.

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

33% Straight line

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.

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.

 

DG Quality Feeds Limited

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

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.

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 the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

272

-

 

DG Quality Feeds Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

9,815

9,815

At 31 March 2024

9,815

9,815

Amortisation

At 1 April 2023

9,815

9,815

At 31 March 2024

9,815

9,815

Carrying amount

At 31 March 2024

-

-

Revalued assets for the year ended 31 March 2023

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

6,210

6,210

Additions

2,173

2,173

At 31 March 2024

8,383

8,383

Depreciation

At 1 April 2023

6,210

6,210

Charge for the year

272

272

At 31 March 2024

6,482

6,482

Carrying amount

At 31 March 2024

1,901

1,901

 

DG Quality Feeds Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

-

13,854

Accrued income

21,899

31,198

21,899

45,052

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

636

386

Taxation and social security

 

13,882

6,609

Other related parties

 

66,333

62,021

Corporation tax liability

 

6,550

7,974

Other creditors

 

4,486

3,464

 

91,887

80,454

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Share of £1 each

1

1

1

1

Ordinary B Share of £1 each

1

1

1

1

 

2

2

2

2

 

DG Quality Feeds Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr C D Griffiths

Interest free loan repayable on demand

(62,021)

688

(61,333)

       
     

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr C D Griffiths

Interest free loan repayable on demand

(137,589)

110,879

(35,312)

(62,021)