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Registration number: 00724559

D.J.Wright (Dairies) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

D.J.Wright (Dairies) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

D.J.Wright (Dairies) Limited

Company Information

Director

Richard Love

Company secretary

Diana Love

Registered office

Unit 8 Concept Park
Innovation Close
Poole
Dorset
BH12 4QT

Accountants

Prescient Accounting Ltd
Chartered Accountants
Basepoint
Abbey Park Industrial Estate
Romsey
Hampshire
SO51 9AQ

 

D.J.Wright (Dairies) Limited

(Registration number: 00724559)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,233

4,394

Tangible assets

5

210,653

208,111

 

211,886

212,505

Current assets

 

Stocks

6

206,152

233,657

Debtors

7

1,101,873

1,241,279

Cash at bank and in hand

 

510,229

615,144

 

1,818,254

2,090,080

Prepayments and accrued income

 

-

9,311

Creditors: Amounts falling due within one year

(723,329)

(1,089,918)

Net current assets

 

1,094,925

1,009,473

Total assets less current liabilities

 

1,306,811

1,221,978

Creditors: Amounts falling due after more than one year

(2,289)

(8,264)

Provisions for liabilities

(41,686)

(41,241)

Accruals and deferred income

 

(66,301)

(196,857)

Net assets

 

1,196,535

975,616

Capital and reserves

 

Called up share capital

8

500

500

Retained earnings

1,196,035

975,116

Shareholders' funds

 

1,196,535

975,616

For the financial year ending 30 June 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

D.J.Wright (Dairies) Limited

(Registration number: 00724559)
Abridged Balance Sheet as at 30 June 2024 (continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2024
 

.........................................
Richard Love
Director

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
Unit 8 Concept Park
Innovation Close
Poole
Dorset
BH12 4QT
United Kingdom

These financial statements were authorised for issue by the director on 14 November 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 abridged 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 abridged 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 is measured at the fair value of the consideration received or receivable, net of discounts and
value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of
services. Turnover from the sale of goods is recognised when the significant risks and rewards of
ownership of the goods have transferred to the buyer. Turnover from the rendering of services is
recognised by reference to the stage of completion of the contract. The stage of completion of a contract
is measured by comparing the costs incurred for work performed to date to the total estimated contract
costs.

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.

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

5% straight line

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

5 yrs

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.

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 59 (2023 - 63).

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

183,656

At 30 June 2024

183,656

Amortisation

At 1 July 2023

179,262

Amortisation charge

3,161

At 30 June 2024

182,423

Carrying amount

At 30 June 2024

1,233

At 30 June 2023

4,394

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

324,514

695,601

185,958

1,206,073

Additions

18,119

20,649

-

38,768

At 30 June 2024

342,633

716,250

185,958

1,244,841

Depreciation

At 1 July 2023

183,864

644,354

169,744

997,962

Charge for the year

16,874

15,299

4,053

36,226

At 30 June 2024

200,738

659,653

173,797

1,034,188

Carrying amount

At 30 June 2024

141,895

56,597

12,161

210,653

At 30 June 2023

140,650

51,247

16,214

208,111

Included within the net book value of land and buildings above is £141,895 (2023 - £140,650) in respect of freehold land and buildings.
 

 

D.J.Wright (Dairies) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Other inventories

206,152

233,657

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

200

200

200

200

Ordinary B of £1 each

150

150

150

150

Ordinary C of £1 each

150

150

150

150

500

500

500

500