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REGISTRAR OF COMPANIES

Registration number: 10625318

Donaldson's Dairy Limited

Unaudited Financial Statements

29 February 2024

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Donaldson's Dairy Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Donaldson's Dairy Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Donaldson's Dairy Limited for the year ended 29 February 2024 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Donaldson's Dairy Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of Donaldson's Dairy Limited and state those matters that we have agreed to state to the Board of Directors of Donaldson's Dairy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Donaldson's Dairy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Donaldson's Dairy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Donaldson's Dairy Limited. You consider that Donaldson's Dairy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Donaldson's 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

29 October 2024

 

Donaldson's Dairy Limited

(Registration number: 10625318)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

878,610

950,890

Other financial assets

6

4,646

1,561

 

883,256

952,451

Current assets

 

Stocks

698,378

667,854

Debtors

7

73,790

90,095

Cash at bank and in hand

 

95,333

37,956

 

867,501

795,905

Creditors: Amounts falling due within one year

8

(407,523)

(487,877)

Net current assets

 

459,978

308,028

Total assets less current liabilities

 

1,343,234

1,260,479

Creditors: Amounts falling due after more than one year

8

(81,032)

(102,556)

Provisions for liabilities

(95,236)

(73,275)

Net assets

 

1,166,966

1,084,648

Capital and reserves

 

Allotted, called up and fully paid share capital

1,050,100

1,050,100

Profit and loss account

116,866

34,548

Total equity

 

1,166,966

1,084,648

 

Donaldson's Dairy Limited

(Registration number: 10625318)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 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.

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.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

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

J E Donaldson

Director

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

P L Donaldson

Director

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Threapthwaite Farm
Bowthorn Road
CLEATOR MOOR
CA25 5JF
England

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Tax

The tax expense for the period comprises 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.

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

Land and buildings

4% straight line basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

33% straight line basis

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 the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

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.

Preference shares are classified as equity when the shares are redeemable in the future at the option of the company.

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 March 2023

30,875

30,875

At 29 February 2024

30,875

30,875

Amortisation

At 1 March 2023

30,875

30,875

At 29 February 2024

30,875

30,875

Carrying amount

At 29 February 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 March 2023

240,665

1,027,306

64,107

7,076

1,339,154

Additions

-

50,208

-

-

50,208

Disposals

-

(5,195)

(14,990)

-

(20,185)

At 29 February 2024

240,665

1,072,319

49,117

7,076

1,369,177

Depreciation

At 1 March 2023

47,327

312,603

21,935

6,399

388,264

Charge for the year

7,732

92,738

10,750

409

111,629

Eliminated on disposal

-

(3,236)

(6,090)

-

(9,326)

At 29 February 2024

55,059

402,105

26,595

6,808

490,567

Carrying amount

At 29 February 2024

185,606

670,214

22,522

268

878,610

At 28 February 2023

193,338

714,703

42,172

677

950,890

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

4,646

1,561

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2023

1,561

1,561

Additions

11,150

11,150

At 29 February 2024

12,711

12,711

Impairment

Losses made in the period

8,065

8,065

At 29 February 2024

8,065

8,065

Carrying amount

At 29 February 2024

4,646

4,646

At 28 February 2023

1,561

1,561

7

Debtors

2024
£

2023
£

Trade debtors

63,610

76,949

Other debtors

10,180

13,146

73,790

90,095

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

324,727

365,716

Trade creditors

 

69,640

113,343

Taxation and social security

 

1,239

1,381

Other creditors

 

11,917

7,437

 

407,523

487,877

Due after one year

 

Loans and borrowings

9

58,341

85,128

Other creditors

 

22,691

17,428

 

81,032

102,556

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,146

10,221

Finance lease liabilities

16,641

16,642

Other borrowings

297,940

338,853

324,727

365,716

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

16,641

16,642

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,573

22,718

Finance lease liabilities

45,768

62,410

58,341

85,128

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

45,768

62,410

Finance lease liabilities are secured on the assets to which they relate.

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Transition to FRS 102

For the year ended 29 February 2024 the company is no longer preparing financial statements in accordance with FRS105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 March 2022. The only transition being the inclusion of a deferred tax liability as follows:

Balance Sheet at 1 March 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

726,108

-

-

726,108

Current assets

Stocks

649,467

-

-

649,467

Debtors

71,284

-

-

71,284

Cash at bank and in hand

8,830

-

-

8,830

729,581

-

-

729,581

Creditors: Amounts falling due within one year

(432,766)

-

-

(432,766)

Net current assets

296,815

-

-

296,815

Total assets less current liabilities

1,022,923

-

-

1,022,923

Creditors: Amounts falling due after more than one year

(38,514)

-

-

(38,514)

Provisions for liabilities

-

(57,848)

-

(57,848)

Net assets/(liabilities)

984,409

(57,848)

-

926,561

Capital and reserves

Called up share capital

(1,050,100)

-

-

(1,050,100)

Profit and loss account

65,691

57,848

-

123,539

Total equity

(984,409)

57,848

-

(926,561)

 

Donaldson's Dairy Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Balance Sheet at 28 February 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

950,890

-

-

950,890

Other financial assets

1,561

-

-

1,561

952,451

-

-

952,451

Current assets

Stocks

667,854

-

-

667,854

Debtors

90,095

-

-

90,095

Cash at bank and in hand

37,956

-

-

37,956

795,905

-

-

795,905

Creditors: Amounts falling due within one year

(487,877)

-

-

(487,877)

Net current assets

308,028

-

-

308,028

Total assets less current liabilities

1,260,479

-

-

1,260,479

Creditors: Amounts falling due after more than one year

(102,556)

-

-

(102,556)

Provisions for liabilities

-

(73,275)

-

(73,275)

Net assets/(liabilities)

1,157,923

(73,275)

-

1,084,648

Capital and reserves

Called up share capital

(1,050,100)

-

-

(1,050,100)

Profit and loss account

(107,823)

73,275

-

(34,548)

Total equity

(1,157,923)

73,275

-

(1,084,648)