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Registration number: 06203308

Dalesway Contract Packers Ltd

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 March 2024

 

Dalesway Contract Packers Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Dalesway Contract Packers Ltd

Company Information

Directors

Mr G E Rhodes

Mrs C Rhodes

Company secretary

Mrs C Rhodes

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dalesway Contract Packers Ltd
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dalesway Contract Packers Ltd for the period ended 31 March 2024 as set out on pages 3 to 11 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 Dalesway Contract Packers Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Dalesway Contract Packers Ltd and state those matters that we have agreed to state to the Board of Directors of Dalesway Contract Packers Ltd, 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 Dalesway Contract Packers Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dalesway Contract Packers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Dalesway Contract Packers Ltd. You consider that Dalesway Contract Packers Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Dalesway Contract Packers Ltd. 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.

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

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

23 October 2024

 

Dalesway Contract Packers Ltd

(Registration number: 06203308)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

784,751

732,576

Current assets

 

Stocks

5

30,962

31,720

Debtors

6

79,176

188,223

Cash at bank and in hand

 

5,066

9,513

 

115,204

229,456

Creditors: Amounts falling due within one year

7

(248,632)

(258,644)

Net current liabilities

 

(133,428)

(29,188)

Total assets less current liabilities

 

651,323

703,388

Creditors: Amounts falling due after more than one year

7

(376,997)

(427,210)

Provisions for liabilities

(10,582)

(18,770)

Net assets

 

263,744

257,408

Capital and reserves

 

Called up share capital

100,000

100,000

Revaluation reserve

215,163

174,199

Retained earnings

(51,419)

(16,791)

Shareholders' funds

 

263,744

257,408

 

Dalesway Contract Packers Ltd

(Registration number: 06203308)
Balance Sheet as at 31 March 2024

For the financial period ending 31 March 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 period 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 23 October 2024 and signed on its behalf by:
 

.........................................
Mr G E Rhodes
Director

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 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:
1 Bond Street
Colne
Lancashire
BB8 9DG

The principal place of business is:
Unit 2B, Profile Park
Junction Street
Whitewalls Industrial Estate
Colne
Lancashire
BB9 8AH

These financial statements were authorised for issue by the Board on 23 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.

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Freehold property

0% depreciation

Property improvements

10% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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

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.

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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.

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 period was 25 (2022 - 27).

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

709,392

149,993

12,523

871,908

Revaluations

40,964

-

-

40,964

Additions

-

19,275

-

19,275

At 31 March 2024

750,356

169,268

12,523

932,147

Depreciation

At 1 October 2022

74,672

56,441

8,219

139,332

Charge for the period

684

5,901

1,479

8,064

At 31 March 2024

75,356

62,342

9,698

147,396

Carrying amount

At 31 March 2024

675,000

106,926

2,825

784,751

At 30 September 2022

634,720

93,552

4,304

732,576

Included within the net book value of land and buildings above is £674,999 (2022 - £634,720) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's property was revalued on 31 March 2024. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £536,206 (2022 - £536,890).

The fair value of the company's plant and machinery was revalued on 30 September 2017. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,645 (2022 - £8,367).

5

Stocks

2024
£

2022
£

Other inventories

30,962

31,720

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

6

Debtors

2024
£

2022
£

Trade debtors

79,176

188,223

79,176

188,223

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

8

76,380

92,661

Trade creditors

 

31,742

32,628

Taxation and social security

 

52,268

59,485

Accruals and deferred income

 

11,667

18,001

Other creditors

 

76,575

55,869

 

248,632

258,644

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

8

376,997

427,210

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
 

 

Dalesway Contract Packers Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Bank borrowings

281,735

347,210

Hire purchase contracts

15,262

-

Other borrowings

80,000

80,000

376,997

427,210

Current loans and borrowings

2024
£

2022
£

Bank borrowings

60,146

60,146

Bank overdrafts

12,496

29,616

Hire purchase contracts

3,738

2,899

76,380

92,661