Year Ended
Registration number:
food&dairy Ltd
Balance Sheet
30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
food&dairy Ltd
Balance Sheet
30 April 2024
Approved and authorised by the
......................................... |
Company Registration Number: 12501856
food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
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.
Group accounts not prepared
Going concern
The food&dairy Ltd business was set up in 2020, with the aim of serving the Devon and Cornwall marketplace with quality dairy products. The marketplace for this new venture has been extremely difficult, with a challenging environment on multiple fronts - the effect of the COVID pandemic on the food service sector, significant price volatility in the dairy marketplace, and inflationary pressures on fuel, energy and labour costs.
Against this backdrop, the food&dairy Ltd business took the difficult decision to cease trading in May 2023. As a result the company is no longer a going concern and the accounts have been prepared on a basis other than going concern.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
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 |
Furniture, fittings and equipment |
25-33% straight line |
Motor vehicles |
20% straight line |
Plant and machinery |
15-25% straight line |
Leasehold improvements |
15% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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 stocks 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.
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.
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.
food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2023 |
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|
|
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Disposals |
( |
( |
( |
( |
( |
At 30 April 2024 |
- |
- |
- |
- |
- |
Depreciation |
|||||
At 1 May 2023 |
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
( |
At 30 April 2024 |
- |
- |
- |
- |
- |
Carrying amount |
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At 30 April 2024 |
- |
- |
- |
- |
- |
At 30 April 2023 |
- |
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Investments |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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The Old Carriage Works,
England and Wales |
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food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Subsidiary undertakings |
Lillie Brothers Limited The principal activity of Lillie Brothers Limited is |
Debtors |
2024 |
2023 |
|
Trade debtors |
- |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Invoice discount facility |
- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
35 |
|
35 |
|
|
35 |
|
35 |
|
|
15 |
|
15 |
|
|
15 |
|
15 |
|
|
|
|
food&dairy Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £
Amounts disclosed in the balance sheet
The company has provided for the cost of onerous lease contracts of £Nil (2023 - £143,385) and a restructuring provision £Nil (2023 - £238,854) at the financial year end.
Related party transactions |
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties