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food&dairy Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: 12501856

 

food&dairy Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

food&dairy Ltd

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

22,577

Current assets

 

Stocks

-

75,098

Debtors

6

12,079

650,539

Cash at bank and in hand

 

23,126

35,418

 

35,205

761,055

Creditors: Amounts falling due within one year

7

(3,271,344)

(3,248,212)

Net current liabilities

 

(3,236,139)

(2,487,157)

Total assets less current liabilities

 

(3,236,139)

(2,464,580)

Provisions for liabilities

-

(382,239)

Net liabilities

 

(3,236,139)

(2,846,819)

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

(3,236,239)

(2,846,919)

Shareholders' deficit

 

(3,236,139)

(2,846,819)

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:

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 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 Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr F Strelzyn-Clarke
Director

   
     

Company Registration Number: 12501856

 

food&dairy Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 April 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:
Unit 2
St. Columb Major Business Park
St. Columb
Cornwall
TR9 6SX

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.

Group accounts not prepared

Under the Companies Act 2006 s.399 as the company's account qualify for the small companies regime it is exempt from preparing group accounts.

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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 33).

 

food&dairy Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

19,378

15,989

23,785

197,984

257,136

Disposals

(19,378)

(15,989)

(23,785)

(197,984)

(257,136)

At 30 April 2024

-

-

-

-

-

Depreciation

At 1 May 2023

19,378

12,752

9,512

192,917

234,559

Eliminated on disposal

(19,378)

(12,752)

(9,512)

(192,917)

(234,559)

At 30 April 2024

-

-

-

-

-

Carrying amount

At 30 April 2024

-

-

-

-

-

At 30 April 2023

-

3,237

14,273

5,067

22,577

5

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

2024

2023

Subsidiary undertakings

Lillie Brothers Limited

The Old Carriage Works,
Moresk, Road,
Truro,
Cornwall,
TR1 1DG

England and Wales

Ordinary Shares

100%

100%

 

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 the wholesale of dairy products.

6

Debtors

2024
£

2023
£

Trade debtors

-

601,279

Prepayments

-

27,765

Other debtors

12,079

21,495

12,079

650,539

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

291,194

Trade creditors

 

3,203

1,808,679

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

86,560

Taxation and social security

 

-

22,320

Accruals and deferred income

 

27,230

32,406

Other creditors

 

3,240,911

1,007,053

 

3,271,344

3,248,212

 

food&dairy Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Invoice discount facility

-

291,194

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

35

35

35

35

Ordinary B shares of £1 each

35

35

35

35

Ordinary C shares of £1 each

15

15

15

15

Ordinary D shares of £1 each

15

15

15

15

100

100

100

100

 

food&dairy Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

10

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 - £17,500).

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.

11

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

2,686,773

2,686,773

Advanced

554,138

554,138

At end of period

3,240,911

3,240,911

2023

Other related parties
£

Total
£

At start of period

998,313

998,313

Advanced

1,688,460

1,688,460

At end of period

2,686,773

2,686,773

Terms of loans from related parties

The loan is from a company formerly under common control and is repayable on demand and interest free. The amounts above include outstanding trade creditors balances.