Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
COMPANY INFORMATION
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BIO-TIFUL DAIRY LIMITED
CONTENTS
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BIO-TIFUL DAIRY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their strategic report for the year ended 31 March 2024.
The principal activity of the Group and Company was the marketing and sale of gut health products to the UK and European retail markets.
The directors aim to present a balanced and comprehensive review of the business during the year and its position as at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties which are faced.
We are pleased with the continued solid trading performance in a challenging market environment in the year seeing turnover grow by 37% from £23.65m to £32.48m.
In FY24 we have returned to an EBITDA profit for the year, this despite continued significant investment in marketing and people in the year. This investment has again underpinned the growth achieved in the year.
We have maintained a net asset position of £5.3m (2023- £3.7m) whilst generating cash inflows in the year and retaining a cash position in which the directors are comfortable gives them the ability to further invest in marketing and new products in order to grow the business.
The directors are optimistic about the future, the Group continues to grow its customer base and have plans for further new products and market development.
The management of the business and execution of its strategy are subject to a number of risks. Risks are formally reviewed by the Board of Directors and appropriate processes put in place to monitor and mitigate them.
Brand reputation
Our brand reputation is built on product quality and consumer loyalty. Any major event triggered by a serious food safety or other compliance issue could have a negative effect on our reputation or brand image. The Group has policies, processes and controls in place to prevent such events.
Commercial risk
The market in which the Group operates is highly competitive and therefore there is a risk of business loss. To mitigate against this risk the Board of Directors focus on value, service and quality of product to ensure high levels of customer retention. The Group also actively invests in its brand to ensure it remains relevant to customers and customers.
Raw materials and inflation
The Group is dependent on the sustainable supply of a number of raw materials and packaging materials. Any major events triggered by changes in the macro-economic environment could result in input price volatilities or capacity constraints of suppliers which would adversely impact the financial results of the Group. The Group has policies, procedures and controls in place to mitigate against such events. We work closely with all our major suppliers to ensure continuity of suppliers of quality products.
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BIO-TIFUL DAIRY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Liquidity risk
The Group has cash reserves and forward forecasts future requirements on a regular basis to ensure we always have sufficient funding available when required.
Credit risk
The Group's principal financial assets are stock and trade debtors. The principal credit risks arises therefore from its trade debtors, the majority of which are of the highest rating (UK grocers). In order to manage credit risk, credit limits are set and reviewed using a combination of third party references and payment history. There continues to be significant work undertaken by the CCO, COO, CFO and credit control learn to reduce the exposure and risk to the business.
Our internal financial KPIs are turnover and EBITDA. Both are reported in the body of these statements. The Directors are pleased to note the considerable YOY improvement in both between FY23 and FY24. The Directors intend to continue this growth in FY25.
This report was approved by the board on 31 December 2024 and signed on its behalf.
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BIO-TIFUL DAIRY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Director presents his report and the financial statements for the year ended 31 March 2024.
The Director who served during the year was:
The profit for the year, after taxation, amounted to £1,771,850 (restated 2023 - £237,519).
No dividend was paid in the year.
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's Strategic Report information required by the Large and Medium-sized Companies and Groups (accounts and Reports) Regulations 2008 Schedule 7 to be contained in the directors' report.
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BIO-TIFUL DAIRY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Subsequent to the balance sheet date, the Company has acquired the shares from minority shareholders. This transaction was completed for a total consideration of £4 million.
The company has entered into a confidential invoice discounting facility with Barclays Bank. This facility commenced on 21st April 2024 and contains a fixed and floating charge over assets of the Company.
The auditors, Ecovis Wingrave Yeats LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BIO-TIFUL DAIRY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIO-TIFUL DAIRY LIMITED
We have audited the financial statements of Bio-tiful Dairy Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
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BIO-TIFUL DAIRY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIO-TIFUL DAIRY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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BIO-TIFUL DAIRY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIO-TIFUL DAIRY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We considered our general commercial and sector experience and held a discussion with the Directors and other management personnel to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements.
∙We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework (Financial Reporting Standard 102 and the Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which the Company operates.
∙We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.In addition, there are other significant laws and regulations which may have an affect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to environmental, occupational health and safety, General Data Protection Regulation (GDPR), fraud, bribery and corruption. For these laws and regulations, the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit risk.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we communicated the identified laws and regulations to the audit team and remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed by the engagement team included:
°Review of Board minutes;
°Review of large and unusual bank transactions;
°Challenging assumptions and judgements made by management in its significant accounting estimates, and identifying and testing journal entries;
°Review of legal and professional fee expenditure;
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BIO-TIFUL DAIRY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIO-TIFUL DAIRY LIMITED (CONTINUED)
There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non-compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
3rd Floor, Waverley House
7-12 Noel Street
W1F 8GQ
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BIO-TIFUL DAIRY LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
REGISTERED NUMBER: 08181288
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 34 form part of these financial statements.
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BIO-TIFUL DAIRY LIMITED
REGISTERED NUMBER: 08181288
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 34 form part of these financial statements.
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BIO-TIFUL DAIRY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Bio-tiful Dairy Limited ('the Company') and its subsidiary undertaking ('the Group') are private companies, limited by shares. The Company is incorporated and domiciled in the United Kingdom with registered number 08181288. Bio-tiful Dairy EU Limited is incorporated and domiciled in the Republic of Ireland, as disclosed in Note 14. The address of the Company's registered office is disclosed on the Company information page.
The financial statements are prepared in Sterling (£), which is the functional currency of the Group, and rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity or areas where assumptions or estimates are significant to the financial statements are disclosed in Note 3.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group has made a profit in the year whilst it invested in brand awareness and new product growth, it has managed to increase its net asset position and net current asset position at the year end.
The Group continues to trade in line with expectations, since the year end and whilst there will be challenges over the coming year as a result of uncertainties in the economy, the directors consider the Group to be well placed to handle these challenges. Long term forecasts prepared by the directors show that the Group has the ability to continue to operate by using its working capital and generating positive cash flows from operations for a period of at least 12 months from the signing of these financial statements. The directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis.
Consistent with standard industry practice, the Company has arrangements with its customers providing volume-related rebates, marketing and promotional funding contributions and discounts. These costs are recognised as a reduction to revenue as they are considered to be an adjustment to the selling price for the Company’s products. On occasions the payment of this support is subject to the Company’s customers performing specified actions or satisfying certain performance conditions associated with the purchase of products from the Company. These include achieving agreed purchase volume targets and providing promotion marketing materials/activities. Whilst there is no standard definition, these amounts payable to customers are generally termed as ‘customer deductions’. The Company recognises these costs as a deduction from revenue based upon the terms of the relevant arrangement in place. Amounts payable relating to customer deduction arrangements are recognised within trade creditors where there is no right of offset.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Amortisation is recognised so to write off the cost of assets less their residual values over their useful lives on the following basis:
Computer software - 3 years
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, the Group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverbale amount fo the asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The impairment loss is recognised as an expense immediately in the consolidated profit and loss account.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Financial assets and liabilities are recognised when the Group become a party to the contractual provisions of the instruments.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. If an arrangement constitutes a financing transaction, the instrument is measured at the present value of the future payments or receipts discounted at a market rate of interest for a similar debt instrument.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss account in the period in which they arise. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Where the Company has granted rights to its equity instruments to the employees of the Company, such arrangements are accounted for as equity-settled share-based payment arrangements.
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based payment transactions are set out in Note 21. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest. The expected useful life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. Share options granted to employees are cancelled when employees cease to work for the Company, unless otherwise agreed by the directors of the Company. The cancellation results in immediate derecognition of the expenses that would have arisen over the remainder of the original vesting period.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3.Judgements in applying accounting policies (continued)
The directors review the market value of and demand for the Group's stocks on a periodic basis to ensure the stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of the stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the Group's products and achievable selling prices. Trade debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgemental to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the consolidated profit and loss account. Taxation There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group takes professional advice on its tax affairs and recognises liabilities for anticipated tax based on estimates of what taxation is likely to be due. Useful economic lives of tangible and intangible fixed assets Fixed assets are depreciated and amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Share based payments During the prior year, the Company granted 4,600 EMI options over the Ordinary C shares to employees. The latest exercise date is 9 March 2033. The weighted average exercise price is £0.01 per share.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The whole of the turnover is attributable to the Group's principal activities.
Analysis of turnover by country of destination:
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Staff costs, including Directors' remuneration, were as follows:
The highest paid director received remuneration of £150,634 (2023: £122,083).
The value of national insurance contributions paid during the year were £19,444 (2023: £6,845). There were no amounts outstanding at year end (2023: £Nil). During the year, a director provided consultancy services to the Group totalling £47,524 (2023 - £24,000). The Group had an outstanding amount owed to the director at year end totalling £Nil (2023 - £4,000).
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 27
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 29
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 30
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 31
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
During the year, 3,200 Class C shares were issued for a consideration of £32. These shares represent deferred shares and do not entitle the holder to a right to vote or receive any distributions other than a return of assets on liquidation.
Capital contribution reserve
Profit and loss account
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
During the year, it was identified that the bad debt provision balance in the prior year was incorrectly calculated. The balance of the bad debt provision for the financial year ending 31 March 2023 should have been £121,054 greater than what was previously provided for. This was due to invoices involved in the 2023 calculation being actually processed in the year ended 31 March 2022. This resulted in a prior period correction of the comparative balances in these financial statements. The bad debt provision has been increased by £121,054 with a corresponding decrease to revenue.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £162,115 (2023 - £157,181). At the year end an amount of £19,382 (2023 - £14,281) was outstanding.
The company has entered into a confidential invoice discounting facility with Barclays Bank. This facility commenced on 21st April 2024 and contains a fixed and floating charge over assets of the Company. In addition, on 25 April 2024, 250 B ordinary shares at 10p nominal value were cancelled.
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BIO-TIFUL DAIRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The ultimate controlling party is
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