Silverfin false false 30/06/2024 01/07/2023 30/06/2024 D Laird 08/06/2000 24 March 2025 The principal activity of the Company during the financial year was that of a dairy. SC208098 2024-06-30 SC208098 bus:Director1 2024-06-30 SC208098 2023-06-30 SC208098 core:CurrentFinancialInstruments 2024-06-30 SC208098 core:CurrentFinancialInstruments 2023-06-30 SC208098 core:Non-currentFinancialInstruments 2024-06-30 SC208098 core:Non-currentFinancialInstruments 2023-06-30 SC208098 core:ShareCapital 2024-06-30 SC208098 core:ShareCapital 2023-06-30 SC208098 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC208098 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC208098 core:LandBuildings 2023-06-30 SC208098 core:OtherPropertyPlantEquipment 2023-06-30 SC208098 core:LandBuildings 2024-06-30 SC208098 core:OtherPropertyPlantEquipment 2024-06-30 SC208098 bus:OrdinaryShareClass1 2024-06-30 SC208098 2023-07-01 2024-06-30 SC208098 bus:FilletedAccounts 2023-07-01 2024-06-30 SC208098 bus:SmallEntities 2023-07-01 2024-06-30 SC208098 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC208098 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC208098 bus:Director1 2023-07-01 2024-06-30 SC208098 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC208098 2022-07-01 2023-06-30 SC208098 core:LandBuildings 2023-07-01 2024-06-30 SC208098 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC208098 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC208098 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC208098 (Scotland)

FAIRFIELD DAIRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

FAIRFIELD DAIRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

FAIRFIELD DAIRIES LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
FAIRFIELD DAIRIES LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 646,987 621,900
646,987 621,900
Current assets
Stocks 18,069 17,305
Debtors 4 971,875 967,742
Cash at bank and in hand 86,493 182,695
1,076,437 1,167,742
Creditors: amounts falling due within one year 5 ( 928,179) ( 981,413)
Net current assets 148,258 186,329
Total assets less current liabilities 795,245 808,229
Creditors: amounts falling due after more than one year 6 ( 162,542) ( 563,278)
Net assets 632,703 244,951
Capital and reserves
Called-up share capital 7 1,000,000 1,000,000
Profit and loss account ( 367,297 ) ( 755,049 )
Total shareholder's funds 632,703 244,951

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fairfield Dairies Limited (registered number: SC208098) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

D Laird
Director
FAIRFIELD DAIRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
FAIRFIELD DAIRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fairfield Dairies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Dryden Road, Loanhead, EH20 9LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for milk and other dairy goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than freehold property, at rates calculated to write off the cost of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 - 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct purchases.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditor are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including unpaid directors 26 26

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 524,162 256,332 780,494
Additions 0 52,705 52,705
Disposals 0 ( 3,830) ( 3,830)
At 30 June 2024 524,162 305,207 829,369
Accumulated depreciation
At 01 July 2023 0 158,594 158,594
Charge for the financial year 0 27,346 27,346
Disposals 0 ( 3,558) ( 3,558)
At 30 June 2024 0 182,382 182,382
Net book value
At 30 June 2024 524,162 122,825 646,987
At 30 June 2023 524,162 97,738 621,900

4. Debtors

2024 2023
£ £
Trade debtors 900,357 902,166
Other debtors 71,518 65,576
971,875 967,742

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 561,775 699,301
Other taxation and social security 10,228 9,603
Other creditors 356,176 272,509
928,179 981,413

Included within other creditors is an invoice financing facility amounting to £285,274 (2023: £254,821) which is secured against assets held in the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 162,542 563,278

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 1.00 each 1,000,000 1,000,000

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 4,371 48,676

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to key management personnel 162,542 563,278
0 0

Total advances of £675,725 (2023: £230,561) were made to the director during the year and a total of £275,513 (2023: £92,223) was repaid, interest of £524 has been charged using the standard rate of 2.25%. This leaves a balance payable of £162,542 payable to the Director and the balance is repayable on demand.