Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mrs D A Martin 31/08/2010 Mr R T Martin 31/08/2010 Mr T C Martin 31/08/2010 07 March 2025 The principal activity of the Company during the financial period was dairy farming. 07360879 2024-12-31 07360879 bus:Director1 2024-12-31 07360879 bus:Director2 2024-12-31 07360879 bus:Director3 2024-12-31 07360879 2023-12-31 07360879 core:CurrentFinancialInstruments 2024-12-31 07360879 core:CurrentFinancialInstruments 2023-12-31 07360879 core:Non-currentFinancialInstruments 2024-12-31 07360879 core:Non-currentFinancialInstruments 2023-12-31 07360879 core:ShareCapital 2024-12-31 07360879 core:ShareCapital 2023-12-31 07360879 core:RetainedEarningsAccumulatedLosses 2024-12-31 07360879 core:RetainedEarningsAccumulatedLosses 2023-12-31 07360879 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 07360879 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 07360879 core:LandBuildings 2023-12-31 07360879 core:PlantMachinery 2023-12-31 07360879 core:Vehicles 2023-12-31 07360879 core:LandBuildings 2024-12-31 07360879 core:PlantMachinery 2024-12-31 07360879 core:Vehicles 2024-12-31 07360879 5 2024-12-31 07360879 5 2023-12-31 07360879 core:ImmediateParent core:CurrentFinancialInstruments 2024-12-31 07360879 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 07360879 bus:OrdinaryShareClass1 2024-12-31 07360879 bus:OrdinaryShareClass2 2024-12-31 07360879 bus:OrdinaryShareClass3 2024-12-31 07360879 2024-01-01 2024-12-31 07360879 bus:FilletedAccounts 2024-01-01 2024-12-31 07360879 bus:SmallEntities 2024-01-01 2024-12-31 07360879 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07360879 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07360879 bus:Director1 2024-01-01 2024-12-31 07360879 bus:Director2 2024-01-01 2024-12-31 07360879 bus:Director3 2024-01-01 2024-12-31 07360879 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:BottomRangeValue 2024-01-01 2024-12-31 07360879 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2024-01-01 2024-12-31 07360879 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 07360879 core:PlantMachinery 2024-01-01 2024-12-31 07360879 core:Vehicles 2024-01-01 2024-12-31 07360879 2023-01-01 2023-12-31 07360879 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 07360879 core:LandBuildings 2024-01-01 2024-12-31 07360879 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 07360879 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 07360879 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07360879 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 07360879 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 07360879 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 07360879 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07360879 (England and Wales)

MARTIN DAIRY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MARTIN DAIRY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MARTIN DAIRY LIMITED

BALANCE SHEET

As at 31 December 2024
MARTIN DAIRY LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 410
Tangible assets 4 3,796,135 4,732,451
3,796,135 4,732,861
Current assets
Stocks 5 1,453,772 1,491,436
Debtors 6 1,434,844 1,627,747
Investments 150 150
Cash at bank and in hand 1,014,531 25,888
3,903,297 3,145,221
Creditors: amounts falling due within one year 7 ( 1,272,485) ( 616,803)
Net current assets 2,630,812 2,528,418
Total assets less current liabilities 6,426,947 7,261,279
Creditors: amounts falling due after more than one year 8 ( 2,114,647) ( 3,990,136)
Provision for liabilities ( 235,815) ( 255,096)
Net assets 4,076,485 3,016,047
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 4,075,485 3,015,047
Total shareholder's funds 4,076,485 3,016,047

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Martin Dairy Limited (registered number: 07360879) were approved and authorised for issue by the Board of Directors on 07 March 2025. They were signed on its behalf by:

Mrs D A Martin
Director
MARTIN DAIRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MARTIN DAIRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Martin Dairy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Trethick Farm, St. Mabyn, Bodmin, PL30 3AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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 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.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 4 - 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
not depreciated
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 January 2024 126,643 126,643
Disposals ( 126,643) ( 126,643)
At 31 December 2024 0 0
Accumulated amortisation
At 01 January 2024 126,233 126,233
Charge for the financial year 410 410
Disposals ( 126,643) ( 126,643)
At 31 December 2024 0 0
Net book value
At 31 December 2024 0 0
At 31 December 2023 410 410

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2024 4,550,518 1,383,617 47,553 5,981,688
Additions 31,232 170,917 0 202,149
Disposals ( 845,902) ( 138,767) 0 ( 984,669)
At 31 December 2024 3,735,848 1,415,767 47,553 5,199,168
Accumulated depreciation
At 01 January 2024 477,923 738,699 32,615 1,249,237
Charge for the financial year 64,089 132,338 2,987 199,414
Disposals 0 ( 45,618) 0 ( 45,618)
At 31 December 2024 542,012 825,419 35,602 1,403,033
Net book value
At 31 December 2024 3,193,836 590,348 11,951 3,796,135
At 31 December 2023 4,072,595 644,918 14,938 4,732,451

Included within the net book value of tangible fixed assets is £299,187 (2023 - £291,753) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £51,880 (2023 - £54,397).

5. Stocks

2024 2023
£ £
Stocks 406,395 405,750
Livestock 1,047,377 1,085,686
1,453,772 1,491,436

6. Debtors

2024 2023
£ £
Trade debtors 481,931 382,225
Amounts owed by Parent undertakings 713,612 722,652
Amounts owed by directors 0 340,699
Prepayments 56,606 59,300
VAT recoverable 89,576 39,453
Other debtors 93,119 83,418
1,434,844 1,627,747

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 36,115 63,032
Trade creditors 259,857 336,191
Amounts owed to directors 629,349 0
Accruals 108,228 17,985
Taxation and social security 179,922 131,180
Obligations under finance leases and hire purchase contracts 58,294 67,620
Other creditors 720 795
1,272,485 616,803

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

2024 2023
£ £
Bank loans 2,061,833 3,911,111
Obligations under finance leases and hire purchase contracts 52,814 79,025
2,114,647 3,990,136

The company's bankers hold fixed and floating charges over the company's assets.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
520 A Ordinary shares of £ 1.00 each 520 520
240 B Ordinary shares of £ 1.00 each 240 240
240 C Ordinary shares of £ 1.00 each 240 240
1,000 1,000

10. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £494,500 (2023 - £516,000).

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
R T Martin 199,614 (134,015)
T C Martin 244,428 (72,720)
D A Martin 185,307 (133,963)

R T Martin was advanced £3,194 during the year and repaid £336,823. Interest is being charged on the loan at 2.25%.

T C Martin was advanced £19,683 during the year and repaid £336,831. Interest is being charged on the loan at 2.25%.

D A Martin was advanced £11,560 during the year and repaid £330,832. Interest is being charged on the loan at 2.25%.