Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Ms S E Fenton 14/10/1991 Mr M T Leiworthy 01/12/2000 Mr S T Leiworthy 22/09/2023 14/10/1991 20 March 2025 The principal activity of the Company during the financial year was manufacture of cider and other fruit wines. 00584062 2024-06-30 00584062 bus:Director1 2024-06-30 00584062 bus:Director2 2024-06-30 00584062 bus:Director3 2024-06-30 00584062 2023-06-30 00584062 core:CurrentFinancialInstruments 2024-06-30 00584062 core:CurrentFinancialInstruments 2023-06-30 00584062 core:ShareCapital 2024-06-30 00584062 core:ShareCapital 2023-06-30 00584062 core:RevaluationReserve 2024-06-30 00584062 core:RevaluationReserve 2023-06-30 00584062 core:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 00584062 core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 00584062 core:RetainedEarningsAccumulatedLosses 2024-06-30 00584062 core:RetainedEarningsAccumulatedLosses 2023-06-30 00584062 core:LandBuildings 2023-06-30 00584062 core:OtherPropertyPlantEquipment 2023-06-30 00584062 core:LandBuildings 2024-06-30 00584062 core:OtherPropertyPlantEquipment 2024-06-30 00584062 core:CostValuation 2023-06-30 00584062 core:DisposalsDecreaseInInvestments 2024-06-30 00584062 core:CostValuation 2024-06-30 00584062 core:DisposalsRepaymentsInvestments 2024-06-30 00584062 core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 00584062 bus:OrdinaryShareClass1 2024-06-30 00584062 2023-07-01 2024-06-30 00584062 bus:FilletedAccounts 2023-07-01 2024-06-30 00584062 bus:SmallEntities 2023-07-01 2024-06-30 00584062 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00584062 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00584062 bus:Director1 2023-07-01 2024-06-30 00584062 bus:Director2 2023-07-01 2024-06-30 00584062 bus:Director3 2023-07-01 2024-06-30 00584062 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 00584062 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 00584062 2022-07-01 2023-06-30 00584062 core:LandBuildings 2023-07-01 2024-06-30 00584062 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 00584062 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00584062 (England and Wales)

CORNISH MEAD CO LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CORNISH MEAD CO LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CORNISH MEAD CO LIMITED

BALANCE SHEET

As at 30 June 2024
CORNISH MEAD CO LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 207,819 225,555
Investment property 4 163,000 863,000
Investments 5 0 94,758
370,819 1,183,313
Current assets
Stocks 6 140,565 131,765
Debtors 7 34,856 33,169
Cash at bank and in hand 329,432 785,464
504,853 950,398
Creditors: amounts falling due within one year 8 ( 111,766) ( 116,279)
Net current assets 393,087 834,119
Total assets less current liabilities 763,906 2,017,432
Provision for liabilities ( 33,940) ( 140,472)
Net assets 729,966 1,876,960
Capital and reserves
Called-up share capital 9 1,000 1,000
Revaluation reserve 0 34,139
Fair value reserve 93,820 576,117
Profit and loss account 635,146 1,265,704
Total shareholders' funds 729,966 1,876,960

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Cornish Mead Co Limited (registered number: 00584062) were approved and authorised for issue by the Board of Directors on 20 March 2025. They were signed on its behalf by:

Ms S E Fenton
Director
CORNISH MEAD CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CORNISH MEAD CO 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

Cornish Mead Co 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 The Mead House Mount Prospect Terrace, Newlyn, Penzance, TR18 5QF, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and other sales related taxes.
Turnover from the sale of mead is recognised when the significant risks and rewards are considered to have been transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

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.

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, reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery etc. 25 % 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 lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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 3 4

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 398,535 399,913 798,448
Additions 0 1,007 1,007
At 30 June 2024 398,535 400,920 799,455
Accumulated depreciation
At 01 July 2023 195,469 377,424 572,893
Charge for the financial year 13,129 5,614 18,743
At 30 June 2024 208,598 383,038 591,636
Net book value
At 30 June 2024 189,937 17,882 207,819
At 30 June 2023 203,066 22,489 225,555

Included in cost of land and buildings is freehold land with a cost of £70,320 (2023: 70,320) which has not been depreciated.

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 863,000
Disposals (700,000)
As at 30 June 2024 163,000

The disposal above was made via a dividend in specie.

The fair value of investment properties has been arrived at on 30 June 2024 by the directors. The valuation was based on a open market value basis by reference to market evidence of transaction prices for similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 37,906 151,744

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 2
Disposals ( 2)
At 30 June 2024 0
Carrying value at 30 June 2024 0
Carrying value at 30 June 2023 2

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 94,756 94,756
Disposals ( 96,082) ( 96,082)
Movement in fair value 1,326 1,326
At 30 June 2024 0 0
Carrying value at 30 June 2024 0 0
Carrying value at 30 June 2023 94,756 94,756

Other investments comprised of listed investments held at fair value which were disposed of via a dividend in specie during the year. The cost of listed investments at 30 June 2024 was £nil (2023 £42,917)

6. Stocks

2024 2023
£ £
Stocks 140,565 131,765

7. Debtors

2024 2023
£ £
Trade debtors 32,119 29,641
Prepayments and accrued income 2,737 3,528
34,856 33,169

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,943 9,039
Amounts owed to Group undertakings 0 3,701
Amounts owed to directors 68,211 66,602
Accruals 3,500 6,290
Taxation and social security 31,644 28,727
Other creditors 2,468 1,920
111,766 116,279

9. Called-up share capital

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

10. Ultimate controlling party

Parent Company:

CMC NEW DAWN LIMITED
The Meadhouse, Newlyn, Penzance, Cornwall, United Kingdom, TR18 5QF