Company registration number 02900999 (England and Wales)
DAIRY PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DAIRY PARTNERS LIMITED
COMPANY INFORMATION
Directors
Mr C J Bennett
Mr W J Bennett
Mr R W Peel
Mr S M Welch
Company number
02900999
Registered office
Dairy Partners
Oldends Lane
Oldends
Stonehouse
Gloucestershire
United Kingdom
GL10 3RL
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
DAIRY PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 37
DAIRY PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The group continues to supply dairy products to the UK foodservice and export sectors. These were principally grated and block cheese products. The products were sourced from its UK subsidiary as well as from other UK and European companies. The group operates its grated and processed cheese production and distribution from its site in Stonehouse and its Mozzarella production facility from Newcastle Emlyn.
The results for the group showed turnover of £147.79 million. This was up from £117.43 million in 2023 an increase of 25.85%. Profits were £5.14m up from a loss of £4.45 million in 2023. Export sales continued to represent a growing part of the group, despite external pressures.
The continuing war in Ukraine and political unrest in the Middle East still has an effect on the commodity markets and also on the cost base of the group's supply chain.
Despite the uncertainties caused by the continuation of challenging market conditions, the directors continue to monitor global events and take every available action to mitigate any adverse impact. The group continues to maintain its strong financial position and considers its results for the year to be satisfactory.
Outlook
2025 has so far seen turnover continue to increase, and the group maintain its strong position.
Principal risks and uncertainties
Regulatory risk
The group are required to comply with various regulatory regimes in areas such health and safety and
environmental regulation. This is achieved through the adoption of appropriate policies and structures, risk assessments, monitoring and review of performance, recruitment and training of suitably qualified staff and support from external consultants, where appropriate.
Input cost risk
Dairy Partners is exposed to market price movements for commodities, including electricity, plastics and cardboard. This risk is mitigated in relation to many input costs by maintaining awareness of markets and minimising the use of such commodities wherever possible. Energy is bought on the wholesale market, with assistance from energy consultants, thus reducing the exposure to rising energy costs.
Market and product price risk
The group is exposed to fluctuations in market prices of dairy products, with this position continually monitored.
Market risk is minimised by keeping a low stock holding as possible and by following the market. Sales prices are primarily driven by following competitors.
Competitive market risk is managed in three ways:
1. Use of production cost control programme to ensure we are low cost producers
2. Use of up to date and modern plant and equipment together with keeping abreast of new technologies
3. New product and market development
New product development and new markets play important roles in managing competitive risk.
The directors' ability to assess the market risks depends largely on in-depth market knowledge and keeping abreast of global trends including milk and cheese production, tariffs, subsidies, political and natural events affecting existing markets and new markets and or products that could alter the business.
Financial risks
The group's activities expose it to a number of financial risks including price, credit, foreign currency, interest rate, liquidity and fraud risk. The directors review and agree policies for managing these risks as described below.
DAIRY PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Credit risk
The principal financial assets are trade and other receivables, bank balances and cash. The group's credit risk is primarily attributable to its trade receivables. The group trades with only recognised, credit worthy third parties. It is group policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, trade receivables balances are monitored on an ongoing basis with the result that the group's exposure to bad debts is not significant. The group also has credit insurance in place on most of its trade receivables.
Foreign currency risk
This has been mitigated as far as possible with the use of matching forward contracts on raw material purchases, but some further work is underway to develop a more sophisticated process to reduce our USD exposure, which as export continues to develop will be more significant.
Interest rate risk
The groups activities expose it to the financial risks of changes in interest rates, although this is minimal due to a switch to more use of asset backed finance which has resulted in greater security of fixed interest rate and time periods.
Liquidity risk
It is the group's policy to finance its operations through a mixture of cash and borrowings and to review periodically the mix of these instruments with regard to the projected cash flow requirements of the group and an acceptable level of risk exposure.
Fraud risk
Dairy Partners recognises the risk of fraud. This risk is mitigated through regular reviews of control systems and internal audits. An Anti-bribery Policy has been adopted.
Key performance indicators
The table below provides key financial performance indicators ("KPls") relating to the group's performance during the year.
KPI 2024 2023
Sales Turnover £147.79m £117.43m
Gross Profit Margin 7.55% (1.03)%
Profit (Loss) £5.14m (£4.45m)
Net Cash inflow (outflow) (£0.59m) (£1.37m)
Net Current assets £9.94m £3.77m
Debtor days 46.1 days 43.3 days
Creditor days 28.1 days 33.2 days
The group's Profit and Loss Account and Balance Sheet are shown on pages 10 and 11.
Future Developments
The group is focused on further consolidating the business by continuing to grow its position as key supplier to the large UK foodservice sector as well as the expanding export business. This will be supported by the further growth of mozzarella production, and associated milk and whey processing, by Dairy Partners (Cymru Wales) Limited.
Key to our future development is the maintenance and further enhancement of the close relationships we have with our customers, emphasising the mutual opportunities for added value through the continued growth of our cheese business. We also aim to continue to develop the support of our farmers by consistently striving to improve milk price relative to competitors ensuring the supply of a reliable, high quality product. The improvement of our systems and processes is ongoing, resulting in better and more timely information.
We continue to work on product and process improvements as well as developing new products through research and development, thus enabling us to meet our objective of lower cost and higher quality optimisation.
The ongoing Russian invasion of Ukraine, plus trade challenges with the USA on tariffs will continue to cause uncertainty in the market and put pressure on prices and costs, but the directors are confident that the group is well placed to meet these challenges as they arise.
DAIRY PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Reporting on compliance with Section 172 requirements
In line with their duties under Section 172 of the Companies Act 2006 the Board of Directors are required to act in a way they consider in good faith would most likely promote the success of the group for the benefit of the shareholders and key stakeholders. In doing this they should have regard to a range of matters and the likely consequence of any decisions in the long term.
The following matters are set out in Section 172:
- likely consequences of any decision in the long term
- interests of the group's employees
- need to foster the group's business relationships with suppliers, customers and others
- impact of the group's operations on the community and the environment
- the desirability of the group maintaining a reputation for high standards of business conduct
- the need to act fairly as between members of the group
Employees
Our employees are our most valuable asset and are key to our success.
The group engages with employees on a regular basis, covering a range of topics such as health and safety, financial performance and training and development. Our people are of significant importance in implementing our long term strategies and it is therefore key that they are informed.
Environmental responsibility
The group considers the external environment in several ways, and recognises that it has a responsibility to continually reduce its environmental impact. The group endeavours to comply with all relevant statutory requirements and has ensured that all currently available methods for reducing its CO2 impact are implemented where possible.
Customers
Our aim is to deliver a first class service to all our customers. The group seeks to do this by primarily delivering a quality product. As well as this, we work on developing long term customer relationships through regular communication so we have a full understanding of their needs.
Suppliers
The long term success of the group depends on building strong relationships with its suppliers. Regular meetings are held which gives both parties the opportunity to discuss challenges and opportunities. This helps ensure continued and timely supply of raw materials.
Government and regulators
The directors ensure the group is compliant with all regulatory requirements, in particular health and safety regulations and the Modern Slavery Act, when considering future actions.
Mr R W Peel
Director
23 May 2025
DAIRY PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of supply and manufacture of wholesale cheese.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C J Bennett
Mr W J Bennett
Mr R W Peel
Mr S M Welch
Energy and carbon report
The Streamlined Energy and Carbon Reporting (SECR) disclosure showing the group's carbon footprint for 2024 is as follows:
In total the group is estimated to have produced 6,846 tonnes (2023: 6,757 tonnes) of CO2 during the year using 35,070,868 (2023: 33,822,730 revised) Kilowatt hours of energy. The breakdown is as follows:
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
22,077,379
21,690,399
- Electricity purchased
12,928,852
12,067,803
- Fuel consumed for transport
64,637
64,528
35,070,868
33,822,730
DAIRY PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
4,148.00
4,243.00
- Fuel consumed for owned transport
21.00
25.00
4,169.00
4,268.00
Scope 2 - indirect emissions
- Electricity purchased
2,552.00
2,400.00
- Renewable Electricity
125.00
89.00
Total gross emissions
6,846.00
6,757.00
Intensity ratio
SECR emissions intensity ratio (tCO2e/tonnes produced)
0.095
0.108
Intensity measurement
We have taken the decision to show the intensity metric bases on tonnage as we feel this is a more accurate reflection of the situation. The intensity metric has reduced from the 2023 figure due to the increase in tonnage produced.
Quantification and reporting methodology
Dairy Partners Limited approach to reporting is based on the GHG Protocol Corporate Accounting and Reporting Standard in line with the guidance on SECR. All purchased energy is taken as metered into site and recorded from the supplier invoices.
Energy and fuel consumption has been converted to carbon (kgCO2e) using DEFRA published conversion factors.
Measures taken to improve energy efficiency
Extensive reviews ran on our cooling systems with our energy advisors, but even though the results were inconclusive, we will continue to monitor and strive to improve. Having conducted tests we identified that a new Transformer, with harmonics, was required. Capex was put in the budget to enable this to be commissioned. This was done and is to be completed in March 2025. Production increases year on year.
DAIRY PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr R W Peel
Director
23 May 2025
DAIRY PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAIRY PARTNERS LIMITED
- 7 -
Opinion
We have audited the financial statements of Dairy Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 and 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DAIRY PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DAIRY PARTNERS LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor's 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 financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
DAIRY PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DAIRY PARTNERS LIMITED
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 auditor's 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.
Steve Burke (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 May 2025
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
DAIRY PARTNERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
147,790,839
117,431,390
Cost of sales
(136,631,147)
(118,639,997)
Gross profit/(loss)
11,159,692
(1,208,607)
Administrative expenses
(3,393,929)
(3,641,117)
Exceptional item
4
450,000
Operating profit/(loss)
5
8,215,763
(4,849,724)
Interest receivable and similar income
9
186
Interest payable and similar expenses
10
(1,234,000)
(1,223,311)
Profit/(loss) before taxation
6,981,949
(6,073,035)
Tax on profit/(loss)
11
(1,844,756)
1,627,739
Profit/(loss) for the financial year
27
5,137,193
(4,445,296)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
DAIRY PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
6,172
7,671
Tangible assets
13
38,076,156
39,989,982
38,082,328
39,997,653
Current assets
Stocks
16
10,077,475
7,492,896
Debtors
17
19,523,153
15,789,180
Cash at bank and in hand
667,552
1,257,814
30,268,180
24,539,890
Creditors: amounts falling due within one year
18
(20,327,744)
(20,767,306)
Net current assets
9,940,436
3,772,584
Total assets less current liabilities
48,022,764
43,770,237
Creditors: amounts falling due after more than one year
19
(10,586,033)
(12,915,999)
Provisions for liabilities
Provisions
22
450,000
Deferred tax liability
23
5,450,507
3,605,751
(5,450,507)
(4,055,751)
Net assets
31,986,224
26,798,487
Capital and reserves
Called up share capital
24
3
3
Share premium account
25
57,543
6,999
Capital redemption reserve
26
50
50
Profit and loss reserves
27
31,928,628
26,791,435
Total equity
31,986,224
26,798,487
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
23 May 2025
Mr R W Peel
Director
Company registration number 02900999 (England and Wales)
DAIRY PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
6,172
7,671
Tangible assets
13
23,522,231
24,248,564
Investments
14
15
15
23,528,418
24,256,250
Current assets
Stocks
16
8,129,247
5,032,974
Debtors
17
19,015,997
15,224,972
Cash at bank and in hand
595,259
986,567
27,740,503
21,244,513
Creditors: amounts falling due within one year
18
(30,389,786)
(24,498,801)
Net current liabilities
(2,649,283)
(3,254,288)
Total assets less current liabilities
20,879,135
21,001,962
Creditors: amounts falling due after more than one year
19
(8,122,289)
(9,081,930)
Provisions for liabilities
Deferred tax liability
23
1,769,482
934,013
(1,769,482)
(934,013)
Net assets
10,987,364
10,986,019
Capital and reserves
Called up share capital
24
3
3
Share premium account
25
57,543
6,999
Capital redemption reserve
26
50
50
Profit and loss reserves
27
10,929,768
10,978,967
Total equity
10,987,364
10,986,019
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £49,199 (2023 - £1,845,014 loss).
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
23 May 2025
Mr R W Peel
Director
Company registration number 02900999 (England and Wales)
DAIRY PARTNERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
3
6,999
50
31,236,731
31,243,783
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(4,445,296)
(4,445,296)
Balance at 31 December 2023
3
6,999
50
26,791,435
26,798,487
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
5,137,193
5,137,193
Issue of share capital
24
50,544
-
-
50,544
Balance at 31 December 2024
3
57,543
50
31,928,628
31,986,224
DAIRY PARTNERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
3
6,999
50
12,823,981
12,831,033
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(1,845,014)
(1,845,014)
Balance at 31 December 2023
3
6,999
50
10,978,967
10,986,019
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(49,199)
(49,199)
Issue of share capital
24
50,544
-
-
50,544
Balance at 31 December 2024
3
57,543
50
10,929,768
10,987,364
DAIRY PARTNERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
4,350,978
(812,207)
Interest paid
(1,234,000)
(1,223,311)
Income taxes refunded
478,672
Net cash inflow/(outflow) from operating activities
3,595,650
(2,035,518)
Investing activities
Purchase of tangible fixed assets
(931,445)
(706,551)
Proceeds from disposal of tangible fixed assets
656
21,298
Interest received
186
Net cash used in investing activities
(930,603)
(685,253)
Financing activities
Proceeds from issue of shares
50,544
-
Invoice financing arrangements
(552,875)
3,554,234
Repayment of bank loans
(600,000)
(600,000)
Payment of finance leases obligations
(1,957,800)
(1,586,369)
Amounts deposited by directors
-
150,000
Amounts withdrawn by directors
(195,178)
(175,000)
Net cash (used in)/generated from financing activities
(3,255,309)
1,342,865
Net decrease in cash and cash equivalents
(590,262)
(1,377,906)
Cash and cash equivalents at beginning of year
1,257,814
2,635,720
Cash and cash equivalents at end of year
667,552
1,257,814
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Dairy Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dairy Partners, Oldends Lane, Oldends, Stonehouse, Gloucestershire, United Kingdom, GL10 3RL.
The group consists of Dairy Partners Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Dairy Partners Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product to a customer, the amount of revenue can be measured reliably, it is probable that the economic
benefits associated with the transaction will flow to the group and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The goods are sometimes sold with retrospective volume discounts based on aggregate sales over a 12 month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in accruals and deferred income) is recognised for expected volume discounts due to customers in relation to sales made up to the end of the reporting period. No element of financing is deemed present as the sales are made with credit terms consistent with market practice.
The group does not expect to have any revenue where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust any of the transaction prices for the time value of money.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10% on cost
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% to 4% on cost
Plant and equipment
6.67% to 20% on cost
Fixtures and fittings
15% to 33% on cost
Motor vehicles
25% on cost
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 recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company / group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Fixed production overheads are absorbed based on normal capacity.
Variable production overheads are absorbed based on actual use of the production facilities.
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.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.18
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company / group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.20
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.21
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.22
Foreign exchange
Transactions in currencies other than sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation, residual values and carrying amounts of property, plant and equipment
Calculating the depreciation charge and hence the carrying value for property, plant and equipment requires estimation to be made of the useful lives and residual value of the assets. These estimates are based on the directors' and group's experience of similar assets.
See the fixed asset note for the carrying amount of each class of assets.
The residual values and useful lives of certain assets were re-assessed during the year, with an impact to the closing value of group tangible fixed assets of £158,623.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
117,037,327
86,947,713
Europe
10,581,995
8,666,334
Rest of World
20,171,517
21,817,343
147,790,839
117,431,390
2024
2023
£
£
Other revenue
Interest income
186
-
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
(450,000)
-
Exceptional items of £450,000 are in relation to the reversal of an impairment of the company's freehold property originally recognised in 2016. Further detail is included in notes 13 and 22.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses
128,782
26,869
Research and development costs
296,443
400,000
Government grants
(108,961)
(108,961)
Depreciation of owned tangible fixed assets
1,979,379
1,740,834
Depreciation of tangible fixed assets held under finance leases
848,128
1,277,111
Loss on disposal of tangible fixed assets
17,108
11,740
Amortisation of intangible assets
1,499
1,536
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,250
13,625
Audit of the financial statements of the company's subsidiaries
13,000
12,000
28,250
25,625
For other services
Taxation compliance services
3,000
2,700
All other non-audit services
20,225
35,665
23,225
38,365
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
4
4
Administration
13
22
10
18
Production
191
173
115
101
Total
208
199
129
123
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 25 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,568,188
7,068,551
4,832,064
4,531,682
Social security costs
748,032
679,930
518,643
469,875
Pension costs
149,503
131,176
92,385
79,868
8,465,723
7,879,657
5,443,092
5,081,425
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
598,098
576,730
Company pension contributions to defined contribution schemes
7,276
6,448
605,374
583,178
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
209,913
205,012
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
186
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
358,616
361,824
Other interest on financial liabilities
326,871
297,450
Interest on finance leases and hire purchase contracts
496,095
510,061
Other interest
52,418
53,976
Total finance costs
1,234,000
1,223,311
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
1,844,756
(1,451,159)
Adjustment in respect of prior periods
(176,580)
Total deferred tax
1,844,756
(1,627,739)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
6,981,949
(6,073,035)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,745,487
(1,427,163)
Tax effect of expenses that are not deductible in determining taxable profit
163,004
143,749
Effect of change in corporation tax rate
-
(87,070)
Research and development tax credit
(63,735)
(61,749)
Deferred tax adjustments in respect of prior years
(176,580)
Other
(18,926)
Taxation charge/(credit)
1,844,756
(1,627,739)
Factors that may affect future tax charges
A rate of 25% (2023: 25%) has been used for purposes of providing for the effects of deferred taxation, in line with the main rate of UK Corporation tax effective from 1 April 2023.
12
Intangible fixed assets
Group
Patents & licences
£
Cost
At 1 January 2024 and 31 December 2024
15,620
Amortisation and impairment
At 1 January 2024
7,949
Amortisation charged for the year
1,499
At 31 December 2024
9,448
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 27 -
Carrying amount
At 31 December 2024
6,172
At 31 December 2023
7,671
Company
Patents & licences
£
Cost
At 1 January 2024 and 31 December 2024
15,620
Amortisation and impairment
At 1 January 2024
7,949
Amortisation charged for the year
1,499
At 31 December 2024
9,448
Carrying amount
At 31 December 2024
6,172
At 31 December 2023
7,671
Group & Company
The total carrying amount of intangible fixed assets is pledged as security for the bank borrowings of the group under a fixed and floating charge.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
21,673,744
221,154
32,203,272
549,962
18,995
54,667,127
Additions
93,463
803,768
34,214
931,445
Disposals
(463,945)
(219,938)
(1,784)
(685,667)
At 31 December 2024
21,303,262
221,154
32,787,102
582,392
18,995
54,912,905
Depreciation and impairment
At 1 January 2024
1,989,706
219,548
12,118,897
336,331
12,663
14,677,145
Depreciation charged in the year
589,462
1,026
2,164,670
67,600
4,749
2,827,507
Eliminated in respect of disposals
(463,945)
(202,127)
(1,831)
(667,903)
At 31 December 2024
2,115,223
220,574
14,081,440
402,100
17,412
16,836,749
Carrying amount
At 31 December 2024
19,188,039
580
18,705,662
180,292
1,583
38,076,156
At 31 December 2023
19,684,038
1,606
20,084,375
213,631
6,332
39,989,982
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
17,914,082
221,154
9,507,878
471,094
18,995
28,133,203
Additions
83,561
291,012
32,386
406,959
Disposals
(5,340)
(5,340)
At 31 December 2024
17,997,643
221,154
9,793,550
503,480
18,995
28,534,822
Depreciation and impairment
At 1 January 2024
850,370
219,548
2,532,261
269,797
12,663
3,884,639
Depreciation charged in the year
484,952
1,026
580,296
61,983
4,749
1,133,006
Eliminated in respect of disposals
(5,054)
(5,054)
At 31 December 2024
1,335,322
220,574
3,107,503
331,780
17,412
5,012,591
Carrying amount
At 31 December 2024
16,662,321
580
6,686,047
171,700
1,583
23,522,231
At 31 December 2023
17,063,712
1,606
6,975,617
201,297
6,332
24,248,564
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
15,165,871
16,373,525
7,253,405
8,009,832
Group & Company
The total carrying amount of tangible fixed assets is pledged as security for the bank borrowings of the group under a fixed and floating charge.
The obligations under finance leases or hire purchase contracts are secured on the underlying assets.
Group
During the year, the anticipated decommissioning costs for the freehold property owned by a subsidiary company have been re-assessed as being £Nil (2023: £450,000) as these works are no longer expected to be required. As such, an amount of £450,000 has been recognised as a disposal for the year.
As part of the directors' annual review of the carrying value of all items of property, plant and equipment, the above noted disposal has resulted in the reversal of a previous impairment of £450,000 on this asset, which has been recognised in the statement of comprehensive income as an exceptional item.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
15
15
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
15
Carrying amount
At 31 December 2024
15
At 31 December 2023
15
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dairy Partners (Cymru Wales) Limited
Dairy Partners, Oldends Lane, Oldends, Stonehouse, Gloucestershire, GL10 3RL
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
6,542,743
3,609,593
5,981,956
3,029,837
Work in progress
192,212
100,746
-
-
Finished goods and goods for resale
3,342,520
3,782,557
2,147,291
2,003,137
10,077,475
7,492,896
8,129,247
5,032,974
Group & Company
The total carrying amount of stock is pledged as security for the bank borrowings of the group under a fixed and floating charge.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,677,766
14,430,304
18,677,766
14,430,304
Corporation tax recoverable
478,672
478,672
Other debtors
336,948
479,728
195,215
177,686
Prepayments and accrued income
508,439
400,476
143,016
138,310
19,523,153
15,789,180
19,015,997
15,224,972
Group & Company
The total carrying value of debtors is pledged as security for the bank borrowings of the group under a fixed and floating charge.
As at 31 December 2024, trade debtors for the group included an amount of £13,188,679 (2023: £12,476,278) which was subject to an invoice financing arrangement. Amounts owing under invoice financing arrangements are secured by a fixed and floating charge over certain of the group's assets.
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
600,000
600,000
600,000
600,000
Obligations under finance leases
21
2,301,584
2,585,070
971,479
1,190,018
Other borrowings
20
4,307,189
4,860,064
4,307,189
4,860,064
Trade creditors
10,099,198
10,105,419
2,989,152
2,697,562
Amounts owed to group undertakings
20,010,594
13,469,961
Other taxation and social security
183,152
206,195
127,430
143,574
Other creditors
681,736
857,416
657,083
826,025
Accruals and deferred income
2,154,885
1,553,142
726,859
711,597
20,327,744
20,767,306
30,389,786
24,498,801
Amounts owed to group undertakings included within other creditors are unsecured, interest free, have no fixed repayment date and are repayable on demand.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
4,100,000
4,700,000
4,100,000
4,700,000
Obligations under finance leases
21
6,486,033
8,160,347
4,022,289
4,381,930
Accruals and deferred income
55,652
10,586,033
12,915,999
8,122,289
9,081,930
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,700,000
5,300,000
4,700,000
5,300,000
Other borrowings
4,307,189
4,860,064
4,307,189
4,860,064
9,007,189
10,160,064
9,007,189
10,160,064
Payable within one year
4,907,189
5,460,064
4,907,189
5,460,064
Payable after one year
4,100,000
4,700,000
4,100,000
4,700,000
Other borrowings are in relation to amounts owing under invoice financing arrangements, are repayable on demand and secured by a fixed and floating charge over certain group assets.
Bank loans are repayable via monthly repayments of £50,000, with the remaining balance all repayable by October 2027 and are secured by a fixed and floating charge over all of the group's assets.
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,301,585
2,585,071
971,480
1,190,017
In two to five years
6,377,538
7,225,051
3,913,794
3,604,293
In over five years
108,494
935,295
108,494
777,638
8,787,617
10,745,417
4,993,768
5,571,948
Finance lease obligations are secured on the underlying assets.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Other Provisions
-
450,000
-
-
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Provisions for liabilities
(Continued)
- 33 -
Movements on provisions:
Group
£
At 1 January 2024
450,000
Reversal of provision
(450,000)
At 31 December 2024
-
A provision had previously been recognised for the anticipated cost to return freehold land and buildings owned by a group company to a condition that is fit for use. It is the directors' current expectation that no such works will be required and accordingly the provision has been reduced to £Nil.
The expected cash outflows were previously discounted at what the directors consider to be an appropriate discount rate and after taking into account the expected annual inflation, no finance charge has arisen for the year.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Difference between cost and carrying amount of property, plant and equipment on acquisition
1,074,276
1,074,276
Tax losses
(1,548,420)
(3,367,048)
Accelerated capital allowances
5,927,834
6,014,454
Other timing differences
(3,183)
(115,931)
5,450,507
3,605,751
Liabilities
Liabilities
2024
2023
Company
£
£
Tax losses
(1,548,420)
(2,496,081)
Accelerated capital allowances
3,319,880
3,432,233
Other timing differences
(1,978)
(2,139)
1,769,482
934,013
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Deferred taxation
(Continued)
- 34 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
3,605,751
934,013
Charge to profit or loss
1,844,756
835,469
Liability at 31 December 2024
5,450,507
1,769,482
A rate of 25% (2023: 25%) has been used for purposes of providing for the effects of deferred taxation, in line with the main rate of UK Corporation Tax effective from 1 April 2023.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
3,000
300
3
3
Ordinary A of 0.1p each
78
-
-
-
Each Ordinary share is entitled to:
a) one vote in any circumstances
b) equal rights to dividends: and
c) participate in the winding up of the company.
Each Ordinary A share is entitled to:
a) no voting rights
b) entitiled to participate in dividends or other distributions if the directors deem that the aggregate value of all shares is greater than the hurdle amount; and
c) participate in the winding up of the company.
On a return of assets or capital reduction, amounts shall first be paid to holders of the Ordinary shares up to the hurdle amount on a pro rata basis, second to the holdings of A Ordinary shares an amount inline with the A Ordinary share allocation as per the Articles of Association.
On 4 March 2024 there was a sub-division of 300 Ordinary 1p shares to 3,000 Ordinary 0.1p shares.
On 26 March 2024, 78 Ordinary A Shares were allotted with a nominal value of 0.1p per share.
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
25
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,999
6,999
6,999
6,999
Issue of new shares
50,544
-
50,544
-
At the end of the year
57,543
6,999
57,543
6,999
The share premium represents the amount subscribed for share capital in excess of nominal value.
26
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
50
50
50
50
The capital redemption reserve relates to amounts transferred from share capital on redemption of issued shares.
27
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
26,791,435
31,236,731
10,978,967
12,823,981
Profit/(loss) for the year
5,137,193
(4,445,296)
(49,199)
(1,845,014)
At the end of the year
31,928,628
26,791,435
10,929,768
10,978,967
Retained earnings are profits generated by the group that are not distributed to investors but are either reinvested in the business or kept as a reserve for specific objectives.
28
Contingent liabilities
As at 31 December 2024, the group and the company had contingent liabilities of £Nil (2023: £Nil).
29
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
58,918
-
-
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
30
Related party transactions
Transactions with related parties
Loan interest
2024
2023
£
£
Company
Entities under common control
2,803
-
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Company
Entities under common control
24,000
48,000
31
Directors' transactions
Included within other creditors is £600,000 (2023: £770,000) relating to two (2023: three) separate directors' loan account balances owed to the directors. Interest accrued at a market rate of 7.5% per annum. Interest of £49,615 was charged during the year (2023: £53,976). As at 31 December 2024, an amount of £14,295 (2023: £17,872) was accrued for, but unpaid.
Details of overdrawn director loan accounts are included below.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director loan
2.25
-
25,178
25,178
-
25,178
25,178
DAIRY PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
32
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
5,137,193
(4,445,296)
Adjustments for:
Taxation charged/(credited)
1,844,756
(1,627,739)
Finance costs
1,234,000
1,223,311
Investment income
(186)
Loss on disposal of tangible fixed assets
17,108
11,740
Amortisation and impairment of intangible assets
1,499
1,536
Depreciation and impairment of tangible fixed assets
2,827,507
3,017,945
Government grants
(108,961)
(108,961)
Decrease in provisions
(450,000)
-
Movements in working capital:
(Increase)/decrease in stocks
(2,584,579)
2,746,539
(Increase)/decrease in debtors
(4,187,467)
998,728
Increase/(decrease) in creditors
620,108
(2,630,010)
Cash generated from/(absorbed by) operations
4,350,978
(812,207)
Non-cash transactions
During the year, the group entered into lease agreements in respect of assets with a total capital value at inception of the lease of £Nil (2023: £1,908,849).
33
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,257,814
(590,262)
667,552
Borrowings excluding overdrafts
(10,160,064)
1,152,875
(9,007,189)
Obligations under finance leases
(10,745,417)
1,957,800
(8,787,617)
(19,647,667)
2,520,413
(17,127,254)
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