| REGISTERED NUMBER: 02873177 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| COUNTY MILK PRODUCTS LIMITED |
| REGISTERED NUMBER: 02873177 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| COUNTY MILK PRODUCTS LIMITED |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 | to | 32 |
| COUNTY MILK PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Benjamin Furness |
| AUDITORS: |
| Statutory Auditor and |
| Chartered Accountants |
| 123 Wellington Road South |
| Stockport |
| Cheshire |
| SK1 3TH |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31st December 2024. |
| REVIEW OF BUSINESS |
| The consolidated profit for the year after taxation amounted to £1,027,674 (2023 profit £1,354,863). |
| The directors are pleased to report that the underlying business model continues to generate good profitability. |
| In 2024 trading conditions have shown increased volatility with tightening of milk supplies, significantly increased commodity prices, and continued cost inflation pressure. As a key player in the domestic and international dairy trading markets with access to a range of efficient manufacturing capabilities, County Milk is well-placed to turn these challenges into good profitable business opportunities. |
| In 2025 core trading along with continued diversification of our operations has and will further allow us to take advantage of new strategic opportunities to drive future growth. |
| ON BEHALF OF THE BOARD: |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31st December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 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 company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| AUDITORS |
| The auditors, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTY MILK PRODUCTS LIMITED |
| Opinion |
| We have audited the financial statements of COUNTY MILK PRODUCTS LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTY MILK PRODUCTS LIMITED |
| 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTY MILK PRODUCTS LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Extent to which the audit was considered capable of detecting irregularities, including fraud |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets; |
| - results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities; |
| - any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
| Audit response to risks identified |
| Our procedure to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management and the board of directors concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTY MILK PRODUCTS LIMITED |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor and |
| Chartered Accountants |
| 123 Wellington Road South |
| Stockport |
| Cheshire |
| SK1 3TH |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 4 | 260,715,645 | 243,609,279 |
| Cost of sales | 246,683,735 | 230,273,147 |
| GROSS PROFIT | 14,031,910 | 13,336,132 |
| Distribution costs | 2,585 | 1,133 |
| Administrative expenses | 11,331,647 | 10,534,117 |
| 11,334,232 | 10,535,250 |
| OPERATING PROFIT | 6 | 2,697,678 | 2,800,882 |
| Interest receivable and similar income | 1,490 | 1,551 |
| 2,699,168 | 2,802,433 |
| Interest payable and similar expenses | 7 | 1,509,494 | 1,570,273 |
| PROFIT BEFORE TAXATION | 1,189,674 | 1,232,160 |
| Tax on profit | 8 | 162,000 | (122,703 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,027,674 | 1,354,863 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,027,674 | 1,354,863 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of tangible fixed assets |
| Income tax relating to other comprehensive income |
12,751 |
13,325 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
12,751 |
13,325 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,040,425 |
1,368,188 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,040,425 | 1,368,188 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONSOLIDATED BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 3 | 3 |
| Tangible assets | 11 | 4,290,883 | 3,794,260 |
| Investments | 12 | - | - |
| 4,290,886 | 3,794,263 |
| CURRENT ASSETS |
| Stocks | 13 | 27,970,428 | 22,489,743 |
| Debtors | 14 | 30,883,456 | 29,720,119 |
| Cash at bank and in hand | 286,091 | 316,912 |
| 59,139,975 | 52,526,774 |
| CREDITORS |
| Amounts falling due within one year | 15 | 49,230,456 | 43,310,481 |
| NET CURRENT ASSETS | 9,909,519 | 9,216,293 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
14,200,405 |
13,010,556 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(183,229 |
) |
(251,945 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (333,945 | ) | (116,237 | ) |
| NET ASSETS | 13,683,231 | 12,642,374 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 6,888 | 6,456 |
| Share premium | 21 | 119,856 | 119,856 |
| Revaluation reserve | 21 | 144,328 | 173,238 |
| Capital redemption reserve | 21 | 5,100 | 5,100 |
| Retained earnings | 21 | 13,407,059 | 12,337,724 |
| SHAREHOLDERS' FUNDS | 13,683,231 | 12,642,374 |
| The financial statements were approved by the Board of Directors and authorised for issue on 17th July 2025 and were signed on its behalf by: |
| Mr J N Langslow - Director |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| COMPANY BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 19 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Capital redemption reserve | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 967,273 | 1,422,589 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1st January 2023 | 6,456 | 10,929,560 | 119,856 |
| Changes in equity |
| Total comprehensive income | - | 1,354,863 | - |
| Revaluation transfer | - | 53,301 | - |
| Balance at 31st December 2023 | 6,456 | 12,337,724 | 119,856 |
| Changes in equity |
| Issue of share capital | 432 | - | - |
| Total comprehensive income | - | 1,027,674 | - |
| Revaluation transfer | - | 41,661 | - |
| Balance at 31st December 2024 | 6,888 | 13,407,059 | 119,856 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1st January 2023 | 213,214 | 5,100 | 11,274,186 |
| Changes in equity |
| Total comprehensive income | 13,325 | - | 1,368,188 |
| Revaluation transfer | (53,301 | ) | - | - |
| Balance at 31st December 2023 | 173,238 | 5,100 | 12,642,374 |
| Changes in equity |
| Issue of share capital | - | - | 432 |
| Total comprehensive income | 12,751 | - | 1,040,425 |
| Revaluation transfer | (41,661 | ) | - | - |
| Balance at 31st December 2024 | 144,328 | 5,100 | 13,683,231 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1st January 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31st December 2023 |
| Changes in equity |
| Issue of share capital | - | - |
| Total comprehensive income | - | - |
| Balance at 31st December 2024 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,517,180 | 16,865,796 |
| Interest paid | (1,481,422 | ) | (1,526,157 | ) |
| Interest element of hire purchase payments paid |
(28,072 |
) |
(44,116 |
) |
| Tax paid | 68,459 | 110,869 |
| Net cash from operating activities | 76,145 | 15,406,392 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,184,902 | ) | (1,008,926 | ) |
| Sale of tangible fixed assets | 11,199 | 7,456 |
| Interest received | 1,490 | 1,551 |
| Net cash from investing activities | (1,172,213 | ) | (999,919 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (68,712 | ) | 307,095 |
| Amount withdrawn by directors | (590,336 | ) | (911,929 | ) |
| Share issue | 432 | - |
| Invoice discounting facility | 1,638,863 | (13,458,555 | ) |
| Group loans repaid / (advanced) | 85,000 | (65,000 | ) |
| Net cash from financing activities | 1,065,247 | (14,128,389 | ) |
| (Decrease)/increase in cash and cash equivalents | (30,821 | ) | 278,084 |
| Cash and cash equivalents at beginning of year |
2 |
316,912 |
38,828 |
| Cash and cash equivalents at end of year | 2 | 286,091 | 316,912 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 1,189,674 | 1,232,160 |
| Depreciation charges | 675,511 | 569,367 |
| Loss on disposal of fixed assets | 1,568 | - |
| Finance costs | 1,509,494 | 1,570,273 |
| Finance income | (1,490 | ) | (1,551 | ) |
| 3,374,757 | 3,370,249 |
| (Increase)/decrease in stocks | (5,480,685 | ) | 8,484,505 |
| (Increase)/decrease in trade and other debtors | (1,153,264 | ) | 6,114,389 |
| Increase/(decrease) in trade and other creditors | 4,776,372 | (1,103,347 | ) |
| Cash generated from operations | 1,517,180 | 16,865,796 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31st December 2024 |
| 31/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 286,091 | 316,912 |
| Year ended 31st December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 316,912 | 38,828 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 316,912 | (30,821 | ) | 286,091 |
| 316,912 | (30,821 | ) | 286,091 |
| Debt |
| Finance leases | (320,617 | ) | 68,712 | (251,905 | ) |
| (320,617 | ) | 68,712 | (251,905 | ) |
| Total | (3,705 | ) | 37,891 | 34,186 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | COMPANY INFORMATION |
| County Milk Products Limited is a company limited by share capital and is incorporated in England and Wales. The registered office address is Dean Court, 85 Adlington Road, Wilmslow, Cheshire, SK9 2BT. |
| The nature of the company's operations and its principal activity is the sale of dairy commodities and specialist food ingredients. |
| 2. | STATUTORY INFORMATION |
| COUNTY MILK PRODUCTS LIMITED is a |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 31 December 2024. |
| A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
| Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
| Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet immediately below goodwill. |
| All inter-group transactions, balances, income and expenses are eliminated in full on consolidation. |
| Associates and joint ventures |
| An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control. |
| An entity is an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. |
| In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition. |
| Any premium on acquisition is dealt with in accordance with the goodwill policy. |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
| i) the Company has transferred the significant risks and rewards of ownership to the buyer; |
| ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| iii) the amount of turnover can be measured reliably; |
| iv) it is probable that the Company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant & machinery | - |
| Fixtures & fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand, demand deposits deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of section 11 Basic Financial Instruments and section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments. |
| Financial assets and liabilities are offset, with 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 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 consitutes 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. |
| 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 company 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. |
| Other financial liabilities |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 derivatives 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 though 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. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Interest bearing borrowings |
| Interest bearing borrowing are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 198,755,451 | 176,118,178 |
| Europe | 61,960,194 | 67,491,101 |
| 260,715,645 | 243,609,279 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 5,693,528 | 5,906,370 |
| Social security costs | 533,474 | 585,827 |
| Other pension costs | 425,761 | 615,409 |
| 6,652,763 | 7,107,606 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration and support |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 918,018 | 1,639,060 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 6 | 6 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 226,812 | 405,688 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 78,648 | 62,943 |
| Depreciation - owned assets | 629,704 | 569,366 |
| Depreciation - assets on hire purchase contracts | 45,808 | - |
| Loss on disposal of fixed assets | 1,568 | - |
| Auditors' remuneration | 39,500 | 35,750 |
| Foreign exchange differences | 10,540 | 10,278 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank and factoring interest | 1,388,251 | 1,335,751 |
| Bank loan interest | 93,171 | 190,406 |
| Hire purchase | 28,072 | 44,116 |
| 1,509,494 | 1,570,273 |
| 8. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| Prior year corporation tax | (68,459 | ) | (110,869 | ) |
| Deferred tax | 230,459 | (11,834 | ) |
| Tax on profit | 162,000 | (122,703 | ) |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 1,189,674 | 1,232,160 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
297,419 |
308,040 |
| Effects of: |
| Expenses not deductible for tax purposes | 117,893 | 113,343 |
| Utilisation of tax losses | (184,853 | ) | (431,380 | ) |
| Adjustments to tax charge in respect of previous periods | (68,459 | ) | (110,869 | ) |
| Super deduction allowances | - | (1,837 | ) |
| Total tax charge/(credit) | 162,000 | (122,703 | ) |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets | - | 12,751 | 12,751 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets | - | 13,325 | 13,325 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 | (160,723 | ) |
| AMORTISATION |
| At 1st January 2024 |
| and 31st December 2024 | (160,726 | ) |
| NET BOOK VALUE |
| At 31st December 2024 | 3 |
| At 31st December 2023 | 3 |
| Company |
| Goodwill |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| AMORTISATION |
| At 1st January 2024 |
| and 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| to | Plant & | Fixtures |
| property | machinery | & fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st January 2024 | 673,780 | 4,032,927 | 693,130 |
| Additions | 330,321 | 430,990 | 125,167 |
| Disposals | - | (7,517 | ) | (702 | ) |
| At 31st December 2024 | 1,004,101 | 4,456,400 | 817,595 |
| DEPRECIATION |
| At 1st January 2024 | 161,734 | 1,401,165 | 489,120 |
| Charge for year | 51,708 | 419,383 | 34,169 |
| Eliminated on disposal | - | (5,074 | ) | (175 | ) |
| At 31st December 2024 | 213,442 | 1,815,474 | 523,114 |
| NET BOOK VALUE |
| At 31st December 2024 | 790,659 | 2,640,926 | 294,481 |
| At 31st December 2023 | 512,046 | 2,631,762 | 204,010 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st January 2024 | 658,231 | 250,598 | 6,308,666 |
| Additions | 269,467 | 28,957 | 1,184,902 |
| Disposals | (39,531 | ) | - | (47,750 | ) |
| At 31st December 2024 | 888,167 | 279,555 | 7,445,818 |
| DEPRECIATION |
| At 1st January 2024 | 248,310 | 214,077 | 2,514,406 |
| Charge for year | 150,820 | 19,432 | 675,512 |
| Eliminated on disposal | (29,734 | ) | - | (34,983 | ) |
| At 31st December 2024 | 369,396 | 233,509 | 3,154,935 |
| NET BOOK VALUE |
| At 31st December 2024 | 518,771 | 46,046 | 4,290,883 |
| At 31st December 2023 | 409,921 | 36,521 | 3,794,260 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 31st December 2024 is represented by: |
| Improvements |
| to | Plant & | Fixtures |
| property | machinery | & fittings |
| £ | £ | £ |
| Valuation in 2017 | 1,000 | 557,396 | - |
| Cost | 1,003,101 | 3,899,004 | 817,595 |
| 1,004,101 | 4,456,400 | 817,595 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2017 | 13,893 | 11,028 | 583,317 |
| Cost | 874,274 | 268,527 | 6,862,501 |
| 888,167 | 279,555 | 7,445,818 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant & |
| machinery |
| £ |
| COST OR VALUATION |
| At 1st January 2024 |
| and 31st December 2024 | 458,082 |
| DEPRECIATION |
| At 1st January 2024 | 45,808 |
| Charge for year | 45,808 |
| At 31st December 2024 | 91,616 |
| NET BOOK VALUE |
| At 31st December 2024 | 366,466 |
| At 31st December 2023 | 412,274 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Improvements |
| to | Plant & | Fixtures | Motor |
| property | machinery | & fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in | Interest |
| group | in joint |
| undertakings | venture | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 | 310,002 |
| NET BOOK VALUE |
| At 31st December 2024 | 310,002 |
| At 31st December 2023 | 310,002 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The following were investment undertakings of the company: |
Name |
Country of Incorporation |
Class of Shares |
Holding |
Principal Activity |
The Protein Partners Ltd* |
England and Wales |
Ordinary |
100% |
Manufacture food products in the fitness industry |
County Food Ingredients Ltd * |
England and Wales |
Ordinary |
100% |
Wholesale of Dairy products |
Oak Leaf Dairy Products Ltd ** |
England and Wales |
Ordinary |
100% |
Production of Milk products |
| * Subsidiary of County Milk Products Limited |
| ** Joint venture of County Milk Products Limited |
| The registered office for all the above companies is Dean Court, 85 Adlington road, Wilmslow, Cheshire, Sk9 2BT |
| 13. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Stocks | 26,333,316 | 20,970,954 |
| Raw materials | 1,642,646 | 1,521,780 |
| Work-in-progress | (5,534 | ) | (2,991 | ) |
| 27,970,428 | 22,489,743 |
| Stock recognised in cost of sales during the year is £236,493,377 (2023: £219,131,191). |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 26,523,749 | 25,864,150 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by participating interests | 2,122,500 | 2,207,500 |
| Directors' loan accounts | 95,073 | - |
| VAT | 1,200,826 | 1,088,965 |
| Prepayments and accrued income | 941,308 | 559,504 |
| 30,883,456 | 29,720,119 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 17) | 68,676 | 68,672 |
| Trade creditors | 21,522,166 | 20,267,848 |
| Social security and other taxes | 209,573 | 380,769 |
| Other creditors | 508,201 | 478,394 |
| Invoice discounting | 17,365,290 | 15,726,428 |
| Directors' loan accounts | 877,878 | 1,373,141 |
| Accruals and deferred income | 8,678,672 | 5,015,229 |
| 49,230,456 | 43,310,481 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 17) | 183,229 | 251,945 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 68,676 | 68,672 |
| Between one and five years | 183,229 | 251,945 |
| 251,905 | 320,617 |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 111,000 | 111,733 |
| Between one and five years | 302,750 | 345,000 |
| In more than five years | - | 68,750 |
| 413,750 | 525,483 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts | 251,905 | 320,617 | - | - |
| Invoice discounting | 17,365,290 | 15,726,428 | 17,365,290 | 15,726,428 |
| 17,617,195 | 16,047,045 |
| The invoice discounting creditor is secured upon specific book debts to which it relates. |
| The finance leases are secured upon the assets to which they relate. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 814,330 | 656,785 |
| Tax losses carried forward | (522,046 | ) | (594,960 | ) | ( |
) |
| Asset revaluation | 41,661 | 54,412 | - | - |
| 333,945 | 116,237 | 117,687 | - |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2024 | 116,237 |
| Provided during year | 230,459 |
| Amount charged to OCI | (12,751 | ) |
| Balance at 31st December 2024 | 333,945 |
| Company |
| Deferred |
| tax |
| £ |
| Provided during year |
| Balance at 31st December 2024 |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 5,164 | 5,164 |
| Ordinary B | £1 | 1,292 | 1,292 |
| Ordinary C | £1 | 432 | - |
| 6,888 | 6,456 |
| 432 Ordinary C shares of £1 each were allotted and fully paid for |
| The share classes above carry differential rights to dividends and the Ordinary B shares have attached to them capital distribution (including on winding-up) restrictions. In all other respects the shares rank pari-passu. |
| 21. | RESERVES |
| Group |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1st January 2024 | 12,337,724 | 119,856 | 173,238 | 5,100 | 12,635,918 |
| Profit for the year | 1,027,674 | 1,027,674 |
| Deferred tax on revaluation | - | - | 12,751 | - | 12,751 |
| Revaluation transfer | 41,661 | - | (41,661 | ) | - | - |
| At 31st December 2024 | 13,407,059 | 119,856 | 144,328 | 5,100 | 13,676,343 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1st January 2024 | 13,867,096 |
| Profit for the year |
| At 31st December 2024 | 14,834,369 |
| 22. | PENSION COMMITMENTS |
| The company operated a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £425,761 (2023 £615,409). |
| COUNTY MILK PRODUCTS LIMITED (REGISTERED NUMBER: 02873177) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023: |
| 2024 | 2023 |
| £ | £ |
| P White |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 95,030 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 95,030 | - |
| D Murphy |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 43 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 43 | - |
| No interest was charged on these advances, in accordance with an agreement between the company and the directors. |
| 24. | RELATED PARTY DISCLOSURES |
| Total key management compensation, including social security and pension contributions, was £1,159,413 (2023: £2,174,279). |
| Entities over which the entity has control, joint control or significant influence |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party | 2,122,500 | 2,207,500 |
| Key management personnel of the entity or its parent (in the aggregate) |
| 2024 | 2023 |
| £ | £ |
| Purchases | 18,000 | 18,000 |
| 25. | ULTIMATE CONTROLLING PARTY |
| The controlling party is J N Langslow. |