IRIS Accounts Production v25.1.4.42 02873177 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 The nature of the company's operations and its principal activity is the sale of dairy commodities and specialist food ingredients. true true false true true false false false true false Ordinary A 0 Ordinary B 0 Ordinary C 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028731772023-12-31028731772024-12-31028731772024-01-012024-12-31028731772022-12-31028731772023-01-012023-12-31028731772023-12-3102873177ns15:EnglandWales2024-01-012024-12-3102873177ns14:PoundSterling2024-01-012024-12-3102873177ns10:Director12024-01-012024-12-3102873177ns10:Consolidated2024-12-3102873177ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3102873177ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3102873177ns10:Consolidatedns10:FRS1022024-01-012024-12-3102873177ns10:Consolidatedns10:Audited2024-01-012024-12-3102873177ns10:LargeCompaniesRegimeForDirectorsReport2024-01-012024-12-3102873177ns10:LargeCompaniesRegimeForAccounts2024-01-012024-12-3102873177ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2024-01-012024-12-3102873177ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2024-01-012024-12-3102873177ns10:FullAccounts2024-01-012024-12-310287317712024-01-012024-12-3102873177ns10:OrdinaryShareClass12024-01-012024-12-3102873177ns10:OrdinaryShareClass22024-01-012024-12-3102873177ns10:OrdinaryShareClass32024-01-012024-12-3102873177ns10:OrdinaryShareClass332024-01-012024-12-3102873177ns10:Consolidated2024-01-012024-12-3102873177ns10:Director22024-01-012024-12-3102873177ns10:Director32024-01-012024-12-3102873177ns10:Director42024-01-012024-12-3102873177ns10:Director52024-01-012024-12-3102873177ns10:Director62024-01-012024-12-3102873177ns10:CompanySecretary12024-01-012024-12-3102873177ns10:RegisteredOffice2024-01-012024-12-3102873177ns10:Consolidated2023-01-012023-12-3102873177ns5:CurrentFinancialInstruments2024-12-3102873177ns5:CurrentFinancialInstruments2023-12-3102873177ns5:ShareCapital2024-12-3102873177ns5:ShareCapital2023-12-3102873177ns5:SharePremium2024-12-3102873177ns5:SharePremium2023-12-3102873177ns5:CapitalRedemptionReserve2024-12-3102873177ns5:CapitalRedemptionReserve2023-12-3102873177ns5:RetainedEarningsAccumulatedLosses2024-12-3102873177ns5:RetainedEarningsAccumulatedLosses2023-12-3102873177ns5:ShareCapital2022-12-3102873177ns5:RetainedEarningsAccumulatedLosses2022-12-3102873177ns5:SharePremium2022-12-3102873177ns5:CapitalRedemptionReserve2022-12-3102873177ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102873177ns5:CapitalRedemptionReserve2023-01-012023-12-3102873177ns5:ShareCapital2024-01-012024-12-3102873177ns5:SharePremium2024-01-012024-12-3102873177ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3102873177ns5:CapitalRedemptionReserve2024-01-012024-12-3102873177ns5:NetGoodwill2024-01-012024-12-3102873177ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3102873177ns5:LeaseholdImprovements2024-01-012024-12-3102873177ns5:PlantMachinery2024-01-012024-12-3102873177ns5:FurnitureFittings2024-01-012024-12-3102873177ns5:MotorVehicles2024-01-012024-12-3102873177ns5:ComputerEquipment2024-01-012024-12-3102873177ns5:NetGoodwill2023-12-3102873177ns5:NetGoodwill2024-12-3102873177ns5:NetGoodwill2023-12-3102873177ns5:LeaseholdImprovements2023-12-3102873177ns5:PlantMachinery2023-12-3102873177ns5:FurnitureFittings2023-12-3102873177ns5:MotorVehicles2023-12-3102873177ns5:LeaseholdImprovements2024-12-3102873177ns5:PlantMachinery2024-12-3102873177ns5:FurnitureFittings2024-12-3102873177ns5:MotorVehicles2024-12-3102873177ns5:LeaseholdImprovements2023-12-3102873177ns5:PlantMachinery2023-12-3102873177ns5:FurnitureFittings2023-12-3102873177ns5:MotorVehicles2023-12-3102873177ns5:CostValuation2023-12-3102873177ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3102873177ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102873177ns5:Secured2024-12-3102873177ns5:Secured2023-12-3102873177ns5:AcceleratedTaxDepreciationDeferredTax2024-12-3102873177ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3102873177ns5:TaxLossesCarry-forwardsDeferredTax2024-12-3102873177ns5:TaxLossesCarry-forwardsDeferredTax2023-12-3102873177ns5:DeferredTaxation2024-01-012024-12-3102873177ns5:DeferredTaxation2024-12-3102873177ns10:OrdinaryShareClass12024-12-3102873177ns10:OrdinaryShareClass22024-12-3102873177ns10:OrdinaryShareClass32024-12-3102873177ns5:RetainedEarningsAccumulatedLosses2023-12-3102873177ns5:SharePremium2023-12-3102873177ns5:CapitalRedemptionReserve2023-12-31
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: Mr J N Langslow
Mr P J Langslow
Mr M D Langslow
Mr P White
Mr D Murphy
Mr A D Davies



SECRETARY: Mrs M E Langslow



REGISTERED OFFICE: Dean Court
85 Adlington Road
Wilmslow
Cheshire
SK9 2BT



REGISTERED NUMBER: 02873177 (England and Wales)



SENIOR STATUTORY AUDITOR: Benjamin Furness



AUDITORS: Allens Accountants Limited
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:





Mr J N Langslow - Director


17th July 2025

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.

Mr J N Langslow
Mr P J Langslow
Mr M D Langslow
Mr P White
Mr D Murphy
Mr A D Davies

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:



Mr J N Langslow - Director


17th July 2025

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.




Benjamin Furness (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited
Statutory Auditor and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

17th July 2025

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 1,027,674 1,354,863
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 2 2
Tangible assets 11 986,527 722,467
Investments 12 310,002 310,002
1,296,531 1,032,471

CURRENT ASSETS
Stocks 13 24,930,253 19,755,972
Debtors 14 36,481,040 34,876,261
Cash at bank and in hand 69,809 213,138
61,481,102 54,845,371
CREDITORS
Amounts falling due within one year 15 47,818,689 42,004,290
NET CURRENT ASSETS 13,662,413 12,841,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,958,944

13,873,552

PROVISIONS FOR LIABILITIES 19 117,687 -
NET ASSETS 14,841,257 13,873,552

CAPITAL AND RESERVES
Called up share capital 20 6,888 6,456
Share premium 21 119,856 119,856
Capital redemption reserve 21 5,100 5,100
Retained earnings 21 14,709,413 13,742,140
SHAREHOLDERS' FUNDS 14,841,257 13,873,552

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 17th July 2025 and were signed on its behalf by:





Mr J N Langslow - Director


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 6,456 12,319,551 119,856 5,100 12,450,963

Changes in equity
Total comprehensive income - 1,422,589 - - 1,422,589
Balance at 31st December 2023 6,456 13,742,140 119,856 5,100 13,873,552

Changes in equity
Issue of share capital 432 - - - 432
Total comprehensive income - 967,273 - - 967,273
Balance at 31st December 2024 6,888 14,709,413 119,856 5,100 14,841,257

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 20 years and 5% to 25% on cost
Plant & machinery - 20% on reducing balance, 10% on cost and 5% to 25% on cost
Fixtures & fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 33% on cost and 25% on reducing balance
Computer equipment - 33% on cost

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 145 138

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 250,000
AMORTISATION
At 1st January 2024
and 31st December 2024 249,998
NET BOOK VALUE
At 31st December 2024 2
At 31st December 2023 2

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 225,999 25,264 682,646 618,231 1,552,140
Additions 91,218 2,539 123,243 246,649 463,649
Disposals - - (702 ) (39,531 ) (40,233 )
At 31st December 2024 317,217 27,803 805,187 825,349 1,975,556
DEPRECIATION
At 1st January 2024 117,796 13,180 479,984 218,713 829,673
Charge for year 11,687 2,670 31,463 143,445 189,265
Eliminated on disposal - - (175 ) (29,734 ) (29,909 )
At 31st December 2024 129,483 15,850 511,272 332,424 989,029
NET BOOK VALUE
At 31st December 2024 187,734 11,953 293,915 492,925 986,527
At 31st December 2023 108,203 12,084 202,662 399,518 722,467

12. FIXED ASSET INVESTMENTS

Company
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1st January 2024
and 31st December 2024 200,002 110,000 310,002
NET BOOK VALUE
At 31st December 2024 200,002 110,000 310,002
At 31st December 2023 200,002 110,000 310,002


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 24,930,253 19,755,972
Raw materials 1,642,646 1,521,780 - -
Work-in-progress (5,534 ) (2,991 ) - -
27,970,428 22,489,743 24,930,253 19,755,972

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 25,896,476 24,518,820
Amounts owed by group undertakings - - 6,725,697 6,900,508
Amounts owed by participating interests 2,122,500 2,207,500 2,122,500 2,207,500
Directors' loan accounts 95,073 - 95,073 -
VAT 1,200,826 1,088,965 935,397 943,710
Prepayments and accrued income 941,308 559,504 705,897 305,723
30,883,456 29,720,119 36,481,040 34,876,261

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 20,526,968 19,411,987
Social security and other taxes 209,573 380,769 144,464 312,473
Other creditors 508,201 478,394 495,641 463,432
Invoice discounting 17,365,290 15,726,428 17,365,290 15,726,428
Directors' loan accounts 877,878 1,373,141 877,878 1,373,141
Accruals and deferred income 8,678,672 5,015,229 8,408,448 4,716,829
49,230,456 43,310,481 47,818,689 42,004,290

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 17,365,290 15,726,428

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 814,330 656,785 231,114 -
Tax losses carried forward (522,046 ) (594,960 ) (113,427 ) -
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 117,687
Balance at 31st December 2024 117,687

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: £    £   
5,164 Ordinary A £1 5,164 5,164
1,292 Ordinary B £1 1,292 1,292
432 Ordinary C £1 432 -
6,888 6,456

432 Ordinary C shares of £1 each were allotted and fully paid for cash at par during the year.

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 13,742,140 119,856 5,100 13,867,096
Profit for the year 967,273 967,273
At 31st December 2024 14,709,413 119,856 5,100 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.