Registered number
09924454
Teme Dairy Limited
Filleted Accounts
31 December 2024
Teme Dairy Limited
Registered number: 09924454
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,700 15,175
Tangible assets 4 58,982 71,434
69,682 86,609
Current assets
Stocks 3,749 2,342
Debtors 5 64,018 80,799
Cash at bank and in hand 19,149 9,436
86,916 92,577
Creditors: amounts falling due within one year 6 (87,473) (91,918)
Net current (liabilities)/assets (557) 659
Total assets less current liabilities 69,125 87,268
Creditors: amounts falling due after more than one year 7 (19,578) (18,836)
Provisions for liabilities (11,208) (13,573)
Net assets 38,339 54,859
Capital and reserves
Called up share capital 2 2
Profit and loss account 38,337 54,857
Shareholders' funds 38,339 54,859
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Loveys
Director
Approved by the board on 21 May 2025
Teme Dairy Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 44,750
Additions -
At 31 December 2024 44,750
Amortisation
At 1 January 2024 29,575
Provided during the year 4,475
At 31 December 2024 34,050
Net book value
At 31 December 2024 10,700
At 31 December 2023 15,175
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 14,956 166,328 181,284
Additions - 13,578 13,578
Disposals - (22,300) (22,300)
At 31 December 2024 14,956 157,606 172,562
Depreciation
At 1 January 2024 11,836 98,014 109,850
Charge for the year 1,005 18,956 19,961
On disposals - (16,231) (16,231)
At 31 December 2024 12,841 100,739 113,580
Net book value
At 31 December 2024 2,115 56,867 58,982
At 31 December 2023 3,120 68,314 71,434
The net book value of Fixed Assets included in the above, which are held under hire purchase contracts at 31st December 2024, amounts to £30,712 (2023 : £36,378). The depreciation charge for the period on assets held under hire purchase contracts for the period to 31st December 2024 amounts to £10,237 (2023 : £12,126).
5 Debtors 2024 2023
£ £
Trade debtors 60,679 76,615
Other debtors 3,339 4,184
64,018 80,799
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,065 10,087
Trade creditors 59,573 69,868
Corporation tax 2,824 3,475
Other taxes and social security costs 4,344 4,390
Other creditors 9,667 4,098
87,473 91,918
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 19,578 18,836
8 Other information
Teme Dairy Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 West Field
Highnam
Gloucester
Gloucestershire
GL2 8LX
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