Company registration number:
South Widcombe Dairy Limited
for the Year Ended 31 March 2025
Company registration number:
South Widcombe Dairy Limited
for the Year Ended 31 March 2025
South Widcombe Dairy Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
South Widcombe Dairy Limited
Company Information
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Directors |
Mr C R J Gay Mrs C K Gay Mr T C J Gay Mr J H B Gay |
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Company secretary |
Mr T C J Gay |
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Registered office |
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Accountants |
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South Widcombe Dairy Limited
(Registration number: 07207694)
Balance Sheet as at 31 March 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Biological assets |
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Current assets |
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Biological assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
6 |
6 |
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Profit and loss account |
98,302 |
100,778 |
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Total equity |
98,308 |
100,784 |
South Widcombe Dairy Limited
(Registration number: 07207694)
Balance Sheet as at 31 March 2025
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
North Widcombe Farm
North Widcombe
BRISTOL
Somerset
BS40 6HP
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of milk and livestock. Turnover is shown net of VAT and is recognised at the point of dispatch.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Government grants
Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
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Asset class |
Amortisation method and rate |
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Basic payment scheme entitlements |
6-8 years straight line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
0% reducing balance |
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Plant and machinery |
15% reducing balance |
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Motor vehicles |
15% reducing balance |
Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at fair value by reference to active market prices at the year end. Assets within the classification comprise a dairy herd.
Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Dairy herd |
Depreciated to cull value over useful life of 5 years on straight line basis |
Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Dairy and beef followers are measured at fair value by reference to active market prices at the year end.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Stocks
Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Security is provided by way of the assets themselves.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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BPS Entitlements |
Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
- |
- |
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At 31 March 2024 |
- |
- |
Basic payment scheme entitlements
The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss account and is recognised as other operating income. The entitlements have now been fully amortised and so there is no impact on the profit and loss account for this year.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
- |
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- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
- |
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Charge for the year |
- |
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At 31 March 2025 |
- |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the net book value of land and buildings above is £12,000 (2024 - £12,000) in respect of freehold land and buildings.
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Non current biological assets |
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Dairy herd |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
25,018 |
25,018 |
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Carrying amount |
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At 31 March 2025 |
134,487 |
134,487 |
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At 31 March 2024 |
127,287 |
127,287 |
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Current biological assets |
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Dairy followers
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Beef youngstock
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Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
- |
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Disposals |
(36,350) |
- |
( |
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At 31 March 2025 |
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Depreciation |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Other debtors |
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South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
25,866 |
22,621 |
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Taxation and social security |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
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Mr T C J Gay |
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Loans bearing interest at HMRC offical rate with no fixed terms for repayment |
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( |
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2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
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Mr T C J Gay |
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Loans bearing interest at HMRC offical rate with no fixed terms for repayment |
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( |
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South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Transition to FRS 102 |
Balance Sheet at 1 April 2023
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As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
153,599 |
- |
- |
153,599 |
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Other financial assets |
152,744 |
- |
- |
152,744 |
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306,343 |
- |
- |
306,343 |
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Current assets |
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Stocks |
90,000 |
- |
- |
90,000 |
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Debtors |
219,276 |
- |
- |
219,276 |
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Cash at bank and in hand |
(103,388) |
- |
- |
(103,388) |
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205,888 |
- |
- |
205,888 |
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Creditors: Amounts falling due within one year |
(197,906) |
- |
- |
(197,906) |
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Net current assets |
7,982 |
- |
- |
7,982 |
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Total assets less current liabilities |
314,325 |
- |
- |
314,325 |
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Creditors: Amounts falling due after more than one year |
(232,521) |
- |
- |
(232,521) |
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Provisions for liabilities |
- |
- |
(22,441) |
(22,441) |
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Net assets/(liabilities) |
81,804 |
- |
(22,441) |
59,363 |
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Capital and reserves |
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Called up share capital |
6 |
- |
- |
6 |
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Retained earnings |
81,798 |
- |
(22,441) |
59,357 |
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Total equity |
81,804 |
- |
(22,441) |
59,363 |
South Widcombe Dairy Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Balance Sheet at 31 March 2024
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As originally reported |
Reclassification |
Remeasurement |
As restated |
|
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Fixed assets |
||||
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Tangible assets |
138,147 |
- |
- |
138,147 |
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Other financial assets |
127,287 |
- |
- |
127,287 |
|
265,434 |
- |
- |
265,434 |
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Current assets |
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Stocks |
146,550 |
- |
- |
146,550 |
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Debtors |
279,826 |
- |
- |
279,826 |
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Cash at bank and in hand |
(99,001) |
- |
- |
(99,001) |
|
327,375 |
- |
- |
327,375 |
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Creditors: Amounts falling due within one year |
(239,416) |
- |
- |
(239,416) |
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Net current assets |
87,959 |
- |
- |
87,959 |
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Total assets less current liabilities |
353,393 |
- |
- |
353,393 |
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Creditors: Amounts falling due after more than one year |
(228,337) |
- |
- |
(228,337) |
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Provisions for liabilities |
- |
- |
(24,272) |
(24,272) |
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Net assets/(liabilities) |
125,056 |
- |
(24,272) |
100,784 |
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Capital and reserves |
||||
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Called up share capital |
6 |
- |
- |
6 |
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Retained earnings |
125,050 |
- |
(24,272) |
100,778 |
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Total equity |
125,056 |
- |
(24,272) |
100,784 |