AN_UDDER_COMPANY_LIMITED - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

An Udder Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 Avebury Boulevard, Milton Keynes, MK9 1FH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the group's annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had an impact on the company’s operations, although not significant due to the industry in which the group operates. In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the group of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact and decisions were made in the trading subsidiary to secure sufficient inventory and confirm continued supply chains to reduce the impact of the pandemic. The group has continued to generate healthy profits and cash flow since the year end and this is expected to continue as the group continues to grow.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small group and the company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare consolidated accounts.

Included within other payables are preference shares classified as financial liabilities and accumulated unpaid interest of £nil (2019 - £159,387).

During the year, the company had a share option plan in operation, under which 2,990 options had been previously granted to an employee of a subsidiary company, at an exercise price of £4.

The option can only be exercised upon the sale of the company. If the options remain unexercised after a period of five years from the date of the grant or if the option holder ceases employment the options expire. The directors have recorded no charge within the statement of income and retained earnings on the grounds of immateriality. No options have vested or been exercised during the year and all options granted are due to lapse in September 2020.

During the year the company repurchased 63,332 preference shares (2019 - 63,334). As at the Statement of Financial Position date the company had repurchased all issued preference share capital.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Since the year end dividends totalling £474,613 have been declared.

Advances or credits have been granted by the company to its directors as follows: