Plumbs Dairy Limited Filleted accounts for Companies House (small and micro)

PLUMBS DAIRY LIMITED - Company Information

53 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 999,345 21,675 1,021,020 530,567 102,102 632,669 388,351 468,778 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 07670046 2019-04-01 2020-03-31 07670046 2020-03-31 07670046 2019-03-31 07670046 2018-04-01 2019-03-31 07670046 2019-03-31 07670046 core:PlantMachinery 2019-04-01 2020-03-31 07670046 core:FurnitureFittings 2019-04-01 2020-03-31 07670046 core:MotorVehicles 2019-04-01 2020-03-31 07670046 bus:Director1 2019-04-01 2020-03-31 07670046 core:NetGoodwill 2019-03-31 07670046 core:NetGoodwill 2020-03-31 07670046 core:PlantMachinery 2019-03-31 07670046 core:FurnitureFittings 2019-03-31 07670046 core:MotorVehicles 2019-03-31 07670046 core:LandBuildings 2020-03-31 07670046 core:PlantMachinery 2020-03-31 07670046 core:FurnitureFittings 2020-03-31 07670046 core:MotorVehicles 2020-03-31 07670046 core:NetGoodwill 2019-04-01 2020-03-31 07670046 core:WithinOneYear 2020-03-31 07670046 core:WithinOneYear 2019-03-31 07670046 core:AfterOneYear 2020-03-31 07670046 core:AfterOneYear 2019-03-31 07670046 core:ShareCapital 2020-03-31 07670046 core:ShareCapital 2019-03-31 07670046 core:RetainedEarningsAccumulatedLosses 2020-03-31 07670046 core:RetainedEarningsAccumulatedLosses 2019-03-31 07670046 core:NetGoodwill 2019-03-31 07670046 core:CostValuation core:Non-currentFinancialInstruments 2020-03-31 07670046 core:Non-currentFinancialInstruments 2020-03-31 07670046 core:Non-currentFinancialInstruments 2019-03-31 07670046 core:LandBuildings 2019-03-31 07670046 core:PlantMachinery 2019-03-31 07670046 core:FurnitureFittings 2019-03-31 07670046 core:MotorVehicles 2019-03-31 07670046 bus:SmallEntities 2019-04-01 2020-03-31 07670046 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 07670046 bus:FullAccounts 2019-04-01 2020-03-31 07670046 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 07670046 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 07670046 core:AfterOneYear 2019-04-01 2020-03-31 07670046 core:AllAssociates 2019-04-01 2020-03-31

COMPANY REGISTRATION NUMBER: 07670046

Plumbs Dairy Limited

Filleted Unaudited Financial Statements

31 March 2020

Plumbs Dairy Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	388,351	468,778
Tangible assets	6	589,024	655,199
Investments	7	100	100
		---------	------------
		977,475	1,124,077

Current assets

Stocks		20,310	20,764
Debtors	8	384,344	437,528
Cash at bank and in hand		95,473	47,046
		---------	---------
		500,127	505,338

Creditors: amounts falling due within one year	9	951,358		790,666
		---------		---------
Net current liabilities			451,231	285,328
			---------	------------
Total assets less current liabilities			526,244	838,749

Creditors: amounts falling due after more than one year	10		366,122	594,094

Provisions

Taxation including deferred tax	10,350	15,306
	---------	---------
Net assets	149,772	229,349
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	149,672	229,249
	---------	---------
Shareholders funds	149,772	229,349
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Plumbs Dairy Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 3 December 2020 , and are signed on behalf of the board by:

J W Plumb Director

Company registration number: 07670046

Plumbs Dairy Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Reardon Suite, Ash House, Breckenwood Road, Fulbourn, Cambridge, Cambs, CB21 5DQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% of cost per annum

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 53 (2019: 55 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2019	999,345
Additions	21,675
	------------
At 31 March 2020	1,021,020
	------------
Amortisation
At 1 April 2019	530,567
Charge for the year	102,102
	------------
At 31 March 2020	632,669
	------------
Carrying amount
At 31 March 2020	388,351
	------------
At 31 March 2019	468,778
	------------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2019 and 31 March 2020	517,052	57,705	14,821	246,369	835,947
	---------	--------	--------	---------	---------
Depreciation
At 1 April 2019	–	20,921	4,018	155,809	180,748
Charge for the year	–	14,425	3,700	48,050	66,175
	---------	--------	--------	---------	---------
At 31 March 2020	–	35,346	7,718	203,859	246,923
	---------	--------	--------	---------	---------
Carrying amount
At 31 March 2020	517,052	22,359	7,103	42,510	589,024
	---------	--------	--------	---------	---------
At 31 March 2019	517,052	36,784	10,803	90,560	655,199
	---------	--------	--------	---------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2019 and 31 March 2020	100
	----
Impairment
At 1 April 2019 and 31 March 2020	–
	----

Carrying amount
At 31 March 2020	100
	----
At 31 March 2019	100
	----

8. Debtors

	2020	2019
	£	£
Trade debtors	299,933	378,501
Amounts owed by group undertakings and undertakings in which the company has a participating interest	36,952	36,974
Other debtors	47,459	22,053
	---------	---------
	384,344	437,528
	---------	---------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	–	20,000
Trade creditors	571,542	529,059
Corporation tax	34,380	42,722
Social security and other taxes	23,067	23,767
Other creditors	322,369	175,118
	---------	---------
	951,358	790,666
	---------	---------

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	294,511	297,891
Other creditors	71,611	296,203
	---------	---------
	366,122	594,094
	---------	---------

Included in other creditors is £189,434 (2019: £257,973) due to members of the director's family and £88,874 (2019: £72,498) owed to the directors.

11. Related party transactions

The company was under the control of Mr and Mrs Justin Plumb, directors and shareholders.