Company No: 08503487 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs Deborah Pryor
	Mr Nathan Pryor
	Mr Rodger Pryor
	Mrs Sarah Pryor

SECRETARY

Mrs Sarah Pryor

REGISTERED OFFICE	Lowin House
	Tregolls Road
	Truro
	TR1 2NA
	United Kingdom

BUSINESS ADDRESS	Menherion
	Carnmenellis
	Redruth
	Cornwall
	TR16 6NW

COMPANY NUMBER

08503487 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Lowin House
	Tregolls Road
	Truro
	Cornwall TR1 2NA

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	1,375,279		1,123,617
Investments	5	87,429		71,191
		1,462,708		1,194,808
Current assets
Stocks	6	741,370		705,180
Debtors	7	24,648		58,075
		766,018		763,255
Creditors: amounts falling due within one year	8	( 944,687)		( 949,799)
Net current liabilities		(178,669)		(186,544)
Total assets less current liabilities		1,284,039		1,008,264
Creditors: amounts falling due after more than one year	9	( 1,016,559)		( 804,029)
Provision for liabilities		( 121,576)		( 82,530)
Net assets		145,904		121,705
Capital and reserves
Called-up share capital	10	200		200
Revaluation reserve		22,500		0
Profit and loss account		123,204		121,505
Total shareholders' funds		145,904		121,705

For the financial year ending 31 December 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pryor Dairying Limited (registered number: 08503487) were approved and authorised for issue by the Board of Directors on 06 July 2023. They were signed on its behalf by:

Mrs Sarah Pryor Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pryor Dairying Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Menherion, Carnmenellis, Redruth, Cornwall, TR16 6NW.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	not depreciated
Leasehold improvements	10 - 20 years straight line
Plant and machinery	10 years straight line
Vehicles	5 years straight line
Tools and equipment	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		7

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2022	28,340		28,340
At 31 December 2022	28,340		28,340
Accumulated amortisation
At 01 January 2022	28,340		28,340
At 31 December 2022	28,340		28,340
Net book value
At 31 December 2022	0		0
At 31 December 2021	0		0

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Tools and equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2022	151,366		1,090,441		90,530		17,723		256,182		1,606,242
Additions	272,534		10,742		36,000		29,995		27,576		376,847
Revaluations	30,000		0		0		0		0		30,000
At 31 December 2022	423,900		1,101,183		126,530		47,718		283,758		1,983,089
Accumulated depreciation
At 01 January 2022	0		298,700		45,463		17,723		120,739		482,625
Charge for the financial year	0		83,134		12,052		3,499		26,500		125,185
At 31 December 2022	0		381,834		57,515		21,222		147,239		607,810
Net book value
At 31 December 2022	423,900		719,349		69,015		26,496		136,519		1,375,279
At 31 December 2021	151,366		791,741		45,067		0		135,443		1,123,617

Included within the net book value of tangible fixed assets is £100,235 (2021 - £32,830) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £11,940 (2021 - £4,439).

Included within the net book value of land and buildings above is £391,517 (2021 - £151,366) in respect of freehold land and buildings.

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	71,191		71,191
Movement in fair value	16,238		16,238
At 31 December 2022	87,429		87,429
Provisions for impairment
At 01 January 2022	0		0
At 31 December 2022	0		0
Carrying value at 31 December 2022	87,429		87,429
Carrying value at 31 December 2021	71,191		71,191

6. Stocks

	2022		2021
	£		£
Stocks	741,370		705,180

7. Debtors

	2022		2021
	£		£
Trade debtors	18,838		29,024
Prepayments	875		875
VAT recoverable	2,535		15,402
Other debtors	2,400		12,774
	24,648		58,075

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans and overdrafts	311,656		368,153
Trade creditors	127,187		36,597
Amounts owed to directors	424,185		525,197
Accruals	13,471		5,424
Corporation tax	26,368		0
Other taxation and social security	20,333		4,708
Obligations under finance leases and hire purchase contracts	21,487		9,720
	944,687		949,799

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

	2022		2021
	£		£
Bank loans	968,639		795,634
Obligations under finance leases and hire purchase contracts	47,920		8,395
	1,016,559		804,029

The company borrowing is secured by a fixed and floating charge over land and property owned by the company.

10. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each	100		100
100 Ordinary B shares of £ 1.00 each	100		100
	200		200

11. Financial commitments

Other financial commitments

	2022		2021
	£		£
Commitments in respect to land rental under a farm business tenancy agreement	11,000		11,000