Northern Dairy Equipment Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 05627246 (England and Wales)

NORTHERN DAIRY EQUIPMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J B Wiggans

Mrs D Wiggans

Mr M R Wiggans

SECRETARY:

Mrs D Wiggans

REGISTERED OFFICE:

Clock House Farm

Lea Road

Lea

Preston

Lancashire

PR4 0RA

REGISTERED NUMBER:

05627246 (England and Wales)

ACCOUNTANTS:

Rushtons

Chartered Accountants

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

FIXED ASSETS

Tangible assets

4

330,033

124,875

Investments

5

-

100,278

330,033

225,153

CURRENT ASSETS

Stocks

606,543

702,000

Debtors

491,102

288,053

Cash at bank and in hand

334,021

155,050

1,431,666

1,145,103

CREDITORS

Amounts falling due within one year

1,433,087

1,135,297

NET CURRENT (LIABILITIES)/ASSETS

(1,421

)

9,806

TOTAL ASSETS LESS CURRENT LIABILITIES

328,612

234,959

CREDITORS

Amounts falling due after more than one year

(99,219

)

(21,839

)

PROVISIONS FOR LIABILITIES

(33,278

)

(23,726

)

NET ASSETS

196,115

189,394

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

196,015

189,294

SHAREHOLDERS' FUNDS

196,115

189,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2023 and were signed on its behalf by:

Mr J B Wiggans - Director

1.	STATUTORY INFORMATION

Northern Dairy Equipment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Related party exemption

Turnover

Turnover represents net invoiced value of goods supplied, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office equipment

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

250,200

Additions

266,096

Disposals

(67,207

)

At 31 March 2023

449,089

DEPRECIATION

At 1 April 2022

125,325

Charge for year

38,970

Eliminated on disposal

(45,239

)

At 31 March 2023

119,056

NET BOOK VALUE

At 31 March 2023

330,033

At 31 March 2022

124,875

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2022

49,456

Additions

108,385

At 31 March 2023

157,841

DEPRECIATION

At 1 April 2022

14,168

Charge for year

17,805

At 31 March 2023

31,973

NET BOOK VALUE

At 31 March 2023

125,868

At 31 March 2022

35,288

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 April 2022

100,278

Disposals

(93,582

)

Revaluations

(6,696

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

100,278

Cost or valuation at 31 March 2023 is represented by:

Totals

£

Valuation in 2018

98,000

Valuation in 2019

(2,638

)

Valuation in 2020

(8,007

)

Valuation in 2021

15,667

Valuation in 2022

(2,744

)

Valuation in 2023

(100,278

)

6.	ULTIMATE CONTROLLING PARTY