REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Dewlay Cheesemakers Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Dewlay Cheesemakers Limited |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Dewlay Cheesemakers Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
Suites 5 & 6 The Printworks |
Hey Road |
Barrow |
Clitheroe |
Lancashire |
BB7 9WB |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The results for the year and the financial position of the company are as shown in the annexed financial statements. |
Dewlay Cheesemakers is a third generation family cheesemaking business and recognised as "best in class" for the production of Lancashire Cheese and other British territorials. |
The business was founded in 1957 by George Kenyon and is still owned and run by the Kenyon family. The business is based in the market town of Garstang, Lancashire and sources milk locally from a dedicated group of dairy farmers. |
The company achieved an increase in turnover from £31.5m to £40.5m, an increase of £9m or 28.5% , largely driven by inflation. Operating profit margins have improved slightly from 6.7% to 7.4%. |
The company continues to invest in its state of the art production & packing facility to allow it to continue to deliver top quality products to the UK & World markets. |
The business continues to operate and adapt to an extremely challenging and changing market place. |
The directors are satisfied with the results for the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The dairy market can be volatile and the Directors look to mitigate risks where possible by making strategic decisions looking at the longer term. |
ON BEHALF OF THE BOARD: |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
A Ordinary £1 Shares | £98.65 | 5 April 2022 |
B Ordinary £1 Shares | £130.05 | 5 April 2022 |
£15.70 | 6 April 2022 |
The directors recommend that no final dividends be paid. |
The total distribution for the year ended 31 March 2023 will be £545,000. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 April 2022 to the date of this report. |
The beneficial interests of the directors holding office at 31 March 2023 in the shares of the company, according to the register of directors' interests, were as follows: |
31.3.23 | 1.4.22 |
A Ordinary shares of £1 each |
2,230 | 2,230 |
- | - |
- | - |
B Ordinary shares of £1 each |
- | - |
2,230 | 2,230 |
- | - |
These directors did not hold any beneficial interests in the C Ordinary shares of £1 each. |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Report of the Directors |
for the Year Ended 31 March 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Bennett Kirkhope Smith Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dewlay Cheesemakers Limited |
Opinion |
We have audited the financial statements of Dewlay Cheesemakers Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Dewlay Cheesemakers Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Dewlay Cheesemakers Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience; |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
-performed analytical procedures to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; |
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
-investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
-agreeing financial statements disclosures to underlying supporting documentation; |
-reading the minutes of meetings of those charged with governance; |
-enquiring of management as to actual and potential litigation and claims. |
Report of the Independent Auditors to the Members of |
Dewlay Cheesemakers Limited |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
Suites 5 & 6 The Printworks |
Hey Road |
Barrow |
Clitheroe |
Lancashire |
BB7 9WB |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Statement of Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,527,981 | 2,820,930 |
3,393,656 | 2,012,087 |
Other operating income |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
51,556 | 561 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Investments | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 16 | ( |
) | ( |
) |
NET ASSETS |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Balance Sheet - continued |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Non-distributable reserve | 18 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Capital |
share | Retained | Non-distributable | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 545,000 | 626,400 |
Amount withdrawn by directors | (547,237 | ) | (609,836 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,779,191 |
Cash and cash equivalents at end of year |
2 |
3,014,912 |
2,503,129 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
(Gain)/loss on revaluation of fixed assets | (467,519 | ) | 26,774 |
Government grants |
Finance income | (51,556 | ) | (561 | ) |
3,772,204 | 2,859,215 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 3,014,912 | 2,503,129 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 2,503,129 | 2,779,191 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,503,129 | 511,783 | 3,014,912 |
2,503,129 | 3,014,912 |
Liquid resources |
Current asset investments | 37,109 | 684 | 37,793 |
37,109 | 684 | 37,793 |
Total | 2,540,238 | 512,467 | 3,052,705 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Dewlay Cheesemakers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Dairy equipment | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Although this policy is in accordance with Financial Reporting Standard 102 the non-depreciation is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first in first out method and consists of all direct material costs and an appropriate proportion of fixed and variable overheads. |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 |
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. |
Government grants |
Government grants received in respect of items charged to the profit and loss account during the year have been included in the profit and loss. The remainder are deferred and included in the profit and loss account by instalments over the expected useful lives of the related assets. Estimated useful lives are equivalent to those disclosed in the accounting policy for fixed assets and depreciation. |
Financial instruments |
Financial assets that are publicly traded such as listed investments are valued at open market value with increases and decreases in value being recognised in the profit and loss account. Loans receivable and payable that are due within one year are measured at the undiscounted amount expected to be received or paid. |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.3.23 | 31.3.22 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Production and packing | 73 | 80 |
Sales and distribution | 26 | 21 |
Administration | 14 | 12 |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax - prior years | (25,348 | ) | (21,512 | ) |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Government grants | (1,613 | ) | (1,268 | ) |
Structures and buildings allowance | (328 | ) | (328 | ) |
Non taxable dividends | (80 | ) | (106 | ) |
of taxation |
Research and development tax credits | (59,126 | ) | (21,513 | ) |
Total tax charge | 615,420 | 382,175 |
7. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
A Ordinary shares of £1 each |
Interim |
B Ordinary shares of £1 each |
Interim |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | TANGIBLE FIXED ASSETS |
Freehold | Dairy | Motor |
property | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | 466,835 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2009 | 1,151,336 |
Valuation in 2013 | 113,808 |
Valuation in 2018 | 150,000 |
Valuation in 2023 | 466,835 |
Cost | 228,021 |
2,110,000 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 369,730 | 369,730 |
Aggregate depreciation | (188,352 | ) | (188,352 | ) |
The investment property with a total value of £2,110,000 (2022 - £1,643,165) is made up of two properties. The first has an open market value of £1,883,721 ascertained by a valuation carried out by Armitstead Barnett, an independent firm of qualified valuers, on 5 July 2023. In the opinion of the directors these valuations fairly reflect the market value of this property at 31 March 2023. The final property valued at £226,279 is a parcel of land which has been valued based on the RICS rural market survey for farmland prices which the directors consider to be appropriate. |
10. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Raw materials, consumables and |
packaging |
Dairy finished goods for |
resale | 4,163,755 | 2,649,217 |
Shop finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
12. | CURRENT ASSET INVESTMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Listed investments | 37,793 | 37,109 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 499,696 | 501,933 |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
The provision for deferred taxation is comprised of liabilities/(assets) relating to the following timing differences: |
31.3.23 | 31.3.22 |
£ | £ |
Accelerated capital allowances | 926,141 | 846,064 |
Fair valuation of investment property | 153,315 | 64,615 |
Fair valuation of current asset investments | 7,181 | 7,051 |
Capital loss carried forward | (7,514 | ) | (7,514 | ) |
1,079,123 | 910,216 |
16. | ACCRUALS AND DEFERRED INCOME |
31.3.23 | 31.3.22 |
£ | £ |
Deferred government grants | 258,379 | 289,996 |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
A Ordinary | £1 | 2,230 | 2,230 |
B Ordinary | £1 | 2,230 | 2,230 |
C Ordinary | £1 | 90 | 90 |
4,550 | 4,550 |
18. | RESERVES |
Capital |
Retained | Non-distributable | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 14,954,272 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Surplus on revaluation of investments |
(378,135 |
) |
378,135 |
- |
- |
At 31 March 2023 | 17,295,683 |
19. | PENSION COMMITMENTS |
At the year end £17,749 of pension contributions was due to be paid over to the pension provider (2022 - £17,388). |
20. | CONTINGENT LIABILITIES |
Deferred income of £258,379 (2022 - £289,996) is in respect of government grants. The terms of the grant offers provide for repayment of part or all of the said grants if the terms of the offer letters are not complied with. |
21. | CAPITAL COMMITMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Dewlay Cheesemakers Limited (Registered number: 00681381) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
22. | OTHER FINANCIAL COMMITMENTS |
On the 16th November 2023 a fixed charge was created by Barclays Bank PLC over the bank accounts held by Dewlay Cheesemakers Ltd as security for all debts and other liabilities owed to it under the agreement to pay in relation to the new equipment being purchased in December 2023. |
23. | RELATED PARTY DISCLOSURES |
31.3.23 | 31.3.22 |
£ | £ |
Short term benefits | 128,753 | 133,572 |
Post employment benefits | 2,714 | 3,072 |
The company's key management personnel are considered to be the directors. |
Amounts owing to the directors are disclosed in note 13. |
31.3.23 | 31.3.22 |
£ | £ |
Amount due to related party |
24. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |