Registered number:
For the Year Ended
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Delamere Dairy Limited
Company Information
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Delamere Dairy Limited
Contents
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Delamere Dairy Limited
Strategic Report
For the Year Ended 31 December 2022
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2022.
The principal activity of the company in the year under review was that of dairy product traders, specialising in goats’ and cows’ milk products and a range of plant based dairy alternatives.
Turnover in 2022 increased by 16% to £33.85m (2021 £29.08m), due to inflationary increases, the introduction of new products and customers, and a level of organic growth. Turnover in 2022 bounced back and surpassed both 2021 and 2020 levels. Operating profit decreased by 31% to £0.76m due to continued supplier cost increases throughout 2022. Re-alignment of selling prices in Q4 2022, some operational improvements and new product listings has seen operating profits recover in 2023. The war in Ukraine and the evolving post Brexit developments continue to challenge the costs and distribution channels in the business. Increased sales were achieved in the UK market due to a prominently retail-focused customer base, a deepening of distribution within key customers and new product development. Sustained growth in the pet, alternative dairy and the sterilised drinks market cemented the brand within the convenience sector. Delamere Dairy continues to invest in building relationships in territories within and outside of Europe. For this reason, Delamere Dairy’s supply and distribution chain remains under continuous strategic review. Continued investment in new product development will continue to deliver new turnover with several new product lines launching, further strengthening UK sales. During 2022, along with its growing focus on sustainability, Delamere Dairy Limited reviewed its environmental, social and governance (ESG) position and continued to support a Charitable Foundation (Delamere Dairy Foundation). Charitable donations to the Foundation in this period totalled £102k (2021: £258k). Principal risks and uncertainties At the time of writing this report, the Company has navigated the Covid-19 pandemic, learnt to trade within the EU with the post Brexit administrative requirements and stabilised the supply chain disruption and price pressure created by the war in Ukraine. It has been a challenging, extended period. However, we can confirm that, at this time, the business continues to perform well and that risks have been evaluated to ensure that staff, contractors, and investments are protected and that the Company remains a going concern and able to service its liabilities. The Company’s revenues are principally derived from retail markets. These markets, and therefore Company revenues, can be subject to variations in patterns of demand and are largely influenced by political factors, economic growth and consumer confidence. In response to this risk, the directors keep up to date with local and wider economic conditions and can adapt the pricing strategy and cost base of the Company accordingly. The Company continues to seek new markets and categories to facilitate growth. In addition to the close management of credit risk and contractual arrangements, this risk is managed by ensuring the core UK business remains profitable and vibrant.
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Delamere Dairy Limited
Strategic Report (continued)
For the Year Ended 31 December 2022
The Company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the factors that affect each of these risks.
Price risk The Company is exposed to changes in the market prices of its products, both from an input and sales perspective. To protect against adverse price movements, the Company is frequently reviewing its agreements with suppliers to ensure these are on commercially favourable terms. Credit risk Credit risk is managed by running credit checks on new customers and by monitoring payments against the contractual arrangements. Liquidity and interest rate risk The Company's bank loan and invoice discounting facility bears interest at a rate which changes in respect to changes in Bank of England Base Rate, thereby exposing the Company to measured risk on adverse movements in that rate. Foreign exchange risk The Company maintains a natural hedge using foreign currency bank accounts with sales and purchases made in foreign currencies. The Board monitors the net exposure and uses appropriate bank facilities, such as forward contracts, to limit the effects on the financial performance of the Company to such exposure. The Company buys a significant proportion of its products in Euros. FX exposure is managed both by implementing a minimum 3-month Euro forward contracts policy.
We monitor several KPI’s within the business though consider our key financial performance indicators being the operating profit and control of cashflow.
Operating profit for the year was £0.76m (2021: £1.10m) and the Company has closely monitored cashflow throughout the year. Cash at bank and in hand totalled £33k at 31 December 2022 (2021: £11k), with net cash used in operating activities totalling £1,056k in the period and net cash generated from financing activities totalling £1,082k (predominantly relating to movements on the invoice discounting facility).
Non-financial key performance indicators are numerous but centre on employee workforce management, quality, and health & safety.
This report was approved by the board and signed on its behalf.
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Delamere Dairy Limited
Directors' Report
For the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £524,249 (2021 - £886,835).
Dividends of £150,000 (2021: £300,000) were declared and paid during the year. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The directors consider that the forthcoming financial year will be another year of solid performance building further security for all our stakeholders.
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Delamere Dairy Limited
Directors' Report (continued)
For the Year Ended 31 December 2022
The company continues to invest in research and development with the purpose of developing new products.
Financial risk management objectives and policies have been included in the Strategic Report as these are considered to be of strategic importance to the Directors.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Delamere Dairy Limited
Independent Auditors' Report to the Members of Delamere Dairy Limited
We have audited the financial statements of Delamere Dairy Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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Delamere Dairy Limited
Independent Auditors' Report to the Members of Delamere Dairy Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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Delamere Dairy Limited
Independent Auditors' Report to the Members of Delamere Dairy Limited (continued)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption, the Health and Safety at Work Act 1974 and the Food Safety And Hygiene (England) Regulations 2013. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Delamere Dairy Limited
Independent Auditors' Report to the Members of Delamere Dairy Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Auditors' 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 an Auditors' Report 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 Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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Delamere Dairy Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2022
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Delamere Dairy Limited
Registered number: 03761294
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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Delamere Dairy Limited
Statement of Changes in Equity
For the Year Ended 31 December 2022
Statement of Changes in Equity
For the Year Ended 31 December 2021
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Delamere Dairy Limited is a private company limited by share capital incorporated in England & Wales, company number 03761294. The address of its registered office and the principal place of business is Yew Tree Farm, Bexton Lane, Knutsford, Cheshire, WA16 9BH.
The nature of the company's operation and its principal activity is that of dairy product traders, specialising in goat's and cow's milk products and a range of plant based milk alternatives.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Delamere Dairy Holdings Limited as at 31 December 2022 and these financial statements may be obtained from the Registrar of Companies.
Functional and presentation currency
Transactions and balances
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Page 13
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, the methods used are as below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
With the exception of forward currency contracts, the Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivative The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
The whole of the turnover is attributable to the principal activity, being dairy product traders, specialising in goat's, cow's and sheep milk products and a range of plant based milk alternatives.
Analysis of turnover by country of destination:
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Page 18
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Page 19
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
11.Taxation (continued)
Page 20
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
11.Taxation (continued)
From April 2023, the Corporation tax rate increased to 25% for companies making profits greater than £250,000. This rate change may impact the amount of future tax payments made by the Company.
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Page 22
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Page 23
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Share premium account
The share premium account includes premium on issue of equity shares, net of any issue costs. Profit and loss account Profit and loss account represents cumulative gains and losses net of dividends paid and other adjustments.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £33,548 (2021: £194,603). Contributions totalling £nil (2021: £nil) were payable to the fund at the balance sheet date.
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Delamere Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
The company is a subsidiary of Delamere Dairy Holdings Limited, which is the ultimate parent company incorporated in England and Wales.
The largest and smallest group in which the results of the Company are consolidated is that headed by Delamere Dairy Holdings Limited. The consolidated accounts of this company are publicly available and may be obtained from the Registrar of Companies. The Company is considered to be under the control of E J Salt by virtue of his majority shareholding in the parent company.
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