Company Registration No. 05094434 (England and Wales)
DAIRY CREST DIRECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
DAIRY CREST DIRECT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
DAIRY CREST DIRECT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DAIRY CREST DIRECT LIMITED FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dairy Crest Direct Limited for the year ended 31 March 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Dairy Crest Direct Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Dairy Crest Direct Limited
and state those matters that we have agreed to state to the Board of Directors of Dairy Crest Direct Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dairy Crest Direct Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Dairy Crest Direct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and deficit of Dairy Crest Direct Limited. You consider that Dairy Crest Direct Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dairy Crest Direct Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Baldwins
20 December 2018
Accountants
Lime Court
Pathfields Business Park
South Molton
Devon
EX36 3LH
DAIRY CREST DIRECT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
272
114
Current assets
Debtors
4
28,077
29,156
Cash at bank and in hand
109,957
118,521
138,034
147,677
Creditors: amounts falling due within one year
5
(18,075)
(19,723)
Net current assets
119,959
127,954
Total assets less current liabilities
120,231
128,068
Reserves
Income and expenditure account
120,231
128,068
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2018 and are signed on its behalf by:
S C Bone
C I Harvey
Director
Director
Company Registration No. 05094434
DAIRY CREST DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Dairy Crest Direct Ltd is a private company limited by guarantee in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Financial assets classified as receivable within one year are not amortised.
DAIRY CREST DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction
price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.5
Taxation
HM Revenue & Customs have confirmed that, providing the operations of the company continue in their present format, under current legislation the company will not be liable to corporation tax on its operations. Provision is made for corporation tax on interest received, which remains liable to tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
155
Additions
227
At 31 March 2018
382
Depreciation and impairment
At 1 April 2017
41
Depreciation charged in the year
69
At 31 March 2018
110
Carrying amount
At 31 March 2018
272
At 31 March 2017
114
DAIRY CREST DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
27,721
28,729
Other debtors
356
427
28,077
29,156
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
12,450
15,543
Corporation tax
26
402
Other taxation and social security
4,549
2,778
Other creditors
1,050
1,000
18,075
19,723
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Related party transactions
During the year, consultancy fees of £40,085 (2017 - £36,675) were paid to the directors of the company. The balance owed to the directors at the year end was £3,390 (2017 - £3,390).