Company Registration No. 00203597 (England and Wales)
THE DAIRY COUNCIL
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
THE DAIRY COUNCIL
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE DAIRY COUNCIL
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Reserves
Income and expenditure account
1
1
Members' funds
1
1
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 December 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 10 November 2020 and are signed on its behalf by:
J A Bryans
Director
Company Registration No. 00203597
THE DAIRY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
The Dairy Council is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
6th Floor, 210 High Holborn, London, WC1V 7EP.
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
Going concern
On 30 June 2018, the entire trade and assets of the company were transferred to its parent, Dairy UK. As a result of the transfer, the company has ceased to trade. Subsequently, from 1st July 2018, the company became dormant, although there is no expectation of dissolving the company and hence the financial statements have been prepared on a going concern basis.
1.3
Revenue recognition
The turnover shown in the income and expenditure account represents amounts invoiced during the year in respect of contributions towards meeting the costs of the activities of the council and grant income claimable in respect of expenditure incurred, exclusive of Value Added Tax. £Nil (2018: £225,000) is receivable from Dairy UK Limited via a levy it places on its members' processing volumes in Great Britain. Dairy UK Limited acts as agent rather than principal.
1.4
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:
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
THE DAIRY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no other financial instruments or basic financial instruments measured at fair value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Dairy UK Limited operates a defined contribution scheme for the benefit of its employees. Contributions payable for staff performing Dairy Council activities are cross charged from Dairy UK Limited to the income and expenditure account in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2018 - nil).
3
Fixed asset investments
2019
2018
£
£
Investments
1
1
The company owns 100% of the share capital of The Milk Race Limited which has been dormant since incorporation.
THE DAIRY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
4
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.
5
Parent company
The directors consider the parent undertaking and ultimate controlling party to be the sole member, Dairy UK Limited, a company registered in England and Wales. The registered office is 6th Floor, 210 High Holborn,
London,
WC1V 7EP.