Company Registration No. 09538234 (England and Wales)
GFL Dairy Limited
Unaudited accounts
for the year ended 31 March 2019
GFL Dairy Limited
Unaudited accounts
Contents
GFL Dairy Limited
Company Information
for the year ended 31 March 2019
Directors
Winston Reed
Eleanor Reed
Company Number
09538234 (England and Wales)
Registered Office
Cleave Farm
Templeton
Tiverton
Devon
EX16 8BP
United Kingdom
Accountants
EllamWalker Ltd
Sydeham Farm
Rackenford
Tiverton
Devon
EX16 8ER
GFL Dairy Limited
Statement of financial position
as at
31 March 2019
Tangible assets
740,968
956,872
Inventories
500,883
363,138
Cash at bank and in hand
2,187
12,089
Creditors: amounts falling due within one year
(1,353,536)
(1,123,910)
Net current assets/(liabilities)
126,593
(201,040)
Total assets less current liabilities
867,561
755,832
Creditors: amounts falling due after more than one year
(65,358)
(187,187)
Provisions for liabilities
Deferred tax
(45,776)
(50,155)
Net assets
756,427
518,490
Called up share capital
100
100
Profit and loss account
756,327
518,390
Shareholders' funds
756,427
518,490
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 February 2020.
Winston Reed
Director
Company Registration No. 09538234
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2019
GFL Dairy Limited is a private company, limited by shares, registered in England and Wales, registration number 09538234. The registered office is Cleave Farm, Templeton, Tiverton, Devon, EX16 8BP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2019
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2018
40,566
1,268,373
40,950
960
1,350,849
Additions
6,358
16,050
-
1,974
24,382
Disposals
-
(105,880)
-
-
(105,880)
At 31 March 2019
46,924
1,178,543
40,950
2,934
1,269,351
At 1 April 2018
-
382,013
11,876
88
393,977
Charge for the year
-
174,026
7,269
291
181,586
On disposals
-
(47,180)
-
-
(47,180)
At 31 March 2019
-
508,859
19,145
379
528,383
At 31 March 2019
46,924
669,684
21,805
2,555
740,968
At 31 March 2018
40,566
886,360
29,074
872
956,872
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
591,975
792,203
- Motor vehicles
21,805
29,074
This investment represents the dairy herd.
Work in progress
500,883
363,138
Trade debtors
106,650
25,015
Amounts due from group undertakings etc.
1,301
100
Accrued income and prepayments
279,202
264,128
Other debtors
589,906
258,400
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2019
8
Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
188,415
345,807
Trade creditors
692,196
207,016
Taxes and social security
253,123
144,137
Other creditors
184,802
383,769
The obligations under finance leases and hire purchase contracts of £188,415 (2018 - £345,807) will be secured against the machinery purchased.
9
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
65,358
187,187
The obligations under finance leases and hire purchase contracts of £65,358 (2018 - £187,187) will be secured against the machinery purchased.
10
Share capital
2019
2018
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Operating lease commitments
2019
2018
At 31 March 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
25,000
60,500
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
38,458
-
7,958
30,500
Interest has been charged on this loan.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2019
13
Transactions with related parties
Included in other debtors are loans where W Reed is also a director, as follows:
Cleofian Enterprises - £1,031 (2018 -£100)
GFLE Coston Ltd - £1,200 (2018 - £0)
GFLE Coston O&M Ltd - £1,200 (2018 - £1,200)
GFLE Edgeworthy Ltd - £600 (2018 - £0)
GFLE Edgeworthy O&M Ltd - £600 (2018 - £600)
GFLE Enfield Ltd - £1,200 (2018 - £0)
GFLE Enfield O&M Ltd - £1,200 (2018 - £1,200)
GFLE Fraddon Ltd - £1,200 (2018 - £1,200)
GFLE Fraddon Holding Ltd - £600 (2018 - £0)
GFLE Frogmary Ltd - £600 (2018 - £0)
GFLE Frogmary O&M Ltd - £600 (2018 - £600)
GFLE Great Hele Ltd - £600 (2018 - £0)
GFLE Great Hele O&M Ltd - £600 (2018 - £600)
GFLE Hartnoll Ltd - £1,600 (2018 - £0)
GFLE Hartnoll O&M Ltd - £200 (2018 - £200)
GFLE Holdings 1 Ltd - £1,200 (2018 - £600)
GFLE Holdings 2 Ltd - £1,200 (2018 - £0)
GFLE Holdings 3 Ltd - £1,200 (2018 - £0)
GFLE Rushywood Ltd - £600 (2018 - £0)
GFLE Topco 4 Ltd - £1,200 (2018 - £0)
GFLE Topco 5 Ltd - £600 (2018 - £0)
GFLE Topco 7 Ltd - £1,200 (2018 - £0)
GFLE Topco 8 Ltd - £600 (2018 - £0)
GFLE Topco 9 Ltd - £600 (2018 - £0)
GFLE Topco 10 Ltd - £600 (2018 - £0)
Greeener For Life Beef Ltd - £2,829 (2018 - £2,829)
Greener For Life Ltd - £4,259 (2018 - £3,623)
Greener For Life Marketing Ltd - £1,425 (2018 - £1,425)
The Green Fund - £1,540 (2018 - £1,540)
Tiverton Energy Centre Ltd - £1,992 (2018 - £1,992)
GFL Zero Carbon Ltd - £603 (2018 - £0)
Greener For Life HR Ltd - £30,700 (2018 - £30,700)
Greener For Life Energy Ltd - £0 (2018 - £162,953)
GFL Advanced Fuels Limited - £13,876 (2018 - £0)
Included in other debtors are loans where W Reed is also a partner, as follows:
Reed Partnership - £414,212 (2018 - £0)
Included in other debtors are loans to a person or a close member of W Reed family, as follows:
K Reed - £57,327 (2018 - £8,679)
Included in other creditors is a loan from Amzco Limited of £111,220 (2018 - £383,769). W Reed is also a director of Amzco Limited.
Included in other creditors is a loan from Willand O&M Limited of £23,582 (2018 - £0). W Reed and E Reed are both directors of Willand O&M Limited.
Cleofian Enterprises Ltd is regarded by the director as being the ultimate controlling company.
W Reed is the ultimate controlling party.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2019
15
Average number of employees
During the year the average number of employees was 9 (2018: 8).