Company Registration No. 09538234 (England and Wales)
GFL Dairy Limited
Unaudited accounts
for the year ended 31 March 2018
GFL Dairy Limited
Unaudited accounts
Contents
GFL Dairy Limited
Company Information
for the year ended 31 March 2018
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 2018
Tangible assets
956,872
1,119,643
Inventories
363,138
272,254
Cash at bank and in hand
12,089
2,943
Creditors: amounts falling due within one year
(1,123,910)
(926,224)
Net current liabilities
(201,040)
(364,917)
Total assets less current liabilities
755,832
900,496
Creditors: amounts falling due after more than one year
(187,187)
(468,067)
Provisions for liabilities
Deferred tax
(50,155)
(56,491)
Net assets
518,490
375,938
Called up share capital
100
100
Profit and loss account
518,390
375,838
Shareholders' funds
518,490
375,938
For the year ending 31 March 2018 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 26 February 2019.
Winston Reed
Director
Company Registration No. 09538234
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2018
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 2018
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 2017
28,932
1,226,677
48,045
-
1,303,654
Additions
11,634
75,296
-
960
87,890
Disposals
-
(33,600)
(7,095)
-
(40,695)
At 31 March 2018
40,566
1,268,373
40,950
960
1,350,849
At 1 April 2017
-
180,644
3,367
-
184,011
Charge for the year
-
221,901
10,184
88
232,173
On disposals
-
(20,532)
(1,675)
-
(22,207)
At 31 March 2018
-
382,013
11,876
88
393,977
At 31 March 2018
40,566
886,360
29,074
872
956,872
At 31 March 2017
28,932
1,046,033
44,678
-
1,119,643
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
792,203
955,065
- Motor vehicles
29,074
38,766
5
Investments
Other investments
Valuation at 1 April 2017
145,770
Valuation at 31 March 2018
-
This investment represents the dairy herd.
Work in progress
363,138
272,254
Trade debtors
25,015
60,873
Amounts due from group undertakings etc.
211,362
100
Accrued income and prepayments
264,128
200,602
Other debtors
47,138
24,535
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2018
8
Creditors: amounts falling due within one year
2018
2017
Obligations under finance leases and hire purchase contracts
345,807
347,657
Trade creditors
207,016
286,203
Amounts owed to group undertakings and other participating interests
383,769
-
Taxes and social security
144,137
90,698
Other creditors
-
191,503
The obligations under finance leases and hire purchase contracts of £345,807 (2017 - £347,657) will be secured against the machinery purchased.
9
Creditors: amounts falling due after more than one year
2018
2017
Obligations under finance leases and hire purchase contracts
187,187
468,067
The obligations under finance leases and hire purchase contracts of £187,187 (2017 - £468,067) will be secured against the machinery purchased.
10
Share capital
2018
2017
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Operating lease commitments
2018
2017
At 31 March 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
60,500
60,500
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
15,424
23,034
-
38,458
Interest has been charged on this loan.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2018
13
Transactions with related parties
Included in other debtors are loans where W Reed is also a director, as follows:
Cleofian Enterprises Ltd - £100 (2017 - £100)
GFLE Coston O&M Ltd - £1,200 (2017 - £Nil)
GFLE Edgeworthy O&M Ltd - £600 (2017 - £Nil)
GFLE Enfield O&M Ltd - £1,200 (2017 - £Nil)
GFLE Fraddon Ltd - £1,200 (2017 - £600)
GFLE Frogmary O&M Ltd - £600 (2017 - £Nil)
GFLE Great Hele O&M Ltd - £600 (2017 - £Nil)
GFLE Hartnoll O&M Ltd - £200 (2017 - £Nil)
GFLE Holdings 1 Ltd - £600 (2017 - £600)
Greener for Life Beef Ltd - £2,829 (2017 - £2,067)
Greener for Life Ltd - £3,623 (2017 - £3,623)
Greener for Life Marketing Ltd - £1,425 (2017 - £600)
The Green Fund - £1,540 (2017 - £751)
Tiverton Energy Centre Ltd - £1,992 (2017 - £600)
Greener for Life HR Ltd - £30,700 (2017 - £Nil)
Greener for Life Energy Ltd - £162,953 (2017 - £56,178 creditor)
Included in other creditors is a loan from Amzco Ltd of £383,769 (2017 - £132,323). W Reed is also a director of Amzco Ltd.
Cleofian Enterprises Ltd is regarded by the director as being the ultimate controlling company.
W Reed is the ultimate controlling party.
15
Average number of employees
During the year the average number of employees was 9 (2017: 8).