Company Registration No. 09538234 (England and Wales)
GFL Dairy Limited
Unaudited accounts
for the year ended 31 March 2022
GFL Dairy Limited
Unaudited accounts
Contents
GFL Dairy Limited
Company Information
for the year ended 31 March 2022
Directors
Winston Reed
Eleanor Reed
Company Number
09538234 (England and Wales)
Registered Office
Cleave Farm
Templeton
Tiverton
Devon
EX16 8BP
United Kingdom
Accountants
EllamWalker Accountants Ltd
Sydeham Farm
Rackenford
Tiverton
Devon
EX16 8ER
GFL Dairy Limited
Statement of financial position
as at
31 March 2022
Tangible assets
1,013,322
975,423
Inventories
888,678
1,142,354
Debtors
1,893,611
2,006,106
Cash at bank and in hand
(170)
4,311
Creditors: amounts falling due within one year
(1,960,683)
(2,551,646)
Net current assets
821,436
601,125
Total assets less current liabilities
1,834,758
1,576,548
Creditors: amounts falling due after more than one year
(354,964)
(352,280)
Provisions for liabilities
Deferred tax
(135,428)
(108,109)
Net assets
1,344,366
1,116,159
Called up share capital
100
100
Profit and loss account
1,344,266
1,116,059
Shareholders' funds
1,344,366
1,116,159
For the year ending 31 March 2022 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.
The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2023 and were signed on its behalf by
Winston Reed
Director
Company Registration No. 09538234
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2022
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 2022
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 2021
101,754
1,712,821
65,900
4,013
1,884,488
Additions
3,485
286,383
-
3,533
293,401
Disposals
-
(140,000)
-
-
(140,000)
At 31 March 2022
105,239
1,859,204
65,900
7,546
2,037,889
At 1 April 2021
-
869,769
37,651
1,645
909,065
Charge for the year
-
205,357
7,062
914
213,333
On disposals
-
(97,831)
-
-
(97,831)
At 31 March 2022
-
977,295
44,713
2,559
1,024,567
At 31 March 2022
105,239
881,909
21,187
4,987
1,013,322
At 31 March 2021
101,754
843,052
28,249
2,368
975,423
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
505,239
686,077
- Motor vehicles
11,988
28,249
Amounts falling due within one year
Trade debtors
1,031,091
483,436
Amounts due from group undertakings etc.
532
912,612
Accrued income and prepayments
645,393
473,189
Other debtors
216,595
136,869
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
167,692
162,999
Trade creditors
1,037,393
1,391,000
Amounts owed to group undertakings and other participating interests
-
161,220
Taxes and social security
231,392
184,836
The obligations under finance leases and hire purchase contracts of £167,691 (2021 - £162,999) will be secured against the machinery purchased.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
312,069
302,280
The obligations under finance leases and hire purchase contracts of £312,068 (2021 - £352,280) will be secured against the machinery purchased.
8
Share capital
2022
2021
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2022
2021
At 31 March 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
89,288
87,500
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director Loan
13,405
63,013
13,405
63,013
13,405
63,013
13,405
63,013
Interest has been charged on this loan.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2022
11
Transactions with related parties
Included in other debtors are loans where W Reed is also a director, as follows:
Cleofian Enterprises - £Nil (2021 -£1,031)
GFLE Coston Ltd - £Nil (2021 - £1,200)
GFLE Coston O&M Ltd - £Nil (2021 - £1,200)
GFLE Edgeworthy Ltd - £Nil (2021 - £600)
GFLE Edgeworthy O&M Ltd - £Nil (2021 - £600)
GFLE Enfield Ltd - £Nil (2021 - £1,200)
GFLE Enfield O&M Ltd - £Nil (2021 - £1,200)
GFLE Fraddon Ltd - £Nil (2021 - £1,200)
GFLE Fraddon Holding Ltd - £Nil (2021 - £600)
GFLE Frogmary Ltd - £Nil (2021 - £600)
GFLE Frogmary O&M Ltd - £Nil (2021 - £600)
GFLE Great Hele Ltd - £Nil (2021 - £600)
GFLE Great Hele O&M Ltd - £Nil (2021 - £600)
GFLE Hartnoll Ltd - £Nil (2021 - £1,600)
GFLE Hartnoll O&M Ltd - £Nil (2021 - £200)
GFLE Holdings 1 Ltd - £Nil (2021 - £1,200)
GFLE Holdings 2 Ltd - £Nil (2021 - £1,200)
GFLE Holdings 3 Ltd - £Nil (2021 - £1,200)
GFLE Rushywood Ltd - £Nil (2021 - £600)
GFLE Topco 4 Ltd - £Nil (2021 - £1,200)
GFLE Topco 5 Ltd - £Nil (2021 - £600)
GFLE Topco 7 Ltd - £Nil (2021 - £1,200)
GFLE Topco 8 Ltd - £Nil (2021 - £600)
GFLE Topco 9 Ltd - £Nil (2021 - £600)
GFLE Topco 10 Ltd - £Nil (2021 - £600)
GFLE Topco 11 Ltd - £520 (2021 - £470)
Greeener For Life Beef Ltd - £Nil (2021 - £2,829)
Greener For Life Ltd - £Nil (2021 - £30,998)
Greener For Life Marketing Ltd - £Nil (2021 - £1,425)
The Green Fund - £Nil (2021 - £1,540)
Tiverton Energy Centre Ltd - £Nil (2021 - £1,992)
Greener For Life HR Ltd - £Nil (2021 - £30,700)
Greener for Life Energy Ltd - £Nil (2021 - £11,559)
GFL Advanced Fuels Limited - £Nil (2021 - £13,990)
Willand Biogas Ltd - £13 (2021 - £Nil)
Included in other debtors are loans where W Reed is also a partner, as follows:
Reed Partnership - £Nil (2021 - £677,524)
Included in other debtors are loans to a person or a close member of W Reed family, as follows:
K Reed - £143,670 (2021 - £113,551)
Included in other creditors is a loan from Amzco Limited of £Nil (2021 - £161,220). W Reed is also a director of Amzco Limited.
Also included in other creditors is a loan from GFL Zero Carbon Ltd of £357,040 (2021 - debtor £2.750)
Included in other debtors is a loan to Willand O&M Limited of £Nil (2020 - £113,623). 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 2022
13
Average number of employees
During the year the average number of employees was 10 (2021: 10).