Company Registration No. 09538234 (England and Wales)
GFL Dairy Limited
Unaudited accounts
for the year ended 31 March 2021
GFL Dairy Limited
Unaudited accounts
Contents
GFL Dairy Limited
Company Information
for the year ended 31 March 2021
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 2021
Tangible assets
975,423
1,031,446
Inventories
1,142,354
584,266
Debtors
2,006,106
1,576,812
Cash at bank and in hand
4,311
3,917
Creditors: amounts falling due within one year
(2,551,646)
(1,844,404)
Net current assets
601,125
320,591
Total assets less current liabilities
1,576,548
1,352,037
Creditors: amounts falling due after more than one year
(352,280)
(322,136)
Provisions for liabilities
Deferred tax
(108,109)
(116,464)
Net assets
1,116,159
913,437
Called up share capital
100
100
Profit and loss account
1,116,059
913,337
Shareholders' funds
1,116,159
913,437
For the year ending 31 March 2021 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 17 January 2022 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 2021
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 2021
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 2020
46,924
1,613,697
65,900
4,013
1,730,534
Additions
54,830
99,124
-
-
153,954
At 31 March 2021
101,754
1,712,821
65,900
4,013
1,884,488
At 1 April 2020
-
669,800
28,235
1,053
699,088
Charge for the year
-
199,969
9,416
592
209,977
At 31 March 2021
-
869,769
37,651
1,645
909,065
At 31 March 2021
101,754
843,052
28,249
2,368
975,423
At 31 March 2020
46,924
943,897
37,665
2,960
1,031,446
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
686,077
857,597
- Motor vehicles
28,249
37,666
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
483,436
247,448
Amounts due from group undertakings etc.
912,612
798,474
Accrued income and prepayments
473,189
420,955
Other debtors
136,869
109,935
6
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
162,999
279,288
Trade creditors
1,391,000
1,163,339
Amounts owed to group undertakings and other participating interests
161,220
170,741
Taxes and social security
184,836
70,914
Loans from directors
-
12,194
The obligations under finance leases and hire purchase contracts of £162,999 (2020 - £279,288) will be secured against the machinery purchased.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2021
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
302,280
322,136
The obligations under finance leases and hire purchase contracts of £352,280 (2020 - £322,136) will be secured against the machinery purchased.
8
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2021
2020
At 31 March 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
87,500
29,500
Interest has been charged on this loan.
GFL Dairy Limited
Notes to the Accounts
for the year ended 31 March 2021
11
Transactions with related parties
Included in other debtors are loans where W Reed is also a director, as follows:
Cleofian Enterprises - £1,031 (2020 -£1,031)
GFLE Coston Ltd - £1,200 (2020 - £1,200)
GFLE Coston O&M Ltd - £1,200 (2020 - £1,200)
GFLE Edgeworthy Ltd - £600 (2020 - £600)
GFLE Edgeworthy O&M Ltd - £600 (2020 - £600)
GFLE Enfield Ltd - £1,200 (2020 - £1,200)
GFLE Enfield O&M Ltd - £1,200 (2020 - £1,200)
GFLE Fraddon Ltd - £1,200 (2020 - £1,200)
GFLE Fraddon Holding Ltd - £600 (2020 - £600)
GFLE Frogmary Ltd - £600 (2020 - £600)
GFLE Frogmary O&M Ltd - £600 (2020 - £600)
GFLE Great Hele Ltd - £600 (2020 - £600)
GFLE Great Hele O&M Ltd - £600 (2020 - £600)
GFLE Hartnoll Ltd - £1,600 (2020 - £1,600)
GFLE Hartnoll O&M Ltd - £200 (2020 - £200)
GFLE Holdings 1 Ltd - £1,200 (2020 - £1,200)
GFLE Holdings 2 Ltd - £1,200 (2020 - £1,200)
GFLE Holdings 3 Ltd - £1,200 (2020 - £1,200)
GFLE Rushywood Ltd - £600 (2020 - £600)
GFLE Topco 4 Ltd - £1,200 (2020 - £1,200)
GFLE Topco 5 Ltd - £600 (2020 - £600)
GFLE Topco 7 Ltd - £1,200 (2020 - £1,200)
GFLE Topco 8 Ltd - £600 (2020 - £600)
GFLE Topco 9 Ltd - £600 (2020 - £600)
GFLE Topco 10 Ltd - £600 (2020 - £600)
Greeener For Life Beef Ltd - £2,829 (2020 - £2,829)
Greener For Life Ltd - £30,998 (2020 - £4,259)
Greener For Life Marketing Ltd - £1,425 (2020 - £1,425)
The Green Fund - £1,540 (2020 - £1,540)
Tiverton Energy Centre Ltd - £1,992 (2020 - £1,992)
GFL Zero Carbon Ltd - £2,750 (2020 - £603)
Greener For Life HR Ltd - £30,700 (2020 - £30,700)
Greener for Life Energy Ltd - £11,559 (2020 - £Nil)
GFL Advanced Fuels Limited - £13,990 (2020 - £13,876)
Included in other debtors are loans where W Reed is also a partner, as follows:
Reed Partnership - £677,524 (2020 - £696,649)
Included in other debtors are loans to a person or a close member of W Reed family, as follows:
K Reed - £113,551 (2020 - £100,023)
Included in other creditors is a loan from Amzco Limited of £161,220 (2020 - £161,220). W Reed is also a director of Amzco Limited.
Included in other debtors is a loan to Willand O&M Limited of £113,623 (2020 - creditor £9,521). 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 2021
13
Average number of employees
During the year the average number of employees was 10 (2020: 9).