Mather Dairy Utensils Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC317396 (Scotland)

Unaudited Financial Statements for the Year Ended 31st March 2020

for

Mather Dairy Utensils Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

C I Mather

Mrs M J A Mather

A Mather

D R Mather

REGISTERED OFFICE:

13 Greystone Crescent

Dumfries

Dumfriesshire

DG1 1PG

REGISTERED NUMBER:

SC317396 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

SOLICITORS:

Brazenall & Orr

39 Castle Street

Dumfries

DG1 1DL

FIXED ASSETS

Tangible assets

4

495,140

543,292

Investments

5

45,000

45,000

540,140

588,292

CURRENT ASSETS

Stocks

240,000

161,500

Debtors

6

3,956,205

3,838,720

Cash at bank and in hand

5,266

30,206

4,201,471

4,030,426

CREDITORS

Amounts falling due within one year

7

(3,243,677

)

(2,959,494

)

NET CURRENT ASSETS

957,794

1,070,932

TOTAL ASSETS LESS CURRENT LIABILITIES

1,497,934

1,659,224

CREDITORS

Amounts falling due after more than one year

8

(27,217

)

(50,355

)

PROVISIONS FOR LIABILITIES

(66,404

)

(66,967

)

NET ASSETS

1,404,313

1,541,902

CAPITAL AND RESERVES

Called up share capital

1,401

1,401

Retained earnings

1,402,912

1,540,501

SHAREHOLDERS' FUNDS

1,404,313

1,541,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th November 2020 and were signed on its behalf by:

C I Mather - Director

1.	STATUTORY INFORMATION

Mather Dairy Utensils Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of dairy parlours, equipment and supplies, excluding value added tax.

Income is recognised on completion of contracts, or in staged payments as agreed on larger contracts. Deposits received for parlours are not taken immediately to turnover but instead credited against customer accounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33.3% on cost, 15% on reducing balance, at varying rates on cost and SL over the useful life

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Depreciation policies have been amended this year using a mixture of reducing balance and straight line methods to better reflect the assets values.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2019 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2019

1,558,202

Additions

94,312

Disposals

(92,446

)

At 31st March 2020

1,560,068

DEPRECIATION

At 1st April 2019

1,014,910

Charge for year

127,236

Eliminated on disposal

(77,218

)

At 31st March 2020

1,064,928

NET BOOK VALUE

At 31st March 2020

495,140

At 31st March 2019

543,292

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2019

240,000

Additions

45,329

At 31st March 2020

285,329

DEPRECIATION

At 1st April 2019

114,719

Charge for year

45,643

At 31st March 2020

160,362

NET BOOK VALUE

At 31st March 2020

124,967

At 31st March 2019

125,281

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2019

and 31st March 2020

45,000

NET BOOK VALUE

At 31st March 2020

45,000

At 31st March 2019

45,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,106,978

2,004,483

Other debtors

1,849,227

1,834,237

3,956,205

3,838,720

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

53,877

55,841

Hire purchase contracts

58,321

50,355

Trade creditors

284,960

190,533

Taxation and social security

14,205

61,303

Other creditors

2,832,314

2,601,462

3,243,677

2,959,494

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

27,217

50,355

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

85,538

100,710

The hire purchase creditors are secured on the assets on which the finance is actually outstanding.

10.	RELATED PARTY DISCLOSURES

As at 31st March 2020 the company owed funds of £2,600 (2019 - £1,710) to the directors by way of a directors' current account. This sum is interest free and repayable on demand.

During the year the company paid dividends of £265,000 (2019 - £227,000).

11.	POST BALANCE SHEET EVENTS

The corona virus pandemic has developed into a global economic crisis. There is currently a great deal of uncertainty regarding the extent to which business activities and thus the results of operations and financial position of the company could be affected overall.