JN Dairies is back in the black thanks to a new strategy that saw it bounce back from a loss of more than £500,000.
The company, a major dairy wholesaler supplying the middle-ground market in the Midlands, reported a loss of £584,569 during the year ended 31 March 2011, according to abbreviated accounts filed at Companies House earlier this month. At that date, its liabilities exceeded total assets by £744,919, prompting independent auditors to issue a warning over "the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."
The previous year, JN Dairies had reported a net loss of £261,821 for the 12 months to 31 March 2010.
The company's directors said they had since implemented a strategic plan to return the company to profitability within the current financial year. "Early management information indicates that the company is now trading profitably," the notes to the accounts, which were filed at the beginning of July, stated.
JN Dairies' expected turnaround comes in the wake of a successful court case for industrial espionage against Johal Dairies, which resulted in JN being awarded compensation and costs. The company said it had received interim payments, but added the final cost claim was subject to ongoing litigation.
News that the company is now trading profitably comes after the Registrar of Companies gave notice on 5 April that unless cause was shown to the contrary, JN Dairies Limited would be struck off the register and the company would be dissolved. A spokeswoman for Companies House said the action was triggered by overdue annual returns and financial accounts. The company subsequently filed the documents within the timeframe and the strike-off action was discontinued, she added.
Meanwhile, a new company JN Dairies Processing Limited was registered on 3 June, the directors of which are Manrupe Singh Nijjar and Sukhrupe Singh Nijjar.
The company, a major dairy wholesaler supplying the middle-ground market in the Midlands, reported a loss of £584,569 during the year ended 31 March 2011, according to abbreviated accounts filed at Companies House earlier this month. At that date, its liabilities exceeded total assets by £744,919, prompting independent auditors to issue a warning over "the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."
The previous year, JN Dairies had reported a net loss of £261,821 for the 12 months to 31 March 2010.
The company's directors said they had since implemented a strategic plan to return the company to profitability within the current financial year. "Early management information indicates that the company is now trading profitably," the notes to the accounts, which were filed at the beginning of July, stated.
JN Dairies' expected turnaround comes in the wake of a successful court case for industrial espionage against Johal Dairies, which resulted in JN being awarded compensation and costs. The company said it had received interim payments, but added the final cost claim was subject to ongoing litigation.
News that the company is now trading profitably comes after the Registrar of Companies gave notice on 5 April that unless cause was shown to the contrary, JN Dairies Limited would be struck off the register and the company would be dissolved. A spokeswoman for Companies House said the action was triggered by overdue annual returns and financial accounts. The company subsequently filed the documents within the timeframe and the strike-off action was discontinued, she added.
Meanwhile, a new company JN Dairies Processing Limited was registered on 3 June, the directors of which are Manrupe Singh Nijjar and Sukhrupe Singh Nijjar.
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