Notes to the Financial Statements Continued

The average monthly number of employees (including directors) was:

Their aggregate remuneration comprised:

The number of employees at the financial year ended 31 December 2022, including twelve directors, was 18 (2021: 19).

In addition to the remuneration disclosed above, the directors were reimbursed €14,296 (2021: €3,402) for expenses incurred in the provision of their services.

Notes to the Financial Statements

between the total tax charge shown above and the amount calculated by applying the standard rate of Irish corporation tax to the profit before

Notes to the Financial Statements Continued

Other debtors relate to grants receivable representing qualifying expenditure incurred for which claims will be made after the balance sheet date.

The Company has a VAT recoverable balance of €1,965,127 at 31 December 2022. See Note 2 for further detail.

Notes to the Financial Statements

12.

The carrying values of the Company’s financial assets and liabilities are summarised by category below:

Financial assets

Measured at undiscounted amount receivable –

(note 9)

Financial liabilities

Measured at undiscounted amount receivable

Notes to the Financial Statements Continued

13. RESERVES

The Company’s other reserves are as follows: The profit and loss reserve represents cumulative profits or losses and other adjustments.

14. FINANCIAL COMMITMENTS

Commitments

Guarantees

The Company is a member of the GEIE European Milk Forum, a grouping set up to promote dairy products throughout Europe. The Company, in conjunction with the other nine members of the forum, has provided a guarantee in relation to any commitments of the forum to third parties which remain outstanding following liquidation of the forum.

Disclosure of Bank guarantees

The Company has entered into bank guarantees in the normal course of business. The bank guarantees are required to secure grant funding received in advance from the Department of Agriculture, Food and the Marine. The amount outstanding at the balance sheet date was €250,000 (2021: €250,000).

15. RETIREMENT BENEFIT OBLIGATIONS

Defined contribution schemes:

The Company operates a defined contribution pension scheme. Contributions payable in respect of the financial year ended 31 December 2022 amounted to €49,966 (2021: €60,167). There were no pension contributions outstanding at the financial year end (2021: €Nil).

Notes to the Financial Statements Continued

16. STATEMENT OF CASH FLOWS

17. CONTINGENCIES

Contingent liabilities

The Company is in receipt of grant funding in advance from the Department of Agriculture, Food and the Marine in its normal course of business. The amounts received in advance would have to be returned should the Department deem them to be repayable. The amount at the balance sheet date was €467,242 (2021: €339,807).

On 25th January 2021 the Revenue Commissioners wrote to the Company stating that VAT repayment claims previously refunded are not allowable and therefore arrangements are being made to issue VAT assessments for the recovery of the VAT reclaimed. As at 31 December 2022 the value of these claims is €678,927 (2021: €678,927). This matter is currently under appeal to the Tax Appeals Commission. The claims previously refunded would have to be repaid to the Revenue Commissioners should the Company lose this appeal.