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H.W.Clothier Milton-Westcombe Farms Limited
Annual Report and Unaudited Financial Statements
Year Ended 31 December 2024

Registration number: 00645715

H.W.Clothier Milton-Westcombe Farms Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 12

H.W.Clothier Milton-Westcombe Farms Limited

Balance Sheet

31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 4 | 4,965 | 7,447
Tangible assets | 5 | 7,800,658 | 7,890,645
Investment property | 6 | 4,025,000 | 3,680,000
|  | 11,830,623 | 11,578,092
Current assets |  |  |
Stocks | 8 | 1,148,283 | 1,270,312
Debtors | 9 | 529,392 | 499,206
Cash at bank and in hand |  | 19,540 | 15,698
|  | 1,697,215 | 1,785,216
Creditors: Amounts falling due within one year | 10 | (1,029,344) | (1,084,218)
Net current assets |  | 667,871 | 700,998
Total assets less current liabilities |  | 12,498,494 | 12,279,090
Creditors: Amounts falling due after more than one year | 10 | (2,901,370) | (3,014,392)
Provisions for liabilities |  | (817,301) | (775,452)
Net assets |  | 8,779,823 | 8,489,246
Capital and reserves |  |  |
Called up share capital | 12 | 34,418 | 34,418
Share premium reserve |  | 456,082 | 456,082
Revaluation reserve |  | 5,144,777 | 5,207,176
Other reserves |  | 2,850,137 | 2,680,502
Profit and loss account |  | 294,409 | 111,068
Shareholders' funds |  | 8,779,823 | 8,489,246

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

H.W.Clothier Milton-Westcombe Farms Limited

Balance Sheet

31 December 2024

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:

Richard Calver Director

Company Registration Number: 00645715

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Lower Westcombe Farm
Westcombe
Shepton Mallet
Somerset
BA4 6ER
England and Wales

These financial statements were authorised for issue by the Board on 25 June 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. In making their assessment the directors have given consideration to the following key factors; the trading performance and cash flows subsequent to the year end, their expectations for the forthcoming 12 months from the date of approval of these financial statements and that there remain significant uncertainties in the macroeconomic environment which are outside of their control. The directors are satisfied that the going concern basis of preparation remains appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Included within tangible assets is the dairy herd. Cows transfered into the dairy herd from home reared stock are valued at the HMRC accepted deemed cost, being 60% of the open market value of those animals.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 10% Straight line
Motor vehicles | 20% Straight line
Freehold property and improvements | 0%, 2%, 5% and 10% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% Straight line

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Home reared dairy cows are valued at the HMRC accepted deemed cost, being 60% of the open market value of those animals.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 20).

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2024 | 42,433 | 42,433
At 31 December 2024 | 42,433 | 42,433
Amortisation
At 1 January 2024 | 34,986 | 34,986
Amortisation charge | 2,482 | 2,482
At 31 December 2024 | 37,468 | 37,468
Carrying amount
At 31 December 2024 | 4,965 | 4,965
At 31 December 2023 | 7,447 | 7,447

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

5 | Tangible assets

| Freehold property £ | Herd £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 7,861,911 | 276,688 | 405,740 | 1,899,602 | 10,443,941
Additions | 7,621 | 106,900 | 160,000 | 34,857 | 309,378
Disposals | - | (82,885) | (137,750) | (8,608) | (229,243)
At 31 December 2024 | 7,869,532 | 300,703 | 427,990 | 1,925,851 | 10,524,076
Depreciation
At 1 January 2024 | 719,598 | 22,400 | 348,540 | 1,462,758 | 2,553,296
Charge for the year | 163,229 | 13,705 | 45,850 | 99,907 | 322,691
Eliminated on disposal | - | (11,471) | (137,750) | (3,348) | (152,569)
At 31 December 2024 | 882,827 | 24,634 | 256,640 | 1,559,317 | 2,723,418
Carrying amount
At 31 December 2024 | 6,986,705 | 276,069 | 171,350 | 366,534 | 7,800,658
At 31 December 2022 | 7,142,313 | 254,288 | 57,200 | 436,844 | 7,890,645

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

6 | Investment properties

| 2024 £
At 1 January | 3,680,000
Fair value adjustments | 345,000
At 31 December | 4,025,000

The value of the investment property has been determined based on the observable market values of similar properties in the area by the directors. The historic cost of these properties is £532,070 (2023: £532,070)

There has been no valuation of investment property by an independent valuer.

7 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
At 1 January 2024 | 1,561 | 1,561
Disposals | (1,561) | (1,561)
At 31 December 2024 | - | -
Carrying amount
At 31 December 2024 | - | -

8 | Stocks

| 2024 £ | 2023 £
Deadstock and tillages | 166,335 | 366,652
Cheese stock | 747,473 | 682,587
Shop stock | 28,275 | 38,648
Livestock | 206,200 | 182,425
| 1,148,283 | 1,270,312

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

9 | Debtors

| 2024 £ | 2023 £
Trade debtors | 427,870 | 418,191
Prepayments | 11,247 | 11,305
Other debtors | 90,275 | 69,710
| 529,392 | 499,206

10 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Loans and borrowings | 11 | 507,830 | 466,370
Trade creditors |  | 442,437 | 504,415
Corporation tax |  | 44,359 | 84,638
Taxation and social security |  | 14,758 | 14,758
Other creditors |  | 1,205 | 1,279
Accruals and deferred income |  | 18,755 | 12,758
|  | 1,029,344 | 1,084,218

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £178,069 (2023 - £159,293).

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

11 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 2,781,514 | 2,910,034
HP and finance lease liabilities | 92,536 | 63,038
Other borrowings | 27,320 | 41,320
| 2,901,370 | 3,014,392

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,867,503 (2023 - £2,955,872).

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 112,344 | 120,168
Bank overdrafts | 295,760 | 273,123
Hire purchase contracts | 75,726 | 49,079
Other borrowings | 24,000 | 24,000
| 507,830 | 466,370

12 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary A shares of £0.10 each of £0.10 each | 258,170 | 25,817 | 258,170 | 25,817
Ordinary B shares of £0.10 each of £0.10 each | 82,009 | 8,201 | 82,009 | 8,201
Ordinary C & D shares of £0.10 each of £0.10 each | 2,000 | 200 | 2,000 | 200
Ordinary E & F shares of £0.10 each of £0.10 each | 2,000 | 200 | 2,000 | 200
| 344,179 | 34,418 | 344,179 | 34,418

H.W.Clothier Milton-Westcombe Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

13 | Reserves

Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Fair value reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. This reserve is non distributable.

Revaluation reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. This reserve is non distributable.
Profit and loss account:
This reserve records retained earnings and accumulated losses.

14 | Related party transactions

Summary of transactions with directors

A director of the company owes £13,758 (2023 £3,466) to the company on normal commercial terms. No interest is being charged on the outstanding balance.

15 | Off-balance sheet arrangements

Other financial commitements
At the reporting date, the company had total off-balance sheet financial commitments amounting to £8,233 (2023: £6,175)