Company No: 07246839 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	4,289,182		4,486,025
Biological assets	5	323,877		309,027
Investment property	6	750,000		297,708
Investments		6,597		6,597
		5,369,656		5,099,357
Current assets
Stocks	7	528,950		445,450
Debtors	8	203,916		226,909
Cash at bank and in hand		124,004		185,017
		856,870		857,376
Creditors: amounts falling due within one year	9	( 589,191)		( 568,497)
Net current assets		267,679		288,879
Total assets less current liabilities		5,637,335		5,388,236
Creditors: amounts falling due after more than one year	10	( 3,275,005)		( 3,359,857)
Provision for liabilities		( 438,337)		( 403,811)
Net assets		1,923,993		1,624,568
Capital and reserves
Called-up share capital		11		11
Fair value reserve		169,949		0
Profit and loss account		1,754,033		1,624,557
Total shareholders' funds		1,923,993		1,624,568

For the financial year ending 30 April 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Tredinnick Farms Limited (registered number: 07246839) were approved and authorised for issue by the Board of Directors on 06 August 2025. They were signed on its behalf by:

Mr J Rowe Director		Mrs J Rowe Director
Mr M Rowe Director		Mrs K Rowe Director
Mr A Rowe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tredinnick Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Great Tredinnick Farm, Twowatersfoot, Liskeard, PL14 6HX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

Prior period errors are accounted for retrospectively by restating the comparative accounts for the prior period.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, and the receipt of government grants. Turnover is shown net of value added tax and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Leasehold improvements	50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	20 % reducing balance
Other property, plant and equipment	5 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological assets.

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity, and the fair value or cost of the asset can be measured reliably. Biological assets consist of the dairy herd.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at each reporting date with changes in fair value recognised in other non-operating income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock comprising agricultural produce (i.e. silage/straw in store) and deadstock such as feed, fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural livestock (i.e. crops in store) harvested from biological assets are measured at the point of harvest.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

Following the purchase of freehold property during the year ended 30 April 2024 and subsequent refinancing of bank borrowings, the directors have revisited the accounting treatment of the prior year accounts and have decided that the adjustments listed below would more accurately reflect the position.

In addition to the above, in prior years, freehold property held by the company has been classified as tangible assets. In the period ended 30 April 2024, one of the properties has been reclassified as an investment property.

Furthermore, the dairy herd has historically been classified as stock. In the period to 30 April 2024, the dairy herd has been reclassified as biological assets. There has been no impact on the valuation of the herd, as it was always calculated under the herd basis.

All of the above errors have been corrected retrospectively, and the effect on the line items of the financial statements are as follows:

		As previously reported		Adjustment		As restated
Year ended 30 April 2024		£		£		£
Tangible assets		4,789,640		(303,615)		4,486,025
Biological assets		0		309,027		309,027
Investment property		0		297,708		297,708
Stocks		754,477		(309,027)		445,450
Debtors		219,240		7,669		226,909
Cash at bank and in hand		296,606		(111,589)		185,017
Creditors: amounts falling due within one year		(712,262)		143,765		(568,497)
Creditors: amounts falling due after more than one year		(3,159,733)		(200,124)		(3,359,857)
Provisions for liabilities		(404,317)		506		(403,811)
Profit and loss account		(1,790,237)		165,680		(1,624,557)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 May 2024	2,477,334		397,123		2,547,789		28,047		551,350		6,001,643
Additions	0		0		158,407		12,995		0		171,402
Disposals	( 100,000)		0		( 79,250)		0		0		( 179,250)
At 30 April 2025	2,377,334		397,123		2,626,946		41,042		551,350		5,993,795
Accumulated depreciation
At 01 May 2024	0		0		1,256,408		21,850		237,360		1,515,618
Charge for the financial year	0		7,942		197,269		1,889		15,700		222,800
Disposals	0		0		( 33,805)		0		0		( 33,805)
At 30 April 2025	0		7,942		1,419,872		23,739		253,060		1,704,613
Net book value
At 30 April 2025	2,377,334		389,181		1,207,074		17,303		298,290		4,289,182
At 30 April 2024	2,477,334		397,123		1,291,381		6,197		313,990		4,486,025

5. Biological assets

	2025
	£
Biological assets at fair value	323,877

Assets held at fair value:

	Dairy		Total
	£		£
Valuation
At 01 May 2024	309,027		309,027
Increase due to purchases/ transfers in	14,850		14,850
Fair value at 30 April 2025	323,877		323,877

6. Investment property

	Investment property
	£
Valuation
As at 01 May 2024	297,708
Additions	225,693
Fair value movement	226,599
As at 30 April 2025	750,000

Valuation

Investment properties, which are all freehold, were revalued to fair value at 30 April 2025, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market rental value.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	523,401		297,708

7. Current biological assets

Assets held at cost:

	Dairy		Growing crops		Total
	£		£		£
Cost
At 01 May 2024	360,400		85,050		445,450
Increase due to purchases/ transfers in	84,975		0		84,975
Decrease resulting from harvesting	0		(1,475)		(1,475)
At 30 April 2025	445,375		83,575		528,950

8. Debtors

	2025		2024
	£		£
Trade debtors	176,799		198,560
Other debtors	27,117		28,349
	203,916		226,909

Included with other debtors are prepayments and VAT recoverable.

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured)	272,604		200,560
Trade creditors	173,441		278,870
Taxation and social security	91,262		38,907
Obligations under finance leases and hire purchase contracts (secured)	0		44,989
Other creditors	51,884		5,171
	589,191		568,497

Bank borrowings are secured by fixed and floating charges and a debenture over the company's property.
Hire purchase agreements have security provided by the assets that are subject to the agreement.

Included within other creditors are accruals and amounts owed to the directors.

10. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	3,275,005		3,359,857

Bank borrowings are secured by fixed and floating charges and a debenture over the company's property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	3,046,660		3,099,524

Bank borrowings are secured by fixed and floating charges and a debenture over the company's property.