Company No: 04400300 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	795,446		805,001
Biological assets	4	557,334		599,963
Investments	5	75,108		66,600
		1,427,888		1,471,564
Current assets
Stocks	6, 7	1,273,859		1,392,488
Debtors	8	397,263		382,323
Cash at bank and in hand		77,223		0
		1,748,345		1,774,811
Creditors: amounts falling due within one year	9	( 621,811)		( 955,237)
Net current assets		1,126,534		819,574
Total assets less current liabilities		2,554,422		2,291,138
Creditors: amounts falling due after more than one year	10	( 808,661)		( 937,161)
Provision for liabilities	11	( 71,684)		0
Net assets		1,674,077		1,353,977
Capital and reserves
Called-up share capital		9,063		9,063
Share premium account		520,315		520,315
Profit and loss account		1,144,699		824,599
Total shareholders' funds		1,674,077		1,353,977

For the financial year ending 31 March 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 Quickes Traditional Limited (registered number: 04400300) were approved and authorised for issue by the Board of Directors on 04 September 2025. They were signed on its behalf by:

Jane Langdon-Davies 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

Quickes Traditional 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 Home Farm, Newton St. Cyres, Exeter, EX5 5AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of food stuffs, livestock, crops, the generation and export of electricity and the receipt of government grants.

Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of food stuffs, livestock and crops and at the point of generation for electricity and in the period to which the government grant relates.

Other Operating Income relating to rents receivable is recognised on an accrual basis.

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:

Leasehold improvements	20 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	20 years straight line

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 consists 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.

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

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Included within stock is manufactured cheese stock and butter as well as, some packaging and materials. Other stock consists of fertiliser, feed and fuel.

Also included in stock are current biological assets not held for continuing use within the business. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages in the ground, both of which are current biological assets detailed in note 8.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised within other operating income based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	36		36

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	676,142		1,275,984		19,183		146,653		2,117,962
Additions	27,067		79,515		0		40,106		146,688
Disposals	0		( 74,034)		( 13,000)		0		( 87,034)
At 31 March 2025	703,209		1,281,465		6,183		186,759		2,177,616
Accumulated depreciation
At 01 April 2024	356,055		943,213		11,060		2,633		1,312,961
Charge for the financial year	23,408		90,438		2,031		9,004		124,881
Disposals	0		( 48,044)		( 7,628)		0		( 55,672)
At 31 March 2025	379,463		985,607		5,463		11,637		1,382,170
Net book value
At 31 March 2025	323,746		295,858		720		175,122		795,446
At 31 March 2024	320,087		332,771		8,123		144,020		805,001

4. Biological assets

	2025
	£
Biological assets at cost	557,334

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 April 2024	664,729		664,729
Decrease attributable to sales/ transfers out	( 47,137)		( 47,137)
At 31 March 2025	617,592		617,592
Accumulated depreciation
At 01 April 2024	64,766		64,766
Decrease attributable to sales/ transfers out	( 4,508)		( 4,508)
At 31 March 2025	60,258		60,258
Net book value
At 31 March 2025	557,334		557,334
At 31 March 2024	599,963		599,963

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	66,600		66,600
Additions	8,508		8,508
At 31 March 2025	75,108		75,108
Carrying value at 31 March 2025	75,108		75,108
Carrying value at 31 March 2024	66,600		66,600

6. Stocks

	2025		2024
	£		£
Stocks	1,093,808		1,202,921
Livestock	126,495		134,040
Crops	22,806		43,099
Other stock	30,750		12,428
	1,273,859		1,392,488

Included within stock is manufactured cheese stock and butter as well as, some packaging and materials. Included within livestock and crops are current biological assets, consisting of dairy youngstock and tillages in the ground, which are detailed in note 8.

7. Current biological assets

Assets held at cost:

	Cattle		Growing crops		Total
	£		£		£
Cost
At 01 April 2024	134,040		43,099		177,139
Increase from new crop costs	0		22,806		22,806
Decrease attributable to sales/ transfers out	(7,545)		0		(7,545)
Decrease resulting from harvesting	0		(43,099)		(43,099)
At 31 March 2025	126,495		22,806		149,301

8. Debtors

	2025		2024
	£		£
Trade debtors	348,291		327,033
Other debtors	48,972		55,290
	397,263		382,323

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	116,800		326,200
Trade creditors	312,601		461,681
Other taxation and social security	23,971		22,888
Obligations under finance leases and hire purchase contracts	32,543		20,176
Other creditors	135,896		124,292
	621,811		955,237

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

	2025		2024
	£		£
Bank loans (secured)	772,392		891,891
Obligations under finance leases and hire purchase contracts	36,269		45,270
	808,661		937,161

The bank borrowings include a Coronavirus Business Interruption Loan which attracts a nominal interest rate of 2.42% over the Bank of England Base Rate. The final instalment is due 20 January 2027. The carrying amount at the year end is £91,666.92 (2024: £141,666.84).

Additional security is also provided by fixed and floated charges over the company property, fixtures, and plant and machinery.

John Quicke has provided a guarantee for the bank loan to a maximum of £550,000

Included within bank loans of £772,392 includes £463,525 of bank loans which is due over 5 years.

11. Provision for liabilities

	2025		2024
	£		£
Deferred tax	71,684		0

12. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £84,000 (2024 - £168,000). These commitments are under non-cancellable operating leases, relating to a Farm Business Tenancy which is 25 years with 16 years remaining , with a break clause every 5 years, the next break clause being in 1 year.