Company No: 13437001 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Investments	3	80,542		70,825
		80,542		70,825
Current assets
Stocks	4, 5	1,290,018		1,530,033
Debtors	6	149,636		106,933
Cash at bank and in hand		4		4
		1,439,658		1,636,970
Creditors: amounts falling due within one year	7	( 988,336)		( 1,348,773)
Net current assets		451,322		288,197
Total assets less current liabilities		531,864		359,022
Net assets		531,864		359,022
Capital and reserves
Called-up share capital		300		300
Profit and loss account		531,564		358,722
Total shareholders' funds		531,864		359,022

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 TPW Uglow Ltd (registered number: 13437001) were approved and authorised for issue by the Board of Directors on 10 October 2025. They were signed on its behalf by:

R P Uglow 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 period, unless otherwise stated.

General information and basis of accounting

TPW Uglow Ltd (the Company) is a private company, limited by shares, incorporated in England under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Higher Maxworthy, Maxworthy, Launceston, PL15 8LZ.

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of milk and cull cows, and is shown net of VAT. Turnover is recognised at the point of dispatch for the sale of milk and livestock.

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.

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 of dairy cows are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. These are shown as livestock in note 4. Livestock is calculated using the FIFO (first-in, first-out) method.

Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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

	Year ended 31.03.2025		Period from 01.05.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	70,825		70,825
Additions	9,717		9,717
At 31 March 2025	80,542		80,542
Carrying value at 31 March 2025	80,542		80,542
Carrying value at 31 March 2024	70,825		70,825

4. Stocks

	31.03.2025		31.03.2024
	£		£
Livestock	1,290,018		1,530,033

5. Current biological assets

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 April 2024	1,530,033		1,530,033
Decrease attributable to sales/ transfers out	(240,015)		(240,015)
At 31 March 2025	1,290,018		1,290,018

6. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	129,950		93,408
Other debtors	19,686		13,525
	149,636		106,933

7. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank overdrafts	2,889		39,186
Trade creditors	327,012		20,400
Taxation and social security	57,647		44,220
Other creditors	600,788		1,244,967
	988,336		1,348,773

Included within other creditors are loans to related parties and accruals. No interest is charged on the outstanding loans, which are repayable on demand