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Company No: 07136874 (England and Wales)

# FREEDOM DAIRY SYSTEMS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

FREEDOM DAIRY SYSTEMS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

FREEDOM DAIRY SYSTEMS LIMITED

## BALANCE SHEET

As at 31 January 2025
FREEDOM DAIRY SYSTEMS LIMITED

## BALANCE SHEET (continued)

As at 31 January 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 935,951 |  | 820,775
|  | 935,951 |  | 820,775
Current assets |  |  |  |
Stocks |  | 2,236,483 |  | 1,652,101
Debtors | 4 | 1,086,615 |  | 1,493,825
Cash at bank and in hand |  | 675,801 |  | 63,371
|  | 3,998,899 |  | 3,209,297
Creditors: amounts falling due within one year | 5 | ( 2,622,143) |  | ( 1,892,915)
Net current assets |  | 1,376,756 |  | 1,316,382
Total assets less current liabilities |  | 2,312,707 |  | 2,137,157
Provision for liabilities |  | ( 228,169) |  | ( 204,643)
Net assets |  | 2,084,538 |  | 1,932,514
Capital and reserves |  |  |  |
Called-up share capital |  | 117 |  | 117
Share premium account |  | 13,623 |  | 13,623
Profit and loss account |  | 2,070,798 |  | 1,918,774
Total shareholders' funds |  | 2,084,538 |  | 1,932,514

For the financial year ending 31 January 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 Freedom Dairy Systems Limited (registered number: 07136874) were approved and authorised for issue by the Board of Directors on 22 October 2025. They were signed on its behalf by:

Mr NJ Heal Director |

FREEDOM DAIRY SYSTEMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
FREEDOM DAIRY SYSTEMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025

##### 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

Freedom Dairy Systems 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 Deer Park Farm, Babcary, Somerton, TA11 7DS, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### 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.
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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 | depreciated over the life of the lease
Plant and machinery | 25 % reducing balance
Vehicles | 20 % reducing balance
Fixtures and fittings | 3 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.

##### 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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### 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.

##### 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.

##### 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### 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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 32 |  | 26

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 February 2024 | 178,515 |  | 42,686 |  | 1,001,973 |  | 110,942 |  | 1,334,116
Additions | 0 |  | 66,444 |  | 293,288 |  | 61,475 |  | 421,207
Disposals | 0 |  | 0 |  | ( 199,022) |  | 0 |  | ( 199,022)
At 31 January 2025 | 178,515 |  | 109,130 |  | 1,096,239 |  | 172,417 |  | 1,556,301
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 February 2024 | 178,515 |  | 22,237 |  | 223,840 |  | 88,749 |  | 513,341
Charge for the financial year | 0 |  | 25,450 |  | 165,124 |  | 14,334 |  | 204,908
Disposals | 0 |  | 0 |  | ( 97,899) |  | 0 |  | ( 97,899)
At 31 January 2025 | 178,515 |  | 47,687 |  | 291,065 |  | 103,083 |  | 620,350
Net book value |  |  |  |  |  |  |  |  |
At 31 January 2025 | 0 |  | 61,443 |  | 805,174 |  | 69,334 |  | 935,951
At 31 January 2024 | 0 |  | 20,449 |  | 778,133 |  | 22,193 |  | 820,775

There is a fixed and floating charge issued by the company's bank over the undertaking and all property and assets present and future, to secure all monies due or to become due from the company.

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 941,006 |  | 1,114,761
Amounts owed by related parties | 11,524 |  | 0
Other taxation and social security | 0 |  | 66,083
Other debtors | 134,085 |  | 312,981
| 1,086,615 |  | 1,493,825

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 1,065,426 |  | 453,778
Taxation and social security | 459,227 |  | 269,529
Other creditors | 1,097,490 |  | 1,169,608
| 2,622,143 |  | 1,892,915

#### 6. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating lease | 0 |  | 9,600

#### 7. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Directors' overdrawn loans | 0 |  | 2,707

Advances

During the year, no advances were made and £2,707 was subsequently repaid. The balance owed by the director at the beginning of the year was £2,707 and at the end of the year was £nil. This loan is interest free, unsecured and has no repayment terms.