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REGISTERED NUMBER: 01805834 (England and Wales)

| TIMS DAIRY LTD |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |  | to |  | 4

Report of the Independent Auditors | 5 |  | to |  | 7

Income Statement | 8 |

Other Comprehensive Income | 9 |

Statement of Financial Position | 10 |

Statement of Changes in Equity | 11 |

Statement of Cash Flows | 12 |

Notes to the Statement of Cash Flows | 13 |

Notes to the Financial Statements | 14 |  | to |  | 20

TIMS DAIRY LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | A T Hinds

| P M Timotheou

| C Timotheou

| SECRETARY: | C Timotheou

| REGISTERED OFFICE: | Mopes Farm

| Denham Lane

| Chalfont St. Peter

| Gerrards Cross

| Buckinghamshire

| SL9 0QH

| REGISTERED NUMBER: | 01805834 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 3rd Floor

| Marlborough House

| 298 Regents Park Road

| Finchley

| London

| N3 2SZ

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year under review was that of producers and distributors of yogurt and cultured dairy products.

Turnover increased to £20.38m in 2024/25, an increase of 7.7% compared to the previous year. The increase in sales was due to both new customer sales and price increases to offset rising cost of sales, predominantly driven by rising raw materials and energy prices. The increase was in line with management's forecasts at the end of the previous year.

During the year the gross profit margin increased to 19.9% (2023/24: 19.57%), due to relaunching the core brand, restructuring the product and customer portfolio whilst optimising production and commissioning the new manufacturing capability.

We routinely monitor raw material and variable costs using a range of KPI's.

Overheads continue to be carefully managed to minimise avoidable increases. In 2024/25 , overheads increased as we onboarded new Management, Commercial and Operation talent to support the growth agenda. There were additional distribution costs in the year following the onboarding of a strategic distribution partner which significantly reduced complexity. Excluding depreciation, bad debts and profits from disposal of assets, overheads increased from £2.82m last year to £3.25m this year.

A pre-tax profit, excluding profits on sale of assets, was made in the year of £530k, compared to a pre-tax profit in the prior year of £57k. The profit sees a return to pre-Covid 19 levels and can be attributed to the portfolio and customer restructure, reduction in the cost of debt, better management of fluctuating costs of raw materials, tighter management of overheads and increased efficiencies in the production processes.

The Directors are satisfied with this result considering the significant impact of the Cost-of-Living crisis on the business and the rising costs because of inflation during the financial year ending 30 April 2025. The Directors continue to be optimistic during the new business year as they progress with the capital investment aimed at enhancing production throughput. The new expanded facility continues to be developed, and the full benefit of the investment in people, the brand relaunch and expansion will be realised in the year ending 30 April 2026 onwards.

PRINCIPAL RISKS AND UNCERTAINTIES

Constant fluctuation in raw material costs, combined with the current economic environment continues to be an area of major risk to the company. The directors effectively manage this risk by continually monitoring KPI's such as raw materials and variable costs and constantly looking to improve the efficiency and cost of the operation.

Price risk: The directors actively manage price risk by means of constant review of cost bases and negotiating agreements with key suppliers.

Credit risk: The directors actively manage credit risk by means of continual monitoring of customer credit and use of internal credit controls.

Liquidity risk: The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Food Hygiene and Health & Safety risks: The company ensures the appropriate quality control procedures are in place during all stages of the production process. Health & Safety procedures are regularly tested by the dedicated health team in the company but also by external audits and ethical standards commissioned both by customers and trade bodies such as the British Retail Consortium (BRC).

Cash flow risk: The directors actively manage cash flow risk by selecting a mixture of short and longer term liabilities to ensure the company can meet its working capital requirements.

ON BEHALF OF THE BOARD:

C Timotheou - Director

27 October 2025

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a dairy supplier.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 will be £320,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

P M Timotheou

C Timotheou

Other changes in directors holding office are as follows:

A T Hinds - appointed 20 November 2024

Future Developments:

The company is expanding its factory premises to meet expected future demand and the directors expect once completed the year on year sales will increase.

Financial Instruments:

The company's principal financial instruments comprise bank balances, bank loans, finance leases, trade creditors and trade debtors. Trade debtors are strictly controlled and bad debts are kept to a minimum by regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Other matters

There were a number of research and development projects across the year that have resulted in either new product launches or minor process improvements.

Disclosure of information in the strategic report

The business review and details of principal risks and uncertainties are now included in the separate Strategic Report on page 2.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Timotheou - Director

27 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TIMS DAIRY LTD

Opinion

We have audited the financial statements of Tims Dairy Ltd (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TIMS DAIRY LTD

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporation Tax legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the appropriateness of journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

The potential limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the responsibilities of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TIMS DAIRY LTD

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Panos Michaelides FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

5 November 2025

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

REVENUE | 20,380,811 |  | 18,929,169 |  |

Cost of sales | 16,319,182 |  | 15,224,932 |  |

GROSS PROFIT | 4,061,629 |  | 3,704,237 |  |

Distribution costs | 1,539,776 |  | 1,417,686 |  |

Administrative expenses | 1,899,095 |  | 1,365,176 |  |

|  |  | 3,438,871 |  |  |  |  | 2,782,862 |  |

622,758 |  | 921,375 |  |

Other operating income | - |  | 440 |  |

OPERATING PROFIT | 4 | 622,758 |  | 921,815 |  |

Interest payable and similar expenses | 5 | 92,322 |  | 133,693 |  |

PROFIT BEFORE TAXATION | 530,436 |  | 788,122 |  |

Tax on profit | 6 | 98,198 |  | 162,257 |  |

PROFIT FOR THE FINANCIAL YEAR | 432,238 |  | 625,865 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 432,238 |  | 625,865 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 432,238 |  | 625,865 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

STATEMENT OF FINANCIAL POSITION

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 8 | 4,771,908 |  | 4,438,494 |  |

CURRENT ASSETS

Inventories | 9 | 649,549 |  | 618,052 |  |

Debtors | 10 | 2,606,576 |  | 2,376,547 |  |

Cash at bank and in hand | 110,633 |  | 66,926 |  |

3,366,758 |  | 3,061,525 |  |

CREDITORS

Amounts falling due within one year | 11 | 3,151,198 |  | 2,543,792 |  |

NET CURRENT ASSETS | 215,560 |  | 517,733 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,987,468 |  | 4,956,227 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (1,225,446 | ) | (1,306,443 | ) |

PROVISIONS FOR LIABILITIES | 15 | (537,158 | ) | (537,158 | ) |

NET ASSETS | 3,224,864 |  | 3,112,626 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 36,000 |  | 36,000 |  |

Retained earnings | 17 | 3,188,864 |  | 3,076,626 |  |

SHAREHOLDERS' FUNDS | 3,224,864 |  | 3,112,626 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

C Timotheou - Director

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 36,000 |  | 2,770,761 |  | 2,806,761 |  |

Changes in equity

Dividends | - |  | (320,000 | ) | (320,000 | ) |

Total comprehensive income | - |  | 625,865 |  | 625,865 |  |

Balance at 30 April 2024 | 36,000 |  | 3,076,626 |  | 3,112,626 |  |

Changes in equity

Dividends | - |  | (320,000 | ) | (320,000 | ) |

Total comprehensive income | - |  | 432,238 |  | 432,238 |  |

Balance at 30 April 2025 | 36,000 |  | 3,188,864 |  | 3,224,864 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,102,958 |  | 1,161,083 |  |

Interest paid | (91,014 | ) | (126,861 | ) |

Interest element of hire purchase or finance lease rental payments paid | (1,308 | ) | (6,832 | ) |

Tax paid | (181,194 | ) | (72,752 | ) |

Net cash from operating activities | 829,442 |  | 954,638 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (760,734 | ) | (331,861 | ) |

Sale of tangible fixed assets | 302 |  | 759,190 |  |

Net cash from investing activities | (760,432 | ) | 427,329 |  |

Cash flows from financing activities

Finance Lease | (79,906 | ) | (114,989 | ) |

Borrowings | (62,663 | ) | (812,813 | ) |

Equity dividends paid | (320,000 | ) | (320,000 | ) |

Net cash from financing activities | (462,569 | ) | (1,247,802 | ) |

(Decrease)/increase in cash and cash equivalents | (393,559 | ) | 134,165 |  |

Cash and cash equivalents at beginning of year | 2 | (48,927 | ) | (183,092 | ) |

Cash and cash equivalents at end of year | 2 | (442,486 | ) | (48,927 | ) |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 530,436 |  | 788,122 |  |

| Depreciation charges | 427,018 |  | 412,601 |  |

| Profit on disposal of fixed assets | - |  | (213,323 | ) |

| Accrued Expenses | 69,162 |  | 52,878 |  |

| Finance costs | 92,322 |  | 133,693 |  |

1,118,938 |  | 1,173,971 |  |

| Increase in inventories | (31,497 | ) | (55,963 | ) |

| (Increase)/decrease in trade and other debtors | (230,029 | ) | 10,309 |  |

| Increase in trade and other creditors | 245,546 |  | 32,766 |  |

| Cash generated from operations | 1,102,958 |  | 1,161,083 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 April 2025

| 30.4.25 |  | 1.5.24

£ | £ |

| Cash and cash equivalents | 110,633 |  | 66,926 |  |

| Bank overdrafts | (553,119 | ) | (115,853 | ) |

(442,486 | ) | (48,927 | ) |

| Year ended 30 April 2024

| 30.4.24 |  | 1.5.23

£ | £ |

| Cash and cash equivalents | 66,926 |  | 15,515 |  |

| Bank overdrafts | (115,853 | ) | (198,607 | ) |

(48,927 | ) | (183,092 | ) |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.5.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 66,926 |  | 43,707 |  | 110,633 |  |

| Bank overdrafts | (115,853 | ) | (437,266 | ) | (553,119 | ) |

(48,927 | ) | (393,559 | ) | (442,486 | ) |

| Debt

| Debts falling due within 1 year | (77,410 | ) | (3,587 | ) | (80,997 | ) |

| Debts falling due after 1 year | (1,306,443 | ) | 80,997 |  | (1,225,446 | ) |

(1,383,853 | ) | 77,410 |  | (1,306,443 | ) |

| Total | (1,432,780 | ) | (316,149 | ) | (1,748,929 | ) |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| The company is a private company limted by shares, registered in England & Wales. The address of the registered office is Mopes Farm, Denham Lane, Chalfont St.Peter, Gerrards Cross, Buckinghamshire, SL9 0QH.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss.

| The financial statements are prepared in sterling, which is the functional currency of the entity. The figures are rounded to the nearest pound.

| Going concern

| The directors have considered the financial position of the company and the financial statements have been prepared in assuming the company will continue as a going concern. In making the assumption, the directors have considered the availability of working capital, the future cash generative and profitable trading of the company, the cash reserves, the net asset position since the year end and the mitigating actions that can be taken during the period.

| In making their assessment of going concern, the directors have given due consideration to the increase in the cost of raw materials and the continuous rise in energy prices and the uncertainty which this has created when preparing detailed forecasts. The forecasts at the time of signing the financial statements reflect the current economic outlook and recent post-balance sheet activity.

| Management have considered their forecasts and the impact of further rising costs on the profitability of the company and its cash flow, and the directors have taken and will continue to take the necessary precautions to preserve the company’s cash by taking mitigating actions and reviewing their future plans to ensure that they maintain stability and optimise the business strategies of the company in the current economic climate.

| Overall, the directors have determined that it continues to be appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that may result from any significant changes in the assumptions noted above in preparing the financial statements on a going concern basis.

| Judgements and key sources of estimation uncertainty

| The preparation of financial statements in conformity with Financial Reporting Standard 102, requires the use of certain critical accounting estimates. It also requires the directors of the company to exercise their judgement in the process of applying the accounting policies which are detailed above.

| These judgements are continually evaluated by the directors and management and are based onhistorical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are reviewed on an ongoing basis.

| Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

| The key accounting policies and key sources of estimation uncertainty relate to the carrying value and depreciation rates applied to tangible fixed assets and the revenue recognition policy.

| Turnover

| Turnover represents the total invoice value, excluding value added tax and trade discounts, of sales made during the year and is recognised on dispatch of the goods includes provision for amounts not yet invoiced for work completed at the year end. The provision is included under accrued income.

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant & Machinery -15% reducing balance

| Motor Vehicles -25% reducing balance

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Impairment

| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

| Provisions

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

| Financial instruments

| The company has chosen to adopt the FRS102 1A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

| 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. Accounts 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.

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and finance leases

| Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Turnover

| The total turnover of the company for the year has been derived from its principle activity wholly undertaken in the UK. During the course of the financial year the company has carried business of more than two classes that in the opinion of the directors, differ substantially from each other. The turnover attributed to these different classes has not been disclosed because in the opinion of the directors to do so would be seriously prejudicial to the interests of the company.

3. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Wages and salaries |  | 2,716,777 |  | 2,312,702 |  |

| Social security costs |  | 289,316 |  | 229,081 |  |

| Other Pension costs |  | 50,259 |  | 42,197 |  |

|  | 3,056,355 |  | 2,583,980 |  |

| The average number of person employed by the company during the year, including the directors, amounted to:

|  | 2025 |  | 2024 |  |

| Employees |  | 79 |  | 71 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 11,804 |  | 6,370 |  |

| Other operating leases | 84,000 |  | 84,000 |  |

| Depreciation - owned assets | 427,018 |  | 412,601 |  |

| Profit on disposal of fixed assets | - |  | (213,323 | ) |

| Auditors' remuneration | 9,524 |  | 6,000 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 91,014 |  | 126,861 |  |

| Hire purchase interest | 1,308 |  | 6,832 |  |

92,322 |  | 133,693 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 98,198 |  | 181,193 |  |

| Deferred tax | - |  | (18,936 | ) |

| Tax on profit | 98,198 |  | 162,257 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 530,436 |  | 788,122 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 132,609 |  | 197,031 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,235 |  | - |  |

| Capital allowances in excess of depreciation | (36,646 | ) | (15,838 | ) |

| Deferred tax | - |  | (18,936 | ) |

| Total tax charge | 98,198 |  | 162,257 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares shares of 1 each

| Interim | 320,000 |  | 320,000 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

8. | PROPERTY, PLANT AND EQUIPMENT

| Long |  | Plant and |  | Motor |

| leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 3,247,761 |  | 6,151,394 |  | 13,887 |  | 9,413,042 |  |

| Additions | 247,992 |  | 512,742 |  | - |  | 760,734 |  |

| Disposals | - |  | (475 | ) | - |  | (475 | ) |

| At 30 April 2025 | 3,495,753 |  | 6,663,661 |  | 13,887 |  | 10,173,301 |  |

| DEPRECIATION

| At 1 May 2024 | 1,246,405 |  | 3,714,428 |  | 13,715 |  | 4,974,548 |  |

| Charge for year | 156,158 |  | 270,812 |  | 48 |  | 427,018 |  |

| Eliminated on disposal | - |  | (173 | ) | - |  | (173 | ) |

| At 30 April 2025 | 1,402,563 |  | 3,985,067 |  | 13,763 |  | 5,401,393 |  |

| NET BOOK VALUE

| At 30 April 2025 | 2,093,190 |  | 2,678,594 |  | 124 |  | 4,771,908 |  |

| At 30 April 2024 | 2,001,356 |  | 2,436,966 |  | 172 |  | 4,438,494 |  |

9. | INVENTORIES

2025 | 2024 |

£ | £ |

| Stocks | 313,779 |  | 324,492 |  |

| Finished goods | 335,770 |  | 293,560 |  |

649,549 |  | 618,052 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 2,203,228 |  | 2,071,350 |  |

| Other debtors | 114,265 |  | 105,119 |  |

| Prepayments | 289,083 |  | 200,078 |  |

2,606,576 |  | 2,376,547 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 634,116 |  | 193,263 |  |

| Trade creditors | 1,843,073 |  | 1,625,798 |  |

| Obligation under finance lease | - |  | 62,663 |  |

| Taxation | 97,528 |  | 180,524 |  |

| Other taxes and social security | 72,233 |  | 50,983 |  |

| Other creditors | 28,927 |  | 21,905 |  |

| Directors' current accounts | 209,368 |  | 211,865 |  |

| Accrued expenses | 265,953 |  | 196,791 |  |

3,151,198 |  | 2,543,792 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 13) | 1,225,446 |  | 1,306,443 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

13. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 553,119 |  | 115,853 |  |

| Bank loans | 80,997 |  | 77,410 |  |

634,116 |  | 193,263 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 1,225,446 |  | 1,306,443 |  |

| The bank loans are secured by a fixed charge over the company's land and buildings and by a debenture over its assets and undertakings plus a supported guarantee from the directors.

| During the prior year two new bank loans were granted by the same bank. The two new loans are both payable in June 2027 and amortised over 15 years. The first loan is for £762,320 and the rate of interest charged is 2.95% above the Bank of England Base rate. The second loan is for £750,000 and interest is charged at a fixed rate of 5.7%.

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 84,000 |  | 84,000 |  |

| Between one and five years | 336,000 |  | 336,000 |  |

| In more than five years | 210,000 |  | 294,000 |  |

630,000 |  | 714,000 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 537,158 |  | 537,158 |  |

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 537,158 |  |

| Balance at 30 April 2025 | 537,158 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 36,000 | Ordinary shares | 1 | 36,000 |  | 36,000 |  |

TIMS DAIRY LTD (REGISTERED NUMBER: 01805834)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

17. | RESERVES

| Retained

| earnings

£ |

| At 1 May 2024 | 3,076,626 |  |

| Profit for the year | 432,238 |  |

| Dividends | (320,000 | ) |

| At 30 April 2025 | 3,188,864 |  |

18. | RELATED PARTY TRANSACTIONS

| The company pays rent to the directors in respect of premises owned by them and occupied by the company. Rent paid during the year amounted to £84,000 (2024: £84,000). The directors have also given a supported personal guarantee to the company's bankers.

19. | RELATED PARTY DISCLOSURES

| Key management personnel

| Key management personnel include all persons that have authority and responsibility for planning, directing, and controlling the activities of the company. This is only deemed to be the directors, of which there was one new director appointed in the year. Therefore the total compensation paid to key management personnel for services provided to the company was £200,173 (2024: £27,600). Dividends of £288,000 (2024: £288,000) were paid to the two directors who are also shareholders during the year. During the year keyman life assurance contributions were made of £4,911 (2024: £4,395).

20. | ULTIMATE CONTROLLING PARTY

| The company has no ultimate controlling party.

21. | OBLIGATIONS UNDER LEASES

| Company Lessee

| The total future minimum lease payments under finance lease agreements are as follows:

|  | 2025 |  | 2024 |  |

| Not later than 1 year |  | - |  | 62,663 |  |

| Later than 1 year and not later than 5 years |  | - |  | - |  |

|  | - |  | 62,663 |  |

| Less: future finance charges |  | - |  | -1,127 |  |

| Present value of minimum lease payments |  | - |  | 61,535 |  |