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Registration number: 04653219

Prepared for the registrar
Tack Farms Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Tack Farms Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 11

Tack Farms Limited

Company Information

Directors | W H Lewis W P Lewis Mrs S M Lewis W J Lewis Mrs E V Lovell

Company secretary | W H Lewis

Registered office | Tack Farm Tenbury Road Bromyard Herefordshire HR7 4LT

Accountants | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Tack Farms Limited

(Registration number: 04653219)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 4,374,446 | 3,729,394
Dairy herd | 4 | 1,032,196 | 1,032,196
Investments | 6 | 514,732 | 486,469
|  | 5,921,374 | 5,248,059
Current assets |  |  |
Stocks |  | 513,853 | 618,387
Debtors | 7 | 300,944 | 218,932
Cash at bank and in hand |  | 1,609 | 1,400
|  | 816,406 | 838,719
Creditors: Amounts falling due within one year | 8 | (1,376,560) | (1,464,394)
Net current liabilities |  | (560,154) | (625,675)
Total assets less current liabilities |  | 5,361,220 | 4,622,384
Creditors: Amounts falling due after more than one year | 8 | (2,818,432) | (2,225,348)
Deferred tax liabilities | 10 | (504,339) | (394,495)
Net assets |  | 2,038,449 | 2,002,541
Capital and reserves |  |  |
Called up share capital |  | 275 | 275
Retained earnings |  | 2,038,174 | 2,002,266
Shareholders' funds |  | 2,038,449 | 2,002,541

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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2025 and signed on its behalf by:

......................................... W H Lewis Director | ......................................... W P Lewis Director |

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tack Farm
Tenbury Road
Bromyard
Herefordshire
HR7 4LT

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Departure from the requirements of FRS 102
The company’s herd is stated at initial purchase price, the cost of subsequent external animal purchases, or where an animal arises from own production an appropriate percentage of market value at the point the animal is added to the herd, less accumulated impairment charges.
No depreciation is provided on the herd which is a departure from the requirements of FRS 102 and the Companies Act 2006, which require depreciation to be provided on cost less estimated residual value over an assets useful economic life. As the herd is held for future production of milk, management consider that providing depreciation would not reflect that intrinsic value in the financial statements and the financial statements would not give a true and fair view and have therefore departed from the requirements of FRS 102 and the Companies Act 2006. Consequently, the amounts which might have otherwise been charged in respect of depreciation is not able to be separately quantified.
Herd
The herd cost is represented by initial purchase price, the cost of subsequent external animal purchases, or where an animal arises from own production an appropriate percentage of market value at the point the animal is added to the herd. The cost is less any subsequent accumulated impairment losses. This represents the tax value of the herd election made under the Corporation Tax Act 2009, S109.
As stated above, the herd is not depreciated which represents a departure from the requirements of FRS 102 and the Companies Act 2006.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions 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.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | Nil
Tractors | 10% written down value
Motor vehicles | 20% written down value
Implements, machinery and office equipment | Straight line over 10/15/25 years and 10% written down value

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Biological assets not held for continuing use within the company are classed as current assets and are included within stocks and are stated at cost less impairment. Costs comprise of the purchase cost and any additional costs incurred through the growing cycle.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
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 profit or loss as described below.
A non financial 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.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
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. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an 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.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 15).

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 4 | Dairy Herd

| £
At 1 April 2024 and at 31 March 2025 | 1,032,196

Dairy herd number reconciliation |  | No.
At 1 April 2024 |  | 899
Additions |  | -
Disposals |  | -
At 31 March 2025 |  | 899

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 5 | Tangible assets

| Land and buildings £ | Tractors £ | Motor vehicles £ | Implements, machinery and office equipment £ | Total £
Cost
At 1 April 2024 | 2,216,791 | 719,910 | 142,773 | 2,516,591 | 5,596,065
Additions | 677,733 | - | 12,650 | 276,934 | 967,317
Disposals | - | - | (20,395) | (176,000) | (196,395)
At 31 March 2025 | 2,894,524 | 719,910 | 135,028 | 2,617,525 | 6,366,987
Depreciation
At 1 April 2024 | - | 252,222 | 78,763 | 1,535,686 | 1,866,671
Charge for the year | - | 46,769 | 13,504 | 118,214 | 178,487
Eliminated on disposal | - | - | (11,257) | (41,360) | (52,617)
At 31 March 2025 | - | 298,991 | 81,010 | 1,612,540 | 1,992,541
Carrying amount
At 31 March 2025 | 2,894,524 | 420,919 | 54,018 | 1,004,985 | 4,374,446
At 31 March 2024 | 2,216,791 | 467,688 | 64,010 | 980,905 | 3,729,394

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 6 | Investments

| 2025 £ | 2024 £
Other investments | 514,732 | 486,469

Other investments | £
Cost
At 1 April 2024 | 486,469
Additions | 28,263
At 31 March 2025 | 514,732
Carrying amount
At 31 March 2025 | 514,732
At 31 March 2024 | 486,469

| 7 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 183,432 | 165,764
Amounts owed by related parties | 11 | 20,296 | 27,734
Other debtors |  | 91,525 | 24,286
Prepayments |  | 5,691 | 1,148
|  | 300,944 | 218,932

| 8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 654,875 | 905,376
Trade creditors |  | 618,018 | 425,917
Amounts due to related parties | 11 | 75,512 | 104,081
Taxation and social security |  | 1,422 | 8,703
Accruals and deferred income |  | 26,733 | 20,317
|  | 1,376,560 | 1,464,394

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 129,167 | 164,158
Bank overdrafts | 305,842 | 509,460
Hire purchase contracts | 132,202 | 141,905
Other borrowings | 87,664 | 89,853
| 654,875 | 905,376

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,741,432 | 2,145,878
Hire purchase contracts | 77,000 | 79,470
| 2,818,432 | 2,225,348

Bank borrowings
The bank borrowings are secured over the company's assets.

Hire purchase contracts
Obligations under the hire purchase contracts are secured over the related assets.

| 10 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Fixed asset timing differences | 515,864
Losses and other deductions | (23,568)
Capital gains | 12,043
| 504,339

2024 | Liability £
Fixed asset timing differences | 447,656
Losses and other deductions | (62,314)
Capital gains | 9,153
| 394,495

Tack Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 11 | Related party transactions

Transactions with directors At the balance sheet date the amount due from directors was £20,296 (2024 - £27,734). At the balance sheet date the amount due to directors was £75,512 (2024 - £104,081).

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 31 March 2025 £
Directors' loan accounts | 76,347 | 210,214 | (231,345) | 55,216

2024 | At 1 April 2023 £ | Advances to director £ | Repayments by director £ | At 31 March 2024 £
Directors' loan accounts | (22,265) | 273,876 | (175,264) | 76,347