Company No: 08877919 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	3,733,043		3,259,506
Biological assets	4	575,457		589,280
		4,308,500		3,848,786
Current assets
Stocks	5, 6	342,726		338,276
Debtors	7	382,699		185,745
Cash at bank and in hand		154,596		501,838
		880,021		1,025,859
Creditors: amounts falling due within one year	8	( 394,725)		( 467,626)
Net current assets		485,296		558,233
Total assets less current liabilities		4,793,796		4,407,019
Creditors: amounts falling due after more than one year	9	( 1,025,470)		( 1,065,338)
Provision for liabilities		( 277,939)		( 167,185)
Net assets		3,490,387		3,174,496
Capital and reserves
Called-up share capital		99		99
Profit and loss account		3,490,288		3,174,397
Total shareholders' funds		3,490,387		3,174,496

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 Luscombe Farms Limited (registered number: 08877919) were approved and authorised for issue by the Board of Directors on 20 November 2025. They were signed on its behalf by:

Mr A P Luscombe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Luscombe Farms 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 comprises the fair value of the consideration received or receivable for the sale of milk, livestock and receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of milk and livestock and in the period in which the government grant relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 5 % reducing balance
Plant and machinery	15 % reducing balance
Vehicles	15 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological assets

Non-current
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a dairy herd.

Current
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and recognised within stock.

Stocks

Stocks comprising agricultural produce (i.e. crops in store) and deadstock such as feed, fertiliser and semen are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measured at the point of harvest. Current biological assets of dairy followers are recognised within stock.

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.

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

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at cost. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Profit and Loss reserve

Profit and loss account includes all current and prior period profits and losses, less any distributed dividend.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2024	3,014,516		417,442		325,544		3,757,502
Additions	45,561		469,037		128,000		642,598
Disposals	0		0		( 88,500)		( 88,500)
At 31 March 2025	3,060,077		886,479		365,044		4,311,600
Accumulated depreciation
At 01 April 2024	193,951		204,599		99,446		497,996
Charge for the financial year	38,513		32,458		38,944		109,915
Disposals	0		0		( 29,354)		( 29,354)
At 31 March 2025	232,464		237,057		109,036		578,557
Net book value
At 31 March 2025	2,827,613		649,422		256,008		3,733,043
At 31 March 2024	2,820,565		212,843		226,098		3,259,506

4. Biological assets

	2025
	£
Biological assets at cost	575,457

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 April 2024	824,217		824,217
Increase due to purchases/ transfers in	1,800		1,800
Decrease attributable to sales/ transfers out	( 15,623)		( 15,623)
At 31 March 2025	810,394		810,394
Accumulated depreciation
At 01 April 2024	234,937		234,937
At 31 March 2025	234,937		234,937
Net book value
At 31 March 2025	575,457		575,457
At 31 March 2024	589,280		589,280

5. Stocks

	2025		2024
	£		£
Livestock	276,126		225,022
Other stock	66,600		113,254
	342,726		338,276

Livestock includes current biological assets not held for continuing use in the business. See note 6.

6. Current biological assets

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 April 2024	225,022		225,022
Increase due to purchases/ transfers in	51,104		51,104
At 31 March 2025	276,126		276,126

7. Debtors

	2025		2024
	£		£
Trade debtors	184,219		180,390
Other debtors	198,480		5,355
	382,699		185,745

Included within other debtors is VAT recoverable, prepayments, and amounts owed to the directors of the company.

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	37,929		35,990
Trade creditors	106,558		93,468
Taxation and social security	355		122,416
Other creditors	249,883		215,752
	394,725		467,626

Bank borrowings are secured on specific freehold land and buildings owned by the company and by a fixed and floating charge.

Included within other creditors are amounts owed to the directors, accruals, and other immaterial creditors.

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

	2025		2024
	£		£
Bank loans (secured)	1,025,470		1,065,338

Bank borrowings are secured on specific freehold land and buildings owned by the company and by a fixed and floating charge.

10. Related party transactions

The directors loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2024 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £86,513 and received repayments of £40,530 leaving a balance due from the directors of £45,983 at 31 March 2025.

At 1 April 2023 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £23,486 and received repayments of £23,486 leaving a balance due from the directors of £nil.