REGISTERED NUMBER: 01138283 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

ARTISAN BISCUITS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

P J Darvill

J I Siddall

B Robinson

D H Wookey

REGISTERED OFFICE:

Tolldown Farm

Tolldown

Dyrham

Chippenham

SN14 8HZ

REGISTERED NUMBER:

01138283 (England and Wales)

AUDITORS:

Richardson Swift Audit Ltd

Chartered Accountants

Statutory Auditor

11 Laura Place

Bath

BA2 4BL

The directors present their strategic report for the year ended 31 March 2025.

ON BEHALF OF THE BOARD:

J I Siddall - Director

12 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

The total distribution of dividends for the year will be £108,000 (2024: £108,000).

DIRECTORS

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

P J Darvill

J I Siddall

Other changes in directors holding office are as follows:

B Robinson and D H Wookey were appointed as directors after 31 March 2025 but prior to the date of this report.

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.

ON BEHALF OF THE BOARD:

J I Siddall - Director

12 December 2025

Opinion

We have audited the financial statements of Artisan Biscuits Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 March 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.

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:

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with a director and consideration of our experience of clients in similar sectors and group arrangements.

We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.

We determined that the most significant operational laws and regulations for the entity are those governing the sales of food products, in particular food hygiene and health and safety legislation, as well as export regulation.

Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

We gained an understating of the entity's policy and procedures by discussion with a director and substantive audit work.

We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

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.

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.

Catherine Edwards BSc FCA (Senior Statutory Auditor)

for and on behalf of Richardson Swift Audit Ltd

Chartered Accountants

Statutory Auditor

11 Laura Place

Bath

BA2 4BL

12 December 2025

TURNOVER

15,242,476

10,655,108

Cost of sales

11,534,472

7,937,816

GROSS PROFIT

3,708,004

2,717,292

Distribution costs

430,656

390,382

Administrative expenses

2,516,651

1,963,957

2,947,307

2,354,339

OPERATING PROFIT

4

760,697

362,953

Interest payable and similar expenses

5

93,583

74,520

PROFIT BEFORE TAXATION

667,114

288,433

Tax on profit

6

189,740

138,297

PROFIT FOR THE FINANCIAL YEAR

477,374

150,136

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

477,374

150,136

FIXED ASSETS

Intangible assets

8

5,197

6,635

Tangible assets

9

3,265,344

3,550,104

Investments

10

66,000

66,000

3,336,541

3,622,739

CURRENT ASSETS

Stocks

11

2,093,486

1,400,479

Debtors

12

3,450,354

3,286,392

Cash at bank and in hand

92,942

184,247

5,636,782

4,871,118

CREDITORS

Amounts falling due within one year

13

3,316,254

2,967,422

NET CURRENT ASSETS

2,320,528

1,903,696

TOTAL ASSETS LESS CURRENT LIABILITIES

5,657,069

5,526,435

CREDITORS

Amounts falling due after more than one year

14

(631,450

)

(841,789

)

PROVISIONS FOR LIABILITIES

17

(92,344

)

(120,745

)

NET ASSETS

4,933,275

4,563,901

CAPITAL AND RESERVES

Called up share capital

18

12,500

12,500

Capital redemption reserve

19

7,500

7,500

Retained earnings

19

4,913,275

4,543,901

SHAREHOLDERS' FUNDS

4,933,275

4,563,901

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

J I Siddall - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

12,500

4,501,765

7,500

4,521,765

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

150,136

-

150,136

Balance at 31 March 2024

12,500

4,543,901

7,500

4,563,901

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

477,374

-

477,374

Balance at 31 March 2025

12,500

4,913,275

7,500

4,933,275

1.	STATUTORY INFORMATION

Artisan Biscuits Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods are dispatched.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant & machinery

-

at varying rates on cost

Fixtures and fittings

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,985,531

3,388,678

The average number of employees during the year was as follows:

2025

2024

Production staff

133

101

Administration staff

23

24

156

125

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

414,115

418,824

Trademarks amortisation

1,438

1,399

Auditors' remuneration

13,600

11,000

Foreign exchange differences

79,276

(31,242

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

93,583

65,780

Other interest

-

4,267

Hire purchase

-

4,473

93,583

74,520

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

218,141

131,302

Deferred tax

(28,401

)

6,995

Tax on profit

189,740

138,297

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

667,114

288,433

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

166,779

72,108

Effects of:

Expenses not deductible for tax purposes

7,131

14,667

Depreciation in excess of capital allowances

44,231

44,527

forward

Deferred tax

(28,401

)

6,995

Total tax charge

189,740

138,297

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

108,000

108,000

8.	INTANGIBLE FIXED ASSETS

Trademarks

£

COST

At 1 April 2024

and 31 March 2025

64,891

AMORTISATION

At 1 April 2024

58,256

Amortisation for year

1,438

At 31 March 2025

59,694

NET BOOK VALUE

At 31 March 2025

5,197

At 31 March 2024

6,635

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant &

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2024

3,091,344

4,413,057

143,188

7,647,589

Additions

24,494

104,861

-

129,355

At 31 March 2025

3,115,838

4,517,918

143,188

7,776,944

DEPRECIATION

At 1 April 2024

840,796

3,139,816

116,873

4,097,485

Charge for year

61,884

343,443

8,788

414,115

At 31 March 2025

902,680

3,483,259

125,661

4,511,600

NET BOOK VALUE

At 31 March 2025

2,213,158

1,034,659

17,527

3,265,344

At 31 March 2024

2,250,548

1,273,241

26,315

3,550,104

Net book value of assets held under hire purchase agreements was £XXXX (2024: £801,281).

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

66,000

NET BOOK VALUE

At 31 March 2025

66,000

At 31 March 2024

66,000

The investment represents 100% of the issued share capital of Millers Damsel Limited.

11.

STOCKS

2025

2024

£

£

Raw materials

955,145

723,473

Finished goods

1,138,341

677,006

2,093,486

1,400,479

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,084,748

1,164,176

Amounts owed by group undertakings

2,218,091

2,039,489

Other debtors

4,719

4,711

VAT

93,214

51,142

Prepayments

49,582

26,874

3,450,354

3,286,392

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 15)

706,927

291,309

Trade creditors

729,039

556,991

Amounts owed to group undertakings

453,548

766,788

Corporation tax

167,689

120,851

Social security and other taxes

81,123

56,323

Other creditors

82,087

83,065

Amounts owed to connected

party

992,151

960,503

Directors' current accounts

42,704

43,322

Accrued expenses

60,986

88,270

3,316,254

2,967,422

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 15)

395,450

605,789

Directors' loan accounts

236,000

236,000

631,450

841,789

15.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

706,927

291,309

2025

2024

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

395,450

605,789

16.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans and overdrafts

-

897,098

The bank loans are secured via charges against the assets of the company.

17.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

92,344

120,745

Deferred

tax

£

Balance at 1 April 2024

120,745

Accelerated capital allowances

(28,401

)

Balance at 31 March 2025

92,344

18.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

12,500

Ordinary

£1

12,500

12,500

19.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2024

4,543,901

7,500

4,551,401

Profit for the year

477,374

477,374

Dividends

(108,000

)

(108,000

)

At 31 March 2025

4,913,275

7,500

4,920,775