The Fine Cheese Co. Limited - Limited company accounts 25.1

REGISTERED NUMBER: 04379739 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

THE FINE CHEESE CO. LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

S D Miller

J I Siddall

B Robinson

D H Wookey

SECRETARY:

J I Siddall

REGISTERED OFFICE:

Tolldown Farm

Tolldown

Dyrham

Chippenham

SN14 8HZ

REGISTERED NUMBER:

04379739 (England and Wales)

AUDITORS:

Richardson Swift Audit Ltd

Chartered Accountants

Statutory Auditor

11 Laura Place

Bath

BA2 4BL

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

We are pleased to report a strong financial performance for the year ending 31 March 2025. Profits increased to £667,000, a marked improvement from the previous year. Turnover increased by 21%, with exports now accounting for 44% of revenue, up from 32% last year. As expected, we also saw further improvement in EBITDA generated to £1.4 million.

We anticipate further growth in 2025/26. For our business customers in the UK, we have set out to develop closer relationships by visiting them more often and better understanding their businesses and their needs. We also aim to improve and simplify the way our customers can place orders with us, so that the process is as easy as possible for our customers.

Outside the UK, we continue develop new markets for our products in new regions - with particular focus in Asia - and to expand existing markets in the USA and Europe. We anticipate further growth in these markets this year.

For our web consumers, we are improving our web offer by moving to a new platform better suited to their needs. This is supported by a significantly enhanced social media presence, helping inform our customers of what we have to offer. We monitor our customer feedback closely and are delighted that our Feefo score for customer service is 4.9 out of five, a level that was maintained throughout the busy Christmas period. This is exceptional and is testament to the care shown by our delivery and customer services teams. Our sincere thanks to them. Our goal now is to maintain and build on these high standards.

We are looking forward to opening our second retail and restaurant service, Cotswold Way, in the coming months, to complement our existing site in Bath and broaden our customer offering.

We produce much of what we sell. We are planning investment in our manufacturing facility to ensure we can produce at competitive prices and continue to provide our customers with the high-quality, artisanal products they rightly expect from us.

We remain committed to providing unbeaten quality, and so we are pleased that, as in recent years, The Fine Cheese Co. and Artisan Biscuits have each separately retained their BRCGS AA rating - the highest possible grade - and The Fine Cheese Shop its 5-Star food rating.

We are grateful to the cheesemakers and affineurs who underpin our business, and so in return we continue to be Patrons of the Academy of Cheese and sponsors of the World Cheese Awards, Artisan Cheese Awards and British Cheese Awards.

This has been a year of strong progress and renewed momentum. We thank all of our team, customers and partners for their continued support and look forward to building on this success in 2025/26.

ON BEHALF OF THE BOARD:

J I Siddall - Director

12 December 2025

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

DIVIDENDS

Total dividends paid were £40,000 (2024: £30,000).

DIRECTORS

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

S D Miller

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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 The Fine Cheese Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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 group and 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 group and 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 group and 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

THE FINE CHEESE CO. LIMITED (REGISTERED NUMBER: 04379739)

Consolidated

Statement of Comprehensive

Income

for the year ended 31 March 2025

2025

Continuing

Discontinued

Total

Notes

£'000

TURNOVER

4

25,056

-

25,056

Cost of sales

(16,559

)

-

(16,559

)

GROSS PROFIT

8,497

-

8,497

Distribution costs

(431

)

-

(431

)

Administrative expenses

(7,238

)

-

(7,238

)

OPERATING PROFIT

6

828

-

828

Interest payable and similar expenses

7

(160

)

-

(160

)

PROFIT BEFORE TAXATION

668

-

668

Tax on profit

8

(247

)

-

(247

)

PROFIT FOR THE FINANCIAL YEAR

421

-

421

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

421

Profit attributable to:

Owners of the parent

277

Non-controlling interests

144

421

Total comprehensive income attributable to:

Owners of the parent

277

Non-controlling interests

144

421

THE FINE CHEESE CO. LIMITED (REGISTERED NUMBER: 04379739)

Consolidated

Statement of Comprehensive

Income

for the year ended 31 March 2025

2024

Continuing

Discontinued

Total

Notes

£'000

TURNOVER

4

20,406

245

20,651

Cost of sales

(13,013

)

(74

)

(13,086

)

GROSS PROFIT

7,393

171

7,565

Distribution costs

(390

)

-

(390

)

Administrative expenses

(6,389

)

(502

)

(6,891

)

OPERATING PROFIT/(LOSS)

6

614

(331

)

284

Interest payable and similar expenses

7

(176

)

-

(176

)

PROFIT/(LOSS) BEFORE TAXATION

438

(331

)

108

Tax on profit/(loss)

8

(181

)

-

(181

)

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

257

(331

)

(73

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(73

)

Profit/(loss) attributable to:

Owners of the parent

(119

)

Non-controlling interests

46

(73

)

Total comprehensive income attributable to:

Owners of the parent

(119

)

Non-controlling interests

46

(73

)

FIXED ASSETS

Intangible assets

11

12

16

Tangible assets

12

4,057

4,371

Investments

13

-

4,069

4,387

CURRENT ASSETS

Stocks

14

3,384

2,298

Debtors

15

2,114

2,173

Cash at bank and in hand

28

279

5,526

4,750

CREDITORS

Amounts falling due within one year

16

4,591

4,066

NET CURRENT ASSETS

935

684

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,004

5,071

CREDITORS

Amounts falling due after more than one
year

17

(686

)

(1,074

)

PROVISIONS FOR LIABILITIES

21

(92

)

(121

)

NET ASSETS

4,226

3,876

CAPITAL AND RESERVES

Called up share capital

22

-

Share premium

27

Retained earnings

2,887

2,681

SHAREHOLDERS' FUNDS

2,914

2,708

NON-CONTROLLING INTERESTS

1,312

1,168

TOTAL EQUITY

4,226

3,876

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

FIXED ASSETS

Intangible assets

11

7

9

Tangible assets

12

793

821

Investments

13

378

1,178

1,208

CURRENT ASSETS

Stocks

14

891

634

Debtors

15

1,476

1,777

Cash at bank

4

46

2,371

2,457

CREDITORS

Amounts falling due within one year

16

2,034

1,892

NET CURRENT ASSETS

337

565

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,515

1,773

CREDITORS

Amounts falling due after more than one
year

17

55

232

NET ASSETS

1,460

1,541

CAPITAL AND RESERVES

Called up share capital

22

-

Share premium

27

Retained earnings

1,433

1,514

SHAREHOLDERS' FUNDS

1,460

1,541

Company's loss for the financial year

(41

)

(246

)

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

share

Retained

Share

capital

earnings

premium

£'000

Balance at 1 April 2023

-

2,614

27

Changes in equity

Dividends

-

(62

)

-

Total comprehensive income

-

129

-

Balance at 31 March 2024

-

2,681

27

Changes in equity

Dividends

-

(72

)

-

Total comprehensive income

-

277

-

Balance at 31 March 2025

-

2,886

27

Revaluation

Non-controlling

Total

reserve

Total

interests

equity

£'000

Balance at 1 April 2023

248

2,889

1,122

4,011

Changes in equity

Dividends

-

(62

)

-

(62

)

Total comprehensive income

(248

)

(119

)

46

(73

)

Balance at 31 March 2024

-

2,708

1,168

3,876

Changes in equity

Dividends

-

(72

)

-

(72

)

Total comprehensive income

-

277

144

421

Balance at 31 March 2025

-

2,913

1,312

4,225

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£'000

Balance at 1 April 2023

-

1,542

27

248

1,817

Changes in equity

Dividends

-

(30

)

-

(30

)

Total comprehensive income

-

2

-

(248

)

(246

)

Balance at 31 March 2024

-

1,514

27

-

1,541

Changes in equity

Dividends

-

(40

)

-

(40

)

Total comprehensive income

-

(41

)

-

(41

)

Balance at 31 March 2025

-

1,433

27

-

1,460

Cash flows from operating activities

Cash generated from operations

1

504

722

Interest paid

(158

)

(168

)

Interest element of hire purchase payments
paid

(2

)

(8

)

Tax paid

(291

)

(69

)

Net cash from operating activities

53

477

Cash flows from investing activities

Purchase of tangible fixed assets

(295

)

(150

)

Net cash from investing activities

(295

)

(150

)

Cash flows from financing activities

New loans in year

479

864

Capital repayments in year

(386

)

(362

)

Amount withdrawn by directors

(28

)

(234

)

Equity dividends paid

(72

)

(62

)

Net cash from financing activities

(7

)

206

(Decrease)/increase in cash and cash equivalents

(249

)

533

Cash and cash equivalents at beginning
of year

2

263

(269

)

Cash and cash equivalents at end of
year

2

14

263

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

2025

2024

£'000

Profit before taxation

668

108

Depreciation charges

608

604

Loss on disposal of fixed assets

3

250

Finance costs

160

176

1,439

1,138

(Increase)/decrease in stocks

(1,086

)

131

Decrease in trade and other debtors

60

259

Increase/(decrease) in trade and other creditors

91

(806

)

Cash generated from operations

504

722

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£'000

Cash and cash equivalents

28

279

Bank overdrafts

(14

)

(16

)

14

263

Year ended 31 March 2024

31.3.24

1.4.23

£'000

Cash and cash equivalents

279

179

Bank overdrafts

(16

)

(448

)

263

(269

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£'000

Net cash

Cash at bank and in hand

279

(251

)

28

Bank overdrafts

(16

)

2

(14

)

263

(249

)

14

Debt

Finance leases

(71

)

6

(65

)

Debts falling due within 1 year

(783

)

(465

)

(1,248

)

Debts falling due after 1 year

(801

)

367

(434

)

(1,655

)

(92

)

(1,747

)

Total

(1,392

)

(341

)

(1,733

)

1.	STATUTORY INFORMATION

The Fine Cheese Co. 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 General 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.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such,advantage has been taken of the following reduced disclosures available under FRS 102:

a) No cash flow statement has been presented for the company.

b) Disclosures in respect of financial instruments have not been presented.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings ("the Group") drawn up to 31 March 2025, as if they form a single entity.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

A subsidiary is an entity controlled by the company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate.Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. They are deconsolidated from the date control ceases.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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.

Goodwill

Goodwill arises on consolidation and is the difference between the amounts paid for businesses acquired and the asset value acquired. Goodwill arising on the acquisition of TFCC Distribution Ltd in 2022/23 was written off to profit and loss account in the year of acquisition.

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.

Patents and licences 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 each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant & Machinery

-

25% on reducing balance and at varying rates on cost

Fixtures and fittings

-

15% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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 Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Consolidated 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.

Hire purchase and leasing commitments

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements the Directors have made judgements as to the valuation of stock and bad debt provisions. No other significant judgements or assumptions have had to be made.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2025

2024

£'000

United Kingdom

13,721

13,975

United States of America

6,560

1,984

Rest of World

4,775

4,693

25,056

20,652

5.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

Wages and salaries

7,697

5,919

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

2025

2024

Production staff

133

101

Admin staff

104

99

237

200

Total Directors' emoluments were £25,292 (2024 £41,321).

6.	OPERATING PROFIT

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

2025

2024

£'000

Other operating leases

260

222

Depreciation - owned assets

605

601

Loss on disposal of fixed assets

3

250

Patents and licences amortisation

4

3

Auditors' remuneration

26

Foreign exchange differences

91

(135

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

Bank interest

158

157

Other interest

-

11

Hire purchase

2

8

160

176

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£'000

Current tax:

UK corporation tax

275

166

Withholding tax

-

8

Total current tax

275

174

Deferred tax

(28

)

7

Tax on profit

247

181

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

£'000

Profit before tax

667

109

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

167

27

Effects of:

Expenses not deductible for tax purposes

8

-

Depreciation in excess of capital allowances

44

45

Utilisation of tax losses

(1

)

40

Deferred tax

(28

)

7

Overseas tax adjustments

57

62

Total tax charge

247

181

9.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10.

DIVIDENDS

2025

2024

£'000

Ordinary shares of £1 each

Final

72

62

11.	INTANGIBLE FIXED ASSETS

Group

Patents

and

Goodwill

licences

Totals

£'000

COST

At 1 April 2024

and 31 March 2025

1,574

85

1,659

AMORTISATION

At 1 April 2024

1,574

69

1,643

Amortisation for year

-

4

At 31 March 2025

1,574

73

1,647

NET BOOK VALUE

At 31 March 2025

-

12

At 31 March 2024

-

16

Company

Patents

and

Goodwill

licences

Totals

£'000

COST

At 1 April 2024

and 31 March 2025

248

20

268

AMORTISATION

At 1 April 2024

248

11

259

Amortisation for year

-

2

At 31 March 2025

248

13

261

NET BOOK VALUE

At 31 March 2025

-

7

At 31 March 2024

-

9

12.	TANGIBLE FIXED ASSETS

Group

Freehold

Short

Plant &

property

leasehold

Machinery

£'000

COST

At 1 April 2024

3,091

379

4,804

Additions

25

50

109

Disposals

-

At 31 March 2025

3,116

429

4,913

DEPRECIATION

At 1 April 2024

841

272

3,504

Charge for year

62

25

354

Eliminated on disposal

-

At 31 March 2025

903

297

3,858

NET BOOK VALUE

At 31 March 2025

2,213

132

1,055

At 31 March 2024

2,250

107

1,300

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£'000

COST

At 1 April 2024

719

207

740

9,940

Additions

7

40

64

295

Disposals

-

(20

)

-

(20

)

At 31 March 2025

726

227

804

10,215

DEPRECIATION

At 1 April 2024

377

143

433

5,570

Charge for year

61

25

78

605

Eliminated on disposal

-

(17

)

-

(17

)

At 31 March 2025

438

151

511

6,158

NET BOOK VALUE

At 31 March 2025

288

76

293

4,057

At 31 March 2024

342

64

307

4,370

Motor vehicles with a carrying net book value of £37,269 (2024 - £49,692) are held under HP agreements.

Company

Fixtures

Short

Plant &

and

leasehold

Machinery

fittings

£'000

COST

At 1 April 2024

379

391

576

Additions

50

5

7

Disposals

-

At 31 March 2025

429

396

583

DEPRECIATION

At 1 April 2024

272

365

260

Charge for year

25

9

53

Eliminated on disposal

-

At 31 March 2025

297

374

313

NET BOOK VALUE

At 31 March 2025

132

22

270

At 31 March 2024

107

26

316

Motor

Computer

vehicles

equipment

Totals

£'000

COST

At 1 April 2024

207

740

2,293

Additions

40

64

166

Disposals

(20

)

-

(20

)

At 31 March 2025

227

804

2,439

DEPRECIATION

At 1 April 2024

143

433

1,473

Charge for year

25

78

190

Eliminated on disposal

(17

)

-

(17

)

At 31 March 2025

151

511

1,646

NET BOOK VALUE

At 31 March 2025

76

293

793

At 31 March 2024

64

307

820

13.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£'000

COST

At 1 April 2024

and 31 March 2025

378

NET BOOK VALUE

At 31 March 2025

378

At 31 March 2024

378

The company owns the following Ordinary Share Capital:

- 70% of Ashbourne Biscuits Limited

- 100% of The Fine Cheese Co. (Cheltenham) Limited

- 100% of The Fine Chocolate Co. Limited

- 100% of TFCC Distribution Limited (incorporated in the Republic of Ireland)

- 100% of Fine Cheese Company LLC (incorporated in the USA)

The above named companies are incorporated in England and Wales except where indicated.

14.

STOCKS

Group

Company

2025

2024

2025

2024

£'000

Raw materials

955

723

-

Finished goods

2,429

1,575

891

634

3,384

2,298

891

634

15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Trade debtors

1,697

1,830

760

641

Amounts owed by group undertakings

-

513

878

Other debtors

63

65

55

60

VAT

129

68

36

16

Prepayments

225

210

112

182

2,114

2,173

1,476

1,777

16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Bank loans and overdrafts (see note 18)

1,262

799

669

507

Hire purchase contracts (see note 19)

49

34

49

34

Trade creditors

1,544

1,390

920

850

Amounts owed to group undertakings

-

84

Corporation tax

105

121

-

Social security and other taxes

136

81

52

24

Other creditors

110

108

18

19

Amounts owed to connected party

992

961

-

Directors' current accounts

287

316

204

229

Accrued expenses

106

256

38

145

4,591

4,066

2,034

1,892

17.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Bank loans (see note 18)

434

801

39

195

Hire purchase contracts (see note 19)

16

37

16

37

Directors' loan accounts

236

-

686

1,074

55

232

18.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2025

2024

2025

2024

£'000

Amounts falling due within one year or on

demand:

Bank overdrafts

14

16

128

16

Bank loans

1,248

783

541

491

1,262

799

669

507

Amounts falling due between one and two

years:

Bank loans - 1-2 years

39

159

39

159

Amounts falling due between two and five

years:

Bank loans - 2-5 years

395

642

-

36

19.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase

contracts

2025

2024

£'000

Net obligations repayable:

Within one year

49

34

Between one and five years

16

37

65

71

Company

Hire purchase

contracts

2025

2024

£'000

Net obligations repayable:

Within one year

49

34

Between one and five years

16

37

65

71

Group

Non-cancellable

operating leases

2025

2024

£'000

Within one year

293

Between one and five years

533

587

In more than five years

90

210

916

1,090

Company

Non-cancellable

operating leases

2025

2024

£'000

Within one year

293

Between one and five years

533

587

In more than five years

90

210

916

1,090

20.	SECURED DEBTS

The bank loans are secured by charges over the assets of the relevant companies, and one loan is within the CBILs scheme. The hire purchase liabilities are secured by the assets to which they relate.

21.	PROVISIONS FOR LIABILITIES

Group

2025

2024

£'000

Deferred tax

92

121

Group

Deferred

tax

£'000

Balance at 1 April 2024

121

Provided during year

(28

)

Balance at 31 March 2025

93

22.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

110

Ordinary

£1

110

23.	RELATED PARTY DISCLOSURES

Total payments of £22,934 were made to businesses connected to directors in respect of professional services provided.