Company No: 05037505 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	4,728,456		4,819,751
Biological assets	4	565,386		555,416
Investment property	5	1,275,000		1,275,000
Investments	6	180		180
		6,569,022		6,650,347
Current assets
Stocks	7, 8	231,240		229,487
Debtors	9	427,587		466,522
		658,827		696,009
Creditors: amounts falling due within one year	10	( 731,149)		( 698,534)
Net current liabilities		(72,322)		(2,525)
Total assets less current liabilities		6,496,700		6,647,822
Creditors: amounts falling due after more than one year	11	( 3,230,748)		( 3,559,634)
Provision for liabilities		( 311,615)		( 329,998)
Net assets		2,954,337		2,758,190
Capital and reserves
Called-up share capital		10,004		10,004
Share premium account		298		298
Fair value reserve		474,391		474,391
Profit and loss account		2,469,644		2,273,497
Total shareholders' funds		2,954,337		2,758,190

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 Springwood Farms Limited (registered number: 05037505) were approved and authorised for issue by the Board of Directors on 12 December 2025. They were signed on its behalf by:

J W R Hiscock Director		C A Hiscock Director
W G A Hiscock 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

Springwood 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 Trendles Brockhampton Farm, Buckland Newton, Dorchester, DT2 7DJ, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of milk, livestock, crops and the receipt of government grants, rental property income and contracting income. Turnover is shown net of value added tax and is recognised at the point of dispatch for the sale of milk and livestock and in the period to which the government grant relates. Property income is recognised at the point of payment.

Turnover also comprises the consideration received for the sale of building works, this is recognised at the point of exchange of the property.

Employee benefits

Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Profit and Loss Account and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Statement of Comprehensive Income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial valuations.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

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 - 50 years straight line
Leasehold improvements	0 - 50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	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

Biological current assets not held for continuing use within the business are classified as current assets, within stock. Such assets are measured at cost less accumulated impairment. Assets within this classification are comprised of tillages, dairy followers and beef cattle which are held as crops and livestock under note 8 of the accounts.

Biological non-current assets

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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks comprising agricultural produce (i.e crops in store) and deadstock such as feed and fuel 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. Also, included in livestock and crops are current biological assets consisting of dairy followers and beef cattle.

Included in stock is £17,951 of work in progress. This has been valued at cost.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Other financial assets comprise unlisted fixed asset investments which are measured at cost less accumulated impairment.

Loans and 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.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received. Recognition will be on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		15

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 April 2024	4,119,580		0		1,378,934		342,220		5,840,734
Additions	151		2,774		99,330		30,000		132,255
Disposals	0		0		( 7,900)		( 136,184)		( 144,084)
Transfer from Land buildings to Leasehold improvements	( 418,667)		418,667		0		0		0
At 31 March 2025	3,701,064		421,441		1,470,364		236,036		5,828,905
Accumulated depreciation
At 01 April 2024	87,212		0		763,196		170,575		1,020,983
Charge for the financial year	2,315		10,557		118,733		22,271		153,876
Disposals	0		0		( 6,095)		( 68,315)		( 74,410)
Transfer from Land buildings to Leasehold improvements	( 85,210)		85,210		0		0		0
At 31 March 2025	4,317		95,767		875,834		124,531		1,100,449
Net book value
At 31 March 2025	3,696,747		325,674		594,530		111,505		4,728,456
At 31 March 2024	4,032,368		0		615,738		171,645		4,819,751

4. Biological assets

	2025
	£
Biological assets at cost	565,386

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 April 2024	768,701		768,701
Increase due to purchases/ transfers in	13,500		13,500
Decrease attributable to sales/ transfers out	( 3,530)		( 3,530)
At 31 March 2025	778,671		778,671
Accumulated depreciation
At 01 April 2024	213,285		213,285
At 31 March 2025	213,285		213,285
Net book value
At 31 March 2025	565,386		565,386
At 31 March 2024	555,416		555,416

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	1,275,000
As at 31 March 2025	1,275,000

Valuation

Investment properties, which are all freehold, were revalued to fair value at 31 March 2025, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market rental value. There has been no valuation of investment property by an independent professional.

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	180		180
At 31 March 2025	180		180
Carrying value at 31 March 2025	180		180
Carrying value at 31 March 2024	180		180

7. Stocks

	2025		2024
	£		£
Stocks	22,400		22,400
Work in progress	17,951		17,951
Livestock	164,569		162,816
Crops	26,320		26,320
	231,240		229,487

8. Current biological assets

Assets held at cost:

	Cattle		Dairy		Barley		Total
	£		£		£		£
Cost
At 01 April 2024	13,251		149,565		26,320		189,136
Increase due to purchases/ transfers in	0		11,464		0		11,464
Decrease attributable to sales/ transfers out	(9,711)		0		0		(9,711)
At 31 March 2025	3,540		161,029		26,320		190,889

9. Debtors

	2025		2024
	£		£
Trade debtors	365,481		297,410
Corporation tax	0		122,070
Other debtors	62,106		47,042
	427,587		466,522

10. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured £ 192,082)	283,798		213,742
Trade creditors	222,104		289,644
Taxation and social security	95,427		5,208
Obligations under finance leases and hire purchase contracts (secured)	8,100		12,997
Other creditors	121,720		176,943
	731,149		698,534

The company and has provided security on bank borrowings by both a fixed and floating charge over the company and all its property and assets. The directors of the company have also provided a personal guarantee to this borrowing on property owed in personal capacity.

Hire purchase agreement have security provided by the assets that are subject to the agreement.

Included within other creditors is amounts owed to directors and accruals.

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

	2025		2024
	£		£
Bank loans (secured)	3,139,920		3,460,706
Other loans	80,703		80,703
Obligations under finance leases and hire purchase contracts (secured)	10,125		18,225
	3,230,748		3,559,634

Hire purchase agreement have security provided by the assets that are subject to the agreement.

Bank borrowings are secured by three charges and a debenture over the company property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	2,531,854		2,979,437

12. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances at the official HMRC rates.

J & C Hiscock

At 1 April 2024, the balance owed by the directors was £nil. During the year, £28,023 was advanced to the directors, and £28,023 was repaid by the directors. At 31 March 2025, the balance owed by the directors was £nil.

At 1 April 2023, the balance owed by the directors was £18,130. During the year, £16,449 was advanced to the directors, and £34,579 was repaid by the directors. At 31 March 2024, the balance owed by the directors was £nil.