Company No: 08799129 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	193,545		200,730
		193,545		200,730
Current assets
Stocks		78,000		60,093
Debtors	5	32,348		55,671
Cash at bank and in hand		31,730		55,259
		142,078		171,023
Creditors: amounts falling due within one year	6	( 100,737)		( 93,201)
Net current assets		41,341		77,822
Total assets less current liabilities		234,886		278,552
Creditors: amounts falling due after more than one year	7	( 85,222)		( 99,794)
Provision for liabilities		( 48,386)		( 50,182)
Net assets		101,278		128,576
Capital and reserves
Called-up share capital		1		1
Profit and loss account		101,277		128,575
Total shareholder's funds		101,278		128,576

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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cornish Gouda Limited (registered number: 08799129) were approved and authorised for issue by the Director on 17 December 2025. They were signed on its behalf by:

Mr Giel Spierings 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

Cornish Gouda 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 Cornish Gouda, Talvan Farm, Lanreath, PL13 2PA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

5 years straight line

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Office equipment	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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

2. Employees

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

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 April 2024	1,180		1,180
At 31 March 2025	1,180		1,180
Accumulated amortisation
At 01 April 2024	1,180		1,180
At 31 March 2025	1,180		1,180
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	72,577		251,525		25,859		4,142		354,103
Additions	0		18,740		0		3,463		22,203
Disposals	0		0		( 4,000)		0		( 4,000)
At 31 March 2025	72,577		270,265		21,859		7,605		372,306
Accumulated depreciation
At 01 April 2024	12,965		119,284		18,625		2,499		153,373
Charge for the financial year	3,629		22,528		1,611		711		28,479
Disposals	0		0		( 3,091)		0		( 3,091)
At 31 March 2025	16,594		141,812		17,145		3,210		178,761
Net book value
At 31 March 2025	55,983		128,453		4,714		4,395		193,545
At 31 March 2024	59,612		132,241		7,234		1,643		200,730

5. Debtors

	2025		2024
	£		£
Trade debtors	24,974		32,866
Amounts owed by director	0		14,600
Prepayments	810		2,217
VAT recoverable	3,063		2,723
Other debtors	3,501		3,265
	32,348		55,671

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	14,813		13,710
Trade creditors	64,725		54,985
Amounts owed to director	7,070		0
Accruals	9,701		9,894
Taxation and social security	4,428		14,612
	100,737		93,201

The borrowing is secured by land owned by the Director's family.

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

	2025		2024
	£		£
Bank loans (secured)	49,477		64,049
Other creditors	35,745		35,745
	85,222		99,794

The borrowing is secured by land owned by the Director's family.