REGISTERED NUMBER: 12585901 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

OMSCO GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M J Anthony

L R C Edwards

W T Grey

J Pitts

S H M Slade

A Rowsell

SECRETARY:

London Law Secretarial Limited

REGISTERED OFFICE:

501 Parkway

Worle

Weston-Super-Mare

BS22 6WA

REGISTERED NUMBER:

12585901 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

6-8 Bath Street

Bristol

BS1 6HL

The directors present the Strategic Report of Omsco Group Limited (the "Company") together with its subsidiaries (the "Group") for the year ended 31 March 2025.

REVIEW OF BUSINESS

Summary

Against the backdrop of a challenging and rapidly changing market environment, the directors are pleased to be able to report that the business delivered a strong, stable and progressive performance. The business performed satisfactorily at both a financial and commercial level.

As an organic dairy co-operative, the business's first and foremost objective is to deliver a strong and sustainable milk price to its farmer Members. This was achieved with the milk price paid to Members increasing across the financial period from 50 pence per litre to 56 pence per litre, and in doing so it consistently paid one of the highest published prices of any organic dairy processor. Customer and consumer demand for high quality, ethical, organic dairy products strengthened during the year. This reflected a recovery in consumer confidence, following the cost-of-living crisis, and in turn values, not just value, became a growing factor in food and drink purchasing decisions. The business was able to benefit from the upturn in demand for its organic milk and dairy products from both domestic and export customers thanks to increased supplies from its Members who grew milk production on average by c.6%. In line with this, turnover increased to £52 million (vs £48 million in FY 2023/24) with a profit before tax of £848,000 (vs £6,000 in FY 2023/24). The latter being retained within the business to help support future initiatives in line with its long-term strategy to maximise returns to Members.

Trading

During the year, the business enhanced its portfolio of valuable strategic customers, supply partnerships, products offerings and routes to market.

Domestically, the business reinforced partnerships with existing major strategic liquid milk customers, cheesemakers, and added value food manufacturers and at the same time developed valuable new customer relationships. UK cheese sales increased as we supported a long-term strategic customer to ensure that they were able to meet significant retail demand. Internationally, the business continued to develop its presence in key export markets with strong sales of Whole Milk Concentrate & Whey to Europe and Organic Cheddar to the USA. In particular, the business established a strong partnership with Schuman Cheese - the leading importer of speciality international cheese into North America - which helped drive increased sales of the Kingdom Organic and British Organic Dairy Co. Cheddar brands in retail outlets across the USA.

With domestic and export cheese sales performing positively the business increased its cheese make during the year to support the ongoing strong rate of sale into the new financial year.

Future developments

ln the current financial year, the business is continuing to trade in line with expectations. It remains focused on delivering strong, stable and sustainable returns to its Members and is continuing to pay one of the leading organic milk prices. This is reflected by the good progress being made in the growth of the milk pool through an uplift in production by existing Members and in the ongoing recruitment of new Members.

ON BEHALF OF THE BOARD:

S H M Slade - Director

30 July 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of processing and selling of organic milk and associated processed dairy products on behalf of its members.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The future developments are included in the Strategic Report on page 2.

DIRECTORS

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

M J Anthony

L R C Edwards

W T Grey

J Pitts

S H M Slade

Other changes in directors holding office are as follows:

A Rowsell - appointed 8 October 2024

C E Ravenhall ceased to be a director after 31 March 2025 but prior to the date of this report.

FINANCIAL RISK MANAGEMENT

In addition to the "Strategic Focus and Trading" highlighted in the Strategic Report, the Group looks to mitigate financial risk in the below areas.

Cash flow risk

The Board monitors the level of available cash in the business, working with banks and providers of finance to ensure that sufficient funds exist for working capital, payroll and tax requirements and payments to members.

Credit risk

Procedures are in place that monitor the credit status of both new and existing customers and the use of credit insurance is also in place to reduce the risk of unforeseen customer default.

Currency risk

The business has a policy of using hedging instruments to mitigate movements of the US Dollar with sales of goods to the USA.

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 surplus or deficit 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S H M Slade - Director

30 July 2025

Opinion

We have audited the financial statements of OMSCO Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 surplus 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 four, 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:

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, UK tax laws, The Data Protection Act, Health & Safety Act, The Co-operative Governance, Organic Certification bodies, Assured Food Standards (Red Tractor) and AHDDB (Agriculture & Horticulture Development Board),

We obtained an understanding of how the Group is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of non-compliance with laws and regulations. We corroborated our enquiries through our review of legal and regulatory correspondence.

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

o Closely examined significant unusual transactions outside the Group's normal activities;

o Substantive testing on journal entries for any signs of manipulation;

o Challenging assumptions and judgments made by management in its significant accounting estimates and judgments;

o Discussions with management and those charged with governance to enquire of any known instances of non-compliance with laws and regulations or fraud;

o Reading board minutes for evidence of breaches of laws and regulations and reading relevant correspondence;

o Substantively tested the recognition and completeness of the Group's revenue streams;

o Identifying and assessing the controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process and;

o Assessing the extent of compliance with the relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

6-8 Bath Street

Bristol

BS1 6HL

30 July 2025

TURNOVER

3

52,158

47,863

Cost of sales

(48,009

)

(44,475

)

GROSS SURPLUS

4,149

3,388

Administrative expenses

(3,185

)

(2,973

)

OPERATING SURPLUS

5

964

415

Interest receivable and similar income

4

1

968

416

Interest payable and similar expenses

7

(120

)

(410

)

SURPLUS BEFORE TAXATION

848

6

Tax on surplus

8

(1

)

-

SURPLUS FOR THE FINANCIAL YEAR

847

6

Surplus attributable to:

Owners of the parent

847

6

SURPLUS FOR THE YEAR

847

6

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

847

6

Total comprehensive income attributable to:

Owners of the parent

847

6

FIXED ASSETS

Intangible assets

11

12

12

Tangible assets

12

6

12

Investments

13

-

59

18

83

CURRENT ASSETS

Stocks

14

2,774

5,205

Debtors

15

5,000

5,307

Cash at bank

992

723

8,766

11,235

CREDITORS

Amounts falling due within one year

16

(5,831

)

(9,153

)

NET CURRENT ASSETS

2,935

2,082

TOTAL ASSETS LESS CURRENT LIABILITIES

2,953

2,165

CREDITORS

Amounts falling due after more than one year

17

-

(59

)

NET ASSETS

2,953

2,106

RESERVES

Merger reserve

20

16

16

Income and expenditure account

20

2,937

2,090

2,953

2,106

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by:

S H M Slade - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1

2

Investments

13

1,633

1,633

1,634

1,635

CURRENT ASSETS

Stocks

14

-

69

Debtors

15

5,672

9,112

Cash at bank

568

567

6,240

9,748

CREDITORS

Amounts falling due within one year

16

(5,243

)

(9,599

)

NET CURRENT ASSETS

997

149

TOTAL ASSETS LESS CURRENT LIABILITIES

2,631

1,784

RESERVES

Merger reserve

20

1,632

1,632

Income and expenditure account

20

999

152

2,631

1,784

Company's profit for the financial year

847

8

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by:

S H M Slade - Director

Retained

Merger

Total

earnings

reserve

equity

£'000

£'000

£'000

Balance at 1 April 2023

2,084

16

2,100

Changes in equity

Surplus for the year

6

-

6

Total comprehensive income

6

-

6

Balance at 31 March 2024

2,090

16

2,106

Changes in equity

Surplus for the year

847

-

847

Total comprehensive income

847

-

847

Balance at 31 March 2025

2,937

16

2,953

Retained

Merger

Total

earnings

reserve

equity

£'000

£'000

£'000

Balance at 1 April 2023

144

1,632

1,776

Changes in equity

Surplus for the year

8

-

8

Total comprehensive income

8

-

8

Balance at 31 March 2024

152

1,632

1,784

Changes in equity

Surplus for the year

847

-

847

Total comprehensive income

847

-

847

Balance at 31 March 2025

999

1,632

2,631

Cash flows from operating activities

Cash generated from operations

1

4,338

378

Interest paid

(120

)

(410

)

Net cash from operating activities

4,218

(32

)

Cash flows from investing activities

Purchase of tangible fixed assets

(4

)

-

Interest received

4

1

Net cash from investing activities

-

1

Cash flows from financing activities

Movements on invoice discounting

(3,949

)

43

Net cash from financing activities

(3,949

)

43

Increase in cash and cash equivalents

269

12

Cash and cash equivalents at beginning of year

2

723

711

Cash and cash equivalents at end of year

2

992

723

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

2025

2024

£'000

£'000

Surplus before taxation

848

6

Depreciation charges

10

18

Finance costs

120

410

Finance income

(4

)

(1

)

974

433

Decrease in stocks

2,431

1,664

Decrease in trade and other debtors

306

722

Increase/(decrease) in trade and other creditors

627

(2,441

)

Cash generated from operations

4,338

378

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

£'000

Cash and cash equivalents

992

723

Year ended 31 March 2024

31.3.24

1.4.23

£'000

£'000

Cash and cash equivalents

723

711

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£'000

£'000

£'000

Net cash

Cash at bank

723

269

992

723

269

992

Total

723

269

992

1.	COMPANY INFORMATION

OMSCO Group Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Turnover

Turnover represents amounts invoiced to customers for goods such as dairy products and liquids supplied during the year and is recognised at the point at which the risks and rewards of ownership are transferred to the customer.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

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

Leasehold property improvements - in accordance with the lease

Furniture and fixtures - Straight line over 7 years

Plant and equipment - Straight line over 4 years

Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any accumulated impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Valuation is based on the actual in-month raw material and processing costs, combined with an allocation of overhead and transport costs based on normal operating capacity.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Provisions for liabilities

A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translating differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments

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

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£'000

£'000

Liquid milk

41,819

37,022

Processed dairy products

10,321

10,836

Other

18

5

52,158

47,863

An analysis of turnover by geographical market is given below:

2025

2024

£'000

£'000

United Kingdom

46,735

44,129

Europe

1,984

1,291

Rest of the World

3,439

2,443

52,158

47,863

4.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

£'000

Wages and salaries

1,422

1,570

Social security costs

185

156

Other pension costs

54

59

1,661

1,785

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

2025

2024

Administrative staff

17

19

The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2024 - 7 ) .

Staff are employed by, and all staff costs are initially borne by, a subsidiary group undertaking and are then recharged to the parent company where those staff predominantly work for the parent company.

All payroll costs relating to all directors are borne by the subsidiary and recharged to the Company. 2 directors were also directors of the subsidiary during the year.

Included within the above figure is £883,065 relating to key management personnel (2024: £798,233). Key management personnel includes individuals who have the authority and responsibility for planning, directing and controlling the activities of the group and includes senior management as well as operational directors.