Company No: 04510433 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	2,538,095		2,471,354
Biological assets	4	990,584		937,204
Investments		260		260
		3,528,939		3,408,818
Current assets
Stocks		455,111		399,450
Debtors	5	301,255		258,156
Cash at bank and in hand		1,890		7,010
		758,256		664,616
Creditors: amounts falling due within one year	6	( 694,170)		( 953,096)
Net current assets/(liabilities)		64,086		(288,480)
Total assets less current liabilities		3,593,025		3,120,338
Creditors: amounts falling due after more than one year	7	( 995,557)		( 1,021,009)
Provision for liabilities		( 274,875)		( 255,545)
Net assets		2,322,593		1,843,784
Capital and reserves
Called-up share capital		200		200
Profit and loss account		2,322,393		1,843,584
Total shareholders' funds		2,322,593		1,843,784

For the financial year ending 30 September 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 Treore Dairy Limited (registered number: 04510433) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

R J Pennington 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

Treore Dairy 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 Treore, Port Isaac, Bodmin, PL29 3TB, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of milk, livestock and residential rental income, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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. 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	20 - 50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % 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

The Company owns a dairy herd. In accordance with FRS102, these are defined as biological 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks comprising deadstock such as feed are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Current biological assets of dairy followers and beef young stock are recognised within stock.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Preference shares

Preference shares which are redeemable at the option of the holder are classified as a liability within the balance sheet and any associated divided presented as a finance charge in the profit or loss account.
The redeemable preference shares are redeemable on request by the holder. They are redeemable at £1 per share and carry no voting rights. There is no time limit or premium in relation to this.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Current biological assets

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and beef young stock and recognised within stock.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		13

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 October 2024	1,052,165		863,255		739,725		569,659		3,224,804
Additions	0		88,510		57,298		159,494		305,302
Disposals	0		0		( 49,665)		( 32,300)		( 81,965)
At 30 September 2025	1,052,165		951,765		747,358		696,853		3,448,141
Accumulated depreciation
At 01 October 2024	57,600		110,708		342,742		242,400		753,450
Charge for the financial year	6,400		30,306		57,966		99,526		194,198
Disposals	0		0		( 16,394)		( 21,208)		( 37,602)
At 30 September 2025	64,000		141,014		384,314		320,718		910,046
Net book value
At 30 September 2025	988,165		810,751		363,044		376,135		2,538,095
At 30 September 2024	994,565		752,547		396,983		327,259		2,471,354

4. Biological assets

	2025
	£
Biological assets at cost	990,584

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 October 2024	937,204		937,204
Increase due to purchases/ transfers in	53,380		53,380
At 30 September 2025	990,584		990,584
Net book value
At 30 September 2025	990,584		990,584
At 30 September 2024	937,204		937,204

5. Debtors

	2025		2024
	£		£
Trade debtors	204,865		177,860
Other debtors	96,390		80,296
	301,255		258,156

Included within other debtors are prepayments and VAT recoverable.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured)	134,175		567,871
Trade creditors	200,827		149,647
Amounts owed to directors	96,245		128,777
Other loans	20,562		5,439
Accruals	14,181		60,358
Taxation and social security	185,270		15,461
Obligations under finance leases and hire purchase contracts (secured)	38,287		20,090
Other creditors	4,623		5,453
	694,170		953,096

Security for bank borrowings and overdrafts has been given in the form of land, part of which is owned by Treore Dairy Limited and part of which is owned personally by the directors. Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets included in fixed assets to which they relate.

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

	2025		2024
	£		£
Bank loans (secured)	580,921		618,996
Obligations under finance leases and hire purchase contracts (secured)	14,636		2,013
Other creditors	400,000		400,000
	995,557		1,021,009

Security for bank borrowings and overdrafts has been given in the form of land, part of which is owned by Treore Dairy Limited and part of which is owned personally by the directors. Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets included in fixed assets to which they relate.

Included within other creditors are redeemable preference shares.

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

	2025		2024
	£		£
Bank loans (secured)	448,921		505,668