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Company No: 00546817 (England and Wales)

# DOWRICH FARMS LIMITED

### Unaudited Financial Statements
For the financial year ended 30 April 2025
Pages for filing with the registrar

DOWRICH FARMS LIMITED

## Unaudited Financial Statements

For the financial year ended 30 April 2025

Contents

DOWRICH FARMS LIMITED

## BALANCE SHEET

As at 30 April 2025
DOWRICH FARMS LIMITED

## BALANCE SHEET (continued)

As at 30 April 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 1,430,719 |  | 1,392,763
Biological assets | 4 | 128,786 |  | 129,453
Investments | 5 | 172,775 |  | 165,630
|  | 1,732,280 |  | 1,687,846
Current assets |  |  |  |
Stocks | 6, 7 | 172,920 |  | 175,165
Debtors | 8 | 267,595 |  | 112,915
Cash at bank and in hand |  | 303,438 |  | 140,066
|  | 743,953 |  | 428,146
Creditors: amounts falling due within one year | 9 | ( 712,814) |  | ( 728,106)
Net current assets/(liabilities) |  | 31,139 |  | (299,960)
Total assets less current liabilities |  | 1,763,419 |  | 1,387,886
Creditors: amounts falling due after more than one year | 10 | ( 870,140) |  | ( 945,860)
Provision for liabilities |  | ( 96,704) |  | ( 83,275)
Net assets |  | 796,575 |  | 358,751
Capital and reserves |  |  |  |
Called-up share capital |  | 203,000 |  | 203,000
Capital redemption reserve |  | 3,000 |  | 3,000
Profit and loss account |  | 590,575 |  | 152,751
Total shareholders' funds |  | 796,575 |  | 358,751

For the financial year ending 30 April 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 Dowrich Farms Limited (registered number: 00546817) were approved and authorised for issue by the Board of Directors on 09 January 2026. They were signed on its behalf by:

R H Lee Director |  | G W Lee Director

DOWRICH FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025
DOWRICH FARMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2025

##### 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

Dowrich 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is Dowrich Farm, Sandford, Crediton, Devon, EX17 4EQ.
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 is recognised at the fair value of the consideration received or receivable for goods, such as milk and cattle, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 | 10 % reducing balance
Plant and machinery | 10 % 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

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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### 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. Included within other investments is the Company's investment in Arla.

##### Stocks

Stocks comprising deadstock such as homegrown feed, diesel and bedding 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 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.

##### Preference shares

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.

##### Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

##### 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 are recognised within stock.

#####

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 7 |  | 7

#### 3. Tangible assets

| Land and buildings |  | Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 May 2024 | 1,096,512 |  | 1,196,472 |  | 738,583 |  | 320,755 |  | 3,352,322
Additions | 0 |  | 21,230 |  | 29,699 |  | 96,510 |  | 147,439
Disposals | 0 |  | 0 |  | 0 |  | ( 63,900) |  | ( 63,900)
At 30 April 2025 | 1,096,512 |  | 1,217,702 |  | 768,282 |  | 353,365 |  | 3,435,861
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 May 2024 | 340,842 |  | 960,934 |  | 496,800 |  | 160,983 |  | 1,959,559
Charge for the financial year | 17,198 |  | 24,583 |  | 25,060 |  | 39,943 |  | 106,784
Disposals | 0 |  | 0 |  | 0 |  | ( 61,201) |  | ( 61,201)
At 30 April 2025 | 358,040 |  | 985,517 |  | 521,860 |  | 139,725 |  | 2,005,142
Net book value |  |  |  |  |  |  |  |  |
At 30 April 2025 | 738,472 |  | 232,185 |  | 246,422 |  | 213,640 |  | 1,430,719
At 30 April 2024 | 755,670 |  | 235,538 |  | 241,783 |  | 159,772 |  | 1,392,763

#### 4. Biological assets

| 2025
| £
Biological assets at cost | 128,786

Assets held at cost:

| Dairy |  | Total
| £ |  | £
Cost |  |  |
At 01 May 2024 | 129,453 |  | 129,453
Decrease attributable to sales/ transfers out | ( 667) |  | ( 667)
At 30 April 2025 | 128,786 |  | 128,786
Net book value |  |  |
At 30 April 2025 | 128,786 |  | 128,786
At 30 April 2024 | 129,453 |  | 129,453

#### 5. Fixed asset investments

| Listed investments |  | Other investments |  | Total
| £ |  | £ |  | £
Cost or valuation before impairment |  |  |  |  |
At 01 May 2024 | 51,649 |  | 113,981 |  | 165,630
Additions | 1,087 |  | 6,058 |  | 7,145
At 30 April 2025 | 52,736 |  | 120,039 |  | 172,775
Carrying value at 30 April 2025 | 52,736 |  | 120,039 |  | 172,775
Carrying value at 30 April 2024 | 51,649 |  | 113,981 |  | 165,630

#### 6. Stocks

| 2025 |  | 2024
| £ |  | £
Livestock | 104,415 |  | 102,990
Other stock | 68,505 |  | 72,175
| 172,920 |  | 175,165

Included within Livestock are current biological assets, as detailed in note 7.

#### 7. Current biological assets

Assets held at cost:

| Dairy |  | Total
| £ |  | £
Cost |  |  |
At 01 May 2024 | 102,990 |  | 102,990
Increase due to purchases/ transfers in | 1,425 |  | 1,425
At 30 April 2025 | 104,415 |  | 104,415

#### 8. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 115,718 |  | 104,068
Other debtors | 151,877 |  | 8,847
| 267,595 |  | 112,915

Included within other debtors is a loan from the director. This loan is unsecured and repayable on demand.
During the year, advances were made to the director of £224,078 and repayments made by the director of £35,092. At 30 April 2025, the balance owed by the director was £123,967.

#### 9. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 77,300 |  | 122,332
Trade creditors | 88,944 |  | 63,597
Amounts owed to directors | 81,059 |  | 122,894
Other loans | 203,067 |  | 177,753
Accruals | 90,463 |  | 169,743
Taxation and social security | 129,827 |  | 42,747
Obligations under finance leases and hire purchase contracts (secured) | 41,572 |  | 27,620
Other creditors | 582 |  | 1,420
| 712,814 |  | 728,106

Included within other loans is an amount due to a shareholder of the company. Interest is charged on this loan and it is repayable on demand.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.
Bank borrowings are secured by a charge over the company property, included within land and buildings and leasehold improvements.

#### 10. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 817,447 |  | 895,828
Obligations under finance leases and hire purchase contracts (secured) | 52,693 |  | 50,032
| 870,140 |  | 945,860

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.
Bank borrowings are secured by a charge over the company property, included within land and buildings and leasehold improvements.

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

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 557,125 |  | 439,728