Company No: 09254257 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	5,373,231		5,466,944
Biological assets	4	968,633		966,348
Investments	5	306,110		286,352
		6,647,974		6,719,644
Current assets
Stocks	6, 7	633,015		518,579
Debtors	8	490,219		393,601
Cash at bank and in hand		431,133		102,801
		1,554,367		1,014,981
Creditors: amounts falling due within one year	9	( 877,449)		( 1,072,038)
Net current assets/(liabilities)		676,918		(57,057)
Total assets less current liabilities		7,324,892		6,662,587
Creditors: amounts falling due after more than one year	10	( 3,555,648)		( 3,464,128)
Provision for liabilities		( 531,389)		( 540,892)
Net assets		3,237,855		2,657,567
Capital and reserves
Called-up share capital		100		100
Profit and loss account		3,237,755		2,657,467
Total shareholders' funds		3,237,855		2,657,567

For the financial year ending 31 December 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 Blake Dairy Farms Limited (registered number: 09254257) were approved and authorised for issue by the Board of Directors on 05 May 2026. They were signed on its behalf by:

W T Blake Director		J E R Blake Director
C W Blake 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

Blake Dairy 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 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 crops, 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 - 5 % reducing balance
Leasehold improvements	5 % reducing balance
Plant and machinery	15 % reducing balance
	15 years straight line
Vehicles	15 % reducing balance

All plant and machinery is depreciated on reducing balance at 15% except those assets relating to the Parlour. Assets relating to the Parlour build are depreciated on a straight line basis over 15 years.

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 Section 1A, these are defined as biological assets.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses as follows:

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 the dairy herd.

Biological current assets:

Biological assets not held for continuing use within the business are classified as current assets and are included within stocks as livestock and crops. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in Cooperatives are measured at fair value. Arla fair value is estimated as the value of the member's capital account.

Stocks

Stock comprising agricultural produce (i.e. silage/straw in store) and deadstock such as feed, fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Crops in store harvested from biological assets are measured at the point of harvest and are shown within crops.

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.

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. If an arrangement constitutes a financing transaction it is measured at cost. 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

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. 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.

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	8		10

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 January 2025	3,135,511		358,407		2,351,094		695,876		6,540,888
Additions	1,120		10,168		148,170		239,700		399,158
Disposals	0		0		( 50,618)		( 192,250)		( 242,868)
Transfers	( 272,885)		272,885		0		0		0
At 31 December 2025	2,863,746		641,460		2,448,646		743,326		6,697,178
Accumulated depreciation
At 01 January 2025	73,888		90,615		690,308		219,133		1,073,944
Charge for the financial year	15,383		67,967		183,962		78,306		345,618
Disposals	0		0		( 26,317)		( 69,298)		( 95,615)
At 31 December 2025	89,271		158,582		847,953		228,141		1,323,947
Net book value
At 31 December 2025	2,774,475		482,878		1,600,693		515,185		5,373,231
At 31 December 2024	3,061,623		267,792		1,660,786		476,743		5,466,944

4. Biological assets

	2025
	£
Biological assets at cost	968,633

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 January 2025	1,075,683		1,075,683
Increase due to purchases/ transfers in	14,400		14,400
Decrease attributable to sales/ transfers out	( 14,123)		( 14,123)
At 31 December 2025	1,075,960		1,075,960
Accumulated depreciation
At 01 January 2025	109,335		109,335
Decrease attributable to sales/ transfers out	( 2,008)		( 2,008)
At 31 December 2025	107,327		107,327
Net book value
At 31 December 2025	968,633		968,633
At 31 December 2024	966,348		966,348

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	286,352		286,352
Additions	19,758		19,758
At 31 December 2025	306,110		306,110
Carrying value at 31 December 2025	306,110		306,110
Carrying value at 31 December 2024	286,352		286,352

6. Stocks

	2025		2024
	£		£
Livestock	327,170		242,250
Crops	263,435		243,633
Other stock	42,410		32,696
	633,015		518,579

Included within livestock and crops are current biological assets as detailed in note 7.

7. Current biological assets

Assets held at cost:

	Cattle		Growing crops		Total
	£		£		£
Cost
At 01 January 2025	242,250		10,720		252,970
Increase due to purchases/ transfers in	93,140		0		93,140
Increase from new crop costs	0		9,440		9,440
Decrease attributable to sales/ transfers out	(8,220)		0		(8,220)
Decrease resulting from harvesting	0		(10,720)		(10,720)
At 31 December 2025	327,170		9,440		336,610

8. Debtors

	2025		2024
	£		£
Trade debtors	247,143		317,160
Corporation tax	0		15,700
Other debtors	243,076		60,741
	490,219		393,601

Included within other debtors is accrued income, VAT recoverable, and amounts owed by directors as detailed in the related party transaction note (note 11).

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	171,054		422,907
Trade creditors	235,816		246,788
Taxation and social security	227,120		117,100
Obligations under finance leases and hire purchase contracts (secured)	98,186		87,373
Other creditors	145,273		197,870
	877,449		1,072,038

Bank borrowings are secured by a charge over the assets which they relate to which are included within land and buildings owned by the company.

Obligations under finance lease and hire purchase contracts are secured by a charge over the assets to which they relate to.

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

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

	2025		2024
	£		£
Bank loans (secured)	3,460,442		3,379,643
Obligations under finance leases and hire purchase contracts (secured)	95,206		84,485
	3,555,648		3,464,128

Bank borrowings are secured by a charge over the assets which they relate to which are included within land and buildings owned by the company.

Obligations under finance lease and hire purchase contracts are secured by a charge over the assets to which they relate to

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

	2025		2024
	£		£
Bank loans (secured)	2,776,226		1,764,264

Bank borrowings are secured by a charge over the assets which they relate to which are included within land and buildings owned by the company.

11. Related party transactions

Transactions with the entity's directors

Advances

Mr and Mrs W T Blake's directors' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2025, the balance owed by the director was £15,164. During the year, £174,438 was advanced to the director, and £102,548 was repaid by the director. At 31 December 2025, the balance owed by the director was £87,054.

At 1 January 2024, the balance owed by the director was £nil. During the year, £50,164 was advanced to the director, and £35,000 was repaid by the director. At 31 December 2024, the balance owed by the director was £15,164.