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Registered number:
For the Year Ended
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The Estate Dairy Limited
Company Information
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The Estate Dairy Limited
Contents
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The Estate Dairy Limited
Strategic Report
For the Year Ended 31 December 2025
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2025.
The principal activity of the Company in the year under review was that of branded dairy product manufacturers and distributors, specialising in premium milk, butter and yoghurt.
As the 2024 accounts cover a 16-month period, the business has used the 12 months to December 2024 as the comparative period in the below calculations to provide a more meaningful year-on-year comparison.
Turnover in 2025 increased by 37.0% to £26.4 m (2024 £19.2 m for 12 month period to December 2024), due to strong organic growth, in addition to new product launches and several significant new customers. Operating profit moved by negative 50.1% to £344k (2024 £689k for 12 month period to December 2024). Strong dairy raw material commodity prices impacted profitability during the first three quarters of 2025. The business has also invested in people during the year, strengthening the management team to ensure a strong base for future growth, and adding to the Cheshire manufacturing team. . Sales increased across all categories, but the growth in manufactured yoghurt and butter was particularly strong. The business took on leases for 2 new sites during 2025, increasing both manufacturing and distribution capacity, and is also investing significantly in plant and machinery. This will add significantly to our capacity for both yoghurt and butter production, with the additional capacity being commissioned during 2026.
The Company has remained profitable while navigating the commodity price fluctuations during the year.
The Company's revenues are principally derived from food service and retail markets. These markets, and therefore Company revenues, can be subject to variations in patterns of demand and are largely influenced by political factors, economic growth and consumer confidence. In response to this risk, the directors keep up to date with local and wider economic conditions and can adapt the pricing strategy and cost base of the Company accordingly. The Company continues to seek new markets and categories to facilitate growth. The breadth of customer base within the existing business helps to mitigate risks associated with new customers. Financial risk management The Company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the factors that affect each of these risks. Price risk The Company is exposed to changes in the market prices of its products, both from an input and sales perspective. To protect against adverse price movements, the Company is frequently reviewing its agreements with both customers and suppliers to ensure these are on commercially favourable terms.
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The Estate Dairy Limited
Strategic Report (continued)
For the Year Ended 31 December 2025
Credit risk
Credit risk is managed by reviews on new customers and by monitoring payments against the contractual arrangements. Wherever possible, new customers are placed on direct debit to mitigate credit risk.
Liquidity and interest rate risk
The Company's bank loans bear interest at a rate which changes in respect to changes in Bank of England Base Rate, thereby exposing the Company to measured risk on adverse movements in that rate. A proportion of asset based borrowing is on a fixed rate basis, to mitigate interest rate risk. Foreign exchange risk All overseas sales are currently invoiced in GBP. The business currently operates a GBP only bank account. While purchases are made from overseas, these are not currently material. If international sales and purchases increase, management will review foreign exchange risks and make any necessary adjustments.
We monitor several KPI's within the business though consider our key financial performance indicators being EBITDA and EBITDA percentage.
EBITDA for the year was £768k (£1,041k for 12 month period to December 2024).
Non financial key performance indicators are numerous but centre on quality, and health & safety.
We continue to invest in our workforce. In order that we can support future growth ambitions, we have also identified several key areas where we look to bolster the senior leadership team within the next 12 months. The Estate Dairy Ltd is proud to be a certified B Corporation, which indicates our ambition to be a sustainable dairy business, working collaboratively across our stakeholder base.
This report was approved by the board and signed on its behalf.
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The Estate Dairy Limited
Directors' Report
For the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £165,002 (2024 - £841,828).
Dividends were paid in the year of £108,326 (2024: £nil). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
Information regarding the future developments of the company is disclosed within the Strategic Report.
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The Estate Dairy Limited
Directors' Report (continued)
For the Year Ended 31 December 2025
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, were appointed in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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The Estate Dairy Limited
Independent Auditors' Report to the Members of The Estate Dairy Limited
We have audited the financial statements of The Estate Dairy Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
The company was not audited in the previous period and we did not observe the counting of physical stocks at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 31 December 2024, which are included in the opening balance sheet at £319,132. Since opening stocks enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit for the period reported in the statement of comprehensive income.
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 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.
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The Estate Dairy Limited
Independent Auditors' Report to the Members of The Estate Dairy Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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The Estate Dairy Limited
Independent Auditors' Report to the Members of The Estate Dairy Limited (continued)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
°Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
∙Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislations, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-Bribery, Corruption legislation and Food Safety regulations.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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The Estate Dairy Limited
Independent Auditors' Report to the Members of The Estate Dairy Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
29 May 2026
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The Estate Dairy Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Registered number: 09731984
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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The Estate Dairy Limited
Statement of Changes in Equity
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Statement of Cash Flows
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Statement of Cash Flows (continued)
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Analysis of Net Debt
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
The Estate Dairy is a private company limited by shares incorporated in England and Wales. The registered office is Wallstone Farm, Chorley, Cheshire, CW5 8JR. The company's registered number is 09731984.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The comparative figures cover a period of sixteen months and therefore do not represent a direct year-on-year comparison with the current twelve-month financial period.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. Depreciation and amortisation of fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These estimates are determined by management based on historical experience and expectations of future use. A change in the estimated useful lives of assets would result in a revised depreciation charge in future periods. The carrying amount of tangible fixed assets at the reporting date was £3,181,769 (2024: £1,693,926).
The whole of the turnover is attributable to the sale of goods and relates to the principal activity of the company.
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 26
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 27
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 28
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 29
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
22.Deferred taxation (continued)
Page 30
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
The following prior year adjustments have been made following a review of historical accounting treatment to correct balances in the prior year and to ensure consistency and accuracy of presentation.
∙£492,570 was reclassified from tangible fixed assets to prepayments. This relates to an asset that has not yet been delivered.
∙£86,745 was reclassified from other debtors to stock. This relates to packaging stock that had been included in other debtors in error.
∙£273,911 was reclassifed from other debtors to cash. This relates to direct debits that had been included in other debtors in error.
∙£267,136 was reclassified from intangible fixed assets to prepayments. This relates to £283,000 of prepaid stock that had been included an an intangible addition in error. Amortisation of £15,864 had been recorded against this item in the prior year.
These adjustments do not impact opening reserves of the current year, as they either offset within the statement of comprehensive income, or represent reclassifications between balance sheet categories.
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,317 (2024: £25,159).
Contributions totalling £4,960 (2024: £3,030) were payable to the fund at the balance sheet date.
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The Estate Dairy Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
The Company is jointly controlled by S & R Young, who together hold a majority of the Company’s voting share capital and exercise control over the Company. There is no single ultimate controlling party.
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