Company registration number 09596756 (England and Wales)
TD4 MILKSHAKES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
TD4 MILKSHAKES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
TD4 MILKSHAKES LIMITED
BALANCE SHEET
AS AT
24 SEPTEMBER 2025
24 September 2025
- 1 -
24 September 2025
25 September 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
103,915
138,042
Current assets
Stocks
41,164
46,220
Debtors
5
111,486
163,079
Cash at bank and in hand
140,408
410,050
293,058
619,349
Creditors: amounts falling due within one year
6
(407,160)
(616,586)
Net current (liabilities)/assets
(114,102)
2,763
Total assets less current liabilities
(10,187)
140,805
Provisions for liabilities
(140,030)
(124,813)
Net (liabilities)/assets
(150,217)
15,992
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(150,218)
15,991
Total equity
(150,217)
15,992

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
D O'Sullivan
Director
Company Registration No. 09596756
TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
- 2 -
1
Accounting policies
Company information

TD4 Milkshakes Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pavilion, Abbotts Moss Hall, Tarporley Road, Oakmere, Northwich, CW8 2ES. The nature of the company's o perations and its principal activity is given in the directors' report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

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

1.2
Going concern

The company has net current liabilities of £114,102 (2024: £2,763 net current assets) and net liabilities of £150,217 (2024: £15,992 net assets). true

The company incurred losses during the period and a number of stores have been loss-making, with onerous lease provisions recognised where unavoidable lease costs exceed the expected economic benefits. Several of these stores have subsequently been converted to operations of another group subsidiary, while a limited number of profitable stores will continue to trade over the remainder of their lease terms and are expected to generate positive cash flows.

The directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The company forms part of a group in which cash is managed by a centralised treasury function to ensure all entities have sufficient funds to meet their liabilities as they fall due. The company’s parent company has also confirmed its intention to provide financial support for a period of twelve months from the date of approval of these financial statements to the company which includes both making funds available if required and confirmation that the parent company, and other subsidiary undertakings, will not seek repayment of amounts due at the balance sheet date if this would be detrimental to the company.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Reporting period

The annual financial statements are compiled for the period to 24 September 2025, being the closest Wednesday to the 30 September 2025 accounting reference date. The prior period financial statements are compiled for the period to 25 September 2024, being the closest Wednesday to the 30 September 2024 accounting reference date.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised at the point of sale through the company’s tills, when goods are transferred to the customer and payment is received in cash or authorised by card or other electronic means.

Turnover is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership of the goods to the customer, which occurs at the time of sale;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably based on till and electronic point‑of‑sale records;

- it is probable that the company will receive the consideration due under the transaction, as payment is made immediately at the point of sale; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Period of the lease
Plant and machinery
2-10 years
Computer equipment
3-5 years

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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 current liabilities.

1.9
Financial instruments

The company 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 in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16

Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are material items of income or expenditure which are of exceptional size or incidence, and are presented within the line items to which they best relate.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determining type of lease

Determining whether leases have been entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Assessing indicators of impairment

Determining whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Estimating value in use

When an indication of impairment exists, the directors will carry out an impairment review to determine the recoverable amount, being the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

Assessing the requirement for onerous lease provisions

Determining whether any of the company's store leases have become onerous based on the expected future financial performance of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Onerous leases

An assessment is made to determine whether the unavoidable costs associated with a lease exceed the economic benefit expected to be received from it. If this is the case, a provision is made for the present value of the obligations under the lease.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
- 8 -
3
Employees

The average monthly number of persons employed by the company during the period was:

Period ended 24 September 2025
Period ended 25 September 2024
Number
Number
Total
58
73
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 26 September 2024
662,554
319,408
25,651
1,007,613
Additions
2,597
1,500
2,992
7,089
Disposals
(163,378)
(89,182)
(5,008)
(257,568)
Transfers
-
0
-
0
(2,635)
(2,635)
At 24 September 2025
501,773
231,726
21,000
754,499
Depreciation and impairment
At 26 September 2024
530,384
318,877
20,310
869,571
Depreciation charged in the period
34,010
615
2,499
37,124
Eliminated in respect of disposals
(160,720)
(89,182)
(4,887)
(254,789)
Transfers
-
0
-
0
(1,322)
(1,322)
At 24 September 2025
403,674
230,310
16,600
650,584
Carrying amount
At 24 September 2025
98,099
1,416
4,400
103,915
At 25 September 2024
132,170
531
5,341
138,042

Assets with a net book value of £1,313 within computer equipment, were transferred to fellow subsidiary undertaking Boost Juice Bars (UK) Limited.

5
Debtors
24 September
25 September
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
19,000
22,619
Other debtors
92,486
140,460
111,486
163,079
TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
- 9 -
6
Creditors: amounts falling due within one year
24 September 2025
25 September 2024
£
£
Trade creditors
135,043
176,264
Amounts owed to group undertakings
148,430
281,222
Corporation tax
-
0
15,638
Other taxation and social security
5,721
6,098
Other creditors
117,966
137,364
407,160
616,586
7
Provisions for liabilities
24 September
25 September
2025
2024
£
£
Dilapidations
30,000
93,000
Onerous lease
89,836
-
119,836
93,000
Deferred tax liabilities
20,194
31,813
140,030
124,813

Dilapidation provision s are recognised for the estimated costs of reinstating leased properties to their original condition at the end of the lease term. The provision has been measured based on the present value of expected future costs, using management’s best estimate at the balance sheet date.

Onerous lease provision s are recognised where the unavoidable costs of meeting lease obligations exceed the economic benefits expected to be received. The provision represents the present obligation in respect of loss-making leasehold space.

8
Retirement benefit schemes
Period ended 24 September 2025
Period ended 25 September 2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,232
4,908

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions amounting to £249 (2024: £439) were payable by the company to the fund at the reporting date and are included in creditors.

TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
- 10 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

Senior Statutory Auditor:
Jean Ellis BA FCA CTA
Statutory Auditor:
DSG Audit
Date of audit report:
24 June 2026
10
Financial commitments, guarantees and contingent liabilities

The company has granted a charge to BGF Nominees Limited to secure a guarantee in respect of borrowings owed to BGF Nominees Limited due from the company, and other group undertakings TD4 Cookies Limited, Boost Juice Bars (UK) Limited and TD4 Brands Limited.

The directors confirm that there are no other commitments, guarantees, or contingent liabilities as at 2 4 September 202 5.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

24 September 2025
25 September 2024
£
£
Total
352,431
774,627
12
Related party transactions

The company has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with other wholly owned subsidiaries within the group as consolidated accounts, including the subsidiary undertakings, are publicly available.

13
Ultimate parent company and controlling party

The company is a wholly owned subsidiary of intermediate parent company TD4 Brands Limited. On 29 October 2024, TD4 Holdings acquired the majority of the share capital of TD4 Brands Limited and is now the ultimate parent company.

The following are t he parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
TD4 Holdings Limited
Smallest group
TD4 Brands Limited
TD4 MILKSHAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2025
13
Ultimate parent company and controlling party
(Continued)
- 11 -

The registered office address of the intermediate and ultimate parent company is Abbots Moss Hall, Oakmere, Cheshire, CW8 2ES.

The consolidated financial statements of the smallest and largest group of the company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate controlling party is H A O’Sullivan.

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