Company registration number 14124489 (England and Wales)
CASELEY FARM DAIRY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
CASELEY FARM DAIRY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
CASELEY FARM DAIRY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,484,897
1,311,147
Biological assets
4
130,637
126,426
Investments
5
15,522
11,926
1,631,056
1,449,499
Current assets
Stocks
243,231
250,860
Debtors
6
29,753
38,289
Cash at bank and in hand
8,255
22,937
281,239
312,086
Creditors: amounts falling due within one year
7
(795,039)
(834,232)
Net current liabilities
(513,800)
(522,146)
Total assets less current liabilities
1,117,256
927,353
Creditors: amounts falling due after more than one year
8
(1,005,517)
(858,479)
Provisions for liabilities
(102,354)
(94,228)
Net assets/(liabilities)
9,385
(25,354)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,285
(25,454)
Total equity
9,385
(25,354)
CASELEY FARM DAIRY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
Mr J Hole
Mrs C Hole
Director
Director
Company registration number 14124489 (England and Wales)
CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Caseley Farm Dairy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Caseley Farm, Sand Road, Sand, WEDMORE, Somerset, United Kingdom, BS28 4XD.

1.1
Basis of preparation

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 £.

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

These financial statements for the year ended 31 December 2025 are the first financial statements of Caseley Farm Dairy Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2024. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.

1.2
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
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:

Freehold land and buildings
0% on land
Leasehold improvements
50 years straight line basis
Plant and equipment
15% reducing balance method
Fixtures and fittings
15% reducing balance method
CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.4
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

- the entity has control over the asset as a result of past events;

- it is probable that future economic benefits associated with the asset will flow to the entity; and

- the fair value or cost of the asset can be measured reliably.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.

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:

Dairy herd
20% Straight line basis
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

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, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

Stock is measured at the lower of cost and net realisable value. Home grown produce has been valued in accordance with HM Revenue & Customs guidance HS232.

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.

CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
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.

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 profit and loss account 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 profit and loss account, 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.

CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
1.12
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.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2025
593,439
228,316
591,022
419
1,413,196
Additions
134,253
2,540
131,223
169
268,185
Disposals
-
0
-
0
(3,612)
-
0
(3,612)
At 31 December 2025
727,692
230,856
718,633
588
1,677,769
Depreciation and impairment
At 1 January 2025
-
0
6,629
95,341
79
102,049
Depreciation charged in the year
-
0
4,586
87,015
72
91,673
Eliminated in respect of disposals
-
0
-
0
(850)
-
0
(850)
At 31 December 2025
-
0
11,215
181,506
151
192,872
Carrying amount
At 31 December 2025
727,692
219,641
537,127
437
1,484,897
At 31 December 2024
593,439
221,687
495,681
340
1,311,147
4
Biological assets
Dairy herd
£
Cost
At 1 January 2025
195,838
Additions - procreation or planting
63,710
Disposals
(63,674)
At 31 December 2025
195,874
Depreciation and impairment
At 1 January 2025
69,412
Depreciation charged for the year
23,915
Disposals
(28,090)
At 31 December 2025
65,237
Carrying amount
At 31 December 2025
130,637
At 31 December 2024
126,426
CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
15,522
11,926
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2025
11,926
Additions
3,596
At 31 December 2025
15,522
Carrying amount
At 31 December 2025
15,522
At 31 December 2024
11,926
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,612
24,569
Other debtors
1,141
13,720
29,753
38,289
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
41,378
24,169
Trade creditors
137,572
195,186
Other creditors
616,089
614,877
795,039
834,232

Other creditors includes a liability of £78,455, (2024 - £73,893) in relation to hire purchase agreements which are secured on the assets to which they relate.

Included within bank loans and overdrafts is an amount of £41,378 (2024 - £24,169) secured by a fixed and floating charge over the property of the company.

CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
818,652
694,169
Other creditors
186,865
164,310
1,005,517
858,479
Creditors which fall due after five years are payable as follows:
Payable by instalments
743,650
638,475

The hire purchase liabilities of £186,866 (2024 - £164,310) are secured on the assets to which they relate and bank loan s of £818,652 (2024 - £694,169) are secured by a fixed and floating charge over the property of the company.

9
Operating lease commitments
As lessee

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

2025
2024
£
£
Total commitments
39,320
24,278
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Directors
512,679
504,699

The loan is interest free and repayable on demand.

11
Reconciliations on adoption of FRS 102

Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous FRS 105 are given below.

CASELEY FARM DAIRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Reconciliation of equity
1 January
31 December
2024
2024
Notes
£
£
Equity as reported under previous UK GAAP
1,967
68,874
Adjustments arising from transition to FRS 102:
Deferred tax provision
1
(75,819)
(94,228)
Equity reported under FRS 102
(73,852)
(25,354)
Reconciliation of profit for the financial period
2024
Notes
£
Profit as reported under previous UK GAAP
66,907
Adjustments arising from transition to FRS 102:
Deferred tax provision
1
(18,409)
Profit reported under FRS 102
48,498
Notes to reconciliations on adoption of FRS 102
Deferred tax provision

Under section 19 of FRS 102, the directors have recognised deferred tax liabilities in relation to the carrying value of fixed assets. Consequently, a deferred tax liability has been recognised on the difference between the net book value and the tax written down value of the asset. The deferred tax liability at 1 January 2024 was £75,819, which reduced P&L reserves by the same amount. During the year ended 31 December 2024, the provision increased by £18,409, with a corresponding reduction in profit for the year.

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