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Registration number: 00447327 (England & Wales)

Cotteswold Dairy Limited
Annual Report and Financial Statements
for the Period from 29 December 2024 to 27 December 2025

Cotteswold Dairy Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 6
Statement of Directors' Responsibilities | 7
Independent Auditor's Report | 8 to 10
Profit and Loss Account | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 to 27

Cotteswold Dairy Limited

Company Information

Directors | R H Workman G W Workman G M Workman J M Young L E Woodward

Company secretary | L E Woodward

Registered office | Unit 22 Dairy Way Northway Lane Tewkesbury Gloucestershire GL20 8JE

Solicitors | Harrison Clark Rickerbys Limited Ellenborough House Wellington Street Cheltenham GL20 1YD

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Cotteswold Dairy Limited

Strategic Report for the Period from 29 December 2024 to 27 December 2025

The directors present their strategic report for the period from 29 December 2024 to 27 December 2025.

Principal activity

The principal activity of the company is the processing and distribution of fresh liquid milk and cream to Wholesale, Retail, Doorstep and Foodservice customers.

Fair review of the business and future developments

The current period has seen revenue grow by 10.8% to £102,295,677 for the period (28 December 2024 - £92,340,033). The increase in revenue was partly driven by a 6.2% increase in volumes, together with increased milk and cream prices across the market during the period. The gross margin has decreased in the period to 28% (28 December 2024 - 30%).
As a business we remain quick to react and respond to changes in demand as sectors and consumer demands evolve redirecting resources and expanding our offerings to meet consumer needs as required.
Following the directors continued detailed review of the operations of the company, the company continues to achieve an improved balance to its milk supply and demand, further reducing production wastage and controlling overhead costs as far as possible, maintaining its position to focus on its core profitable and sustainable markets.
The directors are pleased to report a profit before tax of £1,675,146 for the period (28 December 2024 - £2,648,309).

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £'000 | 102,296 | 92,340
Profit before tax | £'000 | 1,675 | 2,648
Net assets | £'000 | 10,496 | 9,725

Future developments

The directors continue to review and reposition the business during 2026/27 to ensure operating efficiencies are enhanced and profits sustained as far as possible.
The longer-term strategy is for sustainable growth. The directors will seek opportunities for both organic and acquisition growth that will strengthen the company’s operations and financial position for the future.
The company continues to source the majority of its raw milk direct from local dairy farmers who have been long standing suppliers. The relationships with these producers continue to be very important to the company. Milk prices have seen some significant fluctuations due to ongoing global and local pressures, which management closely monitor.
The directors would like to thank our senior management team and all our staff for their hard work and commitment during the period.

Section 172 (1) statement
The directors of the company must act in accordance with the duties detailed in s172 of the Companies Act 2006 which is summarised as follows:
A director of the company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the members as a whole, and in doing so have regard (amongst other matters) to the following matters:

a) The likely consequences of any decision in the long term;

The directors, both individually and together, have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its stakeholders, employees, suppliers, customers and the wider community, in particular by reference to the approval of the business plan. The business plan was designed to have a medium term beneficial impact on the company and contribute to the success in delivering improved quality and services, operating within tight budgetary controls and in line with the company’s longer term strategy for growth, both organically and through acquisition.

Cotteswold Dairy Limited

Strategic Report for the Period from 29 December 2024 to 27 December 2025

b) The interest of the company’s employees;

We value our employees and continue to seek to recruit, retain and develop our talent. Ensuring we recognise the positive contribution of a diverse workforce, and hold ourselves to account for delivering it, is paramount. We have invested in substantial training for staff together with conducting an employee survey to obtain and act on the views of our staff. Our key employment policies have been reviewed to ensure they remain fit for purpose and continue to enhance processes to ensure we recruit and retain the highest quality people with the right fit for our organisation.

c) The need to foster the company’s business relationships with suppliers, customers and others;

We aim to act responsibly and fairly in how we engage with our suppliers, customers, and all business partners, all of which are integral to the success of our business. We source and supply locally, and work closely with Farmers to help drive change in our organisation through innovation, promoting new ideas and ways of working, to help ensure that they reflect the same values and behaviours that we expect from our own people.
We are focused on our customers and actively seek and act on their feedback, ensuring we meet their needs and improve our products and services.

d) The impact of the company’s operations on the community and the environment;

We seek to build strong relationships with key stakeholders in the areas we operate, such as local authorities, environmental and community groups. We support and work closely with many local and national charities and schools.

e) The desirability of the company maintaining a reputation for high standards of business conduct; and

Our plan takes into account the impact of the company’s operations on the community and environment and our wider social responsibilities. Our installed DAF Plant (dissolved air filtration plant), a water process plant, reduces waste and maximises water usage in our operation. The board has a low risk appetite for reputational risk and the reputation impact of decisions made by the directors is always considered.

f) The need to act fairly as between members of the company

We believe it is vital that we are trusted by our stakeholders and therefore we seek to maintain high standards in all that we do as a business. As a board of directors, our intention is to behave responsibly toward all our stakeholders and treat them fairly and equally, so they too may benefit from the success of our business.
The board comprises six directors in total, four of whom are shareholders, with two holding 98% of the shares. Shareholders meet at least once a year where feedback is given and key decisions discussed, thus ensuring shareholders are represented on the board of Workman Properties Limited. In this way we ensure shareholders and their views are fairly represented in key decisions.

Principal risks and uncertainties

The execution of the company’s strategy is subject to a number of risks. The process of identifying and managing risk is overseen by the directors and management.
The key business risks and uncertainties affecting the company are summarised as; milk input cost volatility, milk supply continuity and regulatory and legal compliance. These risks are mitigated by continuous review of milk prices and driving efficiency in internal processes, diversifying the supply of milk where possible and ensuring laws and regulations are monitored by suitably qualified staff.

Approved by the Board on 21 August 2026 and signed on its behalf by:

....................................
G W Workman
Director

Cotteswold Dairy Limited

Directors' Report for the Period from 29 December 2024 to 27 December 2025

The directors present their report and the financial statements for the period from 29 December 2024 to 27 December 2025.

Directors of the company

The directors who held office during the period were as follows:

R H Workman

G W Workman

G M Workman

J M Young

L E Woodward

W King (resigned 16 July 2026)

Matters covered in the Strategic Report
Information on the engagement with suppliers, employees, customers and others is included in the Strategic Report in the Section 172 (1) statement. The company's business environment and risks, together with details of monitoring undertaken by the directors and future developments are dealt with elsewhere in the Strategic Report.
Dividend
During the period the company paid a dividend of £750,000 (28 December 2024 - £750,000) to its parent, Workman Properties Limited.
Financial instruments
Objectives and policies
The company’s financial instruments, other than derivatives, comprise cash and liquid resources, and various other items such as trade debtors, trade creditors, etc that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures and staged payments.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk is the risk that changes in market prices will result in a financial loss to the company. Price risk is managed through regular monitoring of market prices and supplier costs, together with periodic reviews of customer pricing.
Credit risk is the risk that a customer, financial institution or other counterparty to a financial instrument will fail to meet its contractual obligations, resulting in a financial loss to the company. Credit risk is managed by carrying out credit checks on new customers and closely monitoring the payment performance of customers. Procedures are in place to limit the supply of goods to customers who are not paying in accordance with the company's terms of business.
Liquidity risk is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due. Liquidity risk is managed by the monitoring of the company's cash position on a daily basis. The company has facilities in place which cater for its needs.
Cash flow risk is the risk that the company's cash inflows and outflows will vary to such an extent that it is unable to fund its day-to-day operations and commitments as they fall due. Cash flow risk is managed by forecasting. The nature of the company’s business is such that cash flows are predictable, and the directors are able to use this to ensure that facilities are available.

Cotteswold Dairy Limited

Directors' Report for the Period from 29 December 2024 to 27 December 2025

Energy and emissions report |  |  |
|  | 27 Dec 2025 | 28 Dec 2024
Energy consumption used to calculate emissions | kWh | 31,558,500 | 29,023,250
Scope 1 emissions | tonnes CO2e | 5,751 | 5,847
Scope 2 emissions | tonnes CO2e | 642 | 756
Scope 3 emissions | tonnes CO2e | 112 | 10
Total gross tCO2e per Litre (millions) | tonnes CO2e | 6,505 | 6,613
Greenhouse gas emissions per million of litres produced | tonnes CO2e | 56.49 | 62.87

Data is provided as tonnes of carbon dioxide equivalent (C02e). The boundary used was that of operational control. Therefore, mandatory emissions from the dairy manufacturing site and all depots were included.
Scope 3 emissions are emissions occurring from sources not owned or controlled by the company. Management have voluntarily disclosed Scope 3 emissions relating to employee travel, as this information is available to the company. Other Scope 3 emissions have not been disclosed since these are not compulsory and management do not hold this information.
The company’s chosen intensity measure is per million of litres of milk production. The use of milk production as a metric to measure efficiency is well established in the dairy sector.
The report data has been collated internally using data submitted for Climate Change Agreement for electricity, gas and milk production volumes. The electricity and gas kWh data has been calculated using prices per kwh of energy and price per litre of fuel taken fuel management software and fuel card monitoring data. Business travel data was gained from internal expense claims. The CO2e has been calculated using the National Energy Foundation Carbon Calculator.
We do not consider refrigerant losses on our air conditioning units to be material and as such these are not reported in our emissions data.
Through the financial period the business continued its commitment to net zero by focusing on scope 1, 2 and 3 emissions. Scope 3 emissions represent the most significant element of the business carbon exposure and supplying farms have received carbon audits and workshops to drive efficiency through carbon reduction. The dairy has invested in a new cold store and welfares facilities which became operational in 2025. The building is constructed to Building Research Establishment Environmental Assessment Method (BREEAM) standards with innovative design to manage energy use, while maintaining suitable chilled storage and product safety. Solar panels, air curtains and docking solutions supported the building energy strategy.
The dairy has increased its Recycled High-Density Polyethylene (rHDPE) content in poly bottle packaging and transitioned to clear caps for its main product line to aid recyclability. Energy Savings Opportunity Scheme (ESOS) action plan was submitted to the Environment Agency (EA) which has become the framework in which our internal energy efficiency plan is structured, measured and reported. The dairy remains focused on managing its food waste, publicised annually through Waste and Resources Action Programme (WRAP), and the fleet logistics concentrated on route optimisation and driver performance through coaching and mentoring by increased internal safe and fuel-efficient driving (SAFED) driver instructors.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Going concern

Forecasts have been prepared that reflect the current economic circumstances and the committed cash outflows for ongoing capital projects. The company also has access to cash reserves of £1.9 million. Based on the forecasts prepared, funds available and existing facilities in place, sufficient resources are available for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Cotteswold Dairy Limited

Directors' Report for the Period from 29 December 2024 to 27 December 2025

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 21 August 2026 and signed on its behalf by:

.....................................
G W Workman
Director

Cotteswold Dairy Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and
• | 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 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.

Cotteswold Dairy Limited

Independent Auditor's Report to the Members of Cotteswold Dairy Limited

Opinion

We have audited the financial statements of Cotteswold Dairy Limited (the 'company') for the period from 29 December 2024 to 27 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 27 December 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Cotteswold Dairy Limited

Independent Auditor's Report to the Members of Cotteswold Dairy Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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.

Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

Cotteswold Dairy Limited

Independent Auditor's Report to the Members of Cotteswold Dairy Limited

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this 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 auditor’s 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.

......................................
Rebecca Copping (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 0UX

21 August 2026

Cotteswold Dairy Limited

Profit and Loss Account for the Period from 29 December 2024 to 27 December 2025

| Note | 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Turnover | 3 | 102,295,677 | 92,340,033
Cost of sales |  | (74,055,718) | (64,806,945)
Gross profit |  | 28,239,959 | 27,533,088
Distribution costs |  | (13,721,041) | (12,716,802)
Administrative expenses |  | (12,886,793) | (12,198,881)
Other operating income | 4 | 76,368 | 51,421
Operating profit | 5 | 1,708,493 | 2,668,826
Interest receivable and similar income | 6 | 18,222 | 24,952
Interest payable and similar expenses | 7 | (51,569) | (45,469)
Profit before tax |  | 1,675,146 | 2,648,309
Tax on profit | 10 | (154,800) | (688,235)
Profit for the financial period |  | 1,520,346 | 1,960,074

The above results were derived from continuing operations.

The company has no other comprehensive income for the period.

Cotteswold Dairy Limited

(Registration number: 00447327 (England & Wales))
Balance Sheet as at 27 December 2025

| Note | 27 December 2025 £ | 28 December 2024 £
Fixed assets |  |  |
Intangible assets | 11 | - | -
Tangible assets | 12 | 3,519,115 | 3,964,445
Investments | 13 | 1 | 1
|  | 3,519,116 | 3,964,446
Current assets |  |  |
Stocks | 14 | 1,260,076 | 1,243,922
Debtors | 15 | 16,125,893 | 14,162,625
Cash at bank and in hand | 16 | 1,901,322 | 2,923,264
|  | 19,287,291 | 18,329,811
Creditors: Amounts falling due within one year | 17 | (10,994,757) | (10,921,839)
Net current assets |  | 8,292,534 | 7,407,972
Total assets less current liabilities |  | 11,811,650 | 11,372,418
Creditors: Amounts falling due after more than one year | 17 | (299,494) | (468,292)
Provisions for liabilities | 19 | (1,016,484) | (1,178,800)
Net assets |  | 10,495,672 | 9,725,326
Capital and reserves |  |  |
Called up share capital | 21, 22 | 802 | 802
Other reserves | 22 | 1,986 | 1,986
Profit and loss account | 22 | 10,492,884 | 9,722,538
Total equity |  | 10,495,672 | 9,725,326

Approved and authorised by the Board on 21 August 2026 and signed on its behalf by:

..................................
G W Workman

Director

Cotteswold Dairy Limited

Statement of Changes in Equity for the Period from 29 December 2024 to 27 December 2025

| Called up share capital £ | Other reserves £ | Profit and loss account £ | Total £
At 29 December 2024 | 802 | 1,986 | 9,722,538 | 9,725,326
Profit for the period | - | - | 1,520,346 | 1,520,346
Dividends | - | - | (750,000) | (750,000)
At 27 December 2025 | 802 | 1,986 | 10,492,884 | 10,495,672

| Called up share capital £ | Other reserves £ | Profit and loss account £ | Total £
At 31 December 2023 | 802 | 1,986 | 8,512,464 | 8,515,252
Profit for the period | - | - | 1,960,074 | 1,960,074
Dividends | - | - | (750,000) | (750,000)
At 28 December 2024 | 802 | 1,986 | 9,722,538 | 9,725,326

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Unit 22 Dairy Way
Northway Lane
Tewkesbury
Gloucestershire
GL20 8JE

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is UK £, rounded to the nearest £1, being the functional currency of the primary economic environment in which the company operates.

Summary of disclosure exemptions

Cotteswold Dairy Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available in respect of its financial statements. Exemptions have been taken in relation to financial instruments and presentation of a statement of cash flows.

Name of parent of group

These financial statements are consolidated in the financial statements of Workman Properties Limited.

The financial statements of Workman Properties Limited are available at Companies House.

Group accounts not prepared

These financial statements present information about the company as an individual undertaking and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption in section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it and its subsidiaries are included in the consolidated results of its ultimate parent, Workman Properties Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and it is probable that future economic benefits can be reliably measured.
The company deem that the risks and rewards of ownership pass when products are delivered to customers and it is at this point revenue is recognised.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

Going concern

Forecasts have been prepared that reflect the current economic circumstances and the committed cash outflows for ongoing capital projects. The company also has access to cash reserves of £1.9 million. Based on the forecasts prepared, funds available and existing facilities in place, sufficient resources are available for the company to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements
No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

Management have estimated the provision for dilapidations on a lease by lease basis, which is based on the directors' best estimate of the likely committed cash flow. The carrying amount is £392,559 (28 December 2024 - £445,900).

The provision for doubtful debts is based on management's assessment of the expected recoverability of trade receivables at the reporting date. This assessment requires estimation of the likelihood and extent that a customer will not settle outstanding amounts in full, taking into account specific customer circumstances and past experience. The carrying amount is £1,473,546 (28 December 2024 - £1,356,701).

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | Over the term of the lease
Plant and machinery | 3-50% Straight line
Motor vehicles | 10-25% Straight line

Depreciation of assets under construction is due to commence when the assets are complete and brought into use.

Goodwill

Purchased goodwill is capitalised and classified as an intangible asset. Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. The cost is amortised over its useful economic life of 10 years on a straight line basis.

Intangible assets

Separately acquired intangible assets are included at cost and amortised over their useful life. Provision is made for any impairment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line
Software costs | 25% straight line

Software costs are amortised over the period which the directors expect to derive economic benefit from the assets, which is considered to be four years.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Hire purchase and leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial Instruments
Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

Impairment
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 profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The analysis of the company's turnover for the period from continuing operations is as follows:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Sale of goods | 102,295,677 | 92,340,033

The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the UK.
The company's revenue and profits arose from the processing and distribution of liquid milk and associated products in the UK. Therefore the directors consider that the company has a single operating and reporting segment.

| 4 | Other operating income

The analysis of the company's other operating income for the period is as follows:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Miscellaneous other operating income | 76,368 | 51,421

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 5 | Operating profit

Arrived at after charging/(crediting)

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Depreciation expense | 1,186,225 | 1,299,406
Operating lease expense - property | 282,760 | 316,483
Operating lease expense - other | 2,522,656 | 2,158,847
Profit on disposal of property, plant and equipment | (15,401) | (12,529)
Auditor's remuneration - the audit of the company's annual accounts | 30,000 | 29,500
Auditor's remuneration - non audit services | 28,129 | 4,000

| 6 | Interest receivable and similar income

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Other interest receivable | 18,222 | 24,952

| 7 | Interest payable and similar expenses

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Interest on obligations under finance leases and hire purchase contracts | 38,348 | 45,469
Other interest paid | 13,221 | -
| 51,569 | 45,469

| 8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Wages and salaries | 15,962,116 | 14,594,823
Social security costs | 1,801,323 | 1,318,011
Pension costs, defined contribution scheme | 573,335 | 542,914
| 18,336,774 | 16,455,748

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

| 29 December 2024 to 27 December 2025 No. | 31 December 2023 to 28 December 2024 No.
Production and distribution | 430 | 420
Administration and support | 60 | 57
| 490 | 477

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 9 | Directors' remuneration

The directors' remuneration for the period was as follows:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Remuneration | 264,761 | 241,130
Contributions paid to money purchase pension schemes | 17,857 | 36,497
| 282,618 | 277,627

During the period the number of directors who were receiving benefits was as follows:

| 29 December 2024 to 27 December 2025 No. | 31 December 2023 to 28 December 2024 No.
Accruing benefits under money purchase pension scheme | 3 | 3

In respect of the highest paid director:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Remuneration | 120,339 | 103,912
Company contributions to money purchase pension schemes | 8,212 | 13,893

| 10 | Taxation

Tax charged/(credited) in the profit and loss account

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Current taxation |  |
UK corporation tax | 491,043 | 607,033
UK corporation tax adjustment to prior periods | (227,268) | (11,149)
Total current income tax | 263,775 | 595,884
Deferred taxation |  |
Arising from origination and reversal of timing differences | (71,160) | 92,351
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | (37,815) | -
Total deferred taxation | (108,975) | 92,351
Tax expense in the profit and loss account | 154,800 | 688,235

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (28 December 2024 - higher than the standard rate of corporation tax in the UK) of 25% (28 December 2024 - 25%).

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

The differences are reconciled below:

| 29 December 2024 to 27 December 2025 £ | 31 December 2023 to 28 December 2024 £
Profit before tax | 1,675,146 | 2,648,309
Corporation tax at standard rate | 418,787 | 662,077
Tax increase from effect of capital allowances and depreciation | 875 | 38,812
Effect of revenues exempt from taxation | (7,797) | (52)
Effect of expense not deductible in determining taxable profit (tax loss) | 8,018 | 3,708
Decrease in UK and foreign current tax from adjustment for prior periods | (227,268) | (11,149)
Deferred tax credit from unrecognised temporary difference from a prior period | (37,815) | -
Group relief claimed | - | (5,161)
Total tax charge | 154,800 | 688,235

Deferred tax

Deferred tax assets and liabilities

27 December 2025 | Liability £
Origination and reversal of timing differences | 662,546
Other timing differences | (38,621)
| 623,925

28 December 2024 | Liability £
Origination and reversal of timing differences | 766,455
Other timing differences | (33,555)
| 732,900

| 11 | Intangible assets

| Goodwill £ | Software costs £ | Total £
Cost or valuation
At 29 December 2024 and at 27 December 2025 | 478,614 | 52,447 | 531,061
Amortisation
At 29 December 2024 and 27 December 2025 | 478,614 | 52,447 | 531,061
Carrying amount
At 27 December 2025 | - | - | -
At 28 December 2024 | - | - | -

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 12 | Tangible fixed assets

| Leasehold improvements £ | Plant and machinery £ | Motor vehicles £ | Assets under construction £ | Total £
Cost or valuation
At 29 December 2024 | 1,326,586 | 9,024,043 | 5,096,755 | 395,317 | 15,842,701
Additions | 42,767 | 390,990 | 398,095 | - | 831,852
Disposals | - | (8,863) | (245,408) | - | (254,271)
Transfers | 15,548 | 373,160 | 6,609 | (395,317) | -
At 27 December 2025 | 1,384,901 | 9,779,330 | 5,256,051 | - | 16,420,282
Depreciation
At 29 December 2024 | 743,835 | 7,714,275 | 3,420,146 | - | 11,878,256
Charge for the period | 90,026 | 530,044 | 566,155 | - | 1,186,225
Eliminated on disposal | - | (547) | (162,767) | - | (163,314)
Transfers | 130,402 | (98,986) | (31,416) | - | -
At 27 December 2025 | 964,263 | 8,144,786 | 3,792,118 | - | 12,901,167
Carrying amount
At 27 December 2025 | 420,638 | 1,634,544 | 1,463,933 | - | 3,519,115
At 28 December 2024 | 582,751 | 1,309,768 | 1,676,609 | 395,317 | 3,964,445

Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 27 December 2025 £ | 28 December 2024 £
Motor vehicles | 770,509 | 916,812

Restriction on title and pledged as security
Motor vehicles with a carrying amount of £770,509 (28 December 2024 - £916,812) has been pledged as security for related finance lease and hire purchase liabilities.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 13 | Investments in subsidiaries, joint ventures and associates

| 27 December 2025 £ | 28 December 2024 £
Investments in subsidiaries | 1 | 1

Subsidiaries | £
Cost or valuation
At 29 December 2024 and at 27 December 2025 | 1
Carrying amount
At 28 December 2024 and at 27 December 2025 | 1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office |  | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Cotswold Spring Water Ltd | Unit 22 Dairy Way, Northway Lane, Tewkesbury, Gloucestershire, GL20 8JE |  | 100% | 100%
Conwy Valley (Dairy Products) Ltd | Unit 22 Dairy Way, Northway Lane, Tewkesbury, Gloucestershire, GL20 8JE |  | 100% | 100%
Upper Norton Jersey Cream Co. Limited | Unit 22 Dairy Way, Northway Lane, Tewkesbury, Gloucestershire, GL20 8JE |  | 100% | 100%

| 14 | Stocks

| 27 December 2025 £ | 28 December 2024 £
Raw materials and consumables | 1,079,443 | 1,058,483
Finished goods and goods for resale | 180,633 | 185,439
| 1,260,076 | 1,243,922

| 15 | Debtors

| 27 December 2025 £ | 28 December 2024 £
Trade debtors | 10,818,446 | 9,899,441
Amounts receivable from group undertakings | 4,178,022 | 3,098,807
Other debtors | 541,368 | 455,543
Prepayments and accrued income | 588,057 | 708,834
| 16,125,893 | 14,162,625

Amounts receivable from group undertakings are unsecured interest free and repayable on demand.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 16 | Cash and cash equivalents

| 27 December 2025 £ | 28 December 2024 £
Cash at bank | 1,901,322 | 2,923,264

The company maintained an overdraft facility of £2,500,000 at the period end. The facility bears interest at a rate of 2% per annum and is repayable on demand. No amounts were drawn down under the facility at the period end (2024 - £nil).

| 17 | Creditors

| Note | 27 December 2025 £ | 28 December 2024 £
Due within one year |  |  |
Loans and borrowings | 18 | 265,785 | 296,580
Trade creditors |  | 7,553,226 | 7,000,233
Social security and other taxes |  | 425,881 | 317,079
Outstanding defined contribution pension costs |  | 99,533 | 90,778
Other payables |  | 89,199 | 50,388
Accrued expenses |  | 2,527,450 | 2,602,419
Corporation tax liability |  | 33,683 | 564,362
|  | 10,994,757 | 10,921,839
Due after one year |  |  |
Loans and borrowings | 18 | 299,494 | 468,292

| 18 | Loans and borrowings

Current loans and borrowings

| 27 December 2025 £ | 28 December 2024 £
Hire purchase and finance lease liabilities | 265,785 | 296,580

Non-current loans and borrowings

| 27 December 2025 £ | 28 December 2024 £
Hire purchase and finance lease liabilities | 299,494 | 468,292

Hire purchase and finance lease obligations are secured against the assets to which they relate.

| 19 | Deferred tax and other provisions

| Deferred tax £ | Dilapidations £ | Total £
At 29 December 2024 | 732,900 | 445,900 | 1,178,800
Decrease in existing provisions | (108,975) | (53,341) | (162,316)
At 27 December 2025 | 623,925 | 392,559 | 1,016,484

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

The dilapidations provision of £392,559 relates to the costs the company expects to incur in restoring the leased premises in Cheltenham, Tremarl, Hereford and Hempstead to their condition prior to occupancy. The provision is managements best estimate of the expected cash outflows.
Details in relation to the deferred tax liability have been disclosed in note 10.

| 20 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £573,335 (28 December 2024 - £542,914).
Contributions totalling £99,533 (28 December 2024 - £90,778) were payable to the scheme at the end of the period and are included in creditors.

| 21 | Share capital

Allotted, called up and fully paid shares

| 27 December 2025 | 28 December 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 100 | 100 | 100 | 100
Ordinary B shares of £1 each | 100 | 100 | 100 | 100
Ordinary C shares of £1 each | 200 | 200 | 200 | 200
Ordinary D shares of £1 each | 1 | 1 | 1 | 1
Ordinary E shares of £1 each | 185 | 185 | 185 | 185
Ordinary F shares of £1 each | 1 | 1 | 1 | 1
Ordinary G shares of £1 each | 1 | 1 | 1 | 1
Ordinary H shares of £1 each | 1 | 1 | 1 | 1
Ordinary I shares of £1 each | 1 | 1 | 1 | 1
Ordinary J shares of £1 each | 1 | 1 | 1 | 1
Ordinary K shares of £1 each | 1 | 1 | 1 | 1
Ordinary L shares of £1 each | 1 | 1 | 1 | 1
Ordinary M shares of £1 each | 1 | 1 | 1 | 1
Ordinary N shares of £1 each | 1 | 1 | 1 | 1
Ordinary O shares of £1 each | 1 | 1 | 1 | 1
Ordinary P shares of £1 each | 1 | 1 | 1 | 1
Ordinary Q shares of £1 each | 1 | 1 | 1 | 1
Ordinary R shares of £1 each | 1 | 1 | 1 | 1
Ordinary S shares of £1 each | 1 | 1 | 1 | 1
Ordinary T shares of £1 each | 1 | 1 | 1 | 1
Ordinary U shares of £1 each | 1 | 1 | 1 | 1
Ordinary V shares of £1 each | 50 | 50 | 50 | 50
Ordinary W shares of £1 each | 50 | 50 | 50 | 50
Ordinary X shares of £1 each | 98 | 98 | 98 | 98
Ordinary Y shares of £1 each | 1 | 1 | 1 | 1
Ordinary Z shares of £1 each | 1 | 1 | 1 | 1
| 802 | 802 | 802 | 802

All classes of shares rank pari passu in all respects except that they carry independent rights to dividends.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 22 | Reserves

Called up share capital
This represents the nominal value of the issued share capital of the company.
Profit and loss account
This represents the cumulative profits or losses, net of dividends and other adjustments.
Other reserves
This represents a merger reserve arising on the reorganisation of the company in a prior period.

| 23 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 27 December 2025 £ | 28 December 2024 £
Not later than one year | 290,187 | 335,706
Later than one year and not later than five years | 310,862 | 498,418
| 601,049 | 834,124

Operating leases

The total of future minimum lease payments is as follows:

| 27 December 2025 £ | 28 December 2024 £
Not later than one year | 1,085,659 | 1,455,185
Later than one year and not later than five years | 2,174,652 | 3,346,643
Later than five years | 35,000 | 193,112
| 3,295,311 | 4,994,940

The amount of non-cancellable operating lease payments recognised as an expense during the period was £2,805,416 (28 December 2024 - £2,475,330).

| 24 | Capital commitments

The total amount contracted for but not provided in the financial statements was £1,984,736 (2024 - £nil), which will be funded under a £750,000 hire purchase contract that was agreed post year end.

| 25 | Financial guarantee

The bank loans and overdraft and facilities of the group are secured by a fixed charge over the freehold and leasehold properties of the group, and an intercompany composite guarantee between all members of the group and by a debenture over the assets and undertaking of the group.
The bank facilities impose a negative pledge which prohibits the company from creating any security interests over the assets pledged as security.

Cotteswold Dairy Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

| 26 | Parent and ultimate parent undertaking

The company's immediate parent is Workman Properties Limited, incorporated in the United Kingdom.
The most senior parent entity producing publicly available financial statements is Workman Properties Limited. These financial statements are available at Companies House.
The ultimate controlling party is Roger Workman.