Company No: 13394491 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	14,256		19,929
		14,256		19,929
Current assets
Stocks		14,000		12,000
Debtors	4	18,287		13,930
Cash at bank and in hand		7,007		5,602
		39,294		31,532
Creditors: amounts falling due within one year	5	( 128,283)		( 121,195)
Net current liabilities		(88,989)		(89,663)
Total assets less current liabilities		(74,733)		(69,734)
Creditors: amounts falling due after more than one year	6	( 18,052)		( 20,259)
Net liabilities		( 92,785)		( 89,993)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 92,885 )		( 90,093 )
Total shareholders' deficit		( 92,785)		( 89,993)

For the financial year ending 30 June 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Magdalen Cheese & Provisions Limited (registered number: 13394491) were approved and authorised for issue by the Board of Directors on 21 August 2026. They were signed on its behalf by:

Jacob Hicks Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Magdalen Cheese & Provisions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71 Ground Floor, Magdalen Road, Exeter, EX2 4TA, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £92,785. The Company is supported through loans from the Parent Company and the directors. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the sale of cheese and provisions, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	4 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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 payments 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. Amounts 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		3

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Computer equipment		Total
	£		£		£		£
Cost
At 01 July 2025	23,982		45,801		1,628		71,411
At 30 June 2026	23,982		45,801		1,628		71,411
Accumulated depreciation
At 01 July 2025	7,777		42,145		1,560		51,482
Charge for the financial year	2,398		3,207		68		5,673
At 30 June 2026	10,175		45,352		1,628		57,155
Net book value
At 30 June 2026	13,807		449		0		14,256
At 30 June 2025	16,205		3,656		68		19,929

4. Debtors

	2026		2025
	£		£
Prepayments	3,381		3,351
VAT recoverable	1,853		1,656
Other debtors	13,053		8,923
	18,287		13,930

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	26,936		30,596
Amounts owed to Parent undertakings	47,762		43,604
Other taxation and social security	4,149		0
Obligations under finance leases and hire purchase contracts (secured)	4,456		5,917
Other creditors	44,980		41,078
	128,283		121,195

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts (secured)	18,052		20,259

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	20,000		20,000
Between one and five years	80,000		80,000
After five years	20,000		40,000
Total future minimum lease payments under non-cancellable operating leases	120,000		140,000

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2026		2025
	£		£
Amounts due to entities with control, joint control or significant influence over the company (creditor)	(47,762)		(43,603)
Amounts due to entities with control, joint control or significant interest for hire purchase loan	(22,508)		(26,175)

Transactions with the entity's directors

	2026		2025
	£		£
Directors, balance owed by the company (creditor)	(38,753)		(38,753)

Balances owed to related parties are interest free and repayable on demand.

9. Ultimate controlling party

Parent Company:

NYD Holdings Limited

Arch 6, Apollo Business Park, St James Road, London, England, UK, SE16 4ET.