Executive Summary
Belton Farm is an independent fourth generation family-owned cheesemaking business with a long history of producing premium British cheese. Our success is built on the quality of our products, the expertise of our people, strong relationships with our producer suppliers and long-standing partnerships with customers. Through continued investment in our brands, facilities, people and relationships, we are building a resilient business for the long term.
Market Analysis
Belton operates in the competitive premium cheese market, characterised by a growing consumer interest in high-quality and innovative cheese products. Key trends include a shift towards premium and speciality cheeses and increasing demand for sustainably produced foods.
Strategic Objectives
Our long-term goals are to:
Enhance brand recognition and expand our market share.
Invest in state-of-the-art production and packing facilities.
Ensure and focus on sustainable practices.
Increase export sales and diversify our international presence.
Performance Review
Belton Farm delivered another strong performance in 2025, with an increase to EBITDA and Profits. Our Red Fox brand underwent a major refresh, and our Smoked Red Fox and new Silver Fox products have gained significant market traction.
Our continuing performance has been affirmed with some outstanding results so far this year, most notably winning 4 trophies at the prestigious International Cheese and Dairy Awards, as well as 16 Gold awards. Our success continued once again at the Great Yorkshire show, where we received three trophies and Fifteen awards. These results not only reflect the strength of our cheesemaking team but also highlight the continued consistency and quality of our cheese.
We look forward to building on this momentum and seeing what opportunities lie ahead for Belton Farm.
Our Producer Suppliers
Producing award-winning cheese starts with high-quality milk, and our producer suppliers are central to that success. We work with a dedicated group of dairy farmers whose commitment to quality, animal welfare and environmental stewardship underpins our business.
In a world of increasing uncertainty and volatility, maintaining strong relationships and open communication with our producers has never been more important. By working closely together and sharing insights into the challenges and opportunities facing the dairy sector, we can make informed decisions that support both our business and our producer farming families.
The success of our business and the success of our producers go hand in hand. We remain committed to paying a strong and sustainable milk price that gives producers the confidence to invest for the future. By continuing to grow a resilient and profitable business, we can help safeguard local family farms and support the long-term sustainability of British dairy farming.
Investment in Packing and Processing
In 2025, we continued to invest in our packing operation, including the installation of a second high-speed cutter. This investment enhances efficiency, increases capacity and further strengthens our ability to meet growing customer demand while maintaining high standards of quality and service.
Inflation
Once again, the business continued to face inflationary pressures across key cost areas, influenced in part by ongoing geopolitical uncertainty. Ground-mounted solar panels were commissioned at the end of 2025 which will reduce grid electricity reliance by one-third.
Strengthening Our Business
Our customer base across the United Kingdom continues to grow in both size and diversity, underpinned by long-standing relationships and a consistent commitment to quality. Targeted marketing initiatives have strategically emphasised the breadth of our cheese offering, moving beyond traditional cheddar to highlight a wider range of varieties.
The Fox brand, refreshed in 2023, with a new addition of Silver Fox, has led to increased market share and consumer engagement with social media campaigns playing a key role in enhancing brand visibility and attracting a younger demographic. In response to evolving consumption patterns and rising food costs, we have proactively developed our product offering and expanded listings with independent retailers ensuring accessibility and value.
Export markets remain an important growth opportunity for Belton Farm. Building on strong overseas demand and the success of recent product launches, we continue to invest in brand awareness across key markets including the USA and Australia through promotional activity, influencer partnerships and in-store sampling initiatives. This work is strengthening our international presence and supporting future growth opportunities.
Sustainability and Social Responsibility
Belton Farm is dedicated to sustainability, having reduced greenhouse gas emissions by 45% over the past 15 years. Strong relationships with our milk producers underpin both quality and sustainability, with all our producers participating in our Sustainability programme. We continue to invest in sustainable practices and technologies that further reduce our environmental impact.
Future Outlook
Looking ahead, Belton Farm aims to continue expanding its product range and market presence. We anticipate further growth in export sales and are committed to maintaining our high standards of quality and sustainability. Challenges such as regulatory changes and cost pressures will be managed through strategic investments and adaptive marketing strategies.
The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006, summarised as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
the likely consequences of any decisions in the long term;
the interests of the company's employees;
the need to foster the company's business relationships with suppliers, customers and others;
the impact of the company's operations on the community and environment;
the desirability of the company maintaining a reputation for high standards of business conduct and;
the need to act fairly as between shareholders of the company"
The following paragraphs summarise how the directors fulfill their duties:
The board of directors and shareholders and investors meet regularly to discuss strategy and objectives and the board report regularly on the progress against the key objectives. The board’s intention is to behave responsibly and ensure that management operate the business in a responsible manner and portray responsible behaviours which the employees then reflect. The board of directors also review the principal risks and uncertainties affecting the business on a regular basis.
Our employees are fundamental to the delivery of the company’s goals. The company has a structure through which it engages with its employees, with directors of the individual trading businesses liaise between employees and the board regularly. This works effectively since the number of employees at each business is small enough for there to be a high degree of visibility by the directors who are then able to provide the two-way dialogue with the board. Employees’ behaviour and performance is monitored and addressed where any such behaviour is not deemed to be in line with the values of the company.
Our aim is to provide the “Best in Class” service to our customers, it is therefore important to develop and maintain strong client relationships. We have ongoing contracts with our key suppliers and key customers. The strength of these supplier and customer relationships and the regular communications with customers and suppliers have been crucial in ensuring that the businesses objectives are met.
On behalf of the board
The directors present the annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements was as follows:
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
The Group's greenhouse gas emissions and energy consumption are as follows:
The Group reports on all emission sources required under the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended in 2013.
The Group follows the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard to fulfil the reporting requirements. This includes DEFRA conversion factors to calculate Greenhouse Gas (GHG) emission disclosures. The extent of the GHG reporting boundary comprises of all building, transport and process emissions within the three reporting scopes.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per quantity of milk processed (litres), the recommended ratio for the sector.
Some of the proactive energy efficient measures implemented include:
Continuation of an improved energy and carbon reporting system including performance reporting and improved data collection.
A comprehensive energy site audit was undertaken within the 2025 reporting period, with several energy measures being identified. These measures will be implemented in phases and this will align with the organisation’s climate change agreement targets.
General waste is sent to an energy recovery facility and the manufactured cheese is stored in reusable plastic crates for maturation, thereby significantly reducing cardboard box usage.
The newly ground mounted solar PV systems have been commissioned since 20th of October 2025. This is expected to reduce the grid electricity by nearly 900,000 kWh annually.
We have audited the financial statements of Belton Farm Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £50,919 (2024 - £73,020 loss).
Belton Farm Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Belton, Whitchurch, Shropshire, SY13 1JD.
The group consists of Belton Farm Group Limited and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Belton Farm Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.
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.
Rental income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, 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.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Government grants are recognised at the fair value of the asset received 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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock valuation is a key accounting estimate for the company. Due to the nature of products which the company make and their varying maturity times the company chooses to estimate the cost of stock at a 2-3 month average selling price less a specified margin rather than standard cost as due to the varying maturity times the value of the cheese will change over the maturity process.
Investment property is carried at fair value which is determined from market-based evidence undertaken by professional qualified valuers. Changes in fair value are recognised in the profit and loss account.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net book value of tangible assets includes £860,251 (2024: £1,014,870) in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amount to £154,619 (2024: £179,905).
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 11 May 2018 by Fisher German, who are independent valuers not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Invoice Financing within Belton Farm Limited has been secured on the investment property.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Other creditors include a receivables financing balance of £4,457,477 (2024: £4,670,949) secured on the trade debtors of the group.
Other creditors include a stock financing balance of £13,397,299 (2024: £10,411,172) secured on the stock of group.
Other creditors includes an amount of £357,737 (2024: £357,737) which has been secured by a guarantee. The balance is repayable on 26 February 2026, with no interest charged on the amount.
Bank loan and overdraft securities are as follows:
1) Legal charge dated 02 July 2020 over Freehold property known as Belton Cheese Production & Processing Plant, Belton, Shropshire, SY13 1JD.
2) Legal charge dated 02 July 2020 over Freehold property known as Belton Farm, Belton, Shropshire, SY13 1JD.
3) Unlimited multilateral guarantee dated 02 July 2020 given by all group companies: Belton Farm Group Limited, Belton Farm Limited, Belton Farm Trading Limited and Belton Packing & Logistics Limited.
4) Debenture included fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 02 July 2020 and 27 August 2025.
Other loans and securities are as follows:
1) Legal charges dated 29 August 2007 and 02 August 2023 over Freehold property known as Belton Farm, Whitchurch, Shropshire, SY13 1JD. Interest is charged at 6% above base rate.
The bank loans are repayable by monthly instalments, with interest charged at 2.5% above base rate (which can vary from time to time).
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The company issued loan notes to the value of £2,734,500 on 04 January 2021. £411,500 has been repaid during the current year.
These loan notes are unsecured and are subordinated to the bank debt.
The proposed term of the loan notes is 7 years and the company can elect to make repayments over the term. Interest is paid at 4.5% annually.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Deferred income is included in the financial statements as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Included within other taxation and social security are pensions amounts outstanding of £27,389 (2024: £22,063).
Included in the Group reserves of the trading entities are non-distributable reserves of £2,243,802 relating to previous revaluations of assets.
Included within other reserves is an amount of £10,226,520. This relates to a merger reserve recognised in accordance with section 612 of the Companies Act and follows the issue of equity shares in order to acquire equity shares in Belton Farm Group Holdings Limited.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Amounts contracted for but not provided in the financial statements: