Company No: 05303506 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	1,800		2,250
Tangible assets	4	11,927,445		11,605,131
Biological assets	5	1,447,807		1,064,564
Investments		254,327		226,270
		13,631,379		12,898,215
Current assets
Stocks	6	628,239		670,973
Debtors	7	366,746		252,597
Cash at bank and in hand		1,269,914		230,684
		2,264,899		1,154,254
Creditors: amounts falling due within one year	8	( 1,025,534)		( 1,118,115)
Net current assets		1,239,365		36,139
Total assets less current liabilities		14,870,744		12,934,354
Creditors: amounts falling due after more than one year	9	( 4,417,185)		( 4,618,879)
Provision for liabilities		( 583,533)		( 495,130)
Net assets		9,870,026		7,820,345
Capital and reserves
Called-up share capital		4		4
Profit and loss account		9,870,022		7,820,341
Total shareholders' funds		9,870,026		7,820,345

For the financial year ending 31 December 2025 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 Wastenage Farms Limited (registered number: 05303506) were approved and authorised for issue by the Board of Directors on 15 September 2026. They were signed on its behalf by:

D R Wastenage 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

Wastenage Farms 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 Tidwell Barton, East Budleigh, Budleigh, Salterton, EX9 7AG, United Kingdom.

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 items at fair value, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

not amortised

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 20 years straight line
Plant and machinery	15 % reducing balance
Vehicles	20 % reducing balance

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.

Biological assets

The Company owned and a dairy herd. In accordance with FRS102, these are defined as biological assets.

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

The Company measures biological assets at cost less accumulated depreciation as follows:

The dairy herd is depreciated over 5 years on a straight line basis.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		13

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2025	4,500		4,500
At 31 December 2025	4,500		4,500
Accumulated amortisation
At 01 January 2025	2,250		2,250
Charge for the financial year	450		450
At 31 December 2025	2,700		2,700
Net book value
At 31 December 2025	1,800		1,800
At 31 December 2024	2,250		2,250

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2025	11,311,040		1,725,595		627,384		13,664,019
Additions	439,882		150,198		63,311		653,391
Disposals	0		0		( 58,016)		( 58,016)
At 31 December 2025	11,750,922		1,875,793		632,679		14,259,394
Accumulated depreciation
At 01 January 2025	663,427		1,052,558		342,903		2,058,888
Charge for the financial year	139,150		114,028		59,325		312,503
Disposals	0		0		( 39,442)		( 39,442)
At 31 December 2025	802,577		1,166,586		362,786		2,331,949
Net book value
At 31 December 2025	10,948,345		709,207		269,893		11,927,445
At 31 December 2024	10,647,613		673,037		284,481		11,605,131

5. Biological assets

	2025
	£
Biological assets at cost	1,447,807

Assets held at cost:

	Dairy		Total
	£		£
Cost
At 01 January 2025	1,079,807		1,079,807
Increase due to purchases/ transfers in	584,000		584,000
Decrease attributable to sales/ transfers out	( 139,680)		( 139,680)
At 31 December 2025	1,524,127		1,524,127
Accumulated depreciation
At 01 January 2025	15,243		15,243
Charge for the financial year	61,077		61,077
At 31 December 2025	76,320		76,320
Net book value
At 31 December 2025	1,447,807		1,447,807
At 31 December 2024	1,064,564		1,064,564

6. Stocks

	2025		2024
	£		£
Stocks	321,986		359,583
Livestock	306,253		311,390
	628,239		670,973

7. Debtors

	2025		2024
	£		£
Trade debtors	113,949		155,759
Accrued income	0		54,491
VAT recoverable	50,643		40,747
Corporation tax	200,795		0
Other debtors	1,359		1,600
	366,746		252,597

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	182,463		176,508
Trade creditors	338,896		272,964
Amounts owed to directors	89,472		118,293
Accruals	6,999		56,516
Taxation and social security	191,636		212,415
Other creditors	216,068		281,419
	1,025,534		1,118,115

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

	2025		2024
	£		£
Bank loans	4,215,858		4,404,276
Deferred income	201,327		0
Other creditors	0		214,603
	4,417,185		4,618,879

The bank loans are secured against specific freehold titles of the Company. The company has also given security against all fixed and floating assets of the Company against a particular bank loan.