REGISTERED NUMBER: 03154768 (England and Wales)

West Horsley Dairy Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Period 28 April 2025 to 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

A G Bosco

F Marchi

E Rizzoli

REGISTERED OFFICE:

Unit 1 Octimum

Forsyth Road Sheerwater

Woking

Surrey

GU21 5SF

REGISTERED NUMBER:

03154768 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

The directors present their strategic report for the period 28 April 2025 to 31 December 2025.

REVIEW OF BUSINESS

The company operates as a wholesale distributor of fresh dairy products, supplying customers across the education, hospitality, business and industry, and care home sectors.

The company's growth strategy focuses on both developing its existing customer base and expanding into new markets. This includes leveraging long-standing customer relationships alongside introducing new product offerings, including the Granarolo product range, to attract new customers and increase sales to existing clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in markets where demand can fluctuate and therefore seeks to mitigate uncertainty in revenue through maintaining a high level of customer service and strong customer relationships.

The principal financial risk faced by the company is credit risk arising from trade debtors. This risk is managed through the use of credit reference checks, credit insurance and robust procedures for the collection of amounts due.

KEY PERFORMANCE INDICATORS

Dec 2025 (8 months)

Apr 2025

£   's

£   's

Turnover (net of discounts)

12,083

17,306

Gross profit

792

2,087

Profit before tax

114

1,117

Taxation

(78)

(305)

Profit after tax

36

812

ON BEHALF OF THE BOARD:

A G Bosco - Director

9 July 2026

The directors present their report with the financial statements of the company for the period 28 April 2025 to 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of wholesale and distribution of dairy and related products.

DIVIDENDS

No dividends were voted in the period (2025 April: £280,000).

The directors recommend a final dividend of £2,000,000 in respect of the period ended 31 December 2025 (2025 April : £Nil). The dividend was approved by the shareholders on 22 May 2026.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 28 April 2025 to the date of this report are as follows:

A G Bosco - appointed 24 October 2025

F Marchi - appointed 24 October 2025

P H Colton - resigned 24 October 2025

Ms C S Colton - resigned 24 October 2025

E Rizzoli - appointed 24 October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A G Bosco - Director

9 July 2026

Opinion

We have audited the financial statements of West Horsley Dairy Limited (the 'company') for the period ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 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 Auditors' 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 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

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 or the Report of the Directors.

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 three, 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 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.

Auditors' 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 a Report of the Auditors 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the

financial statements from our general commercial and sector experience, and through discussion with the directors

and other management (as required by auditing standards), and discussed with the directors and other

management the policies and procedures regarding compliance with laws and regulations;

- we considered the legal and regulatory frameworks directly applicable to the financial statements reporting

framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- we considered the nature of the industry, the control environment and business performance, including the key

drivers for management’s remuneration;

- we communicated identified laws and regulations throughout our team and remained alert to any indications of

non-compliance throughout the audit, also all areas where fraud might occur in the financial statements and how;

- we considered the procedures and controls that the company has established to address risks identified, or that

otherwise prevent, deter and detect fraud; and how senior management monitors these programmes and controls;

- we considered how the directors and management respond to risks of fraud and whether they have knowledge of

any actual, suspected or alleged fraud;

- we performed detailed analytical procedures to identify and unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Darren Barlow FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

9 July 2026

TURNOVER

3

12,083,247

17,305,619

Cost of sales

11,290,904

15,218,299

GROSS PROFIT

792,343

2,087,320

Administrative expenses

742,925

1,053,189

OPERATING PROFIT

5

49,418

1,034,131

Interest receivable and similar income

65,285

83,698

114,703

1,117,829

Interest payable and similar expenses

7

-

653

PROFIT BEFORE TAXATION

114,703

1,117,176

Tax on profit

8

78,304

304,619

PROFIT FOR THE FINANCIAL PERIOD

36,399

812,557

PROFIT FOR THE PERIOD

36,399

812,557

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

36,399

812,557

FIXED ASSETS

Intangible assets

10

151,042

192,709

Tangible assets

11

615,645

887,895

766,687

1,080,604

CURRENT ASSETS

Stocks

12

430,737

371,351

Debtors

13

2,524,348

2,835,463

Cash at bank and in hand

2,590,716

1,837,487

5,545,801

5,044,301

CREDITORS

Amounts falling due within one year

14

2,558,572

2,347,971

NET CURRENT ASSETS

2,987,229

2,696,330

TOTAL ASSETS LESS CURRENT LIABILITIES

3,753,916

3,776,934

PROVISIONS FOR LIABILITIES

16

134,856

194,273

NET ASSETS

3,619,060

3,582,661

CAPITAL AND RESERVES

Called up share capital

17

1,000

1,000

Retained earnings

18

3,618,060

3,581,661

SHAREHOLDERS' FUNDS

3,619,060

3,582,661

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

A G Bosco - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 30 April 2024

1,000

3,049,104

3,050,104

Changes in equity

Dividends

-

(280,000

)

(280,000

)

Total comprehensive income

-

812,557

812,557

Balance at 27 April 2025

1,000

3,581,661

3,582,661

Changes in equity

Total comprehensive income

-

36,399

36,399

Balance at 31 December 2025

1,000

3,618,060

3,619,060

Cash flows from operating activities

Cash generated from operations

1

813,324

1,140,993

Interest paid

-

(653

)

Tax paid

653

(127,727

)

Net cash from operating activities

813,977

1,012,613

Cash flows from investing activities

Purchase of tangible fixed assets

(6,724

)

(193,771

)

Sale of tangible fixed assets

13,020

53,543

Interest received

65,285

83,698

Net cash from investing activities

71,581

(56,530

)

Cash flows from financing activities

Intercompany movement

57,329

-

Amount introduced by directors

-

33,052

Amount withdrawn by directors

(189,658

)

-

Equity dividends paid

-

(280,000

)

Net cash from financing activities

(132,329

)

(246,948

)

Increase in cash and cash equivalents

753,229

709,135

Cash and cash equivalents at beginning of period

2

1,837,487

1,128,352

Cash and cash equivalents at end of period

2

2,590,716

1,837,487

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

28.4.25

30.4.24

to

to

31.12.25

27.4.25

£

£

Profit before taxation

114,703

1,117,176

Depreciation charges

320,640

452,116

Profit on disposal of fixed assets

(13,020

)

(53,543

)

Finance costs

-

653

Finance income

(65,285

)

(83,698

)

357,038

1,432,704

(Increase)/decrease in stocks

(59,386

)

7,553

Decrease in trade and other debtors

311,115

58,748

Increase/(decrease) in trade and other creditors

204,557

(358,012

)

Cash generated from operations

813,324

1,140,993

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2025

31.12.25

28.4.25

£

£

Cash and cash equivalents

2,590,716

1,837,487

Period ended 27 April 2025

27.4.25

30.4.24

£

£

Cash and cash equivalents

1,837,487

1,128,352

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 28.4.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,837,487

753,229

2,590,716

1,837,487

753,229

2,590,716

Total

1,837,487

753,229

2,590,716

1.	STATUTORY INFORMATION

West Horsley Dairy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03154768. The registered office is Unit 1 Octimum, Forsyth Road Sheerwater, Woking, Surrey, GU21 5SF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have not identified any material uncertainties relates to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company'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.

These 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 period.

Key sources of estimation uncertainty

The estimates and assumptions that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities are outlined below.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. Useful economic lives and residual values are reviewed annually and are amended where necessary to reflect current estimates. These estimates are based on factors including technological developments, future investment plans, economic utilisation, and the physical condition of the assets.

Details of the carrying amounts of tangible fixed assets are set out in note 11, and the estimated useful economic lives for each class of asset are disclosed in the accounting policy note. Motor vehicles are considered to have no residual value due to the nature of the company’s activities.

Leasehold property dilapidation provisioning

Where the company is subject to full repairing lease obligations, a provision is recognised for the estimated cost of repairs and reinstatement at the balance sheet date. In calculating this provision, management considers, with third-party assistance where necessary, the extent of potential costs required to restore the property to its original condition at the commencement of the lease. Cost estimates are based on prices prevailing at the balance sheet date.

Impairment of debtors

The company estimates the recoverable amount of trade and other debtors. In assessing impairment, management considers factors such as the current credit rating of the debtor, the ageing profile of receivables, and historical collection experience. Further details of the net carrying amount of debtors and the associated impairment provision are disclosed in note 13.

Turnover

Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business and is stated net of VAT. The fair value of consideration reflects the impact of trade discounts and volume rebates.

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods has transferred to the buyer (usually on the 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.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of the net assets acquired. It is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is considered to have a finite useful economic life and is amortised on a systematic basis over its expected useful life of 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently where there is an indication that the unit may be impaired. Where the recoverable amount of a cash-generating unit is less than its carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to write off the cost of tangible fixed assets, less their estimated residual values, over their expected useful economic lives on the following bases:

- Leasehold property

In accordance with the property lease

- Plant and machinery

25% on cost

- Motor vehicles

25% on cost

- Fixtures and fittings

25% on cost

The gain or loss arising on the disposal of a tangible fixed asset is calculated as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit or loss.

Impairment of fixed assets

At each reporting period end, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash- generating unit to which the asset belong.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash- generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and an appropriate proportion of overheads incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where necessary for any loss of service potential. At each reporting date, stocks are reviewed for impairment. Any excess of the carrying amount over the estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Any subsequent reversal of such impairment losses is also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 amoritsed 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.

Impairment of financial assets

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 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 the 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 recognied in the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual right to the cash flows from the asset expire or are settled, or when the company 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 been transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as a 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible.The company's liability for current tax is tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments

Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as a expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

Period

28.4.25

30.4.24

to

to

31.12.25

27.4.25

£

£

Dairy and related products

12,083,247

17,305,619

12,083,247

17,305,619

4.	EMPLOYEES AND DIRECTORS

Period

Period

28.4.25

30.4.24

to

to

31.12.25

27.4.25

£

£

Wages and salaries

1,920,477

2,338,408

Social security costs

236,457

235,130

Other pension costs

305,948

294,732

2,462,882

2,868,270

The average number of employees during the period was as follows:

Period

Period

28.4.25

30.4.24

to

to

31.12.25

27.4.25

Office and administration

13

15

Distribution

45

45

Warehouse

19

14

77

74

Period

Period

28.4.25

30.4.24

to

to

31.12.25

27.4.25

£

£

Directors' remuneration

8,500

17,000

Directors' pension contributions to money purchase schemes

-

240,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

-

2