Year Ended
Registration number:
H.W.Clothier Milton-Westcombe Farms Limited
Contents
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
H.W.Clothier Milton-Westcombe Farms Limited
Statement of Income
Year Ended 31 December 2025
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2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Gain on investment property through profit and loss |
- |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(212,857) |
111,447 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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H.W.Clothier Milton-Westcombe Farms Limited
Balance Sheet
31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
H.W.Clothier Milton-Westcombe Farms Limited
Balance Sheet
31 December 2025
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00645715
H.W.Clothier Milton-Westcombe Farms Limited
Statement of Changes in Equity
Year Ended 31 December 2025
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Share capital |
Share premium |
Revaluation reserve |
Fair value reserve |
Profit and loss account |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
- |
- |
- |
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Transfer between reserves |
- |
- |
(44,021) |
- |
44,021 |
- |
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Total comprehensive income |
- |
- |
( |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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At 31 December 2025 |
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Share capital |
Share premium |
Revaluation reserve |
Fair value reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
- |
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Transfer between reserves |
- |
- |
( |
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( |
- |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
- |
( |
( |
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At 31 December 2024 |
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H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England and Wales
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. In making their assessment the directors have given consideration to the following key factors; the trading performance and cash flows subsequent to the year end, their expectations for the forthcoming 12 months from the date of approval of these financial statements and that there remain significant uncertainties in the macroeconomic environment which are outside of their control. The directors are satisfied that the going concern basis of preparation remains appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Included within tangible assets is the dairy herd. Cows transfered into the dairy herd from home reared stock are valued at the HMRC accepted deemed cost, being 60% of the open market value of those animals.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10% Straight line |
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Motor vehicles |
20% Straight line |
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Freehold property and improvements |
0%, 2%, 5% and 10% Straight line |
Investment property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
5.849% Straight line |
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Home reared dairy cows are valued at the HMRC accepted deemed cost, being 60% of the open market value of those animals.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Key accounting judgements and estimates
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods of the revision affects both current and future periods.
The following areas are where the Directors have applied key judgements in the preparation of the financial statements:
Going concern: The key judgement made by the directors with regards to the appropriateness of the going concern assertion are as outlined in the above accounting policy.
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
Classification of property assets: The directors apply significant judgement in determining the appropriate classification of property assets between tangible fixed assets and investment properties. These judgements are made with reference to both the original purpose of the acquisition of the property and also the usage and intentions in place during the period and as at the period end.
The following are the areas where the Directors have made key accounting estimates in the preparation of the financial statements:
Investment properties valuation: As described within the above accounting policies, investment properties are held at the balance sheet date at their current market value. The directors have made estimates surrounding the current and expected future rental yields of investment properties and made reference to the property sales market in the local area. The carrying value of investment properties as at both 31 December 2025 and 2024 is £4,025,000
Carrying value of freehold property: In preparing these financial statements the directors have considered both the depreciation policies applied to the tangible assets held by the company, including the cattle herd, and whether there have been any physical or economic indicators of impairment. The carrying value of tangible fixed assets at the balance sheet date is £7,669,714 (2024: £7,800,658) and the depreciation charge for the year was £326,264 (2024: £322,691).
Biological assets - biological assets, such as cattle, are accounted for within tangible fixed assets on the herd basis. Cattle transferred into the dairy herd from home reared stock are valued at the HMRC accepted deemed cost, being 60% of the open market value of these assets. The carrying value of the cattle herd included within tangible fixed assets was £336,230 (2024: £276,069).
Stock valuation: As described in note 7 stocks are comprised of a combination of cheese stock, retail shop stock, deadstock and tillage and livestock. The directors have applied estimates in determining whether stocks are held on the balance sheet at the lower of cost and estimated selling price. In the case of livestock cows these are valued at the open market value of those animals less 40% in accordance with the HRC accepted deemed cost approach. In the case of cheese stock this involves estimates of both the anticipated selling prices and also the value of directly attributable production costs. The total carrying value of stocks at year end was £1,142,531 (2024: £1,148,283).
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 January 2025 |
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At 31 December 2025 |
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Amortisation |
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At 1 January 2025 |
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Amortisation charge |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Tangible assets |
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Freehold property |
Herd |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
( |
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At 31 December 2025 |
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
( |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Investment properties |
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2025 |
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At 1 January |
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At 31 December |
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The value of the investment property has been determined based on the observable market values of similar properties in the area by the directors. The historic cost of these properties is £532,070 (2024: £532,070)
There has been no valuation of investment property by an independent valuer.
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Stocks |
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2025 |
2024 |
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Deadstock and tillages |
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Cheese stock |
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Shop stock |
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Livestock |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
49,676 |
44,359 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £113,445 (2024 - £168,262).
H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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HP and finance lease liabilities |
51,316 |
92,536 |
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Other borrowings |
- |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Other borrowings |
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Creditors include bank loans and overdrafts of £2,979,449 (2024 - £2,875,405) which are secured by way of fixed and floating charges over all assets of the company.
Creditors include net obligations under finance lease and hire purchase contracts of £113,445 (2024 - £168,262) which are secured against the assets to which they relate.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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25,817 |
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25,817 |
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8,201 |
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8,201 |
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200 |
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200 |
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200 |
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200 |
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H.W.Clothier Milton-Westcombe Farms Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2025
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Reserves |
Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Fair value reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. This reserve is non distributable.
Revaluation reserve:
The revaluation reserve represents cumulative gains arising on the revaluation of freehold property that have been recognised in other comprehensive income. The reserve is non distributable
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Related party transactions |
Summary of transactions with directors
A director of the company owes £47,178 (2024: £42,395) to the company on normal commercial terms. Interest is charged at the HMRC official rate of 3.75%.
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Off-balance sheet arrangements |
Other financial commitements
At the reporting date, the company had total off-balance sheet financial commitments amounting to £32,938 (2024: £41,166)