Mill Tree Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Mill Tree Ltd

Balance Sheet

31 January 2026

	Note	2026 £
Fixed assets
Tangible assets	4	7,269,096
Current assets
Stocks	5	6,540,152
Debtors	6	717,681
Cash at bank and in hand		137,638
		7,395,471
Creditors: Amounts falling due within one year	7	(4,980,392)
Net current assets		2,415,079
Total assets less current liabilities		9,684,175
Creditors: Amounts falling due after more than one year	7	(9,023,144)
Net assets		661,031
Capital and reserves
Called up share capital	9	10,000
Profit and loss account		651,031
Shareholders' funds		661,031

Mill Tree Ltd

Balance Sheet

31 January 2026

For the financial period ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 27 October 2026 and signed on its behalf by:
 

......................................... Mr C R Down Director

Company Registration Number: 16210069

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Hayes Barton
East Budleigh
Budleigh Salterton
Devon
EX9 7BS

These financial statements were authorised for issue by the Board on 27 October 2026.

2	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.

The functional currency of Mill Tree Ltd is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Changes to FRS 102 in future periods
The Financial Reporting Council has published changes to FRS 102 which will take effect in next year’s financial statements. The main rule changes are to revenue and leases.
There is no requirement to restate figures from previous years, so we do not expect any changes to the figures we report here for the period from 27 January 2025 to 31 January 2026.

Going concern

The directors have considered the company's financial position and its ability to meet its liabilities as they fall due. Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseaable future. Accordingly, the accounts have been prepared on a going concern basis.

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.

Income from the sale of pigs is recognised at the point of dispatch.

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

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.

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:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Motor vehicles	20% reducing balance
Plant and equipment	15% reducing balance

Additions receive a full year of depreciation in the year of purchase.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree, plus costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 pigs include an accumulation of feed, labour and other direct costs.

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase contracts;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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 and hire purchase contracts, 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 and hire purchase contracts are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 25.

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Plant and equipment £	Total £
Cost or valuation
Additions	5,426,629	94,100	2,079,345	7,600,074
Disposals	-	(64,500)	-	(64,500)
At 31 January 2026	5,426,629	29,600	2,079,345	7,535,574
Depreciation
Charge for the period	67,834	3,701	194,943	266,478
At 31 January 2026	67,834	3,701	194,943	266,478
Carrying amount
At 31 January 2026	5,358,795	25,899	1,884,402	7,269,096

Included within the net book value of land and buildings above is £5,358,795 in respect of freehold land and buildings.
 

5

Stocks

	2026 £
Deadstock	121,800
Livestock	6,418,352
	6,540,152

6

Debtors

	2026 £
Trade debtors	283,980
Prepayments	80,938
Other debtors	352,763
	717,681

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £
Due within one year
Loans and borrowings	8	511,749
Trade creditors		1,389,431
Amounts owed to group undertakings	10	1,158,536
Taxation and social security		35,641
Accruals and deferred income		108,706
Other creditors		1,776,329
		4,980,392

Creditors: amounts falling due after more than one year

	Note	2026 £
Due after one year
Loans and borrowings	8	9,023,144

8	Loans and borrowings

Non-current loans and borrowings

	2026 £
Bank borrowings	8,602,640
HP and finance lease liabilities	420,504
	9,023,144

Current loans and borrowings

	2026 £
Bank borrowings	397,360
Hire purchase contracts	114,389
	511,749

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

Bank loans are secured over an unlimited debenture and the land and buildings of the company, unlimited all monies garauntees by C R Down Farming Limited and Weavers Meadow Limited, and personal guarantees have been given by the company's directors / shareholders.

Hire purchase contracts are secured on assets they relate to.

The company's bank loans are repayable over 10 years and bear interest at 1.9% plus Bank of England base rate.

 

9	Share capital

Allotted, called up and fully paid shares

	2026
	No.	£
Ordinary Shares of £1 each	10,000	10,000

Mill Tree Ltd

Notes to the Unaudited Financial Statements

Period from 27 January 2025 to 31 January 2026

10	Related party transactions

Transactions with related parties A company related to two of the director-shareholders of the company: These financial statements reflect costs totalling £3,632,132 (2025 - £nil) and sales of £106,250 (2025 - £nil) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. The total due to this company under common control was £789,234 (2025 - £nil). Interest was charged at 5% on this balance. A company related to two of the director-shareholders of the company: These financial statements reflect costs totalling £nil (2025 - £nil) and sales of £nil (2025 - £nil) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. A loan was provided by this company and £nil interest was charged. The total due to this company under common control was £1,500,000 (2025 - £nil). Partnerships related to two of the director-shareholders of the company: The financial statements reflect costs totalling £207,581 (2025 - £nil) and sales of £nil (2025 - £nil) for goods and services supplied by and to partnerships of which the directors and shareholders of this company are also partners. At the balance sheet date, the amount due to this partnership was £64,289 (2025 - £nil).

11	Business combinations

During the year the company acquired the trade and certain assets of W.J. Watkins & Son Limited on 9 June 2025 for consideration of £10,683,261. The consideration was allocated to the identifiable assets acquired and no goodwill arose on acquisition.

12	Parent and ultimate parent undertaking

The company's immediate parent is Greenridge Holdings Ltd, incorporated in England and Wales.

It's registered office is Hayes Barton East Budleigh, Budleigh Salterton, Exeter, Devon, United Kingdom, EX9 7BS.

 

Greenridge Holdings Ltd became the immediate and ultimate parent undertaking during the year. Consolidated financial statements have not been prepared for Greenridge Holdings Ltd as it qualifies as a small company for the period 1 July 2025 to 31 January 2026. Greenridge Holdings Ltd company financial statements are available from Companies House.