Company No: 04652434 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	2,402,997		2,410,765
		2,402,997		2,410,765
Current assets
Stocks		252,683		481,745
Debtors	5	201,344		170,016
Cash at bank and in hand		231,163		114,797
		685,190		766,558
Creditors: amounts falling due within one year	6	( 1,118,796)		( 880,162)
Net current liabilities		(433,606)		(113,604)
Total assets less current liabilities		1,969,391		2,297,161
Creditors: amounts falling due after more than one year	7	( 67,569)		( 209,517)
Provision for liabilities		( 341,084)		( 341,192)
Net assets		1,560,738		1,746,452
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		1,559,738		1,745,452
Total shareholders' funds		1,560,738		1,746,452

For the financial year ending 31 March 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 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 Keen's Cheddar Limited (registered number: 04652434) were approved and authorised for issue by the Board of Directors on 29 October 2026. They were signed on its behalf by:

Mr G H Keen Director		Mr S H Keen Director
Mr N S Keen Director		Mr J G Keen 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

Keen's Cheddar 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 Moorhayes Farm, Verrington Lane, Wincanton, BA9 8JR, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

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:

Goodwill

20 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

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 over its expected useful life, as follows:

Land and buildings	4 % reducing balance
Biological assets	5 years straight line
Leasehold improvements	4 % reducing balance
Plant and machinery	15 % reducing balance
	13 - 20 years straight line
Office equipment	15 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

Government grants

Government grants are recognised based on the performance model.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	420,000		420,000
At 31 March 2026	420,000		420,000
Accumulated amortisation
At 01 April 2025	420,000		420,000
At 31 March 2026	420,000		420,000
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

4. Tangible assets

	Land and buildings		Biological assets		Leasehold improve- ments		Plant and machinery		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2025	297,204		324,663		830,076		2,535,676		60,874		4,048,493
Additions	0		61,500		21,169		249,230		458		332,357
Disposals	0		( 61,550)		0		( 187,000)		0		( 248,550)
At 31 March 2026	297,204		324,613		851,245		2,597,906		61,332		4,132,300
Accumulated depreciation
At 01 April 2025	56,488		53,742		240,308		1,229,456		57,734		1,637,728
Charge for the financial year	9,629		14,048		23,593		118,970		494		166,734
Disposals	0		( 19,889)		0		( 55,270)		0		( 75,159)
At 31 March 2026	66,117		47,901		263,901		1,293,156		58,228		1,729,303
Net book value
At 31 March 2026	231,087		276,712		587,344		1,304,750		3,104		2,402,997
At 31 March 2025	240,716		270,921		589,768		1,306,220		3,140		2,410,765

5. Debtors

	2026		2025
	£		£
Trade debtors	58,646		74,338
Prepayments and accrued income	66,798		84,792
VAT recoverable	75,900		10,886
	201,344		170,016

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	170,745		1,212
Amounts owed to related parties	232,781		183,213
Amounts owed to directors	423,898		428,898
Other loans	5,556		5,591
Accruals	13,152		12,227
Taxation and social security	16,181		27,853
Obligations under finance leases and hire purchase contracts	31,176		43,868
Other creditors	225,307		177,300
	1,118,796		880,162

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts	20,000		11,178
Other creditors	47,569		198,339
	67,569		209,517

Obligations under finance leases and hire purchase contracts are secured on the asset to which they relate.

8. Related party transactions

Included within creditors is a loan of £232,781 (2025 - £183,213) owed to the partnership in which the directors are partners. The loan is interest free and repayable on demand.