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Bradbury & Son (Buxton) Limited
Registered number: 00363223
Annual report and
financial statements
For the period ended 01 May 2026
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BRADBURY & SON (BUXTON) LIMITED
COMPANY INFORMATION
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G Walsh (appointed 7 September 2026)
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Chartered Accountants & Statutory Auditor
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BRADBURY & SON (BUXTON) LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 1 MAY 2026
The Directors are pleased to present their Strategic Report for the financial period 25/26.
A year of sustained progress.
Bradburys had opportunities externally and internally to improve trade volumes and operating efficiency.
Aside from government influenced cost burdens the company managed with help of some dairy deflation, in the late autumn and early spring, to deliver a realistic commercial success.
The critical period of Christmas was delivered successfully and achieved the targeted outcomes, through relentless planning.
Overall, sales rose 8.4% in a deflationary period whilst gross margin improved by 0.3%, and operating profit margin by 0.8%.
The company invested substantially in replacement and new production kit and equipment, IT capacity, and the fabric of the site.
Financial measurements
Prudent control in financial affairs was maintained along with adequate reserves.
The legislative cyclical impact of such costs as minimum wage, rates etc was managed generally well.
Border operating costs highlighted last year and part of the unrelieved promised pressure on imports, remain a drain on cost, as well as impacting stock levels and waste, we are not confident that change in the governmental regime will see any relief here.
Net assets rose 25% to £7.3m.
Operating profit rose 41% to £2.5m.
The year ahead
It is reasonable to believe that the heavy investments made in this year closing will bring substantial benefits to the year ahead.
Bradburys intends to maintain the Omni channel strategy, although there are a number of matters on the horizon.
The decline in milk crisis helped to cushion 2025/2026, but from September we anticipate a rise in milk costs as the farming community needs a bigger share of the value, as current prices are unsustainable.
Cost creep is everywhere, in packaging, plastic, transport, fuel and energy and is chipping away at margin on a monthly basis.
We will continue to drive for more efficiency savings from our investments to alleviate these cost increases.
Retailers are protecting margins, trimming their ranges and past loyalties are sometimes of little value.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
The year ahead (Continued)
Consumer confidence is still very fragile and premium products are vulnerable to changing decisions, we have a plan for this.
Exchange rate has generally stabilised and subject to no worldwide issues, this appears manageable in the period ahead that we can foresee.
In a continuation of strategic direction, the company continues to see opportunity in the premium, artisan and new product development sectors, both in the UK and overseas markets, utilising the vast wealth of knowledge and skill that this company has developed over 142 years.
Investment has been made in new senior personnel, including a new managing director, starting in September, to take on the mantle of the future.
Financial key performance indicators
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We consider that our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover, operating profit and net asset position.
The Financial reporting standard FRS102 has worked against us this year showing small technical losses on this very arbitrary scheme.
Exchange rate variation always remains a threat to the substantial volumes of product we buy from the EU, and our forward buying pattern is to cover ourselves well into a future, a policy that has served as well this past 30 years.
The key financial indicators for the Directors are:
Summary of key performance indicators
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Operating profit (pre-exceptional items)
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EBITDA (pre-exceptional items)
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- 2 -
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
Directors' statement of compliance with duty to promote the success of the Company under section 172
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Directors duties
The directors of the company, as with all UK companies, must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:
a. The likely consequences of any decision in the long term;
b. The interests of the Company's employees;
c. The need to foster the Company's business relationships with suppliers, customers and others;
d. The impact of the Company's operations on the community and the environment;
e. The desirability of the Company maintaining a reputation for high standards of business conduct; and
f. The need to act fairly between members of the Company.
The following paragraphs summarise how the Directors fulfil their duty to promote the success of the Company:
Our people and values
We are both proud and protective of the culture we have sought to develop at Bradburys.
Aside from the statutory legal requirements and agency governance we believe we go above and beyond always to learn, adapt, and deliver a working environment that is first safe, but also nurtures talent and behaviour that is evident to all who visit us.
Internal communication passes all relevant information and a voluntary internal team from all departments meet regularly to engage in pursuing and projecting all staff matters.
Our employees are fundamental to the delivery of our business goals. For our business to succeed we need to manage our people’s performance, develop, and nurture talent and listen and act on employee feedback. We have a comprehensive appraisal, people development and employee survey processes in place to meet these needs.
Implementation of this policy is through encouraging employee involvement through effective communications, which include an induction process for new employees, team briefings, weekly newsletters, and the company intranet.
The health, safety and well-being of our employees is one of our primary considerations in the way we do business, reinforced through management performance objectives and visual notice boards, and displays across all our operating sites. The company has a health and safety manager who regularly reviews the processes and procedures across the site, holds regular health and safety meetings, which includes participation of employees.
The company has also invested in leadership training for its managers to embed performance and embed values.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
Business relationships
The directors are committed to seek value in mutually beneficial partnerships, providing prosperity for all involved.
The strategy of the Company is to target organic growth, driven by cross-selling and up-selling products to existing customers, alongside the development of new customers and market territories.
To do this, we have a dedicated sales team who focus on developing and maintaining strong customer relationships, investing time in developing existing products or developing new products to meet the customer needs.
We value all our suppliers, many of whom we have been in partnership with for over 10 years and commit to engaging responsibly and fairly. It is the policy of the Company to pay suppliers promptly to agreed terms.
Community and environment
The Company recognise their responsibility to act sustainably and to play their part in protecting and enhancing the global environment.
The Company participates in waste reduction and local recycling schemes and is registered with Wastepack Limited in seeking reduction of packaging waste and a member of a CCL (Climate Charge Levy Scheme) where it seeks to target improvements in energy efficiency and reduction of the businesses’ carbon footprint.
Shareholders
The Company is a subsidiary of G. & M. Paul Limited Group and George Paul, the Principal Shareholder is a Director on both Bradbury & Son (Buxton) Limited and G & M Paul Limited. The strategy and objectives of the Group are deployed through the Company via the annual budget setting process and mid-term plan, which seek to align the goals of the Company to those of the Group to ultimately promote the long-term growth and success of the business.
This report was approved by the board on 29 October 2026 and signed on its behalf.
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 1 MAY 2026
The Directors present their report and the financial statements for the period ended 1 May 2026.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic report, the Directors' report and the in accordance with applicable law and regulations.
Company law requires the Directors to prepare for each financial year. Under that law the Directors have elected to prepare the in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the 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 , the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the 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 to enable them to ensure that the 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.
The profit for the period, after taxation, amounted to £1,508,219 (2025 - £1,302,325).
Dividends paid for the period ended 1 May 2026 were £Nil (2025 - £Nil).
The Directors who served during the period were:
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
We remain alert to the rapidly changing landscape and will adapt quickly as matters emerge. Already the investments, developments and strategic route map is powering our growth into 2025/26 and continued success is already being delivered, through what has surely been one of the greatest challenges of this century.
A prudent approach has been taken to Christmas, based on the triple threats of labour challenges, inflationary impacts and the less predictable behaviours of a consumer under economic stress, with volumes of single issue activity severely curtailed.
The Company has prepared its own fully costed recession plan, as an adjunct to its post-COVID recovery plan which may now take a slower time to implement, and has no known concerns about continuing strongly in 2026/27.
The Directors consider that, based upon the information available, financial projections and the existence of debt facilities available, the Company will have adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the approval of these accounts) and consider it appropriate to adopt the going concern basis in preparing the financial statements.
Engagement with suppliers, customers and others
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Consideration of the engagement with suppliers, customers and others are discussed within the S172 statement within the Company's Strategic Report.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Group is required to report its annual greenhouse gas emissions pursuant to the Directors’ Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“Regulations”). The 2018 regulations, known as Streamlined Energy and Carbon Reporting (SECR) came into effect on 1 April 2019 and the Company is required to report the emissions and energy consumption for this period to 2nd May 2025 to coincide with the financial reporting period.
We all share the responsibility for protecting and enhancing the environment that we live and work in, whilst reducing the natural resources. So far, the company has introduced LED lighting across the site and a power factor correction unit to reduce energy.
The company is reviewing solar panels and voltage optimisation options that will look to reduce energy and carbon emissions further.
Emissions data in tonnes of CO2e for 2026 is set out in the table below:
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Emission of Carbon dioxide equivalent from the purchase of electricity
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Energy consumption used to calculate the above emissions
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GHG Emissions relating to Company cars
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tCO2e per £1,000 turnover
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
Matters covered in the Strategic Report
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Certain information not shown in the Directors' Report is shown in the Strategic Report on pages 1 - 4 instead, in accordance with Section 414C (11) of the Companies Act 2006. This includes future developments, financial risks and uncertainties; and financial key performance indicators.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 29 October 2026 and signed on its behalf.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Opinion
We have audited the financial statements of Bradbury & Son (Buxton) Limited (the '‘Company'’) for the period ended 1 May 2026 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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 FRS 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 1 May 2026 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 "Auditor’s 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.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Other information (continued)
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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Responsibilities of Directors
As explained more fully in the Directors' responsibilities statement set out on page 5, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, data protection, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 an auditor's report 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.
Ashley Barraclough (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
30 October 2026
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BRADBURY & SON (BUXTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 1 MAY 2026
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Operating profit before exceptional items
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Interest payable and similar expenses
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Loss on disposal of investments
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(Loss)/profit arising on fair value of derivative instruments
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Profit for the financial period
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There were no recognised gains and losses for 2026 or 2025 other than those included in the Statement of Comprehensive Income.
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There was no other comprehensive income for 2026 (2025: £NIL).
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The notes on pages 15 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
REGISTERED NUMBER: 00363223
STATEMENT OF FINANCIAL POSITION
AS AT 1 MAY 2026
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2026.
The notes on pages 15 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 MAY 2026
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Total transactions with owners
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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The notes on pages 15 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
Bradbury & Son (Buxton) Limited (''the Company'') registered number 00363223, is a private company limited by shares, registered in England and Wales. The address of its registered office is Unit 2 Staden Lane, Buxton, Derbyshire, SK17 9RZ.
The principal activity of the Company is that of wholesale of dairy products.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.
The financial statements have been prepared up to and including 1 May 2026.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of G. & M. Paul Limited as at 1 May 2026 and these financial statements may be obtained from their registered office which is Myrefield House Lee Lane, Millhouse Green, Sheffield, S36 9NN.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
We remain alert to the rapidly changing landscape and will adapt quickly as matters emerge. Already the investments, developments and strategic route map is powering our growth into 2025/26 and continued success is already being delivered, through what has surely been one of the greatest challenges of this century.
A prudent approach has been taken to Christmas, based on the triple threats of labour challenges, inflationary impacts and the less predictable behaviours of a consumer under economic stress, with volumes of single issue activity severely curtailed.
The Company has prepared its own fully costed recession plan, as an adjunct to its post-COVID recovery plan which may now take a slower time to implement, and has no known concerns about continuing strongly in 2026/27.
The Directors consider that, based upon the information available, financial projections and the existence of debt facilities available, the Company will have adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the approval of these accounts) and consider it appropriate to adopt the going concern basis in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
- 16 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Leased assets: the Company as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
- 17 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
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Foreign currency translation
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The Company's functional and presentational currency is GBP, rounded to the nearest £1.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
- 18 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
Goodwill - 10% straight line
Software - 15% straight line
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance/straight line basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
- 19 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
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Associates and joint ventures
|
Associates are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
- 20 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the 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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 21 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Financial instruments (continued)
|
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 22 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
The critical judgments that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial period.
Key sources of estimation uncertainty
The Directors do not believe there are any key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover is attributable to the wholesale of dairy products.
Analysis of turnover by country of destination:
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Share-based payments credit
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See note 25 for further details on the share-based payments.
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- 23 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
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Amortisation of intangible assets, including goodwill
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Other operating lease rentals
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Defined contribution pension scheme
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(Profit)/loss on disposal of fixed asset
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the period was as follows:
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Warehouse, transport and technical
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Sales, purchasing and administration
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- 24 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Company contributions to defined contribution pension schemes
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Compensation for loss of office
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During the period retirement benefits were accruing to 3 Directors (2025 - 5) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £125,568 (2025 - £155,383).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £8,646 (2025 - £13,000).
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During the period 2 directors received share options under the long-term incentive schemes (2025 - 4).
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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- 25 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Current tax on profits for the period
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the period
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The tax assessed for the period is lower than (2025: lower than) the standard rate of corporation tax in the UK of25% (2025 -25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 -25%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase
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Adjustments to tax charge in respect of prior periods - deferred tax
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Total tax charge for the period
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- 26 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
11.Taxation (continued)
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
|
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Goodwill arose on the transfer of trade and assets from Months Earlier Limited.
The Goodwill is being amortised evenly over the Directors' estimate of its useful life of 10 years.
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- 27 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Charge for the period on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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- 28 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Investments in subsidiary companies
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Investments in associates
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During the prior year, Bradburys Cheese Pty Limited, a subsidiary of the Company, was struck off.
During the year, the Company disposed of it's investment in Fielding Cottage Cheese Limited for a consideration of £Nil.
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The following were subsidiary undertakings of the Company:
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Northumberland Cheese Company Limited
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Make Me Rich Farm, Blagdon, Seaton Burn, Northumberland, NE13 6BZ
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Bradbury Cheese (EU) Limited
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PMC2, Penrose Wharf Business Centre, Penrose Quay, Cork City, Cork, Ireland, T23 XN53
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The following was an associate of the Company:
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Yorkshire Pecorino Cheese Limited
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1 Adel Garth, Leeds, England, LS16 8JU
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- 29 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
|
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Cash and cash equivalents
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- 30 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
|
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Invoice discounting creditor
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Accruals and deferred income
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The invoice discounting facility is secured by a legal mortgage over the Company's freehold land and property, and by a fixed and floating charge over all current and future assets of the Company. A cross guarantee exists between the Company and its parent undertaking, G. & M. Paul Limited.
Obligations under finance lease and hire purchase contracts are secured over the assets in which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Obligations under finance lease and hire purchase contracts are secured over the assets in which they relate.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Obligations under finance lease and hire purchase contracts are secured over the assets in which they relate.
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- 31 -
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise forward contracts.
The Derivative financial instruments relate to forward contracts held to hedge against foreign currency contracts between the Company and its customers.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
|
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Short term timing differences
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- 32 -
|
|
BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Allotted, called up and fully paid
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2,500 (2025 -2,500) Ordinary shares of £1.00 each
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The Company has one class of Ordinary shares which carry the right to vote and receive dividends.
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Other reserves
This is a historic undistributable reserve.
Profit and loss account
This reserve represents cumulative profits and losses, less dividends declared.
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In the prior periods, the parent Company G. & M. Paul Limited granted EMI (Enterprise Management Incentive) share options to reward certain key employees of Bradbury & Son (Buxton) Limited.
Options are exercisable at a price equal to the estimated fair value of the Group’s shares on the date of grant. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the options vest.
The fair value of the share options granted was determined using the Black Scholes option pricing model, which in the opinion of the directors provides the most appropriate estimate of the fair value of the options at the grant date.
The Company has recognised a credit to the Statement of Comprehensive Income of £65,064 (2025: £169,896) related to equity-settled share-based payments with a capital distribution made to G. & M. Paul Limited for the same amount.
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £228,825 (2025: £247,764). Contributions totaling £41,411 (2025: £131,304) were payable to the fund at the balance sheet date.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Commitments under operating leases
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At 1 May 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company is a wholly-owned subsidiary of G. & M. Paul Limited and has taken advantage of the exemption in Section 33 Related Party Disclosures not to provide details of transactions entered into with other group companies.
G & M Paul Pension Fund
The Director Mr G Paul is the beneficiary.
Rent totaling £90,356 (2025: £70,613) was paid to the G & M Paul Pension Fund. Amounts due to G & M Paul Pension Fund at the balance sheet date are £49,640 (2025: £Nil).
Key management personnel are deemed to be the Directors. Details of Directors remuneration can be found in note 9.
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The Company's immediate and ultimate parent undertaking is G. & M. Paul Limited. The smallest and largest group whose consolidated financial statements include the results of the Company is that headed up by G. & M. Paul Limited which are publicly available from Myrefield House Lee Lane, Millhouse Green, Sheffield, England, S36 9NN.
The ultimate controlling party is Mr G Paul.
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