Wells Farm Dairy Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The directors present their strategic report for the year ended 31 March 2025.

Principal Activity

The company's principal activity continues to be that of processing and packaging of liquid milk and cream production.

Review of the Business

Strategic Management

The company continues its core activity of processing and packaging of liquid milk and cream production, distributing to the wholesale, food manufacturing, retail, education, care and hospitality sectors as well as increasing its consumer milk delivery businesses. Geographic reach continues to expand nationally from the principle site in Staffordshire and the satellite operation in Greater London. Focus on reducing single use plastics and all other waste remains a core focus. The full range of organic and conventional milk products is supplemented by wide and evolving range of morning goods and food staples.

Strategy is focused on long term business growth and sustainability objectives to support UK farming and food security. Shareholders continue to be committed to reinvesting profits to prioritise product quality and efficient producer to consumer supply chain processes as well as continual focus on reducing the businesses carbon footprint. A new robotics line has been installed as well as technology to optimise water usage.

During the year new storage facilities were completed to enable purchasing efficiencies and the new fleet maintenance workshop now has with the capabilities to provide support to external hauliers as well as fully support the company’s fleet. Further investment in processing and chilling technology is underway along with new silos and further robotics being introduced to the production lines. Systems and technology continue to be been updated to improve our customer interface and administrative activities. The business is pleased to have increased the number of skilled roles it is able to offer.

The Board is well supported by timely and detailed management information and operates with a compact management structure to enable rapid review and decision making. The Board is invested in next generational management and increasing the number of skilled roles available.

Business Environment

The UK economy has been mixed but subdued generally across the reported period. Interest rates have overtaken inflation as the key challenge for the consumer and business to manage. Milk prices settled after a volatile previous period where spot prices had exceeded 50 pence per litre. Other key costs for the business generally stabilised but fuel and power have continued to require constant planning and evaluation.

Business Performance and KPIs

Turnover increased by £7m (14%) to £57.4m in the year. Processed milk litres increased by 8% to over 70 million litres. The milk price paid increased during the year before falling back within the normal variance but was on average across all sources some 10% up on prior year. Growth in sales volumes is a core KPI and margin was improved in pricing of sold products. Associated turnover KPIs for profitable customer retention remained stable.

Profit KPIs focus on processed milk margin, production margin and operating margins from core product activity with costs tracked by processing volume. All these key margins rose during the reported year due to investments in efficient processing. The cream price versus milk price ratio also improved. The business tracks and investigates a variety of other performance KPIs including cost centres ratios with sales values and volumes.

A long running KPI for sustainability relates to producers as the board adheres to its policy of being an upper quartile payer for liquid milk within its market segment.

Profit before tax of £1.66m was achieved by effective use of financial facilities and the investment and improvements made to operating capabilities.

The investment programme continued with £1.24m invested in £920k of processing plant development and £321k of vehicle fleet replenishment (£1.29m total for prior year) with 50% funded from new hire purchase agreements.

Page 1

Page 2

Wells Farm Dairy Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Principal Risks and Uncertainties

The company faces risks common to all industry operators of which the inherent and long running key risks are the fluctuation in price of uncontracted raw milk and maintaining a contracted milk field with an appropriate volume range to meet demand. We continue to work with our producer base to keep a balanced milk field, pay a leading price to the market sector and welcome new producers to the business.

There is no residual direct Covid or Brexit risk however the UK economy continues to be limited in growth and still affected by inflation and stubborn interest rates. However, despite these factors and wage inflation, the business has continued profitable growth and continues its policy of paying ahead of minimum wage movements.

The business does not operate outside of the UK and has no direct exposure to foreign exchange risk however this does impact the cost of imported machinery, polymers and glass.

Credit risk in the customer base is under continual monitoring. The company continues to have credit insurance and uses the rating agency CreditSafe to remain fully informed on credit choices across a diverse customer base. Some tolerance is provided where warranted and across the customer base, debtors days continue to remain steady with low bad debt incidence.

Liquidity risk is controlled and monitored by the use of a variety of cash forecasting tools and detailed monthly reporting. The invoice financing facilities provide ample working capital for the needs of the business.

Overall, the Board continues to prioritise the overall sustainability of the company, trading ethically and honestly with local producers, developing and investing in staff and providing customers with high quality products and a reliable service that supports their businesses' needs.

On behalf of the board

Mr P A Holt

Director

7 November 2025

Page 2

Page 3

Wells Farm Dairy Limited

Company No. 04859976

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Dividends

During the year interim dividends of £42,400 were declared. The directors recommend that a final dividend of £85,000 is paid.

Directors

The directors who held office during the year were as follows:

Mr M C Holt

Mr P A Holt

Miss L E Holt

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Deans, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr P A Holt

Director

7 November 2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

Wells Farm Dairy Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Wells Farm Dairy Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(loss) for the year 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Wells Farm Dairy Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 either intend 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 these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Communication with management before, during and after the audit fieldwork commences to confirm instances of non-compliance;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; and evaluation of the business rationale of significant transactions outside the normal course of business;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Richard Stonier (Senior Statutory Auditor)

for and on behalf of Deans , Statutory Auditor

10 November 2025

...CONTINUED

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Wells Farm Dairy Limited

Deans

Gibson House, Hurricane Court

Hurricane Close

Stafford

Staffordshire

ST16 1GZ

Page 6

Page 7

Wells Farm Dairy Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	57,398,817	50,447,739
Cost of sales		(51,172,267 )	(44,703,136 )

GROSS PROFIT		6,226,550	5,744,603

Administrative expenses		(4,464,531 )	(4,079,714 )
Other operating income		68,670	48,752

OPERATING PROFIT	4	1,830,689	1,713,641
Loss on disposal of fixed assets		(4,161 )	(4,525 )
Other interest receivable and similar income		3,000	2,713
Interest payable and similar charges	9	(201,567 )	(206,130 )

PROFIT BEFORE TAXATION		1,627,961	1,505,699
Tax on Profit	10	(534,810 )	(396,902 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,093,151	1,108,797

The notes on pages 12 to 20 form part of these financial statements.

Page 7

Page 8

Wells Farm Dairy Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,093,151	1,108,797
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,093,151	1,108,797

Page 8

Page 9

Wells Farm Dairy Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 04859976

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		10,008		20,004
Tangible Assets	12		4,074,584		3,648,677

			4,084,592		3,668,681
CURRENT ASSETS
Stocks	13	615,158		551,888
Debtors	14	8,422,185		7,116,793
Cash at bank and in hand		2,113		49,539

		9,039,456		7,718,220
Creditors: Amounts Falling Due Within One Year	15	(7,980,812 )		(7,340,253 )

NET CURRENT ASSETS (LIABILITIES)			1,058,644		377,967

TOTAL ASSETS LESS CURRENT LIABILITIES			5,143,236		4,046,648

Creditors: Amounts Falling Due After More Than One Year	16		(551,155 )		(390,308 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(846,374 )		(715,516 )

NET ASSETS			3,745,707		2,940,824

CAPITAL AND RESERVES
Called up share capital	21		100		100
Profit and Loss Account			3,745,607		2,940,724

SHAREHOLDERS' FUNDS			3,745,707		2,940,824

On behalf of the board

Mr P A Holt

Director

7 November 2025

The notes on pages 12 to 20 form part of these financial statements.

Page 9

Page 10

Wells Farm Dairy Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	100	2,042,727	2,042,827
Profit for the year and total comprehensive income	-	1,108,797	1,108,797

Dividends paid	-	(210,800)	(210,800)

As at 31 March 2024 and 1 April 2024	100	2,940,724	2,940,824


Profit for the year and total comprehensive income	-	1,093,151	1,093,151

Dividends paid	-	(288,268)	(288,268)

As at 31 March 2025	100	3,745,607	3,745,707

Page 10

Page 11

Wells Farm Dairy Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,890,396	2,567,048
Interest paid		(201,567 )	(206,130 )
Tax paid		(329,178 )	(28,815 )

Net cash generated from operating activities		2,359,651	2,332,103

Cash flows from investing activities
Purchase of tangible assets		(1,242,205 )	(1,295,623 )
Proceeds from disposal of tangible assets		52,980	52,783
Interest received		3,000	2,713

Net cash used in investing activities		(1,186,225 )	(1,240,127 )

Cash flows from financing activities
Equity dividends paid		(288,268 )	(210,800 )
Amount introduced by directors		143,336	176,500
Amount withdrawn by directors		(167,791)	(137,177)
New HP Funding		666,000	419,279
Loan repayments in year		-	(273,809)
Loans to/from associates		(1,159,955)	18,680
Invoice financing		(46,893)	(812,239)
HP capital repayments in the year		(406,646)	(345,438)

Net cash used in financing activities		(1,260,217 )	(1,165,004 )



Decrease in cash and cash equivalents		(86,791 )	(73,028 )
Cash and cash equivalents at beginning of year	2	49,539	122,567

Cash and cash equivalents at end of year	2	(37,252 )	49,539

Page 11

Page 12

Wells Farm Dairy Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,093,151	1,108,797
Adjustments for:
Tax on profit	534,810	396,902
Interest expense	201,567	206,130
Interest income	(3,000 )	(2,713 )
Amortisation of intangible assets	9,996	9,996
Depreciation of tangible assets	759,157	643,247
Loss on disposal of tangible assets	4,161	4,525
Movements in working capital:
(Increase)/decrease in stocks	(63,270 )	67,680
Increase in trade and other debtors	(133,940 )	(587,249 )
Increase in trade and other creditors	487,764	719,733

Net cash generated from operations	2,890,396	2,567,048

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	2,113	49,539
Overdraft facilities repayable on demand	(39,365 )	-

Cash and cash equivalents as stated in the Statement of Cash Flows	(37,252)	49,539

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	49,539	(47,426)	2,113
Overdraft facilities repayable on demand	-	(39,365)	(39,365)

Cash and cash equivalents	49,539	(86,791)	(37,252 )
Finance leases	(696,984)	(259,355)	(956,339)
Debts falling due within one year	(1,505,267 )	46,893	(1,458,374 )

	(2,152,712)	(299,253)	(2,451,965)

Page 12

Page 13

Wells Farm Dairy Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Wells Farm Dairy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04859976 . The registered office is Wells Farm, Bradley, Stafford, Staffs, ST18 9EE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of milk and other goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured relaibly. This is usually on dispatch of the goods.

Rental income

Rental income from operating leases is recognised on a straight-line basis over the lease term.

Interest receivable

Interest income is recognised using the effective interest method.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill, being the amount paid in connection with the transfer of a business in 2023, this will be amortised evenly over it's estimated useful life from 2024. Goodwill acquired on the acquisition of milk rounds has been fully amortised over a three year period.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributeable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Freehold	not depreciated
Plant & Machinery	15% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	15% on reducing balance

2.6. Leasing and Hire Purchase Contracts

Assets acquired under finance leases and hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Page 13

Page 14

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

2.8. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2.9. Employee Benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2.10. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. Turnover

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

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Sales of goods	57,398,817	50,447,739

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	57,398,817	50,447,739

	57,398,817	50,447,739

Page 14

Page 15

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	263,799	519,385
Depreciation of tangible fixed assets - owned	479,944	453,681
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	279,213	189,566
Amortisation of intangible fixed assets	9,996	9,996

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	16,210	15,435

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	5,534,034	4,751,185
Social security costs	504,110	424,686
Other pension costs	199,747	171,367

	6,237,891	5,347,238

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Production and distribution	126	115
Administration and finance	20	18

	146	133

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	256,487	144,649
Company contributions to money purchase pension schemes	2,386	67,382

	258,873	212,031

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	235,448	-
Company contributions to defined benefit pension schemes	1,321	-

	236,769	-

Page 15

Page 16

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	-	15,107
Factoring charges	144,579	145,662
Finance charges payable under finance leases and hire purchase contracts	56,988	45,361

	201,567	206,130

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	401,458	264,179
Prior period adjustment			2,494	-

			403,952	264,179
Deferred Tax
Origination and reversal of timing differences			130,858	132,723


Total tax charge for the period			534,810	396,902


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,627,961	1,505,699

Tax on profit at 25% (UK standard rate)			406,990	376,425
Goodwill/depreciation not allowed for tax			193,329	161,942
Expenses not deductible for tax purposes			14,996	4,751
Capital allowances			(213,857 )	(278,939 )
Short term timing differences			130,858	132,723
Prior period adjustment			2,494	-

Total tax charge for the period			534,810	396,902

Page 16

Page 17

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	30,000

As at 31 March 2025	30,000

Amortisation
As at 1 April 2024	9,996
Provided during the period	9,996

As at 31 March 2025	19,992

Net Book Value
As at 31 March 2025	10,008

As at 1 April 2024	20,004

12. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2024	1,480,576	5,151,999	1,954,846	69,143	8,656,564
Additions	-	920,962	321,243	-	1,242,205
Disposals	-	-	(188,693 )	-	(188,693 )

As at 31 March 2025	1,480,576	6,072,961	2,087,396	69,143	9,710,076

Depreciation
As at 1 April 2024	1,012,734	3,054,653	898,116	42,384	5,007,887
Provided during the period	103,339	361,371	290,415	4,032	759,157
Disposals	-	-	(131,552 )	-	(131,552 )

As at 31 March 2025	1,116,073	3,416,024	1,056,979	46,416	5,635,492

Net Book Value
As at 31 March 2025	364,503	2,656,937	1,030,417	22,727	4,074,584

As at 1 April 2024	467,842	2,097,346	1,056,730	26,759	3,648,677

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	795,126	684,976
Motor Vehicles	508,136	472,837

	1,303,262	1,157,813

Page 17

Page 18

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Stocks

	2025	2024
	£	£
Finished goods	615,158	551,888

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	6,244,990	6,333,211
Prepayments and accrued income	430,050	120,842
Other debtors	7,023	137,804
VAT	428,907	385,173
Directors' loan accounts	162,786	131,290
Amounts owed by associates	1,148,429	8,473

	8,422,185	7,116,793

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	405,184	306,676
Trade creditors	5,228,005	4,724,389
Bank loans and overdrafts	39,365	-
Other loans	1,458,374	1,505,267
Corporation tax	338,958	264,184
Other taxes and social security	115,766	105,979
Net wages	127,950	112,554
Employee pensions	16,292	58,256
Accruals and deferred income	243,214	242,285
Directors' loan accounts	7,704	663
Amounts owed to associates	-	20,000

	7,980,812	7,340,253

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	551,155	390,308

Of the creditors the following amounts are secured.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	956,339	696,984
Other loans	1,458,374	1,505,267

Page 18

Page 19

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

17. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Other loans	1,458,374	1,505,267

18. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	405,184	306,676
Later than one year and not later than five years	551,155	390,308

	956,339	696,984

	956,339	696,984

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £464,522 (2024: £188,924).

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	846,374	715,516

20. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	715,516	715,516
Origination and reversal of timing differences	130,858	130,858

Balance at 31 March 2025	846,374	846,374

21. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £199,747 (2024: £171,367).

At the balance sheet date contributions of £16,292 (2024: £58,256) were due to the fund and are included in creditors.

Page 19

Page 20

Wells Farm Dairy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

23. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Paul Holt	131,290	162,769	(131,290 )	-	162,769

The director's loan has been provided at an interest rate of 2.25% and is repayable on demand. The total interest received in respect of the directors loan is £3,000.

24. Related Party Disclosures

At the year end the company was owed £1,154,102 from businesses under common control (2024 - £8,473).

At the year end the company owed £nil to a business under common control (2024 - £20,000).

25. Controlling Parties

The company is jointly controlled by M C Holt and P A Holt.

Page 20