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REGISTERED NUMBER: 03972879 (England and Wales)

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Toadhole Limited |

| Toadhole Limited (Registered number: 03972879) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Toadhole Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | S P Butler

| P J Butler

| S Butler

| SECRETARY: | N L Butler

| REGISTERED OFFICE: | The Old Vicarage

| Market Street

| Castle Donington

| Derby

| Derbyshire

| DE74 2JB

| REGISTERED NUMBER: | 03972879 (England and Wales)

| ACCOUNTANTS: | Bates Weston LLP

| Chartered Accountants

| The Mills

| Canal Street

| Derby

| DE1 2RJ

| Toadhole Limited (Registered number: 03972879) |

Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,620,733 |  | 2,804,279 |  |

Investments | 5 | 61,617 |  | 85,084 |  |

Investment property | 6 | 4,300,000 |  | 4,670,000 |  |

6,982,350 |  | 7,559,363 |  |

CURRENT ASSETS

Stocks | 816,421 |  | 151,361 |  |

Debtors | 7 | 2,170,291 |  | 619,588 |  |

Cash at bank | 361,621 |  | 2,388,366 |  |

3,348,333 |  | 3,159,315 |  |

CREDITORS

Amounts falling due within one year | 8 | 793,345 |  | 670,141 |  |

NET CURRENT ASSETS | 2,554,988 |  | 2,489,174 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,537,338 |  | 10,048,537 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 891,990 |  | 987,990 |  |

NET ASSETS | 8,645,348 |  | 9,060,547 |  |

CAPITAL AND RESERVES

Called up share capital | 1,530,000 |  | 2,030,000 |  |

Retained earnings | 7,115,348 |  | 7,030,547 |  |

SHAREHOLDERS' FUNDS | 8,645,348 |  | 9,060,547 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Toadhole Limited (Registered number: 03972879) |

Balance Sheet - continued

31 March 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2025 and were signed on its behalf by:

S P Butler - Director

| Toadhole Limited (Registered number: 03972879) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Toadhole Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Preparation of consolidated financial statements

| The financial statements contain information about Toadhole Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover represents crop sales, electricity generated, property sales and net rental income excluding value added tax.

| Crop sales are recognised where a contract for sale is in existence.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold Property | - | Straight line over 20 years

| Plant and machinery | - | 20% on cost and 10% on cost

| Wind turbines | - | Straight line over 20 years

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 33% on cost

| Freehold land is not depreciated.

| Investment property

| Investment property is not depreciated but is revalued annually at its fair value, in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and transferred to a fair value reserve.

| Toadhole Limited (Registered number: 03972879) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stock and work in progress consists of growing crops and properties in the course of renovation.

| Growing crops are valued at the lower of cost and net realisable value. Cost includes seeds, fertilisers, labour and a proportion of direct overheads where appropriate.

| Growing crops subject to forward contracts at the year end includes costs plus attributable profits.

| For properties in the course of renovation stocks and work in progress are valued at the lower of cost and net realisable value. Cost represents the purchase price in addition to any legal fees and refurbishment costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal.

| At each reporting date, stock and work in progress is assessed for expected losses. If a loss is expected then the loss is recognised in full immediately in the Profit and Loss Account.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Fixed asset investments are revalued annually to their fair value. Any aggregate surplus of deficit arising from changes in fair value is recognised in the profit and loss account.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Leasehold |  | Plant and

| property |  | Property |  | machinery

£ | £ | £ |

| COST

| At 1 April 2024 | 1,077,579 |  | 312,500 |  | 197,438 |  |

| Additions | - |  | - |  | 14,000 |  |

| At 31 March 2025 | 1,077,579 |  | 312,500 |  | 211,438 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 100,000 |  | 85,062 |  |

| Charge for year | - |  | 25,000 |  | 32,235 |  |

| At 31 March 2025 | - |  | 125,000 |  | 117,297 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,077,579 |  | 187,500 |  | 94,141 |  |

| At 31 March 2024 | 1,077,579 |  | 212,500 |  | 112,376 |  |

| Toadhole Limited (Registered number: 03972879) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS - continued

| Wind |  | Motor |  | Computer |

| turbines |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 1,990,748 |  | - |  | 9,427 |  | 3,587,692 |  |

| Additions | - |  | 10,000 |  | - |  | 24,000 |  |

| At 31 March 2025 | 1,990,748 |  | 10,000 |  | 9,427 |  | 3,611,692 |  |

| DEPRECIATION

| At 1 April 2024 | 591,638 |  | - |  | 6,713 |  | 783,413 |  |

| Charge for year | 148,223 |  | 333 |  | 1,755 |  | 207,546 |  |

| At 31 March 2025 | 739,861 |  | 333 |  | 8,468 |  | 990,959 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,250,887 |  | 9,667 |  | 959 |  | 2,620,733 |  |

| At 31 March 2024 | 1,399,110 |  | - |  | 2,714 |  | 2,804,279 |  |

| Included in cost of land and buildings is freehold land of £ 1,077,579 (2024 - £ 1,077,579 ) which is not depreciated.

5. | FIXED ASSET INVESTMENTS

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 85,034 |  | 50 |  | 85,084 |  |

| Disposals | (18,287 | ) | - |  | (18,287 | ) |

| Revaluations | (5,180 | ) | - |  | (5,180 | ) |

| At 31 March 2025 | 61,567 |  | 50 |  | 61,617 |  |

| NET BOOK VALUE

| At 31 March 2025 | 61,567 |  | 50 |  | 61,617 |  |

| At 31 March 2024 | 85,034 |  | 50 |  | 85,084 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | 61,567 |  | 50 |  | 61,617 |  |

| If listed investments had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 139,970 |  | 159,982 |  |

| Toadhole Limited (Registered number: 03972879) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 4,670,000 |  |

| Revaluations | (370,000 | ) |

| At 31 March 2025 | 4,300,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 4,300,000 |  |

| At 31 March 2024 | 4,670,000 |  |

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2025 | 4,300,000 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 5,067,972 |  | 5,067,972 |  |

| Aggregate depreciation | (1,350,608 | ) | (1,249,249 | ) |

| Investment property was valued on a fair value basis on 31 March 2025 by the director, S P Butler .

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 122,361 |  | 31,268 |  |

| Other debtors | 1,567,697 |  | 143,020 |  |

| Prepayments and accrued income | 480,233 |  | 445,300 |  |

2,170,291 |  | 619,588 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other loans | 96,000 |  | 96,000 |  |

| Trade creditors | 52,643 |  | 21,468 |  |

| Tax | 197,405 |  | 97,987 |  |

| Social security and other taxes | 17,055 |  | 26,652 |  |

| Amounts owed to related companies | 158,735 |  | 158,735 |  |

| Loan from director | 41,215 |  | 41,215 |  |

| Accruals and deferred income | 230,292 |  | 228,084 |  |

793,345 |  | 670,141 |  |

| Toadhole Limited (Registered number: 03972879) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other loans | 891,990 |  | 987,990 |  |