REGISTERED NUMBER: 15335707 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 8 December 2023 to 28 February 2025

for

Corbett Farms Poultry Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

R G U Corbett

Mrs P A Corbett

REGISTERED OFFICE:

Ox House

Shobdon

Leominster

Herefordshire

HR6 9LT

REGISTERED NUMBER:

15335707 (England and Wales)

AUDITORS:

A D Accounts Limited (Statutory Auditors)

Rural Enterprise Centre

Vincent Carey Road

Rotherwas

Hereford

Herefordshire

HR2 6FE

The directors present their strategic report for the period 8 December 2023 to 28 February 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties we face.

As a farming business based in poultry, the company provides hatching eggs.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

The turnover of the company was £10,798,060 during the year and the gross profit margin was 12.43%.

PRINCIPAL RISKS AND UNCERTAINTIES

With the ongoing consequence of general current economical and political uncertainties and risks in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:

R G U Corbett - Director

4 September 2025

The directors present their report with the financial statements of the company for the period 8 December 2023 to 28 February 2025.

INCORPORATION

The company was incorporated on 8 December 2023 and commenced trading on 1 March 2024.

DIVIDENDS

No dividends will be distributed for the period ended 28 February 2025.

DIRECTORS

The directors who have held office during the period from 8 December 2023 to the date of this report are as follows:

R G U Corbett - appointed 8 December 2023

Mrs P A Corbett - appointed 8 December 2023

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, A D Accounts Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R G U Corbett - Director

4 September 2025

Opinion

We have audited the financial statements of Corbett Farms Poultry Limited (the 'company') for the period ended 28 February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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 28 February 2025 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

- The engagement partner ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- Specific laws and regulations applicable to the company were identified through discussions with the Managing Director, and from our knowledge and experience of the agricultural industry.

- We focused on specific laws and regulations which we considered may have a direct material affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation.

- We assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal documentation.

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

-Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

- Performed analytical procedures to identify any unusual or unexpected relationships.

-Tested journal entries to identify unusual transactions.

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- Investigated the rationale behind significant and unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

- Agreeing financial statement disclosure to underlying supporting documentation.

- Enquiring of management as to actual and potential litigation and claims.

- Reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of the regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Responsibility for the prevention of irregularities, including fraud, rests with the directors

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 Report of the Auditors.

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 we are required to state to them in a Report of the Auditors 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.

Allan James Davies F.C.C.A (Senior Statutory Auditor)

for and on behalf of A D Accounts Limited (Statutory Auditors)

Rural Enterprise Centre

Vincent Carey Road

Rotherwas

Hereford

Herefordshire

HR2 6FE

4 September 2025

TURNOVER

10,798,060

Cost of sales

(9,555,693

)

GROSS PROFIT

1,242,367

Administrative expenses

(450,446

)

OPERATING PROFIT

5

791,921

Interest receivable and similar income

10,030

PROFIT BEFORE TAXATION

801,951

Tax on profit

6

(200,488

)

PROFIT FOR THE FINANCIAL PERIOD

601,463

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

601,463

FIXED ASSETS

Tangible assets

7

92,955

CURRENT ASSETS

Stocks

8

1,665,930

Debtors

9

420,604

Cash at bank

1,512,074

3,598,608

CREDITORS

Amounts falling due within one year

10

(3,065,861

)

NET CURRENT ASSETS

532,747

TOTAL ASSETS LESS CURRENT LIABILITIES

625,702

PROVISIONS FOR LIABILITIES

11

(23,239

)

NET ASSETS

602,463

CAPITAL AND RESERVES

Called up share capital

12

1,000

Retained earnings

13

601,463

SHAREHOLDERS' FUNDS

602,463

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

R G U Corbett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

1,000

-

1,000

Total comprehensive income

-

601,463

601,463

Balance at 28 February 2025

1,000

601,463

602,463

Cash flows from operating activities

Cash generated from operations

1

1,600,388

Net cash from operating activities

1,600,388

Cash flows from investing activities

Purchase of tangible fixed assets

(99,344

)

Interest received

10,030

Net cash from investing activities

(89,314

)

Cash flows from financing activities

Share issue

1,000

Net cash from financing activities

1,000

Increase in cash and cash equivalents

1,512,074

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

1,512,074

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£

Profit before taxation

801,951

Depreciation charges

6,389

Finance income

(10,030

)

798,310

Increase in stocks

(1,665,930

)

Increase in trade and other debtors

(420,604

)

Increase in trade and other creditors

2,888,612

Cash generated from operations

1,600,388

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 28 February 2025

28.2.25

8.12.23

£

£

Cash and cash equivalents

1,512,074

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 8.12.23

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank

-

1,512,074

1,512,074

-

1,512,074

1,512,074

Total

-

1,512,074

1,512,074

1.	STATUTORY INFORMATION

Corbett Farms Poultry 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Motor vehicles

-

Straight line over 5 to 10 years

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the standard costing method, which approximates actual cost and includes all direct materials, direct labour, and an appropriate proportion of manufacturing overheads based on normal operating capacity.

Standard costs are reviewed regularly and updated as necessary to reflect current conditions. Variances between actual costs and standard costs are analysed and recognised in the statement of profit or loss in the period in which they arise.

Net realisable value is arrived at by consistently writing off cost, down to anticipated cull value, on a straight line basis over the animals useful life.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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.

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.

4.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

1,454,846

Social security costs

130,580

1,585,426

The average number of employees during the period was as follows:

Management

2

Farming

59

61

£

Directors' remuneration

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

6,389

Auditors' remuneration

8,000

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

£

Current tax:

UK corporation tax

177,249

Deferred tax - current year

23,239

Tax on profit

200,488

7.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

87,349

11,995

99,344

At 28 February 2025

87,349

11,995

99,344

DEPRECIATION

Charge for period

5,764

625

6,389

At 28 February 2025

5,764

625

6,389

NET BOOK VALUE

At 28 February 2025

81,585

11,370

92,955

8.

STOCKS

£

Stocks

1,665,930

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

187,210

Other debtors

1,325

VAT

222,975

Prepayments and accrued income

9,094

420,604

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

2,715,302

Loan

99,000

Corporation tax

177,249

Social security and other taxes

30,589

Accrued expenses

43,721

3,065,861

11.	PROVISIONS FOR LIABILITIES

£

Deferred tax

23,239

Deferred

tax

£

Accelerated capital allowances

23,239

Balance at 28 February 2025

23,239

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1,000

Ordinary

£1

1,000

13.

RESERVES

Retained

earnings

£

Profit for the period

601,463

At 28 February 2025

601,463

14.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the company are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to these funds and amounted to £48,874. Contributions due to be paid at 28th February 2025 were £4,239.

15.	ULTIMATE PARENT COMPANY

Corbett Farms Limited is regarded by the directors as being the company's ultimate parent company.

16.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

£

Sales

237,419

Purchases

4,371,239

Management charge

400,000

Amount due to related party

2,386,073

Key Management Personnel

The key management personnel are the directors of the company. The total remuneration received by them is shown in note 3.