ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 00600317

FOURAYES FARM LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOURAYES FARM LIMITED

COMPANY INFORMATION

Directors	Pierre Patrick Tossut
	Olivier Luc Tilkens
	Cedric Van Belle


Registered number	00600317


Registered office	Bicknor
	Sittingbourne
	Kent
	ME9 8BJ


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	1st Floor
	73-81 Southwark Bridge Road
	London
	SE1 0NQ


Bankers	Natwest Bank PLC
	Western Avenue
	Waterside Court
	Chatham
	Kent
	ME4 4RT

FOURAYES FARM LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Statement of cash flows	12 - 13
Notes to the financial statements	14 - 28

FOURAYES FARM LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.

Business review

The company's principal activities are growing and processing of fruit and the manufacture, sale and distribution of jam, mincemeat and fruit fillings primarily in the UK but also into the EU. There have not been any significant changes in the company's principal activities in the year under review.
On the 3rd October 2022 the business was acquired by Puratos Group NV and became a wholly owned subsidiary of Puratos Group NV, incorporated in Belgium. The address for the parent company is Industrialaan 25 Zone, Maalbeek, Groot-Bijgaarden, Belgium. The parent accounts are available from this address.
Turnover increased by 7.72% to £21,731,144 (2023: £20,173,855). Loss before tax were £23,509 (2023: £469,766 profit). The decrease in profitability was in the main due to price increases of raw materials together with an increase in overheads, due to high inflation, compared to the prior year. At 31 December 2024, the balance sheet reflected net assets of £4,247,841 (2023: £4,347,906), which was directly related to the trading profit during the period.
Financial highlights:
The company's key financial and performance indicators during the year were as follows:

Turnover: £21,731,144 vs £20,173,855 (7.72%)
Gross profit: 15.6% vs 18.7%
Operating profit: £57,974 vs £538,221

Increase raw material prices and labour rates following a year of high inflation continue to drive increases in food prices
In addition, the company has:
- Worked with its customers to ensure its expertise and strong relationships served the company well and remained responsive to demand for its products, ensuring OTIF & Key production metrics are delivered to an exemplary standard;
- Invested in new technology, machinery and implemented new capital strategies for long term investment;
- Continued its focus on improving operating margins with effective management of manufacturing to preserve cash, lower cost base protecting profitability, and simplification of range, developing where appropriate to meet customer requirements;
- Improved operating margins with effective management of manufacturing to preserve cash, lower cost base protecting profitability, and simplification of range, developing where appropriate to meet customer requirements;
- Continued to evolve the business brand, positioning in the market, and our new approach to climate change, working with environmental social governance framework to deliver our targets for the next 5 years

Page 1

FOURAYES FARM LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

A competitive UK market is a continuous risk for the company, as competition could result in the company losing sales to key competitors. The company manages this risk by providing high quality products and added value services to its customers, having fast response times not only in supplying products but in handling all customer queries, and by continuing to maintain and grow strong customer and supplier relationships.
The continuing war in Ukraine adds to the uncertainty to revenue outlook due to significant cost increases and a general downturn in economic activity. Additionally, scarcity of key commodities and increasing prices of raw materials directly affect consumer behaviours and challenge supply chain and availability. The company continues to focus on the health and wellbeing of its employees and to provide a safe working environment ensuring minimal disruption to the supply chain to facilitate the continued support of our customer needs in a timely manner.
The company has a short-term intercompany loan of £1.775M used for the purpose of acquiring commercial land and buildings associated with company operations and refinancing existing external loans.

This report was approved by the board on 28 August 2025 and signed on its behalf.

Olivier Luc Tilkens

Director

Page 2

FOURAYES FARM LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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 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 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 for the company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Results and dividends

The loss for the year, after taxation, amounted to £41,345 (2023 - profit £592,962).

Directors

The directors who served during the year were:

Pierre Patrick Tossut

Olivier Luc Tilkens

Cedric Van Belle

Future developments

The company plans to continue with its principal activity in the future and there are currently plans to add additional facilities at the company's premises in order to continue to increase turnover and profitability.

Page 3

FOURAYES FARM LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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.

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 auditors are 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 auditors are aware of that information.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board and signed on its behalf.

Olivier Luc Tilkens

Director

Date: 28 August 2025

Page 4

FOURAYES FARM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOURAYES FARM LIMITED

Opinion

We have audited the financial statements of Fourayes Farm Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity 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, 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 31 December 2024 and of its 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 United Kingdom, including the Financial Reporting Council'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.

Page 5

FOURAYES FARM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOURAYES FARM LIMITED (CONTINUED)

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. 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.

Opinion 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 year 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 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 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 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.

Page 6

FOURAYES FARM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOURAYES FARM LIMITED (CONTINUED)

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.

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

• The engagement partner ensures that the engagement team collectively have the appropriate competence,
   capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identify the laws and regulations applicable to the company through discussion with directors and other
  management, and from our commercial knowledge and experience of the sector that the company operates in;
• We focus on specific laws and regulations which we consider may have a direct material effect on the financial
  statements or the operations of the company, are as follows:
   o Companies Act 2006
   o FRS102
   o Employment legislation
   o Health and Safety legislation
   o Tax legislation
   o Food Standards Act 1999 and associated legislation
   o BRC Food certification
   o Red Tractor assurance
• We assess the extent of compliance with the laws and regulations identified above through making enquiries
  of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations are communicated within the audit team at the planning meeting, and during the audit as
  any further laws and regulation are identified. The audit team remain alert to instances of non compliance
  throughout the audit.
We assess the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management and the board as to where they consider there was susceptibility to fraud
  along with 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; and
• Our review of financial statements and testing the disclosures against supporting documentation.
To address the risk of fraud through management bias and override of controls we:
• Perform analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspect and tested journal entries to identify unusual or unexpected transactions;
• Assess whether judgement and assumptions made in determining significant accounting estimates, including
  the useful economic life of tangible and intangible fixed assets and the carrying value of work in progress, are
  indicative of management bias; and
• Investigate the rationale behind significant transactions, or transactions that are unusual or outside the
  company’s usual course of business.

Page 7

FOURAYES FARM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOURAYES FARM LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 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 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.

Duncan Stannett (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ

29 August 2025

Page 8

FOURAYES FARM LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£

Turnover	4	21,731,144	20,173,855
Cost of sales		(18,335,908)	(16,395,957)
Gross profit		3,395,236	3,777,898
Administrative expenses		(3,337,262)	(3,239,677)
Operating profit	5	57,974	538,221
Interest receivable and similar income	8	5,984	4,094
Interest payable and similar expenses	9	(87,467)	(72,549)
(Loss)/profit before tax		(23,509)	469,766
Tax on (loss)/profit	10	(17,836)	123,196
(Loss)/profit for the financial year		(41,345)	592,962

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

FOURAYES FARM LIMITED

REGISTERED NUMBER: 00600317

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	11		5,665,574		5,240,876
			5,665,574		5,240,876
Current assets
Stocks	12	2,417,625		1,689,539
Debtors: amounts falling due within one year	13	3,966,838		2,876,413
Cash at bank and in hand	14	331,430		544,367
		6,715,893		5,110,319
Creditors: amounts falling due within one year	15	(5,724,870)		(3,671,089)
Net current assets			991,023		1,439,230
Total assets less current liabilities			6,656,597		6,680,106
Creditors: amounts falling due after more than one year	16		(1,775,000)		(1,775,000)
Provisions for liabilities
Deferred tax	17		(575,036)		(557,200)
Net assets			4,306,561		4,347,906

Capital and reserves
Called up share capital	18	26,075	26,075
Capital redemption reserve		23,925	23,925
Profit and loss account		4,256,561	4,297,906
		4,306,561	4,347,906

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2025.

Olivier Luc Tilkens

Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

FOURAYES FARM LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	26,075	23,925	4,297,906	4,347,906

Loss for the year	-	-	(41,345)	(41,345)
At 31 December 2024	26,075	23,925	4,256,561	4,306,561

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	26,075	23,925	3,704,944	3,754,944

Profit for the year	-	-	592,962	592,962
At 31 December 2023	26,075	23,925	4,297,906	4,347,906

The notes on pages 14 to 28 form part of these financial statements.

Page 11

FOURAYES FARM LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(41,345)	592,962
Adjustments for:
Depreciation of tangible fixed assets	397,490	409,360
Loss on disposal of tangible fixed assets	-	41,231
Interest paid	87,467	72,549
Interest received	(5,984)	(4,094)
Taxation charge	17,836	(123,196)
(Increase)/decrease in stocks	(728,086)	138,833
(Increase)/decrease in debtors	(1,094,626)	297,486
Decrease/(increase) in amounts owed by groups	4,201	(27,026)
Increase/(decrease) in creditors	1,284,950	(11,171)
(Decrease)/increase in amounts owed to groups	(155,599)	178,908
Net cash generated from operating activities	(233,696)	1,565,842

Cash flows from investing activities
Purchase of intangible fixed assets	-	16,995
Purchase of tangible fixed assets	(822,188)	(870,415)
Sale of tangible fixed assets	-	(6,995)
Interest received	5,984	4,094
HP interest paid	(457)	(2,451)
Net cash from investing activities	(816,661)	(858,772)
Cash flows from financing activities
Repayment of loans	-	(35,000)
Repayment of finance leases	(5,316)	(94,833)
Interest paid	(87,010)	(70,098)
Net cash used in financing activities	(92,326)	(199,931)
Net (decrease)/increase in cash and cash equivalents	(1,142,683)	507,139

Page 12

FOURAYES FARM LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash and cash equivalents at beginning of year	475,809	(31,330)
Cash and cash equivalents at the end of year	(666,874)	475,809

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	331,430	544,367
Bank overdrafts	(998,304)	(68,558)
	(666,874)	475,809

The notes on pages 14 to 28 form part of these financial statements.

Page 13

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Fourayes Farm, Bicknor, Sittingbourne, Kent ME9 8BJ. The company's principal activities continued to be those of processing, storing and farming of fruit.

2.Accounting policies

2.1

Basis of preparation of financial statements

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).

The following principal accounting policies have been applied:

2.2

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The directors' report further describes the financial position of the company; its cash flows, liquidity position and borrowing facilities; the company's objectives, policies and processes for managing its capital; its financial risk management objectives and its exposure to credit risk and liquidity risk.
The company meets its day to day working capital requirements through a drawdown facility provided by RBS Bank PLC. The current economic conditions create uncertainty particularly over (a) the level of demand for the company's products; (b) the availability and price of raw materials.
Net current assets at 31st December 2024 were £991,023 (Net current assets 31st December 2023: £1,439,230), the company's rolling 12 month forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facility.
The directors, having reviewed the current performance and forecasts, have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 14

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

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.

2.5

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.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year 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 balance sheet 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.

Page 16

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

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.

2.12

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Land and buildings	-	5% on cost and 10% reducing balance
Plant and machinery	-	10% on cost and 10% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	10% on cost and 10% reducing balance
Bearer assets	-	depreciated over 20 years

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.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable 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 profit or loss.

2.14

Debtors

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.

Page 17

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Cash and cash equivalents

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.16

Creditors

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.

2.17

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.

2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

Turnover

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	20,487,070	19,860,691
Rest of Europe	1,244,074	313,164
	21,731,144	20,173,855

Page 18

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation of tangible fixed assets	397,489	409,360
Exchange differences	20,246	17,326
Other operating lease rentals	566,641	490,794

Fees payable to the company's auditor for the audit of the company's financial statements

11,250

Wages and salaries	3,045,389	2,846,063
Social security costs	314,420	261,096
Cost of defined contribution scheme	84,385	71,319
	3,444,194	3,178,478

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Production	56	55
Distribution	18	16
Sales	3	3
Admin	10	11
Directors	3	3

	90	88

Page 19

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Interest receivable
		2024	2023
		£	£

Other interest receivable

5,984

4,094

9.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	87,010	69,358
Other loan interest payable	-	740
Finance leases and hire purchase contracts	457	2,451
	87,467	72,549

Page 20

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Deferred tax
	Origination and reversal of timing differences	17,836	(123,196)


		17,836	(123,196)

(Loss)/profit on ordinary activities before tax

(23,509)

469,766

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	(5,877)	110,492
Effects of:
Expenses not deductible	29,468	54,034
Adjustments from prior periods	(5,755)	(298,036)
Income not taxable	-	(33)
Tax rate changes	-	10,347
Total tax charge for the year	17,836	(123,196)

Factors that may affect future tax charges

At balance sheet date the company had taxable losses of £1,356,072 (2023: £929,216) available to offset against first available profits against same trade.

Page 21

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Tangible fixed assets

	Land and Buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Bearer assets
	£	£	£	£	£
Cost or valuation
At 1 January 2024	3,692,702	6,631,329	186,893	158,820	47,637
Additions	11,810	772,470	-	27,962	9,946
Disposals	-	(27,942)	-	-	-
At 31 December 2024	3,704,512	7,375,857	186,893	186,782	57,583
Depreciation
At 1 January 2024	1,895,660	3,329,085	160,720	89,938	1,102
Charge for the year	87,170	287,349	6,403	14,915	1,653
Disposals	-	(27,942)	-	-	-
At 31 December 2024	1,982,830	3,588,492	167,123	104,853	2,755
Net book value
At 31 December 2024	1,721,682	3,787,365	19,770	81,929	54,828
At 31 December 2023	1,797,042	3,302,244	26,173	68,882	46,535

Page 22

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2024	10,717,381
	Additions	822,188
	Disposals	(27,942)
	At 31 December 2024	11,511,627
	Depreciation
	At 1 January 2024	5,476,505
	Charge for the year	397,490
	Disposals	(27,942)
	At 31 December 2024	5,846,053
	Net book value
	At 31 December 2024	5,665,574
	At 31 December 2023	5,240,876

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Land and buildings	1,721,682	1,797,042
	1,721,682	1,797,042

Page 23

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Stocks
		2024	2023
		£	£

Raw materials and consumables	1,810,278	1,283,831
Work in progress	45,198	46,095
Finished goods and goods for resale	562,149	359,613
	2,417,625	1,689,539

13.

Debtors

					2024	2023
					£	£


Trade debtors	3,544,865	2,625,490
Amounts owed by group undertakings	22,825	27,026
Other debtors	268,951	124,643
Prepayments and accrued income	130,197	99,254
	3,966,838	2,876,413

14.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	331,430	544,367
Less: bank overdrafts	(998,304)	(68,558)
	(666,874)	475,809

Page 24

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	998,304	68,558
Trade creditors	3,260,736	1,996,527
Amounts owed to group undertakings	24,060	179,659
Other taxation and social security	60,120	64,761
Obligations under finance lease and hire purchase contracts	-	5,316
Other creditors	39,457	20,290
Accruals and deferred income	1,342,193	1,335,978
	5,724,870	3,671,089

16.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Amounts owed to group undertakings	1,775,000	1,775,000
	1,775,000	1,775,000

Bank overdrafts totalling £998,304 (2023 : £68,558) are secured by a fixed charge over the company's leasehold property and a floating charge over all assets.
Net obligations under hire purchase contracts totalling £Nil (2023 : £5,316) are secured over the assets to which they relate.

Page 25

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(557,200)	(680,396)
Charged to profit or loss	(17,836)	123,196
At end of year	(575,036)	(557,200)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Provision at start of period	(557,200)	(680,397)
Adjustment in respect of prior years	5,755	298,037
Deferred tax charge to income statement for the period	(23,591)	(174,840)
	(575,036)	(557,200)

Page 26

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,740 (2023 - 10,740) Ordinary 'A' shares of £1.00 each	10,740	10,740
335 (2023 - 335) Ordinary 'B' shares of £1.00 each	335	335
1,748 (2023 - 1,748) Ordinary 'C' shares of £1.00 each	1,748	1,748
1,748 (2023 - 1,748) Ordinary 'D' shares of £1.00 each	1,748	1,748
11,504 (2023 - 11,504) Preference 'A' shares shares of £1.00 each	11,504	11,504

	26,075	26,075

"A" Preference shares
The "A" preference shares carry a dividend of £Nil per annum, payable half yearly in arrears on 31st December.
The dividends are cumulative and commenced on 19th June 2004.
The preference shares carry no voting rights at meetings unless the dividends thereon are six months or more in arrears or the business of the meeting includes a resolution for the winding up of the company or reducing its share capital or any resolution modifying or abrogating any of the special rights attached to the preference shares. In the event each shareholder will be entitled to one vote on a show of hands or one vote per share on a poll.
On the winding up of the company the preference shareholders have a right to receive, in preference to ordinary shares, £36.43 per share plus any accrued dividends.

19.	Pension commitments

The firm operates a defined contribution 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 amounts payable by the company to the fund and amounted to £84,385 (2023 : £71,319).

Page 27

FOURAYES FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Not later than 1 year	360,135	360,135
		360,135	360,135

					2024	2023
					£	£

Not later than 1 year	360,135	360,135
Later than 1 year and not later than 5 years	1,710,891	2,703,483
	2,071,026	3,063,618

21.	Related party transactions
	The directors' have an interest in dividends paid during the year of £Nil (2023: £Nil).

22.	Controlling party

Puratos NV controls the company by virtue of its majority holding of the company's equity shares.

Page 28