Company No: 07179715 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	105,364		116,890
Investment property	4	5,150,000		3,825,236
Investments	5	25		199,991
		5,255,389		4,142,117
Current assets
Debtors	6	6,316		15,965
Cash at bank and in hand		1,859,750		855,733
		1,866,066		871,698
Creditors: amounts falling due within one year	7	( 88,939)		( 106,346)
Net current assets		1,777,127		765,352
Total assets less current liabilities		7,032,516		4,907,469
Provision for liabilities		( 347,598)		1,057
Net assets		6,684,918		4,908,526
Capital and reserves
Called-up share capital	8	100		100
Fair value reserve		1,284,133		0
Profit and loss account		5,400,685		4,908,426
Total shareholders' funds		6,684,918		4,908,526

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cornish Potatoes Limited (registered number: 07179715) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

E J Rowe Director

M D Rowe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cornish Potatoes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Lower Penhallow Farm, Ruan High Lanes, Truro, Cornwall, TR2 5LS.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of renewable energy generation.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery

20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2024	230,521		230,521
At 31 March 2025	230,521		230,521
Accumulated depreciation
At 01 April 2024	113,631		113,631
Charge for the financial year	11,526		11,526
At 31 March 2025	125,157		125,157
Net book value
At 31 March 2025	105,364		105,364
At 31 March 2024	116,890		116,890

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	3,825,236
Fair value movement	1,631,730
Disposals	(306,966)
As at 31 March 2025	5,150,000

Valuation

The valuations of investment properties were made by Kivells, Chartered Surveyors, on 25 September 2024, on an open market basis. No depreciation is provided in respect of these properties.

5. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	199,966		25		199,991
Disposals	( 199,966)		0		( 199,966)
At 31 March 2025	0		25		25
Carrying value at 31 March 2025	0		25		25
Carrying value at 31 March 2024	199,966		25		199,991

6. Debtors

	2025		2024
	£		£
Other debtors	6,316		15,965

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	976		0
Taxation and social security	81,746		61,647
Other creditors	6,217		44,699
	88,939		106,346

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
80 Ordinary A shares of £ 1.00 each	80		80
20 Ordinary B shares of £ 1.00 each	20		20
	100		100