Company No: 00578981 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	918,937		871,880
		918,937		871,880
Current assets
Stocks		478,408		776,727
Debtors	4	886,169		989,359
Cash at bank and in hand		46		51
		1,364,623		1,766,137
Creditors: amounts falling due within one year	5	( 423,219)		( 833,653)
Net current assets		941,404		932,484
Total assets less current liabilities		1,860,341		1,804,364
Creditors: amounts falling due after more than one year	6	( 115,892)		( 123,846)
Provision for liabilities	7	( 224,394)		( 207,836)
Net assets		1,520,055		1,472,682
Capital and reserves
Called-up share capital	8	185,357		185,357
Share premium account		168,699		168,699
Profit and loss account		1,165,999		1,118,626
Total shareholders' funds		1,520,055		1,472,682

For the financial year ending 31 December 2024 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 Stackpole Farms Limited (registered number: 00578981) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

The Right Honourable Earl of Cawdor 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

Stackpole Farms 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 Johnston Carmichael LLP, Birchin Court, 20 Birchin Lane, London, EC3V 9DU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 receivable for goods and services net of VAT. Turnover is recognised on delivery of goods and completion of services. Turnover comprises income received from the following sources:

Cereal sales are recognised at the point of supply.
Subsidy income is recognised on an accruals basis.
Contracting income is recognised on an accruals basis as work is performed.
Letting income is recognised on an accruals basis.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Land and buildings	10 % reducing balance
Plant and machinery etc.	15 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Growing crops and inputs are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Harvested crops under forward contract arrangements are held at fair value.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	210,796		1,920,495		2,131,291
Additions	0		196,870		196,870
Disposals	0		( 58,490)		( 58,490)
At 31 December 2024	210,796		2,058,875		2,269,671
Accumulated depreciation
At 01 January 2024	118,119		1,141,292		1,259,411
Charge for the financial year	9,268		127,845		137,113
Disposals	0		( 45,790)		( 45,790)
At 31 December 2024	127,387		1,223,347		1,350,734
Net book value
At 31 December 2024	83,409		835,528		918,937
At 31 December 2023	92,677		779,203		871,880

4. Debtors

	2024		2023
	£		£
Trade debtors	604,878		457,939
Other debtors	281,291		531,420
	886,169		989,359

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank overdrafts	106,903		527,827
Trade creditors	52,862		14,568
Amounts owed to related parties	79,735		84,250
Taxation and social security	16,759		36,987
Obligations under finance leases and hire purchase contracts	146,245		109,613
Other creditors	20,715		60,408
	423,219		833,653

Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.

The Company's bank overdraft is unsecured.

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts	115,892		123,846

Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.

7. Provision for liabilities

	2024		2023
	£		£
Deferred tax	224,394		207,836

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
185,357 Ordinary shares of £ 1.00 each	185,357		185,357

9. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amounts due from related parties	202,171		459,750
Amounts due (to) entities over which the entity has control, joint control or significant influence	(79,735)		(84,250)

The above loans are unsecured and have no fixed terms of repayment.