The directors present the strategic report for the year ended 31 December 2024.

The principal activity of the company continued to be that of soft fruit production, harvesting and packing.

As we reflect on our performance over the past year, we reaffirm our commitment to supplying quality berries to premium customers. The sector faced business and growing challenges during the 2024 season. Climate change continues to generate volatile and unpredictable weather events for farmers. A single, sharp heatwave in early July created a spike in production in August which proved hard to sell. Generally, the season was cooler than average and bookended by a wet spring, autumn and winter, all of which reduced production and impacted costs.

In response to these conditions, we have a resilience strategy that focuses on producing fruit from a diverse range of varieties and plant types across different locations. This approach not only mitigates risk but also enhances our ability to deliver quality berries consistently to meet customer demand.

Sustainability is a focus for our 130 year old business. We conserve biodiversity through a ‘Nature First’ approach to a significant proportion of our land while also employing nature-friendly practices such as using biocontrol in our soft fruit crops. Our net zero target continues to be monitored under the Science-based Targets Initiative (SBTI) methodology. Although we experienced a slight increase in greenhouse gas (GHG) emissions in 2024, we are encouraged by our overall downward trajectory, aligning with our sustainability objectives. Further details can be found elsewhere in the financial statements of Barons Place Holdings Limited and on our website.

We continue to value our seasonal staff skilled in both harvest and husbandry work and invested further in on farm accommodation to continue to meet expected FPC standards. The welfare of our staff is vital and we continue to support initiatives like Stronger Together to combat labour exploitation and ensure that our staff work in a safe and supportive environment.

A further above inflation increase in 2024 in the National Living Wage added to cost of production pressures in 2024, and was exacerbated by the changes to National Insurance thresholds and rates announced in autumn of 2024. Our response is to continue to embrace innovation to enhance productivity and quality, and to contain rising labour costs. Despite some economic headwinds, also encountered by our retail and hospitality customers, the board remains confident that the improvements seen in the year will carry forward, leading to continued progress in the coming year.

We appreciate the ongoing support of our stakeholders and remain dedicated to our mission of providing high-quality berries while fostering sustainability and community well-being.

On behalf of the board

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

The profit for the year, after taxation, amounted to £472,690 (2023 - £2,491,215).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below:

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts where necessary, at floating rates of interest. The company makes use of money market facilities where funds are available.

In respect of loans these comprise loans from financial institutions and directors. The interest rate on the loans from financial institutions is fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as the above loans.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company continues to make significant investment in research and development, specifically in relation to the profitable production of soft fruit.

The company gives full consideration to applications for employment from disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

The company operates a framework for employee information and consultation, in which employees are encouraged to present their suggestions and views on the company's performance.

There have been no significant events affecting the company since the year end.

The directors will continue to invest in and develop the growing of high quality soft fruit. The company's mission is ''To produce top quality berries whilst farming efficiently, responsibly and sustainably''.

The auditors, Chavereys Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

The directors are responsible for preparing the annual 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 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Hugh Lowe Farms Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 profit 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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.

As explained more fully in the directors' responsibilities statement, 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.

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:

• We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: Companies Act 2006 and UK corporate taxation laws.

• We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries of management of the company. We corroborated our enquiries through our review of board minutes and papers provided to the audit team and consideration of the results of our audit procedures for the company.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgment made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and for unusual or large amounts.

o Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://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 member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 11 to 25 form part of these financial statements.

The notes on pages 11 to 25 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 11 to 25 form part of these financial statements.

Hugh Lowe Farms Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Barons Place, Mereworth, Kent, England, ME18 5NF. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

• the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

• the requirements of paragraph 33(c) of IFRS5N on Current Assets Held For Sale Discontinued Operations

• the requirements of IFRS 7 Financial Instruments: Disclosures

• the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

• the requirements of the second sentence of paragraph 110 and paragraphs 113(a),114,115,118,119(a)to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

• the requirements of paragraph 52, the second sentence of paragraph 89,and paragraphs 90,91 and 93 of IFRS16 Leases. The requirements of paragraph 58 of IFRS16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total

• the requirement in paragraph 38 of IAS01 'Presentation of Financial Statements' to present comparative information in respect of:

  • paragraph 79(a)(iv) of IAS 1.

  • paragraph 73(e) of IAS 16 Property, Plant and Equipment.

  • paragraph 118(e) of IAS 38 Intangible Assets.

  • paragraphs 76 and 79(d) of IAS 40 Investment Property; and

  • paragraph 50 of IAS 41 Agriculture

• the requirements of paragraphs 10(d),10(f),16,38A,38B,38C,38D,40A,40B,40C,40D,111and134-

• 136of IAS 1 Presentation of Financial Statements

• the requirements of IAS 7 Statement of Cash Flows

• the requirements of paragraphs 30 and 31 of IAS8 Accounting Policies, Changes in Accounting Estimates and Errors

• the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

• the requirements in IAS24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

• the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

Turnover is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated.

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 recognised in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Biological assets

Biological assets are living plants controlled by the company from which it expects to drive future economic benefit. These are measured at the lower of cost and estimated selling price, less costs to sell.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors.

Growing crop valuations rely on judgments relating to the appropriate proportions of relevant expenses to include when calculating the cost incurred to the crops at the balance sheet date.

An analysis of the company's turnover is as follows:

All turnover arose within the United Kingdom.

The exceptional item relates to the withdrawal of investment in Australia, following a strategic decision to focus on the home markets.

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 1).

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

The net book value of plant and machinery held under hire purchase contracts is £606,090 (2023: £477,974). Depreciation of £45,001 (2023: £63,913) was charged on these assets.

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Details of the company's subsidiaries at 31 December 2024 are as follows:

During the 2020 year all bank loans were repaid by the company as part of the group restructure. Bank loans are now held with the parent company, Barons Place Holdings Limited, and there is a cross guarantee and debenture in place between the group companies.

All group loans are secured by a charge over land and buildings owned by the company.

Included in the amounts below are the total lease liabilities for hire purchase and right of use assets.

In regard to right of use assets, the company has adopted IFRS16 using a single discount rate for leases with similar characteristics. The company is using the methodology to set the right of use asset equal to the lease liability.

The borrowing rate used to calculate the lease liability was 2%.

The present value of minimum lease payments is analysed as follows:

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.

The reserve records the nominal value of shares repurchased by the company.

M F and J P Regan are directors of Burlington Berries PTY Ltd, a company registered in Australia.

During the year the company charged Burlington Berries Pty Ltd £12,134 (2023: £112,274) for goods and services provided.

At 31 December 2024 Hugh Lowe Farms Ltd was owed £922,986 (2023: £726,337).

M F Regan, J P Regan, A J Mclean and T E Pearson are directors of The Blaise Plant Company Ltd, a company registered in England and Wales.

During the year the company charged The Blaise Plant Company Ltd £2,049,104 (2023: £1,670,574) for goods and services provided, and made purchases of £2,000,624 (2023: £1,849,838). At 31 December 2024 Hugh Lowe Farms Ltd was owed £384,869 (2023: 762,112) by The Blaise Plant Company Ltd.

M F Regan, J P Regan, A J Mclean are directors of Skylark Farming Ltd, a company registered in England and Wales.

During the year the company charged Skylark Farming Ltd £6,574 for goods and services provided. The company also loaned £636,140 (2023: £6,374,444) to Skylark Farming Ltd. At 31 December 2024 Hugh Lowe Farms Ltd was owed £7,016,185 (2023: £6,374,444) by Skylark Farming Ltd.

M F Regan, J P Regan, A J Mclean are directors of Laurence J Betts Ltd, a company registered in England and Wales.

During the year the company charged Laurence J Betts Ltd £533,896 for goods and services provided and made purchases of £185,903. The company also loaned £666,689 to Laurence J Betts Ltd. At 31 December 2024 Hugh Lowe Farms Ltd was owed £602,361 by Laurence J Betts Ltd.

T E Pearson is a director of T P Farms Ltd, a company registered in England and Wales.

During the year the company charged T P Farms Ltd £2,257,994 (2023: £2,140,003) for goods and services provided. T P Farms Ltd made sales of £2,148,297 (2023: £2,078,358) to the company. At 31 December 2024 Hugh Lowe Farms Ltd owed £627,041 (2023: £649,532) to T P Farms Ltd.

Hugh Lowe Farms Ltd is a wholly owned subsidiary company and has taken advantage of the exemptions in IAS 24 from disclosing transactions with other group companies.

The company's parent company is Barons Place Holdings Limited, a company registered in England and Wales. Registered office: Barons Place, Mereworth, Maidstone, Kent, ME18 5NF. Group accounts are prepared by Barons Place Holdings Limited. The company is ultimately controlled by the Regan family.