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

Barons Place Holdings Limited (BPHL) is the parent of the group of companies. In 2024 the group comprised Hugh Lowe Farms Limited (HLFL) and Zen Management Limited. The principal activity of the company is acting as a holding company and landlord for its subsidiaries, which are primarily involved in soft fruit production, harvesting and packing. The family-owned business benefits from strategic direction from the board of skilled and experienced directors, and from a clear succession plan for the ownership of the business and its assets.

HLFL faced challenges in the 2024 season so the results were not as good as the 2023 year but were still within expectations. Further details are given in the HLFL strategic report. HLFL performance in 2025 to date is looking slightly improved thanks to a resilient operating model.

BPHL invests to secure the means of production for its subsidiaries, whether that is land, water, skills, labour availability or access to new varieties, and continues to ensure the best route to market for its products.

Throughout 2024 the business continued to promote innovation, and sustainable and ethical practices on its holdings.

The Directors are required by the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole. The Directors are required by section 172 of the Act to have regard for the following:

• The likely consequences of any decision in the long term

• The interests of the company’s employees

• The need to foster the company’s business relationships with suppliers, customers and others

• The impact of the company's operations on the community and the environment

• The desirability of the company maintaining a reputation for high standards of business conduct, and

• The need to act fairly as between members of the company

The Directors recognise that the company’s employees are fundamental to the business and the Board’s ability to deliver its strategic ambitions. We strive to ensure Hugh Lowe Farms is a responsible employer and provides a safe and high quality workplace environment. Appropriate remuneration and incentive schemes including bonuses help ensure employees' objectives are aligned with those of the Board.

In order to deliver on our strategy and achieve our aims, the relationships we build and maintain with suppliers,customers, growers, regulatory bodies and our banks must be strong and mutually beneficial. We are in regular contact with these groups to ensure excellent relationships are maintained.

On behalf of the board

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

The principal activity of the group is soft fruit production, harvesting and packing.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £22,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

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

The group'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 group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group'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 group 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 group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

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

The group 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 group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Details are provided within the Section 172 statement in the Strategic Report.

Details are provided within the Section 172 statement in the Strategic Report.

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

The directors will continue to invest in and develop the growing of high quality soft fruit. The group'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 methodology uses the GHG Protocol Corporate Standard; reporting follows the mandatory requirements of HM Government Environmental Reporting Guidance Including Streamlined Energy and Carbon Reporting guidance, March 2019. All emissions are calculated using DEFRA / DESNZ conversion factors for the corresponding years.

A retrospective adjustment has been made to the gas combustion data (kWh) in the Energy and Carbon Report to correct a data processing error in the original input.

The GHG intensity of operations for 2024 was 42.3tCO2e / £M revenue (total revenue for 2024 was £22.2 million).

Hugh Lowe Farms Ltd annually undertake a comprehensive Scope 1, 2, 3, and biogenic carbon assessment of GHG emissions and removals following the GHG Protocol and associated guidance documents. We have committed to taking robust climate action publicly and set a Science-based Target (see below).

We have implemented a 5-pillar approach to tackle GHG emissions consisting of measures to: improve fuel use efficiency, switch to renewables, increase carbon sequestration, improve productivity, and reduce waste.

Science-based Target

Hugh Lowe Farms Ltd have set an SBTi Near-term Target following the guidance for SME’s. The base year is 2020 and the SME target is a 4.2% reduction in Scope 1 and 2 emissions per year.

Calculations follow the GHG Protocol Corporate Standard, DEFRA / DESNZ conversion factors, and calculate nitrous oxide emissions using the IPCC Tier 2 approach.

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 International Financial Reporting Standards (IFRSs)as endorsed by the European Union. 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 the group and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each director in office at the date of approval of this annual report confirms 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 he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

We have audited the financial statements of Barons Place Holdings Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

• the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

• the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

• the financial statements 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 group and parent 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 group's and parent 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 group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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 parent 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 parent 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.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedure included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the group and the parent 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 group and the parent company are complying with those legal and regulatory frameworks by making enquiries of management of the group. 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 group.

• We assessed the susceptibility of the group’s and the parent company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the group 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 judgement made by management in its significant accounting

estimates;

o Identifying and testing journals 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 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.

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

The group consists of Barons Place Holdings Limited and all of its subsidiaries.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

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

The preparation of the financial statements in compliance with IFRSs require the use of certain critical accounting estimates and assumptions. The areas where significant estimates and judgements have been made in preparing the financial statements and their effect are disclosed in note 2.

These policies have been consistently applied to all the periods presented unless otherwise stated.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

The consolidated group financial statements consist of the financial statements of the parent company Barons Place Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Revenue comprises revenue recognised by the group in respect of goods and services supplied, exclusive of VAT and trade discounts. Revenue is recognised when goods are dispatched or on the legal completion of the sale of a property or unconditional exchange of contracts, whichever is sooner. The consideration is gross of selling costs. Deposits are recognised as sales where they are unconditional and non-refundable.

Property, plant and equipment 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 income statement.

Individual freehold and leasehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.

Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the profit and loss account.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent 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 group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

Inventories are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads incurred in bringing the inventories to their present location and condition. Biological assets are stated at fair value less costs to sell unless it is the directors’ opinion that fair value cannot be reliably measured. In such scenarios biological assets are stated at cost of production less accumulated depreciation.

Financial assets are recognised in the group's statement of financial position when the group 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 group recognises financial debt when the group 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 parent 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 payable 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 income statement 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 group’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 income statement, 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 group 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 non-current 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 group 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.

Assets obtained under hire purchase contracts and finance leases are capitalised as non-current assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in payables net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Right of use assets are recognised at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities. The total right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received.

The recognised right of use assets are depreciated on a straight line basis over the shorter of the estimated useful life and the lease term. Right of use assets are subject to impairment.

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 judgements relating to the appropriate proportions of the relevant expenses to include when calculating the cost incurred to the crops at the balance sheet date.

An analysis of the group's revenue is disclosed in the financial statements of its subsidiary Hugh Lowe Farms Limited.

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

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

Their aggregate remuneration comprised:

During the year, retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The charge for the year can be reconciled to the loss per the income statement as follows:

The net book value of plant and machinery held under hire purchase contracts is £606,090 (2023 - £477,974).

The revaluation surplus is disclosed in note 26 of the group financial statements.

Included in land and buildings is freehold land and property at valuation of £6,100,000 and at cost of £496,000, which is not depreciated.

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:

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

Trade receivables are non-interest bearing and generally on credit terms of less than 3 months. They are stated net of an impairment provision of £Nil (2023 - £Nil).

The two bank loans are repayable over 10 years from June 2020, one loan is interest only and one is loan interest and capital.

There is a cross guarantee and debenture in place between the group companies. All loans are secured by a charge over land and buildings owned by the group.

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

The group has adopted IFRS 16 using a single discount rate for leases with similar characteristics. The group 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 group and movements thereon during the current and prior reporting period.

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

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

The revaluation reserve is the surplus arising on the revaluation of group properties.

The capital redemption reserve is the total amounts following the redemption or purchase of a company's own shares out of distributable profits.

The group’s principal financial instruments comprise cash and cash equivalents, bank overdrafts and loans, and trade payables and receivables. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The groups approach to managing other risks applicable to the financial instruments concerned is shown below:

Liquidity risk

Liquidity risk arises from the group’s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due.

Liquidity risk is managed by maintaining a balance between the continuity of funding offered by term debt and the flexibility offered by the use of overdrafts where necessary.

Interest rate risk

The group exposure to the risk of changes in market interest rates relates primarily to its short and long term borrowings, which are on variable rate facilities. The group manages the risk by regularly reviewing its lending facilities and comparing them with the market to ensure best value is obtained.

Credit risk

The risk of financial loss from delayed payment or non-payment of trade receivables is managed by assessing the credit risk of new customers before making a credit sale. Credit control is used to assess the risk of non-payment and where the risk of non-payment is considered to be high, sales to such customers are only made with the approval of management or payment in advance may be required.

All transactions between the company and its subsidiaries are eliminated upon consolidation, and therefore do not need to be disclosed separately.

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

During the year Hugh Lowe Farms Ltd 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 Hugh Lowe Farms Ltd 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 Hugh Lowe Farms Ltd charged Skylark Farming Ltd £6,574 for goods and services provided. Hugh Lowe Farms Ltd 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.

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

During the year Hugh Lowe Farms Ltd 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 Hugh Lowe Farms Ltd. At 31 December 2024 Hugh Lowe Farms Ltd owed £627,041 (2023: £649,532) to T P Farms Ltd.

The company is controlled by the Regan family by virtue of their majority shareholding.

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £194,349 (2023 - £543,117 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Barons Place Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barons Place, Mereworth, Maidstone, 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 International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 company applies accounting policies consistent with those applied by the group. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.

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.

The company is required to test whether assets in use in operations have suffered any impairment. The recoverable amounts of cash generating units have been determined based on the higher of fair value less costs to sell and value in use. The calculation of value in use requires the estimation of future cash flows expected to arise from the continuing operation of the cash generating unit and the selection of a suitable discount rate in order to calculate the present value. Given the degree of subjectivity involved, actual outcomes could vary significantly from these estimates.

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

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 principal operating subsidiaries are included in note 16 of the group financial statements.

The bank loans are repayable over 10 years from June 2020, one loan is interest only and other loan interest and capital.

There is a cross guarantee and debenture in place between the group companies.

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

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