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REGISTERED NUMBER: 00554808 (England and Wales)

| SLY BROS. (POTATOES) LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 5 APRIL 2025 |

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |  | to |  | 3

Notes to the Financial Statements | 4 |  | to |  | 8

SLY BROS. (POTATOES) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 5 APRIL 2025

| DIRECTORS: | Mr C D Sly

| Mrs M M Sly

| REGISTERED OFFICE: | Hospital Farm

| Main Road

| Deeping St Nicholas

| Spalding

| Lincolnshire

| PE11 3DH

| REGISTERED NUMBER: | 00554808 (England and Wales)

| ACCOUNTANTS: | Duncan & Toplis Limited

| Enterprise Way

| Pinchbeck

| Spalding

| Lincolnshire

| PE11 3YR

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

STATEMENT OF FINANCIAL POSITION

5 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 9,368,760 |  | 6,667,073 |  |

Investments | 6 | 2,971 |  | 2,971 |  |

Investment property | 7 | 1,368,095 |  | 1,368,095 |  |

10,739,826 |  | 8,038,139 |  |

CURRENT ASSETS

Valuation | 1,301,725 |  | 1,100,449 |  |

Debtors | 8 | 285,168 |  | 660,195 |  |

Cash at bank and in hand | 12,075 |  | 288,704 |  |

1,598,968 |  | 2,049,348 |  |

CREDITORS

Amounts falling due within one year | 9 | 650,672 |  | 737,194 |  |

NET CURRENT ASSETS | 948,296 |  | 1,312,154 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,688,122 |  | 9,350,293 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (2,617,578 | ) | (131,600 | ) |

PROVISIONS FOR LIABILITIES | (591,346 | ) | (578,372 | ) |

NET ASSETS | 8,479,198 |  | 8,640,321 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 3,600 |  | 3,600 |  |

Other reserve | 13 | 456,188 |  | 456,188 |  |

Retained earnings | 8,019,410 |  | 8,180,533 |  |

8,479,198 |  | 8,640,321 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

STATEMENT OF FINANCIAL POSITION - continued

5 APRIL 2025

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8 October 2025 and were signed on its behalf by:

Mr C D Sly - Director

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1. | STATUTORY INFORMATION

| Sly Bros. (Potatoes) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover represents net invoiced sales of produce and work done, excluding value added tax.

| Sales of produce are recognised upon despatch. Revenue from work done is recognised on the day of completion of the work.

| The Basic Farm Payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance.

| Intangible assets

| Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019 when the scheme ends.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Land and buildings | - | 10% on reducing balance, 4% on cost and Nil

| Plant and machinery etc | - | 25% on reducing balance, 20% on reducing balance, 10% on reducing balance and Straight line over 25 years

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment properties have been valued by the directors at the balance sheet date.

| Stocks

| Stocks have been valued on a consistent basis by professional valuers in accordance with HS232 Farm Stock Valuation.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 12 (2024 - 11 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 6 April 2024 | 142,135 |  |

| Disposals | (142,135 | ) |

| At 5 April 2025 | - |  |

| AMORTISATION

| At 6 April 2024 | 142,135 |  |

| Eliminated on disposal | (142,135 | ) |

| At 5 April 2025 | - |  |

| NET BOOK VALUE

| At 5 April 2025 | - |  |

| At 5 April 2024 | - |  |

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 6 April 2024 | 5,724,533 |  | 3,285,708 |  | 9,010,241 |  |

| Additions | 2,631,829 |  | 557,502 |  | 3,189,331 |  |

| Disposals | (6,713 | ) | (268,815 | ) | (275,528 | ) |

| At 5 April 2025 | 8,349,649 |  | 3,574,395 |  | 11,924,044 |  |

| DEPRECIATION

| At 6 April 2024 | 571,188 |  | 1,771,980 |  | 2,343,168 |  |

| Charge for year | 23,140 |  | 394,198 |  | 417,338 |  |

| Eliminated on disposal | - |  | (205,222 | ) | (205,222 | ) |

| At 5 April 2025 | 594,328 |  | 1,960,956 |  | 2,555,284 |  |

| NET BOOK VALUE

| At 5 April 2025 | 7,755,321 |  | 1,613,439 |  | 9,368,760 |  |

| At 5 April 2024 | 5,153,345 |  | 1,513,728 |  | 6,667,073 |  |

| Included in cost of land and buildings is freehold land of £ 7,431,171 (2024 - £ 4,806,055 ) which is not depreciated.

6. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 6 April 2024

| and 5 April 2025 | 2,971 |  |

| NET BOOK VALUE

| At 5 April 2025 | 2,971 |  |

| At 5 April 2024 | 2,971 |  |

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 6 April 2024

| and 5 April 2025 | 1,368,095 |  |

| NET BOOK VALUE

| At 5 April 2025 | 1,368,095 |  |

| At 5 April 2024 | 1,368,095 |  |

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

7. | INVESTMENT PROPERTY - continued

| Fair value at 5 April 2025 is represented by:

£ |

| Valuation in 2024 | 576,294 |  |

| Cost | 791,801 |  |

1,368,095 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 791,801 |  | 791,801 |  |

| The investment property was valued on a market price basis on by the directors .

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 179,240 |  | 576,320 |  |

| Other debtors | 105,928 |  | 83,875 |  |

285,168 |  | 660,195 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 59,624 |  | - |  |

| Hire purchase contracts | 65,800 |  | 65,800 |  |

| Trade creditors | 253,332 |  | 223,452 |  |

| Taxation and social security | 10,131 |  | 35,884 |  |

| Other creditors | 261,785 |  | 412,058 |  |

650,672 |  | 737,194 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 2,551,778 |  | - |  |

| Hire purchase contracts | 65,800 |  | 131,600 |  |

2,617,578 |  | 131,600 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans | 1,838,496 |  | - |  |

SLY BROS. (POTATOES) LIMITED (REGISTERED NUMBER: 00554808)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

11. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 2,611,402 |  | - |  |

| Hire purchase contracts | 131,600 |  | 197,400 |  |

2,743,002 |  | 197,400 |  |

| Debenture: Fixed and floating charges over the undertaking and all property and assets present and future.

| Legal charge: Approx. 540 acres of land at Hospital Farm, Littleworth Drove.

| Hire purchase is secured against the assets to which the debt relates.

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |

| Number: |  | Class: |  |  | Nominal |  |  | 2020 |  |  | 2019 |

|  | Value |  |  | £ |  |  | £ |

| 1,105 |  | A Ordinary |  |  | £1 |  |  | 1,105 |  |  | 1,105 |

| 1,495 |  | B Ordinary |  |  | £1 |  |  | 1,495 |  |  | 1,495 |

| 325 |  | C Ordinary |  |  | £1 |  |  | 325 |  |  | 325 |

| 325 |  | D Ordinary |  |  | £1 |  |  | 325 |  |  | 325 |

| 350 |  | E Ordinary |  |  | £1 |  |  | 350 |  |  | 350 |

|  | 3,600 |  |  | 3,600 |

13. | RESERVES

| Other

| reserve

£ |

| At 6 April 2024

| and 5 April 2025 | 456,188 |  |