Company registration number 00247405 (England and Wales)
LAURENCE J BETTS LIMITED
Annual Report And Financial Statements
For The Year Ended 31 January 2025
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Company Information
Directors
J P Regan
M F Regan
A J Mclean
N J Ottewell
Secretary
A J Mclean
Company number
00247405
Registered office
Barons Place
Mereworth
Kent
England
ME18 5NF
Auditor
Chavereys Audit Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Strategic Report
For The Year Ended 31 January 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Principal activities

The principal activities of growing and marketing fresh, leafy salads did not see any significant changes and the directors are not aware of any likely changes in the group’s principal activities in the forthcoming year.

Review of the business

L J Betts continues to supply lettuce and babyleaf salads to our valued customers in the wholesale markets, locally, and in the pre-prepared foodservice and retailer supply chains. In accordance with our growth plans, turnover increased during the year, and the results were within our expectations given the prolonged wet weather at the start and end of the season which presented some challenges with maintaining quality and volume on some lines.

The core business activity of growing and marketing fresh leafy salads remains unchanged, and the directors do not foresee any alterations to the company’s principal activities in the upcoming year. Indeed, the board is committed to continuing the legacy of over 100 years of producing high-quality local produce, farmed in a sustainable and ethically responsible manner. Our own brand, L J Betts, is highly regarded and recognisable, with unique selling points of quality, provenance, and availability.

Principal risks and uncertainties

Climate change continues to create more volatile and unpredictable weather patterns that affect volumes, quality, and costs. The economic climate is equally volatile. Inflation, particularly of labour costs, remains a significant concern. However, with skilled management and strong technical focus, crop production and marketing in 2024 were efficient, productive, and competitive.

To manage commercial risks and to optimise sales, the company maintains strong, close relationships with customers, prioritizing direct communication between customer and grower. Agronomic risks are addressed through investments in expertise, maintaining a robust machinery fleet, and spreading production across a variety of farms and sites throughout the long growing season.

L J Betts embraces innovation to enhance productivity and sustainability. Research and development initiatives involve investing time, trial areas, and capital to explore new varieties, cultivation systems, automation, and mechanisation. The company has redoubled efforts to investigate peat free growing media for transplants and to reduce greenhouse gas emissions. These innovations will deliver sustainable practices, crucial for containing rising labour costs, tackling production challenges such as pests and diseases, and meeting stringent customer demands.

Our ability to share and spare the land within our enterprise means that the business is enhancing farm biodiversity through adoption of regenerative techniques in land management supporting good levels of native pollinators and farmland birds on the farms, particularly in non-cropping areas devoted to wildlife.

Recruiting and retaining sufficient seasonal labour remains a challenge in this labour-intensive industry, compounded by significant increases in the minimum wage in recent years. The company participates in the Seasonal Workers Scheme to address this concern, attracting returning workers from EU countries and focusing on local recruitment of UK residents to ensure adequate staffing.

Our board remains confident that the business can thrive and grow in 2025/6 and beyond, benefitting from a top team and resilient business model.

On behalf of the board

M F Regan
Director
23 October 2025
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Directors' Report
For The Year Ended 31 January 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

J P Regan
M F Regan
A J Mclean
N J Ottewell
Auditor

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

Statement of disclosure to auditor

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.

Directors' responsibilities statement

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;

- 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.

Medium-sized companies exemption

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

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Directors' Report (Continued)
For The Year Ended 31 January 2025
- 3 -
On behalf of the board
M F Regan
Director
23 October 2025
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Independent Auditor's Report
To The Members Of Laurence J Betts Limited
- 4 -
Opinion

We have audited the financial statements of Laurence J Betts Limited (the 'company') for the year ended 31 January 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 January 2025 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' r eport 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.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Independent Auditor's Report
To The Members Of Laurence J Betts Limited (Continued)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

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.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Independent Auditor's Report
To The Members Of Laurence J Betts Limited (Continued)
- 6 -

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.

Iain D Morris FCA
Senior Statutory Auditor
For and on behalf of Chavereys Audit Limited
23 October 2025
Chartered Accountants
Statutory Auditor
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Profit And Loss Account
For The Year Ended 31 January 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
12,519,590
10,380,995
Cost of sales
(7,644,976)
(6,553,886)
Gross profit
4,874,614
3,827,109
Administrative expenses
(4,697,615)
(3,409,730)
Other operating income
160,293
219,441
Operating profit
4
337,292
636,820
Interest receivable and similar income
13,573
206,378
Interest payable and similar expenses
(3,834)
(65,869)
Profit before taxation
347,031
777,329
Tax on profit
8
(64,021)
(368,221)
Profit for the financial year
283,010
409,108

The notes on pages 12 to 24 form part of these financial statements.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Statement Of Comprehensive Income
For The Year Ended 31 January 2025
- 8 -
2025
2024
£
£
Profit for the year
283,010
409,108
Other comprehensive income
Adjustments to the fair value of financial assets
-
0
(101,222)
Total comprehensive income for the year
283,010
307,886

The notes on pages 12 to 24 form part of these financial statements.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Balance Sheet
As At 31 January 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,685,933
4,675,210
Investment property
11
750,000
750,000
Investments
12
1,907,020
1,907,020
7,342,953
7,332,230
Current assets
Stocks
14
476,256
616,145
Debtors
15
1,392,374
707,715
Cash at bank and in hand
2,162,862
1,823,185
4,031,492
3,147,045
Creditors: amounts falling due within one year
16
(2,617,024)
(1,951,094)
Net current assets
1,414,468
1,195,951
Total assets less current liabilities
8,757,421
8,528,181
Creditors: amounts falling due after more than one year
17
(352,442)
(400,212)
Provisions for liabilities
Deferred tax liability
19
697,000
703,000
(697,000)
(703,000)
Net assets
7,707,979
7,424,969
Capital and reserves
Called up share capital
21
1,180
1,180
Revaluation reserve
604,000
604,000
Profit and loss reserves
7,102,799
6,819,789
Total equity
7,707,979
7,424,969

The notes on pages 12 to 24 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
M F Regan
Director
Company registration number 00247405 (England and Wales)
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Statement Of Changes In Equity
For The Year Ended 31 January 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
1,180
819,463
8,320,233
9,140,876
Year ended 31 January 2024:
Profit
-
-
409,108
409,108
Other comprehensive income:
Adjustments to fair value of financial assets
-
(101,222)
-
(101,222)
Total comprehensive income
-
(101,222)
409,108
307,886
Dividends
9
-
-
(2,023,793)
(2,023,793)
Transfers
-
(114,241)
114,241
-
Balance at 31 January 2024
1,180
604,000
6,819,789
7,424,969
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
283,010
283,010
Balance at 31 January 2025
1,180
604,000
7,102,799
7,707,979

The notes on pages 12 to 24 form part of these financial statements.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Statement Of Cash Flows
For The Year Ended 31 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
976,182
1,464,563
Income taxes paid
(192,671)
(284,631)
Net cash inflow from operating activities
783,511
1,179,932
Investing activities
Purchase of tangible fixed assets
(556,825)
(253,339)
Proceeds from disposal of tangible fixed assets
74,260
1,806,166
Proceeds from disposal of investment property
-
0
589,000
Repayment of loans
-
0
6,604
Interest received
13,573
206,378
Net cash (used in)/generated from investing activities
(468,992)
2,354,809
Financing activities
Repayment of bank loans
-
0
(3,042,646)
Proceeds from finance leases obligations
28,992
104,444
Interest paid
(3,834)
(65,869)
Dividends paid
-
0
(2,023,793)
Net cash generated from/(used in) financing activities
25,158
(5,027,864)
Net increase/(decrease) in cash and cash equivalents
339,677
(1,493,123)
Cash and cash equivalents at beginning of year
1,823,185
3,316,308
Cash and cash equivalents at end of year
2,162,862
1,823,185

The notes on pages 12 to 24 form part of these financial statements.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements
For The Year Ended 31 January 2025
- 12 -
1
Accounting policies
Company information

Laurence J Betts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barons Place, Mereworth, Kent, England, ME18 5NF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Laurence J Betts Limited is a wholly owned subsidiary of Skylark Farming Limited and the results of Laurence J Betts Limited are included in the consolidated financial statements of Skylark Farming Limited which are available from Barons Place, Mereworth, Maidstone, Kent, ME18 5NF.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Tangible fixed assets

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:

Land and buildings
Not depreciated
Assets under construction
Not depreciated
Equipment and implement
15% reducing balance
Buildings, drainage and fittings
0% - 15% reducing balance
Tractors and motor vehicles
25% reducing balance
Cold stores
4% straight line

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

1.4
Biological assets

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

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Stocks

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

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

Current 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.

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

1.10
Employee benefits

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 stock 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.

1.11
Retirement benefits

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

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

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

Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stocks and biological assets

Note 1.7 details the accounting policies for stocks and biological assets. The judgements involved relate to the appropriate proportion of relevant expenses to include when calculating the cost of production of crops.

3
Turnover and other revenue

In the opinion of the directors, disclosure of turnover information would be seriously prejudicial to the interest of the company.

2025
2024
£
£
Other revenue
Interest income
13,573
206,378
Grants received
81,639
79,285
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
15,192
-
0
Depreciation of owned tangible fixed assets
512,155
458,951
Profit on disposal of tangible fixed assets
(40,313)
(188,891)
Operating lease charges
137,895
157,679
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,250
9,000
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 17 -
6
Employees

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

2025
2024
Number
Number
Directors
4
5
Administration
2
2
Seasonal workers
71
64
Farm staff
15
16
Total
92
87

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,087,037
2,824,958
Social security costs
317,144
285,019
Pension costs
52,981
70,756
3,457,162
3,180,733
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
103,368
271,767
Company pension contributions to defined contribution schemes
9,625
30,203
112,993
301,970

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 3).

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
70,204
192,671
Adjustments in respect of prior periods
(183)
(5,450)
Total current tax
70,021
187,221
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
8
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(6,000)
181,000
Total tax charge
64,021
368,221

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
347,031
777,329
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.05%)
86,758
186,921
Tax effect of expenses that are not deductible in determining taxable profit
406
11,783
Permanent capital allowances in excess of depreciation
(10,513)
500
Amortisation on assets not qualifying for tax allowances
(6,447)
(6,533)
Under/(over) provided in prior years
(183)
(5,450)
Deferred tax adjustments in respect of prior years
(6,000)
181,000
Taxation charge for the year
64,021
368,221
9
Dividends
2025
2024
£
£
Final paid
-
0
2,023,793
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 19 -
10
Tangible fixed assets
Land and buildings
Equipment and implement
Buildings, drainage and fittings
Tractors and motor vehicles
Cold stores
Total
£
£
£
£
£
£
Cost
At 1 February 2024
1,441,662
3,837,777
1,568,477
2,193,184
2,392,484
11,433,584
Additions
-
0
106,299
-
0
450,526
-
556,825
Disposals
-
0
-
0
-
0
(260,091)
-
(260,091)
At 31 January 2025
1,441,662
3,944,076
1,568,477
2,383,619
2,392,484
11,730,318
Depreciation and impairment
At 1 February 2024
-
0
2,739,812
1,422,121
1,734,051
862,390
6,758,374
Depreciation charged in the year
-
0
181,055
22,001
213,400
95,699
512,155
Eliminated in respect of disposals
-
0
-
0
-
0
(226,144)
-
(226,144)
At 31 January 2025
-
0
2,920,867
1,444,122
1,721,307
958,089
7,044,385
Carrying amount
At 31 January 2025
1,441,662
1,023,209
124,355
662,312
1,434,395
4,685,933
At 31 January 2024
1,441,662
1,097,965
146,356
459,133
1,530,094
4,675,210

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Tractors and motor vehicles
290,628
154,584
11
Investment property
2025
£
Fair value
At 1 February 2024 and 31 January 2025
750,000
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
11
Investment property
(Continued)
- 20 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
71,549
71,549
Accumulated depreciation
(71,549)
(71,549)
Carrying amount
-
-
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
1,907,020
1,907,020
13
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Upper Medway Farms Limited
Barons Place, Mereworth, Maidstone, Kent, ME18 5NF
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Upper Medway Farms Limited
560,148
-
0
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 21 -
14
Stocks
2025
2024
£
£
Growing crop
16,212
41,295
Crop in store
65,764
50,255
Consumables
394,280
524,595
476,256
616,145
Biological assets included within stock are as follows:
Biological assets - growing crop
2025
2024
£
£
As at 1 February
41,295
50,101
Net movement on cultivations
(25,083)
(8,806)
As at 31 January
16,212
41,295
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
490,595
466,717
Corporation tax recoverable
183
-
0
Amounts owed by group undertakings
611,654
-
0
Other debtors
174,418
149,874
Prepayments and accrued income
108,024
83,624
1,384,874
700,215
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
7,500
7,500
Total debtors
1,392,374
707,715
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 22 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
118,120
65,971
Trade creditors
650,405
436,105
Amounts owed to group undertakings
238,077
841,059
Corporation tax
70,204
192,671
Other taxation and social security
31,960
36,516
Other creditors
698,374
28,141
Accruals and deferred income
809,884
350,631
2,617,024
1,951,094
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
63,309
86,466
Government grants
289,133
313,746
352,442
400,212
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
118,120
65,971
In two to five years
63,309
86,466
181,429
152,437
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
551,000
557,000
Revaluations
146,000
146,000
697,000
703,000
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
19
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 February 2024
703,000
Credit to profit or loss
(6,000)
Liability at 31 January 2025
697,000
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,981
70,756

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary B shares of £1 each
180
180
180
180
1,180
1,180
1,180
1,180
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
117,166
150,770
Between two and five years
88,795
115,374
In over five years
21,730
54,325
227,691
320,469
Laurence J Betts Limited
LAURENCE J BETTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 January 2025
- 24 -
23
Related party transactions
Transactions with related parties

The company is a wholly owned subsidiary of Skylark Farming Limited and has taken advantage of the exemptions permitted in FRS 102 to not disclose transactions with its parent company.

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

During the year the company charged Hugh Lowe Farms Ltd £186,403 for goods and services provided and made purchases of £535,159. The company also received a loan of £666,740 from Hugh Lowe Farms Ltd. At 31 January 2025, the company owed £709,124 to Hugh Lowe Farms Ltd.

24
Ultimate controlling party

The parent company of Laurence J Betts Limited is LJB Holdco Limited.

The ultimate controlling party of Laurence J Betts Limited is Skylark Farming Limited.

25
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
283,010
409,108
Adjustments for:
Taxation charged
64,021
368,221
Finance costs
3,834
65,869
Investment income
(13,573)
(206,378)
Gain on disposal of tangible fixed assets
(40,313)
(188,891)
Depreciation and impairment of tangible fixed assets
512,155
458,951
Movements in working capital:
Decrease/(increase) in stocks
139,889
(63,332)
Increase in debtors
(684,476)
(32,124)
Increase in creditors
711,635
653,139
Cash generated from operations
976,182
1,464,563
26
Analysis of changes in net funds
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
1,823,185
339,677
2,162,862
Obligations under finance leases
(152,437)
(28,992)
(181,429)
1,670,748
310,685
1,981,433
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