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REGISTERED NUMBER: 00387706 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS

| FOR THE YEAR ENDED 31 MARCH 2025

| FOR

| J F D HARGREAVES LIMITED

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

J F D HARGREAVES LIMITED

COMPANY INFORMATION

for the Year Ended 31 March 2025

| DIRECTORS: | Mr J Hargreaves

| Mr B Hargreaves

| REGISTERED OFFICE: | Thornton Hall Farm

| Station Road

| Thornton Curtis

| Ulceby

| DN39 6XF

| REGISTERED NUMBER: | 00387706 (England and Wales)

| ACCOUNTANTS: | Sowerby

| Chartered Accountants

| Beckside Court

| Annie Reed Road

| Beverley

| East Yorkshire

| HU17 0LF

| SOLICITORS: | BG Solicitors LLP

| Lauriston House

| Town Hall Square

| Grimsby

| DN31 1JB

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

BALANCE SHEET

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 12,503,261 |  | 11,122,136 |  |

CURRENT ASSETS

Stocks | 2,706,568 |  | 2,688,877 |  |

Debtors | 5 | 1,303,737 |  | 1,037,328 |  |

Investments | 6 | 101 |  | 14,170 |  |

4,010,406 |  | 3,740,375 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,900,261 |  | 2,526,062 |  |

NET CURRENT ASSETS | 1,110,145 |  | 1,214,313 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,613,406 |  | 12,336,449 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (4,092,551 | ) | (3,352,685 | ) |

PROVISIONS FOR LIABILITIES | (1,297,047 | ) | (1,230,661 | ) |

NET ASSETS | 8,223,808 |  | 7,753,103 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Retained earnings | 8,222,808 |  | 7,752,103 |  |

SHAREHOLDERS' FUNDS | 8,223,808 |  | 7,753,103 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

BALANCE SHEET - continued

31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

Mr J Hargreaves - Director

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| JFD Hargreaves Limited is a private company limited by shares, incorporated and domiciled in England, and has its registered office and principal place of business at Station Road, Thornton Curtis, Ulceby, England, DN39 6XF.

| The principal activity of the company is farming.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

| The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

| Turnover

| Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

| Turnover from the sale of goods is recognised at the point of sale.

| Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

| All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Land and buildings | - | 10% on cost and 2% on cost excluding land

| Plant and machinery etc | - | 15% on cost, 12.5% on cost and 10% on cost

| Tangible fixed assets are held under the historical cost model.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

| 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 the profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

| Taxation

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Government assistance

| Government subsidies are released to the profit and loss account in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 10 (2024 - 9 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 6,620,211 |  | 8,238,733 |  | 14,858,944 |  |

| Additions | 1,280,621 |  | 933,100 |  | 2,213,721 |  |

| Disposals | - |  | (436,750 | ) | (436,750 | ) |

| At 31 March 2025 | 7,900,832 |  | 8,735,083 |  | 16,635,915 |  |

| DEPRECIATION

| At 1 April 2024 | 361,359 |  | 3,375,449 |  | 3,736,808 |  |

| Charge for year | 22,589 |  | 743,398 |  | 765,987 |  |

| Eliminated on disposal | - |  | (370,141 | ) | (370,141 | ) |

| At 31 March 2025 | 383,948 |  | 3,748,706 |  | 4,132,654 |  |

| NET BOOK VALUE

| At 31 March 2025 | 7,516,884 |  | 4,986,377 |  | 12,503,261 |  |

| At 31 March 2024 | 6,258,852 |  | 4,863,284 |  | 11,122,136 |  |

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 April 2024 | 1,941,977 |  |

| Additions | 788,000 |  |

| At 31 March 2025 | 2,729,977 |  |

| DEPRECIATION

| At 1 April 2024 | 240,524 |  |

| Charge for year | 303,657 |  |

| At 31 March 2025 | 544,181 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,185,796 |  |

| At 31 March 2024 | 1,701,453 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,152,922 |  | 914,612 |  |

| Other debtors | 150,815 |  | 122,716 |  |

1,303,737 |  | 1,037,328 |  |

6. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Unlisted investments | 101 |  | 14,170 |  |

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 1,159,934 |  | 1,376,420 |  |

| Hire purchase contracts | 397,218 |  | 329,903 |  |

| Trade creditors | 1,053,378 |  | 655,042 |  |

| Taxation and social security | 196,981 |  | 16,388 |  |

| Other creditors | 92,750 |  | 148,309 |  |

2,900,261 |  | 2,526,062 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 3,653,291 |  | 2,936,383 |  |

| Hire purchase contracts | 434,260 |  | 411,302 |  |

| Other creditors | 5,000 |  | 5,000 |  |

4,092,551 |  | 3,352,685 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Preference shares | 5,000 |  | 5,000 |  |

| Repayable by instalments

| Bank loans | 2,170,405 |  | 1,709,628 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 750,101 |  | 1,050,496 |  |

| Bank loans | 4,063,124 |  | 3,262,307 |  |

| Hire purchase contracts | 831,478 |  | 741,205 |  |

5,644,703 |  | 5,054,008 |  |

| Bank borrowings are secured by mortgages over the companys freehold land and buildings.

| Hire purchase contracts are secured over the assets to which they relate.

J F D HARGREAVES LIMITED (REGISTERED NUMBER: 00387706)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

10. | OTHER FINANCIAL COMMITMENTS

| At 31 March 2025, the company had annual commitments under non-cancellable operating leases over the remaining life of those leases of £197,840 (2024 £197,840).

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| At the balance sheet date, the company owed its director J Hargreaves £12,021 (2024 - £35,216).

| The loan is free from interest and repayable on demand.

12. | RELATED PARTY DISCLOSURES

| Mr B Hargreaves

| Mr B Hargreaves holds a participating interest in the company.

| A loan account subsisted between Mr B Hargreaves and the company throughout the year.

| The balance owing by Mr B Hargreaves to the company at the balance sheet date was £25,000 (2024 £25,000).

| The loan account carries no right to interest and is repayable on demand.