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REGISTERED NUMBER: 08412391 (England and Wales)

| Norman Bros (The Leen) Ltd |

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Chartered Accountants' Report | 2 |

Balance Sheet | 3 |

Notes to the Financial Statements | 5 |

Norman Bros (The Leen) Ltd

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | RL Norman

| CG Norman

| P Norman

| SL Norman

| REGISTERED OFFICE: | The Leen

| Pembridge

| Leominster

| Herefordshire

| HR6 9HN

| REGISTERED NUMBER: | 08412391 (England and Wales)

| ACCOUNTANTS: | The Hutchinson Partnership Limited

| trading as The Hutchinson Partnership

| Chartered Accountants

| The Bull Pen

| Grove Farm

| Portway, Burghill

| Hereford

| HR4 8NF

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Norman Bros (The Leen) Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norman Bros (The Leen) Ltd for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Norman Bros (The Leen) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Norman Bros (The Leen) Ltd and state those matters that we have agreed to state to the Board of Directors of Norman Bros (The Leen) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norman Bros (The Leen) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Norman Bros (The Leen) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norman Bros (The Leen) Ltd. You consider that Norman Bros (The Leen) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Norman Bros (The Leen) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

3 November 2025

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,155,651 |  | 990,542 |  |

Investments | 5 | 68,274 |  | 54,177 |  |

1,223,925 |  | 1,044,719 |  |

CURRENT ASSETS

Stocks | 193,070 |  | 205,077 |  |

Debtors | 6 | 398,014 |  | 370,050 |  |

Cash at bank | - |  | 234,411 |  |

591,084 |  | 809,538 |  |

CREDITORS

Amounts falling due within one year | 7 | 539,007 |  | 487,837 |  |

NET CURRENT ASSETS | 52,077 |  | 321,701 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,276,002 |  | 1,366,420 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (599,777 | ) | (705,875 | ) |

PROVISIONS FOR LIABILITIES | 10 | (26,737 | ) | (46,502 | ) |

NET ASSETS | 649,488 |  | 614,043 |  |

CAPITAL AND RESERVES

Allotted, issued and fully

paid share capital | 1,000 |  | 1,000 |  |

Retained earnings | 648,488 |  | 613,043 |  |

SHAREHOLDERS' FUNDS | 649,488 |  | 614,043 |  |

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.

Norman Bros (The Leen) Ltd (Registered number: 08412391)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

RL Norman - Director

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Norman Bros (The Leen) Ltd 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.

| The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on a going concern basis.

| Turnover

| Turnover represents milk sales and livestock sales, stated net of discounts, rebates, value added tax and other sales taxes.

| The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered.

| The following criteria must therefore be met before revenue is recognised:

| Milk sales are recognised when the milk is collected from the farm.

| Livestock sales are recognised when the animals are sold at market or delivered to the abattoir.

| Tangible fixed assets

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

| Freehold property | - | not provided

| Long leasehold | - | 10% on cost

| Plant and machinery | - | 25% on reducing balance, 15% on reducing balance and 10% on cost

| Tractors and vehicles | - | 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

| Herd | - | 16.67% on cost less residual value

| Stocks

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

| The company has the following biological assets which are valued as disclosed :-

| Dairy and beef herds - included in fixed assets and valued at depreciated cost.

| Youngstock - included in stock and valued at their estimated cost with reference to current market values.

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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 balance sheet date.

| Deferred tax

| 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.

| Hire purchase and leasing commitments

| 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 the Statement of Income and Retained Earnings in the period to which they relate.

3. | EMPLOYEES

| The average number of employees during the year was 13 (2024 - 13 ) .

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Long |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 April 2024 | 298,557 |  | 51,455 |  | 242,196 |  |

| Additions | 283,744 |  | - |  | 27,293 |  |

| Disposals | - |  | - |  | - |  |

| At 31 March 2025 | 582,301 |  | 51,455 |  | 269,489 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 30,373 |  | 109,205 |  |

| Charge for year | - |  | 5,146 |  | 22,707 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 March 2025 | - |  | 35,519 |  | 131,912 |  |

| NET BOOK VALUE

| At 31 March 2025 | 582,301 |  | 15,936 |  | 137,577 |  |

| At 31 March 2024 | 298,557 |  | 21,082 |  | 132,991 |  |

| Tractors |

| and |

| vehicles |  | Herd |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 167,300 |  | 523,595 |  | 1,283,103 |  |

| Additions | 5,423 |  | 131,600 |  | 448,060 |  |

| Disposals | (96,000 | ) | (173,178 | ) | (269,178 | ) |

| At 31 March 2025 | 76,723 |  | 482,017 |  | 1,461,985 |  |

| DEPRECIATION

| At 1 April 2024 | 51,012 |  | 101,971 |  | 292,561 |  |

| Charge for year | 7,643 |  | 43,869 |  | 79,365 |  |

| Eliminated on disposal | (18,240 | ) | (47,352 | ) | (65,592 | ) |

| At 31 March 2025 | 40,415 |  | 98,488 |  | 306,334 |  |

| NET BOOK VALUE

| At 31 March 2025 | 36,308 |  | 383,529 |  | 1,155,651 |  |

| At 31 March 2024 | 116,288 |  | 421,624 |  | 990,542 |  |

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2024 | 54,177 |  |

| Additions | 14,097 |  |

| At 31 March 2025 | 68,274 |  |

| NET BOOK VALUE

| At 31 March 2025 | 68,274 |  |

| At 31 March 2024 | 54,177 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 124,281 |  | 27,931 |  |

| Prepayments and accrued income | 28,641 |  | 106,416 |  |

| Amounts owed by associates | 221,328 |  | 219,017 |  |

| VAT | 23,764 |  | 16,686 |  |

398,014 |  | 370,050 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 99,103 |  | 84,252 |  |

| Trade creditors | 69,465 |  | 120,392 |  |

| Amounts owed to associates | - |  | 2,039 |  |

| Corporation tax payable | 60,315 |  | 22,561 |  |

| Social security and other taxes | 5,277 |  | 4,318 |  |

| Deposits held | 1,500 |  | 1,500 |  |

| Directors' current accounts | 286,605 |  | 217,265 |  |

| Accruals and deferred income | 16,742 |  | 35,510 |  |

539,007 |  | 487,837 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 96,720 |  | 84,252 |  |

| Bank loans - 2-5 years | 137,876 |  | 230,357 |  |

| Bank loans due after 5 years

| repayable by instalments | 352,003 |  | 375,892 |  |

| Accruals and deferred income | 13,178 |  | 15,374 |  |

599,777 |  | 705,875 |  |

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans due after 5 years

| repayable by instalments | 352,003 |  | 375,892 |  |

352,003 |  | 375,892 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 683,319 |  | 774,753 |  |

| The bank loan is secured against a fixed and floating charge over the company's assets.

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 43,471 |  | 62,320 |  |

| Herd basis | (16,734 | ) | (15,818 | ) |

26,737 |  | 46,502 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 46,502 |  |

| Charged in the year | (19,765 | ) |

| Balance at 31 March 2025 | 26,737 |  |

Norman Bros (The Leen) Ltd (Registered number: 08412391)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | RELATED PARTY DISCLOSURES

| During the year the company has made the following purchases from a partnership in which the directors are partners and another company under common control -

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Rent, hire and recharges |  | 192,089 |  | 166,465 |  |

| Feed |  | 364,380 |  | 216,552 |  |

| The company also made the following sales to the related parties -

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Muck sales |  | 22,847 |  | 30,285 |  |

| Other sales |  | 3,000 |  | 6,000 |  |

| Fixed assets |  | 54,000 |  | NIL |  |

| The company had made a loan to a company that has two common directors. At the year end the balance was £219,017 (2024: £219,017) and it received £5,475 (2024: £5,475) of interest, at the authorised rate. This loan is repayable on demand.

| At the year end, the company was owed money from the partnership in which the directors are partners of £2,311 (2024: owed money to the partnership of £2,039). No interest was charged on this loan in the year. This loan is repayable on demand.

| Included in creditors is £286,605 (2024: £217,265) owed to the directors. During the year the company paid interest of £9,000 (2024: £3,000) in respect of these loans. These loans are repayable on demand.