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REGISTERED NUMBER: 00228813 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

BIRDSALL ESTATES COMPANY LIMITED

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Statement of Financial Position | 9 |

Statement of Changes in Equity | 10 |

Statement of Cash Flows | 11 |

Notes to the Statement of Cash Flows | 12 |

Notes to the Financial Statements | 14 |

BIRDSALL ESTATES COMPANY LIMITED

COMPANY INFORMATION

for the year ended 31 March 2025

| DIRECTORS: | The Lord Middleton

| B T J Stevens

| The Hon J W M Willoughby

| G C N Lane Fox

| H M C Coghill

| SECRETARY: | The Lord Middleton

| REGISTERED OFFICE: | The Estate Office

| Birdsall

| Malton

| North Yorkshire

| YO17 9NU

| REGISTERED NUMBER: | 00228813 (England and Wales)

| SOLICITORS: | Wrigleys Solicitors LLP

| 3rd Floor

| 3 Wellington Place

| Leeds

| LS1 4AP

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STRATEGIC REPORT

for the year ended 31 March 2025

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

REVIEW OF BUSINESS

The company continued to operate its rural activities in agriculture and forestry, the letting of estate properties and hosting events during the year as well as investigating opportunities to redevelop redundant building stock, improve the housing stock and explore diversification, energy generation and planning gain opportunities.

In the period covered by these financial statements, the company made a loss before tax of £455k (2024 - £4.745m profit). The results for the year are subject to several significant items that are largely independent of underlying core trading performance. Removing the effects of fair value adjustments and profit/loss on disposals on investment property and listed investments, as well as dividends receivable from listed and unlisted investments leaves a revised loss before tax of £476k (2024 - £1.45m loss) i.e. a £971k improvement on prior year. A primary contributor to this year-to-year reduction in loss is the effect of increased profit on disposal of fixed assets this year, as well as a revision to depreciation policies. The combined effect of these items is a reduction to loss on prior year of £508k.

Revenue decreased slightly on the prior year, down by 3.6% to £7.047m (2024 - £7.312m). The primary reason for the decrease in trading performance this year has been in relation to cultivations, where trending low grain prices have restricted revenue growth. However, settling of variable costs such as fertiliser have eased the pressure somewhat on gross margins by reducing the cost per tonne of grain sold compared to prior year. Increases in beef prices have seen an improvement in the performance of the livestock department and the natural fluctuation of repairs costs on properties has allowed that department to also make a larger gross profit compared to prior year. Overall company gross profits have increased by £750k on prior year and largely explains the improvement in pre-tax results compared to prior year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company makes use of bank facilities and hire purchase finance to enable it to meet its obligations as they fall due. The directors keep this under constant monthly review.

The company is cognisant of credit risk and closely monitors its systems to ensure that they manage the exposure. The company is not exposed to any particularly large concentration of credit risk.

DEVELOPMENTS FOR THE FUTURE

The loss of the Basic Payment Scheme should have been mitigated with environmental payments available, but the SFI scheme was withdrawn at no notice shortly prior to our application to participate and uncertainty about its future prevails.

Trading conditions are difficult with weather affecting yields and low prices due to ample worldwide supply of grains. Income sources are hence restricted with continued inflationary input costs and the possibility of a national recession and reduction in customer spending power.

We look at opportunities to diversify income.

ON BEHALF OF THE BOARD:

The Lord Middleton - Director

28 October 2025

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

REPORT OF THE DIRECTORS

for the year ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of both arable and livestock farming and general estate management which includes country house tours, woodland and game management and hosting of wedding receptions.

DIVIDENDS

An interim dividend of £0.15 per share was paid on 13 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 11,400 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

The Lord Middleton

B T J Stevens

The Hon J W M Willoughby

G C N Lane Fox

H M C Coghill

DISCLOSURE IN THE STRATEGIC REPORT

The fair review of the company's business including future developments and risk exposure is included in the Strategic Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

The Lord Middleton - Director

28 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BIRDSALL ESTATES COMPANY LIMITED

Opinion

We have audited the financial statements of Birdsall Estates Company Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 March 2025 and of its loss 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BIRDSALL ESTATES COMPANY LIMITED

Responsibilities of directors

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 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.

Auditors' 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 a Report of the Auditors 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 in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, taxation legislation, employment, environmental and health and safety legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance and inquired as to any known or suspected instances of non-compliance with laws and regulations.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- perform analytical procedures to identify any unusual or unexpected relationships;

- test journal entries to identify unusual transactions;

- assess whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigate the rationale behind significant or unusual transactions.

To address the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- inquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors as necessary.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement on the financial statements or non-compliance with regulation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BIRDSALL ESTATES COMPANY LIMITED

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 a Report of the Auditors 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. 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.

Steven Aitken BSc ACA CTA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Watson Limited

Statutory Auditors

Chartered Accountants

Units 7-8 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

28 October 2025

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

INCOME STATEMENT

for the year ended 31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

REVENUE | 3 | 7,046,621 |  | 7,312,400 |  |

Cost of sales | 3,791,893 |  | 4,808,041 |  |

GROSS PROFIT | 3,254,728 |  | 2,504,359 |  |

Distribution costs | 1,439,183 |  | 1,940,778 |  |

Administrative expenses | 2,212,333 |  | 2,023,452 |  |

|  | 3,651,516 |  |  |  | 3,964,230 |  |

(396,788 | ) | (1,459,871 | ) |

Other operating income | 4 | 53,679 |  | 6,241,511 |  |

OPERATING (LOSS)/PROFIT | 6 | (343,109 | ) | 4,781,640 |  |

Income from fixed asset investments | 34,426 |  | 33,753 |  |

Interest receivable and similar income | 7,361 |  | 4,309 |  |

|  | 41,787 |  |  |  | 38,062 |  |

(301,322 | ) | 4,819,702 |  |

Interest payable and similar expenses | 7 | 153,227 |  | 74,486 |  |

(LOSS)/PROFIT BEFORE TAXATION | (454,549 | ) | 4,745,216 |  |

Tax on (loss)/profit | 8 | (116,159 | ) | 1,200,329 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (338,390 | ) | 3,544,887 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

OTHER COMPREHENSIVE INCOME

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (338,390 | ) | 3,544,887 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation gains in period | 2,706,343 |  | - |  |

Income tax relating to other comprehensive income | (554,454 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 2,151,889 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,813,499 |  | 3,544,887 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF FINANCIAL POSITION

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Property, plant and equipment | 11 | 19,359,166 |  | 18,498,737 |  |

Investments | 12 | 949,924 |  | 963,036 |  |

Investment property | 13 | 41,371,565 |  | 38,822,315 |  |

61,680,655 |  | 58,284,088 |  |

CURRENT ASSETS

Inventories | 14 | 4,376,591 |  | 3,924,459 |  |

Debtors | 15 | 663,943 |  | 838,577 |  |

Cash at bank and in hand | 937,969 |  | 247,658 |  |

5,978,503 |  | 5,010,694 |  |

CREDITORS

Amounts falling due within one year | 16 | 1,767,676 |  | 1,782,570 |  |

NET CURRENT ASSETS | 4,210,827 |  | 3,228,124 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 65,891,482 |  | 61,512,212 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (4,733,458 | ) | (2,594,582 | ) |

PROVISIONS FOR LIABILITIES | 21 | (10,539,964 | ) | (10,101,669 | ) |

NET ASSETS | 50,618,060 |  | 48,815,961 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 76,000 |  | 76,000 |  |

Revaluation reserve | 23 | 9,559,366 |  | 7,248,246 |  |

Retained earnings | 23 | 40,982,694 |  | 41,491,715 |  |

SHAREHOLDERS' FUNDS | 50,618,060 |  | 48,815,961 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by:

The Lord Middleton - Director

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 76,000 |  | 41,878,874 |  | 3,327,600 |  | 45,282,474 |  |

Changes in equity

Profit for the year | - |  | 3,544,887 |  | - |  | 3,544,887 |  |

Other comprehensive income | - |  | (3,920,646 | ) | 3,920,646 |  | - |  |

Total comprehensive income | - |  | (375,759 | ) | 3,920,646 |  | 3,544,887 |  |

Dividends | - |  | (11,400 | ) | - |  | (11,400 | ) |

Balance at 31 March 2024 | 76,000 |  | 41,491,715 |  | 7,248,246 |  | 48,815,961 |  |

Changes in equity

Deficit for the year | - |  | (338,390 | ) | - |  | (338,390 | ) |

Other comprehensive income | - |  | (159,231 | ) | 2,311,120 |  | 2,151,889 |  |

Total comprehensive income | - |  | (497,621 | ) | 2,311,120 |  | 1,813,499 |  |

Dividends | - |  | (11,400 | ) | - |  | (11,400 | ) |

Balance at 31 March 2025 | 76,000 |  | 40,982,694 |  | 9,559,366 |  | 50,618,060 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

STATEMENT OF CASH FLOWS

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (404,971 | ) | 297,137 |  |

Interest paid | (151,393 | ) | (74,486 | ) |

Interest element of hire purchase payments paid | (1,834 | ) | - |  |

Net cash from operating activities | (558,198 | ) | 222,651 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (452,551 | ) | (954,263 | ) |

Purchase of fixed asset investments | - |  | (21,472 | ) |

Sale of tangible fixed assets | 125,916 |  | 5,495 |  |

Sale of fixed asset investments | - |  | 1,017 |  |

Interest received | 7,361 |  | 4,309 |  |

Dividends received | 34,426 |  | 33,628 |  |

Net cash from investing activities | (284,848 | ) | (931,286 | ) |

Cash flows from financing activities

New loans in year | 2,000,000 |  | - |  |

Capital repayments in year | (343,381 | ) | (259,403 | ) |

Equity dividends paid | (11,400 | ) | (11,400 | ) |

Net cash from financing activities | 1,645,219 |  | (270,803 | ) |

Increase/(decrease) in cash and cash equivalents | 802,173 |  | (979,438 | ) |

Cash and cash equivalents at beginning of year | 2 | 135,796 |  | 1,115,234 |  |

Cash and cash equivalents at end of year | 2 | 937,969 |  | 135,796 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE STATEMENT OF CASH FLOWS

for the year ended 31 March 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (454,549 | ) | 4,745,216 |  |

| Depreciation charges | 1,031,543 |  | 1,341,436 |  |

| Profit on disposal of fixed assets | (266,503 | ) | (68,571 | ) |

| Loss/(gain) on revaluation of fixed assets | 13,112 |  | (6,158,210 | ) |

| Finance costs | 153,227 |  | 74,486 |  |

| Finance income | (41,787 | ) | (38,062 | ) |

435,043 |  | (103,705 | ) |

| (Increase)/decrease in inventories | (452,132 | ) | 106,838 |  |

| Decrease in trade and other debtors | 172,069 |  | 9,447 |  |

| (Decrease)/increase in trade and other creditors | (559,951 | ) | 284,557 |  |

| Cash generated from operations | (404,971 | ) | 297,137 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 937,969 |  | 247,658 |  |

| Bank overdrafts | - |  | (111,862 | ) |

937,969 |  | 135,796 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 247,658 |  | 1,115,234 |  |

| Bank overdrafts | (111,862 | ) | - |  |

135,796 |  | 1,115,234 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE STATEMENT OF CASH FLOWS

for the year ended 31 March 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.4.24 | Cash flow | changes | At 31.3.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 247,658 |  | 690,311 |  | 937,969 |  |

| Bank overdrafts | (111,862 | ) | 111,862 |  | - |  |

135,796 |  | 802,173 |  | 937,969 |  |

| Debt

| Finance leases | (270,207 | ) | 343,381 |  | (623,000 | ) | (549,826 | ) |

| Debts falling due

| after 1 year | (2,512,500 | ) | (2,000,000 | ) | - |  | (4,512,500 | ) |

(2,782,707 | ) | (1,656,619 | ) | (623,000 | ) | (5,062,326 | ) |

| Total | (2,646,911 | ) | (854,446 | ) | (623,000 | ) | (4,124,357 | ) |

4. | MAJOR NON-CASH TRANSACTIONS

| During the year, the company entered into finance lease arrangements in respect of fixed assets with a total capital value at the inception of the leases of £623,000.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

| Birdsall Estates Company 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.

| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Preparation of consolidated financial statements

| The financial statements contain information about The Birdsall Estates Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements as it only has one dormant immaterial subsidiary.

| Significant judgements and estimates

| In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

| Critical judgements in applying the company's policies

| Management have estimated the fair value of investment properties by reference to the latest available independent valuation report prepared by RICS qualified valuers. Management consider this report to be indicative of fair values of investment properties as at the date of these financial statements. Where vacant possession of property has been obtained between the date of the independent valuation and the date of these financial statements, the fair value has been reviewed with reference to relevant information and fair value adjustments have been reported as appropriate.

| Critical accounting estimates and assumptions

| Useful economic lives and residual values of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The assumptions used regarding useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates, based on market conditions and the physical condition of the assets.

| The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Turnover

| Turnover represents amounts receivable for farming operations, rental income, game operations, wedding venue services and associated accommodation. Revenue from farming operations represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sales of goods are recognised when the company has delivered product to the customer, the customer has accepted the product, and collection of the related receivable is reasonably assured. Rental income is recognised on a monthly basis in accordance with the rental agreements in place. Income arising from game operations, hosting of weddings and provision of associated accommodation is recognised at the point at which the events take place and accommodation is provided.

| Intangible assets

| Intangible assets, being Entitlements to Basic Payment Scheme, are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Freehold land is stated at cost and is not depreciated.Where tangible fixed assets are reclassified to investment property, a revaluation adjustment is recognised at the date of reclassification to restate the relevant assets at the directors' estimate of fair value at the point of reclassification. Any revaluation gain is recognised in the revaluation reserve and the fair value is then transferred immediately to investment properties. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

| Freehold land |  |  | Not provided |  |

| Freehold property |  |  | Over 50 years |  |

| Plant & machinery and Motor vehicles |  |  | 25% reducing balance |  |

| Chattels |  |  | Not provided |  |

| Where the above categories include assets in the course of construction at the date of these financial statements, depreciation is not provided in respect of these assets. Further detail is provided in the Property, Plant and Equipment note.

| The chattels are of an antique nature and as such the directors anticipate that, for the foreseeable future, their estimated residual value will not be less than the book value shown in these accounts.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less impairment.

| Investment property

| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

| Investment property is stated at its fair value at each reporting date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise.

| Stocks

| Stocks are valued at the lower of cost and net realisable value. Stock of biological assets, being cultivation & produce in hand and livestock, are held under the cost model as permitted under s34 of FRS 102. Cost consists of costs of production together with directly associated overheads.

| Neither cultivations nor livestock are depreciated. This is because cultivations are typically sold within one year of harvest and so the directors consider any depreciation to be insignificant to report. Livestock is not depreciated as the vast majority of livestock are born from existing livestock held by the company, meaning any depreciable original acquisition cost of livestock is minimal.

| Financial instruments

| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

| Listed investments are recognised at fair value. Gains and losses arising from changes in the fair value of listed investments are included in profit or loss for the period in which they arise.

| Unlisted investments are initially stated at cost. Provision is made against any permanent diminution in the value of unlisted investments.

| Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

| Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

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 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 statement of financial position date.

| 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.

| Hire purchase and leasing commitments

| Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a reducing balance basis. Operating lease rentals are charged against profits of the period to which they relate.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company and is separately disclosed in the notes to the financial statements. Any outstanding contributions at the balance sheet date are disclosed in debtors or creditors.

| Going concern

| The company has positive net current assets and as of the date of approval of these financial statements, the directors consider the company to have adequate banking facilities. As such, considering the financial resources and commitments of the company, the directors conclude that the company has sufficient resources available to meet all reasonable liabilities of the company as they fall due for a period of 12 months from the date of approval of these financial statements. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

3. | REVENUE

| The revenue and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Agricultural goods | 4,946,801 |  | 5,392,424 |  |

| Rents receivable | 1,546,715 |  | 1,465,690 |  |

| Game | 260,718 |  | 245,780 |  |

| Other income | 292,387 |  | 208,506 |  |

7,046,621 |  | 7,312,400 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

4. | OTHER OPERATING INCOME

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Gain/(Loss) on revaluation of investments |  | (13,112 | ) |  | 27,814 |  |

| Gain/(Loss) on revaluation of investment properties |  | - |  |  | 6,130,396 |  |

| Sundry income |  | 66,791 |  |  | 83,301 |  |

|  | 53,679 |  |  | 6,241,511 |  |

5. | EMPLOYEES AND DIRECTORS

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Wages and salaries |  | 1,512,347 |  |  | 1,463,801 |  |

| Social security |  | 182,861 |  |  | 162,078 |  |

| Other pension costs |  | 51,429 |  |  | 46,886 |  |

|  | 1,746,637 |  |  | 1,672,765 |  |

| The average monthly number of employees during the year was as follows:

|  | 2025 |  |  | 2024 |  |

| Production, sales and estate management |  | 39 |  |  | 42 |  |

| Administration |  | 10 |  |  | 11 |  |

|  | 49 |  |  | 53 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 283,091 |  | 279,632 |  |

| Directors' pension contributions to money purchase schemes | 5,483 |  | 5,277 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 147,778 |  | 147,126 |  |

| Total directors' remuneration above includes non-cash benefits.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 742,277 |  | 1,124,504 |  |

| Depreciation - assets on hire purchase contracts | 289,266 |  | 216,930 |  |

| Profit on disposal of fixed assets | (266,503 | ) | (68,571 | ) |

| Auditors' remuneration | 23,800 |  | 20,800 |  |

| Other non- audit services | 3,109 |  | 840 |  |

| Fair value (gains)/losses on revaluation of listed investments and investment property | 13,112 |  | (6,130,396 | ) |

| Rents receivable from operating leases | (1,538,715 | ) | (1,465,690 | ) |

| (Profit)/Loss on disposal of fixed asset investments | - |  | (125 | ) |

| Operating lease expense | 1,560 |  | 1,560 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest paid | 151,393 |  | 74,486 |  |

| Hire purchase interest | 1,834 |  | - |  |

153,227 |  | 74,486 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax | (116,159 | ) | 1,200,329 |  |

| Tax on (loss)/profit | (116,159 | ) | 1,200,329 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before tax | (454,549 | ) | 4,745,216 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (113,637 | ) | 1,186,304 |  |

| Effects of:

| Depreciation on non qualifying assets | 10,410 |  | 8,673 |  |

| Permanent timing differences | (12,932 | ) | 5,352 |  |

| Total tax (credit)/charge | (116,159 | ) | 1,200,329 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

8. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation gains in period | 2,706,343 |  | (554,454 | ) | 2,151,889 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 11,400 |  | 11,400 |  |

10. | INTANGIBLE FIXED ASSETS

| Entitlements

| to Basic

| Payment

| Scheme

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 703,954 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 703,954 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

11. | PROPERTY, PLANT AND EQUIPMENT

| Freehold |  | Plant and |

| property |  | machinery |  | Chattels |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 12,456,685 |  | 7,716,539 |  | 3,755,505 |  | 23,928,729 |  |

| Additions | 17,930 |  | 1,354,797 |  | 575,000 |  | 1,947,727 |  |

| Disposals | - |  | (976,975 | ) | - |  | (976,975 | ) |

| Revaluations | 2,681,556 |  | - |  | - |  | 2,681,556 |  |

| Reclassification/transfer | (2,549,250 | ) | - |  | - |  | (2,549,250 | ) |

| At 31 March 2025 | 12,606,921 |  | 8,094,361 |  | 4,330,505 |  | 25,031,787 |  |

| DEPRECIATION

| At 1 April 2024 | 841,441 |  | 4,588,551 |  | - |  | 5,429,992 |  |

| Charge for year | 41,196 |  | 990,347 |  | - |  | 1,031,543 |  |

| Eliminated on disposal | - |  | (764,127 | ) | - |  | (764,127 | ) |

| Revaluation adjustments | (24,787 | ) | - |  | - |  | (24,787 | ) |

| At 31 March 2025 | 857,850 |  | 4,814,771 |  | - |  | 5,672,621 |  |

| NET BOOK VALUE

| At 31 March 2025 | 11,749,071 |  | 3,279,590 |  | 4,330,505 |  | 19,359,166 |  |

| At 31 March 2024 | 11,615,244 |  | 3,127,988 |  | 3,755,505 |  | 18,498,737 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

11. | PROPERTY, PLANT AND EQUIPMENT - continued

| Cost or valuation at 31 March 2025 is represented by:

| Freehold |  | Plant and |

| property |  | machinery |  | Chattels |  | Totals

£ | £ | £ | £ |

| Cost | 12,606,921 |  | 8,094,361 |  | 4,330,505 |  | 25,031,787 |  |

| Freehold property is held at historic cost unless it has previously been reclassified from investment property, in which case it is held at deemed cost, taken to be equal to the directors' estimate of fair value at the point of reclassification. Revaluation gains on freehold property reported in the period covered by these financial statements relate to properties reclassified to investment property in the period. At point of reclassification, a revaluation adjustment is recognised to restate affected properties at the directors' estimate of fair value. This value is then immediately reclassified to investment properties.

| The net book value of property, plant and equipment includes £ 1,362,296 (2024 - £ 708,562 ) in respect of assets held under hire purchase contracts.

12. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Listed |  | Unlisted |

| undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 100 |  | 940,380 |  | 137,556 |  | 1,078,036 |  |

| Revaluations | - |  | (13,112 | ) | - |  | (13,112 | ) |

| At 31 March 2025 | 100 |  | 927,268 |  | 137,556 |  | 1,064,924 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | - |  | - |  | 115,000 |  | 115,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100 |  | 927,268 |  | 22,556 |  | 949,924 |  |

| At 31 March 2024 | 100 |  | 940,380 |  | 22,556 |  | 963,036 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Shares in |

| group |  | Listed |  | Unlisted |

| undertakings |  | investments |  | investments |  | Totals

£ | £ | £ | £ |

| Valuation in 2025 | - |  | 927,268 |  | - |  | 927,268 |  |

| Cost | 100 |  | - |  | 137,556 |  | 137,656 |  |

100 |  | 927,268 |  | 137,556 |  | 1,064,924 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

12. | FIXED ASSET INVESTMENTS - continued

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| The Birdsall Beef Company Limited

| Registered office: The Estate Office, Birdsall, Malton, North Yorkshire, YO17 9NU

| Nature of business: Dormant subsidiary

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

| Listed investments are held at fair value by reference to market valuations at the reporting date by the company's brokers.

13. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 38,822,315 |  |

| Reclassification/transfer | 2,549,250 |  |

| At 31 March 2025 | 41,371,565 |  |

| NET BOOK VALUE

| At 31 March 2025 | 41,371,565 |  |

| At 31 March 2024 | 38,822,315 |  |

| The fair value of the company's investment property at the date of these financial statements has been estimated by the directors of the company, by reference to market evidence and a recent third party valuation by RICS-qualified surveyors.

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2025 | 41,371,565 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

14. | INVENTORIES

2025 | 2024 |

£ | £ |

| Stocks | 4,376,591 |  | 3,924,459 |  |

| Stocks are analysed as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Livestock |  | 2,499,885 |  |  | 1,754,999 |  |

| Cultivations |  | 1,760,275 |  |  | 2,068,671 |  |

| Other items |  | 116,430 |  |  | 100,789 |  |

|  | 4,376,590 |  |  | 3,924,459 |  |

| The carrying amount of stock as above includes biological assets, the carrying amounts of which are reconciled as follows:

|  | Livestock |  | Cultivations |  | Total

|  | £ |  | £ |  | £

| Carrying amount at 31 March 2024 |  | 1,555,200 |  | 1,632,611 |  | 3,187,811

| Purchases |  | - |  | 1,401,750 |  | 1,401,750

| Sales |  | (1,050,954 | ) | (1,385,979 | ) | (2,436,933

| Other changes |  | 1,832,574 |  | (221,793 | ) | 1,610,781

| Carrying amount at 31 March 2025 |  | 2,336,820 |  | 1,426,589 |  | 3,763,409

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

2025 | 2024 |

£ | £ |

| Trade debtors | 215,480 |  | 302,571 |  |

| Other debtors | 1,001 |  | 4,652 |  |

| VAT | 19,154 |  | 75,775 |  |

| Prepayments and accrued income | 428,308 |  | 455,579 |  |

663,943 |  | 838,577 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 18) | - |  | 111,862 |  |

| Hire purchase contracts (see note 19) | 339,812 |  | 199,458 |  |

| Trade creditors | 356,238 |  | 539,470 |  |

| Social security and other taxes | 44,586 |  | 45,367 |  |

| Other creditors | 786,476 |  | 663,684 |  |

| Accruals and deferred income | 240,564 |  | 222,729 |  |

1,767,676 |  | 1,782,570 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 4,512,500 |  | 2,512,500 |  |

| Hire purchase contracts (see note 19) | 210,014 |  | 70,749 |  |

| Accruals and deferred income | 10,944 |  | 11,333 |  |

4,733,458 |  | 2,594,582 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 111,862 |  |

| Amounts falling due between two and five years:

| Bank loans | 4,512,500 |  | 2,512,500 |  |

| Bank borrowings include term loans totalling £4,500,000 which bear interest at a mix of fixed and variable rates and are repayable in full in November 2027.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 339,812 |  | 199,458 |  |

| Between one and five years | 210,014 |  | 70,749 |  |

549,826 |  | 270,207 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 1,560 |  | 1,560 |  |

| Between one and five years | 1,560 |  | 3,120 |  |

3,120 |  | 4,680 |  |

| Minimum lease revenue falls due as follows:

| Non-cancellable operating lease revenue arising from letting of property

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Within one year |  | 1,071,471 |  | 988,980 |  |

| Between one and five years |  | 757,046 |  | 935,971 |  |

| In more than five years |  | 132,000 |  | 187,000 |  |

|  | 1,960,517 |  | 2,111,951 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

20. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdraft | - |  | 111,862 |  |

| Bank loans | 4,512,500 |  | 2,512,500 |  |

| Hire purchase contracts | 549,825 |  | 270,207 |  |

5,062,325 |  | 2,894,569 |  |

| Bank loans are secured by a legal charge over certain freehold property as well as fixed floating charges over all assets of the company. Hire purchase contracts are secured against the assets to which they relate.

21. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 10,539,964 |  | 10,101,669 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 10,101,669 |  |

| Credit to Income Statement during year | (116,159 | ) |

| Other comprehensive income | 554,454 |  |

| Balance at 31 March 2025 | 10,539,964 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 76,000 | Ordinary | £1 | 76,000 |  | 76,000 |  |

| Shares carry equal voting rights and each share also ranks equally with regard to dividend payments or any other distribution including a distribution arising from the winding up of the company.

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

23. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 41,491,715 |  | 7,248,246 |  | 48,739,961 |  |

| Deficit for the year | (338,390 | ) | (338,390 | ) |

| Dividends | (11,400 | ) | (11,400 | ) |

| Revaluation in period | - |  | 2,706,343 |  | 2,706,343 |  |

| Transfer between reserves | (159,231 | ) | 159,231 |  | - |  |

| Deferred tax movement | - |  | (554,454 | ) | (554,454 | ) |

| At 31 March 2025 | 40,982,694 |  | 9,559,366 |  | 50,542,060 |  |

| Retained earnings records retained earnings and accumulated losses.

| The revaluation reserve records non-distributable reserves relating to properties reclassified between property, plant and equipment and investment property, being the difference between fair value at point of reclassification and original cost, less any relevant deferred tax provision at the point of reclassification. Transfers between reserves in the year relate to the historic fair value gains, net of deferred tax provision, of properties reclassified from investment properties to property, plant and equipment.

24. | PENSION COMMITMENTS

| The pension cost charge reported in Note 5 represents contributions payable by the company to the scheme. The balance outstanding at the year end was £8,575 (2024 - £8,162).

25. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | 21,000 |  |

26. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity |

| During the year a charitable donation of £10,000 (2024 - £10,000) was made to a trust which holds 22,350 ordinary £1 shares in the company.

| Entities over which the entity has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Purchases | 575,000 |  | - |  |

| Amount due to related party | 746,358 |  | 280,798 |  |

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Sales | 36,168 |  | 27,293 |  |

| Purchases | 16,480 |  | 600 |  |

| Amount due to related party | 2,714 |  | 337,486 |  |

BIRDSALL ESTATES COMPANY LIMITED (REGISTERED NUMBER: 00228813)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

26. | RELATED PARTY DISCLOSURES - continued

| The directors who all have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Their total remuneration, excluding dividends, is shown in note 5 to the financial statements.

| Balances outstanding at the date of these financial statements relate to the directors, their close family members and a woodlands estate operated by a director.

| During the year remuneration of close family members of key management personnel was £82,216 (2024 - £75,659).

| Other related parties

2025 | 2024 |

£ | £ |

| Sales | 44,694 |  | 45,750 |  |

| Purchases | 85,927 |  | 85,540 |  |

| Rents receivable | 25,617 |  | 22,762 |  |

| Amount due from related party | 835 |  | 9,105 |  |

| Amount due to related party | - |  | 4,477 |  |

| The above transactions were with a partnership, in which one of the directors is a partner.

27. | FINANCIAL ASSETS AND LIABILITIES

| The company has the following financial assets measured at fair value through profit & loss:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Fixed asset investments - listed investments |  | 927,268 |  |  | 940,380 |  |

| Investment property |  | 41,371,565 |  |  | 38,822,315 |  |

|  | 42,298,833 |  |  | 39,762,695 |  |

| The company has no financial liabilities measured at fair value through profit and loss.