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

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

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

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

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

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.

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.

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

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

(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

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

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

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

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

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.

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.

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.

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