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REGISTERED NUMBER: 00821836 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

P G RIX (FARMS) LIMITED

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| P G RIX (FARMS) LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 28 FEBRUARY 2025

| DIRECTORS: | Mr J G Rix

| Mr W H Rix

| Mrs M M Rix

| Mrs J M Rix

| Mr G P Rix

| Mr S J Rix

| SECRETARY: | Mrs M M Rix

| REGISTERED OFFICE: | Lodge Farm

| Boxted Road

| Great Horkesley

| Colchester

| Essex

| CO6 4AP

| REGISTERED NUMBER: | 00821836 (England and Wales)

| AUDITORS: | MHA Audit Services LLP

| 910 The Crescent

| Colchester

| United Kingdom

| CO4 9YQ

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

STRATEGIC REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

The Directors consider that the business continues to produce robust results in its 61st year. Turnover increased by 7.42% to £16.9m, whilst the gross profit margin was maintained at 69.10% (2024 - 69.29%). Net profit before tax was 10.6% of turnover (2024 -20.61%). Given the challenging market conditions arising from the uncertainties surrounding the global economic outlook and inflationary price rises, the Directors are satisfied with the overall performance of the Company.

The Company continued its programme of significant investment in equipment, with tangible fixed asset additions (excluding contracts undertaken on behalf of related parties) of £3,897,144 in the year. Year end cash funds of £2,461,926 provide a sufficient resource for ongoing trading purposes and to fund anticipated future capital expenditure.

The Balance Sheet of the Company continues to be robust, with retained earnings having increased in the year by 8.51% to £17,661,772.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors consider the company to be well placed to face the risks and uncertainties associated with volatile crop prices, changing customer demands, and possible adverse weather conditions.

ON BEHALF OF THE BOARD:

Mrs M M Rix - Secretary

10 November 2025

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of farming.

There has been no significant change in the company's activities during the financial year.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

RESEARCH AND DEVELOPMENT

During the year the company undertook research and development activities around sustainable methods to enhance onion crop quality and yield, and improving soil health to boost potato crop performance.

FUTURE DEVELOPMENTS

When considering future developments, the long term sustainability of the farm is of primary importance to the Directors. The company intends to continue to operate as an arable farm in a commercially viable manner that balances the needs of all key stakeholders, whilst aiming to maintain and enhance the environment through good agricultural practice and integrated farming techniques.

DIRECTORS

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

Mr J G Rix

Mr W H Rix

Mrs M M Rix

Mrs J M Rix

Mr G P Rix

Mr S J Rix

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from operating activities which are conducted almost entirely in sterling.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 28 FEBRUARY 2025

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs M M Rix - Secretary

10 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

P G RIX (FARMS) LIMITED

Opinion

We have audited the financial statements of P G Rix (Farms) Limited (the 'company') for the year ended 28 February 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 28 February 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

P G RIX (FARMS) LIMITED

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 Statement of Directors' Responsibilities set out on page three, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Reviewing minutes of meetings of those charged with governance; and

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

P G RIX (FARMS) 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.

Ryan Swann BA FCA (Senior Statutory Auditor)

for and on behalf of MHA Audit Services LLP

Colchester

10 November 2025

MHA is the trading name of MHA Audit Services LLP, a limited liability

partnership in England and Wales (registered number OC455542)

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

INCOME STATEMENT

FOR THE YEAR ENDED 28 FEBRUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 16,889,662 |  | 15,722,623 |  |

Cost of sales | 5,218,422 |  | 4,827,715 |  |

GROSS PROFIT | 11,671,240 |  | 10,894,908 |  |

Administrative expenses | 10,026,790 |  | 7,866,769 |  |

1,644,450 |  | 3,028,139 |  |

Other operating income | 409,216 |  | 478,293 |  |

OPERATING PROFIT | 6 | 2,053,666 |  | 3,506,432 |  |

Interest receivable and similar income | 231,081 |  | 196,211 |  |

2,284,747 |  | 3,702,643 |  |

Interest payable and similar expenses | 7 | 494,080 |  | 462,848 |  |

PROFIT BEFORE TAXATION | 1,790,667 |  | 3,239,795 |  |

Tax on profit | 8 | 514,033 |  | 858,238 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,276,634 |  | 2,381,557 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,276,634 |  | 2,381,557 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,276,634 |  | 2,381,557 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

BALANCE SHEET

28 FEBRUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 18,658 |  | 24,434 |  |

Tangible assets | 11 | 17,580,534 |  | 11,522,993 |  |

Investments | 12 | 55,353 |  | 55,353 |  |

17,654,545 |  | 11,602,780 |  |

CURRENT ASSETS

Stocks | 13 | 4,598,693 |  | 4,155,003 |  |

Debtors | 14 | 3,401,030 |  | 4,094,263 |  |

Cash at bank | 2,461,926 |  | 6,408,433 |  |

10,461,649 |  | 14,657,699 |  |

CREDITORS

Amounts falling due within one year | 15 | 8,913,960 |  | 8,738,687 |  |

NET CURRENT ASSETS | 1,547,689 |  | 5,919,012 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,202,234 |  | 17,521,792 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (26,908 | ) | (30,609 | ) |

PROVISIONS FOR LIABILITIES | 18 | (1,505,554 | ) | (1,098,045 | ) |

NET ASSETS | 17,669,772 |  | 16,393,138 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 3,000 |  | 3,000 |  |

Share premium | 20 | 5,000 |  | 5,000 |  |

Retained earnings | 20 | 17,661,772 |  | 16,385,138 |  |

SHAREHOLDERS' FUNDS | 17,669,772 |  | 16,393,138 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2025 and were signed on its behalf by:

Mr J G Rix - Director

Mr W H Rix - Director

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 28 FEBRUARY 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 March 2023 | 3,000 |  | 15,003,581 |  | 5,000 |  | 15,011,581 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | - |  | (1,000,000 | ) |

Total comprehensive income | - |  | 2,381,557 |  | - |  | 2,381,557 |  |

Balance at 29 February 2024 | 3,000 |  | 16,385,138 |  | 5,000 |  | 16,393,138 |  |

Changes in equity

Total comprehensive income | - |  | 1,276,634 |  | - |  | 1,276,634 |  |

Balance at 28 February 2025 | 3,000 |  | 17,661,772 |  | 5,000 |  | 17,669,772 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 28 FEBRUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,778,934 |  | 3,690,386 |  |

Interest paid | (490,989 | ) | (460,890 | ) |

Interest element of hire purchase payments paid | (3,091 | ) | (1,958 | ) |

Tax paid | (552,172 | ) | (191,662 | ) |

Net cash from operating activities | 3,732,682 |  | 3,035,876 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (8,376,791 | ) | (2,601,554 | ) |

Sale of tangible fixed assets | 470,180 |  | 701,501 |  |

Interest received | 231,081 |  | 196,211 |  |

Net cash from investing activities | (7,675,530 | ) | (1,703,842 | ) |

Cash flows from financing activities

Capital repayments in year | (3,659 | ) | 34,268 |  |

Equity dividends paid | - |  | (1,000,000 | ) |

Net cash from financing activities | (3,659 | ) | (965,732 | ) |

(Decrease)/increase in cash and cash equivalents | (3,946,507 | ) | 366,302 |  |

Cash and cash equivalents at beginning of year | 2 | 6,408,433 |  | 6,042,131 |  |

Cash and cash equivalents at end of year | 2 | 2,461,926 |  | 6,408,433 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 28 FEBRUARY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,790,667 |  | 3,239,795 |  |

| Depreciation charges | 2,072,194 |  | 1,866,106 |  |

| Profit on disposal of fixed assets | (217,346 | ) | (444,101 | ) |

| Finance costs | 494,080 |  | 462,848 |  |

| Finance income | (231,081 | ) | (196,211 | ) |

3,908,514 |  | 4,928,437 |  |

| Increase in stocks | (443,690 | ) | (402,183 | ) |

| Decrease in trade and other debtors | 809,644 |  | 54 |  |

| Increase/(decrease) in trade and other creditors | 504,466 |  | (835,922 | ) |

| Cash generated from operations | 4,778,934 |  | 3,690,386 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 28 February 2025

| 28.2.25 |  | 1.3.24

£ | £ |

| Cash and cash equivalents | 2,461,926 |  | 6,408,433 |  |

| Year ended 29 February 2024

| 29.2.24 |  | 1.3.23

£ | £ |

| Cash and cash equivalents | 6,408,433 |  | 6,042,131 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.3.24 | Cash flow | At 28.2.25

£ | £ | £ |

| Net cash |

| Cash at bank | 6,408,433 |  | (3,946,507 | ) | 2,461,926 |  |

6,408,433 |  | (3,946,507 | ) | 2,461,926 |  |

| Debt

| Finance leases | (34,268 | ) | 3,659 |  | (30,609 | ) |

(34,268 | ) | 3,659 |  | (30,609 | ) |

| Total | 6,374,165 |  | (3,942,848 | ) | 2,431,317 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

1. | COMPLIANCE WITH ACCOUNTING STANDARDS

| The Accounts have been prepared in accordance with applicable accounting standards. There were no material departures from those standards.

2. | STATUTORY INFORMATION

| P G Rix (Farms) 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.

3. | 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.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| Critical accounting judgements and key sources of estimation uncertainty

| In applying the company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity in making such judgement, estimates and assumptions, the actual results and outcomes may differ.

| The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revisions affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

| The Directors do not believe that there have been judgements made in the process of applying the below accounting policies that have had a significant effect on the amounts recognised in the financial statements. Furthermore, the directors consider that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Camgrain storage is being amortised evenly over its estimated useful life of ten years.

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Assets are not depreciated until they are brought into use. Gains and losses on disposal are calculated as the difference between any net disposal proceeds and the carrying value of the item.

| In line with the applicable accounting standards freehold land is not depreciated. Depreciation on all other assets is calculated so as to write off the cost over their estimated useful lives:

| Freehold property - 2% per annum straight line

| Short leasehold - 15% on the reducing balances

| Plant and machinery - 15-25% on the reducing balances.

| Stocks

| The farm valuation is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Financial instruments

| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method.

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.The Company's investments in equity instruments are not publicly traded, and therefore such assets are subsequently measured at cost less impairment.

| Basic financial liabilities, including trade and other payables and loans from Directors, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost 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 balance sheet date.

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

3. | ACCOUNTING POLICIES - continued

| 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 were expected to apply to the reversal of the timing difference at that date.

| 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.

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

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Government grants

| Amounts receivable by the company during the accounting period are credited to the profit and loss account.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,052,339 |  | 1,935,827 |  |

| Social security costs | 362,367 |  | 203,205 |  |

| Other pension costs | 317,901 |  | 291,630 |  |

3,732,607 |  | 2,430,662 |  |

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

| 2025 |  | 2024

| Management | 6 |  | 6 |  |

| Farm employees | 36 |  | 35 |  |

42 |  | 41 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

5. | DIRECTORS' EMOLUMENTS AND KEY MANAGEMENT REMUNERATION

| During the year Directors' emoluments including benefits in kind amounted to £1,276,030 (2024: £414,897) and Directors' pension contributions to money purchase schemes amounted to £20,000 (2024: £20,000).

| There were two Directors to whom retirement benefits were accruing from money purchase schemes (2024: 2).

| Emoluments of the highest paid Director amounted to £320,681 (2024: £99,329).

| During the year none of the Directors exercised and share options, or received any shares in respect of qualifying services under a long term incentive scheme.

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 948,540 |  | 932,904 |  |

| Depreciation - owned assets | 2,066,416 |  | 1,859,080 |  |

| Profit on disposal of fixed assets | (217,346 | ) | (444,101 | ) |

| Camgrain storage amortisation | 5,776 |  | 7,026 |  |

| Auditors remuneration | 13,200 |  | 13,364 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Directors' loan interest | 480,593 |  | 460,890 |  |

| Corporation tax interest supplement | 10,396 |  | - |  |

| Hire purchase | 3,091 |  | 1,958 |  |

494,080 |  | 462,848 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 106,524 |  | 560,177 |  |

| Deferred tax | 407,509 |  | 298,061 |  |

| Tax on profit | 514,033 |  | 858,238 |  |

| UK corporation tax has been charged at 25% .

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,790,667 |  | 3,239,795 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.492%) | 447,667 |  | 793,491 |  |

| Effects of:

| Expenses not deductible for tax purposes | 14,856 |  | 7,454 |  |

| Capital allowances in excess of depreciation | (344,836 | ) | (228,815 | ) |

| Research and development tax credits | (11,163 | ) | (11,953 | ) |

| Movement in deferred tax | 407,509 |  | 298,061 |  |

| Total tax charge | 514,033 |  | 858,238 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary A Shares shares of £1 each

| Interim | - |  | 500,000 |  |

| Ordinary B Shares shares of £1 each

| Interim | - |  | 500,000 |  |

- |  | 1,000,000 |  |

10. | INTANGIBLE FIXED ASSETS

| Camgrain

| storage

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 541,385 |  |

| AMORTISATION

| At 1 March 2024 | 516,951 |  |

| Amortisation for year | 5,776 |  |

| At 28 February 2025 | 522,727 |  |

| NET BOOK VALUE

| At 28 February 2025 | 18,658 |  |

| At 29 February 2024 | 24,434 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

11. | TANGIBLE FIXED ASSETS

| Freehold |  | Buildings |

| land and |  | Short |  | in |  | Plant and |

| property |  | leasehold |  | Progress |  | machinery |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 March 2024 | 4,938,359 |  | 8,932,098 |  | 97,223 |  | 19,017,276 |  | 32,984,956 |  |

| Additions | 408,779 |  | 141,597 |  | 4,479,646 |  | 3,346,769 |  | 8,376,791 |  |

| Disposals | - |  | - |  | - |  | (901,704 | ) | (901,704 | ) |

| At 28 February 2025 | 5,347,138 |  | 9,073,695 |  | 4,576,869 |  | 21,462,341 |  | 40,460,043 |  |

| DEPRECIATION

| At 1 March 2024 | 146,293 |  | 7,390,852 |  | - |  | 13,924,818 |  | 21,461,963 |  |

| Charge for year | 36,337 |  | 254,587 |  | - |  | 1,775,492 |  | 2,066,416 |  |

| Eliminated on disposal | - |  | - |  | - |  | (648,870 | ) | (648,870 | ) |

| At 28 February 2025 | 182,630 |  | 7,645,439 |  | - |  | 15,051,440 |  | 22,879,509 |  |

| NET BOOK VALUE

| At 28 February 2025 | 5,164,508 |  | 1,428,256 |  | 4,576,869 |  | 6,410,901 |  | 17,580,534 |  |

| At 29 February 2024 | 4,792,066 |  | 1,541,246 |  | 97,223 |  | 5,092,458 |  | 11,522,993 |  |

| Included in the cost of land and property is freehold land of £3,530,226 (2024 - £3,530,226) which is not depreciated.

| At the balance sheet date the company had total capital projects in progress in relation to construction contracts on behalf of a related party of £6.12m and had already paid £4.58m in respect of those contracts, to leave a balance of £1.54m as capital commitments as at 28 February 2025.

12. | FIXED ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Other investments not loans | 20,020 |  | 20,020 |  |

| Other loans | 35,333 |  | 35,333 |  |

55,353 |  | 55,353 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

12. | FIXED ASSET INVESTMENTS - continued

| Additional information is as follows:

| Unlisted

| investments

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 20,020 |  |

| NET BOOK VALUE

| At 28 February 2025 | 20,020 |  |

| At 29 February 2024 | 20,020 |  |

| Special

| loan

£ |

| At 1 March 2024

| and 28 February 2025 | 35,333 |  |

| Both of the above relate to an investment in a Registered Society under the Co-operative and Community Benefit Societies Act 2014.

13. | STOCKS

2025 | 2024 |

£ | £ |

| Stock (farm valuation) | 4,598,693 |  | 4,155,003 |  |

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

2025 | 2024 |

£ | £ |

| Trade and other debtors | 2,500,507 |  | 3,547,637 |  |

| VAT debtor | 530,718 |  | 360,011 |  |

| Corporation tax | 116,413 |  | - |  |

| Prepayments | 253,392 |  | 186,615 |  |

3,401,030 |  | 4,094,263 |  |

| Included within trade and other debtors are balances related to accrued income of £1,325,273 (2024: £1,913,920)

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 3,701 |  | 3,659 |  |

| Trade creditors | 1,665,210 |  | 1,817,333 |  |

| Corporation tax | - |  | 329,235 |  |

| Social security and other taxes | 143,124 |  | 138,999 |  |

| Other creditors: directors' current accounts | 5,657,446 |  | 6,061,971 |  |

| Accruals and deferred income | 1,444,479 |  | 387,490 |  |

8,913,960 |  | 8,738,687 |  |

| The company's overdraft facility is secured by a corporate mortgage dated 15th November 1996 over commercial freehold farm and land at Wissington Grove, Nayland, in favour of Lloyds Bank plc.

| Note 21 gives details of personal guarantees from two directors.

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 26,908 |  | 30,609 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 3,701 |  | 3,659 |  |

| Between one and five years | 26,908 |  | 30,609 |  |

30,609 |  | 34,268 |  |

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 1,505,554 |  | 1,098,045 |  |

| Deferred |

| tax |

£ |

| Balance at 1 March 2024 | 1,098,045 |  |

| Provided during year | 407,509 |  |

| Balance at 28 February 2025 | 1,505,554 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,500 | Ordinary A Shares | £1 | 1,500 |  | 1,500 |  |

| 1,500 | Ordinary B Shares | £1 | 1,500 |  | 1,500 |  |

3,000 |  | 3,000 |  |

| The holders of the majority of the issued "A" Ordinary shares can appoint up to three Directors and the holders of the majority of the issued "B" Ordinary Shares can appoint another three Directors. In all other respects shares rank pari passu.

| The Directors may pay at intervals any dividend payable at a fixed rate if it appears to them that the profits available for distribution justify the payment.

20. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 March 2024 | 16,385,138 |  | 5,000 |  | 16,390,138 |  |

| Profit for the year | 1,276,634 |  | 1,276,634 |  |

| At 28 February 2025 | 17,661,772 |  | 5,000 |  | 17,666,772 |  |

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| a) J G Rix, J M Rix and W H Rix, Directors of the company, rent land to the company under normal farm business tenancy terms. Rents are credited to the Directors current accounts as they fall due.

| b) J G Rix and W H Rix, directors of the company, have entered into a guarantee with Lloyds Bank plc to support the banking facilities available to the limited company. The facility is limited to £750,000 and the guarantee is supported by a charge over land rented to the limited company.

| c) Loan interest is paid on the Directors current accounts, calculated under normal commercial terms, based on the current account balances after adjusting for material movements during the year.

| d) G P Rix, J G Rix and Mrs J M Rix, Directors of the company, rent land and buildings from the company under normal farm business tenancy terms. Rents are debited to the Directors current accounts as they become payable.

22. | RELATED PARTY DISCLOSURES

| Entities under common control

2025 | 2024 |

£ | £ |

| Sales | 8,947,644 |  | 9,172,244 |  |

| Administrative expenses | 38,200 |  | 25,000 |  |

| Amounts recoverable on contract | 4,576,869 |  | - |  |

| Amount due from related party | 793,884 |  | 1,328,428 |  |

| P G RIX (FARMS) LIMITED (REGISTERED NUMBER: 00821836) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

22. | RELATED PARTY DISCLOSURES - continued

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

2025 | 2024 |

£ | £ |

| Sales | 54,995 |  | 53,992 |  |

| Amount due from related party | 54,995 |  | 53,992 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Administrative expenses | 127,756 |  | 108,494 |  |

| Amount due to related party | 73,509 |  | 54,247 |  |

| Key management personnel are considered to be the same as the Company's Directors.

23. | ULTIMATE CONTROLLING PARTY

| The company is jointly controlled by the four Directors