Company registration number 14763089 (England and Wales)
HOLDCO SPF LTD
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2025
HOLDCO SPF LTD
COMPANY INFORMATION
Directors
Mr A Crawley
Mr P Crawley
Company number
14763089
Registered office
6 Forest Road
Loughborough
Leicestershire
LE11 3NP
Auditor
Newby Castleman LLP
6 Forest Road
Loughborough
Leicestershire
LE11 3NP
Business address
250 Seagrave Road
Sileby
Loughborough
Leicestershire
LE12 7NJ
HOLDCO SPF LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
HOLDCO SPF LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

The principal activity of the group is that of the rearing of poultry and the sale of eggs.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of the business.

We consider that our key performance indicators are those that best communicate the financial results and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

2025 2024

Turnover £34.0 million £26.2 Million

Gross Margin 44.6% 41.7%

Return on Capital employed 23.9% 21.2%

The sales price of eggs is greatly affected by the availability of eggs on the open market. This in turn can create volatile effects to pricing and margins, depending on the amount of stocks held.

As with many businesses of our size, the environment in which we operate continues to be highly competitive and margins continue to be affected. We are of course also subject to consumer spending patterns and their overall opinion of egg based products.

Return on capital employed has increased primarily due to the above factors.

We are aware that any plans for future development of the business may be subject to a number of events outside of our control. However, we continue to strive to push the business forward.

On behalf of the board

Mr A Crawley
Director
12 November 2025
HOLDCO SPF LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company and group continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £58,500. The directors do not recommend payment of a final dividend.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Crawley
Mr P Crawley
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

HOLDCO SPF LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
On behalf of the board
Mr A Crawley
Director
12 November 2025
HOLDCO SPF LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOLDCO SPF LTD
- 4 -
Opinion

We have audited the financial statements of Holdco SPF Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 June 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

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

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

HOLDCO SPF LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOLDCO SPF LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Directors' R eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 set out on pages 2 - 3, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- obtaining an understanding of the legal and regulatory framework applicable to the company by considering the nature of the industry in which the company operates and enquiring of management; and

- identifying the key laws and regulations considered to have a direct impact on the financial statements including the UK Companies Act 2006, UK Generally Accepted Accounting Practice and UK tax legislation. Other regulations identified which were not considered to have a direct impact on the financial statements but which were considered central to the ability of the company to operate were food hygiene standards (notably BRC Global Standard for Food Safety); and

- assessing how the company is complying with the applicable legal and regulatory framework by making further enquiries of management and observing the company's control environment regarding compliance with regulations and fraud prevention; and

HOLDCO SPF LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOLDCO SPF LTD
- 6 -

- assessing the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by considering the effectiveness of the company’s accounting systems and controls and how these were monitored by management. Performance related targets and bonuses were also considered. Where the risk of material misstatement was considered to be higher in certain areas, further audit procedures were designed to address this increased risk; and

- discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- enquiry of company staff responsible for compliance to identify any instances of non-compliance with laws and regulations; and

- r eviewing supporting documentation confirming compliance with specific laws and regulations considered central to the ability of the company to operate; and

- enquiry of management, those charged with governance and other relevant parties around actual and potential litigation claims; and

- reviewing supporting documentation regarding actual and potential litigation claims; and

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

- performing audit work over revenue recognition including substantive tests of detail of a sample of revenue transactions; and

- communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

HOLDCO SPF LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOLDCO SPF LTD
- 7 -
Scott Bradford FCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
17 November 2025
Chartered Accountants
Statutory Auditor
6 Forest Road
Loughborough
Leicestershire
LE11 3NP
HOLDCO SPF LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
Year
Period
ended
ended
30 June
30 June
2025
2024
as restated
Notes
£
£
Turnover
3
33,956,223
26,226,215
Cost of sales
(18,797,737)
(15,281,331)
Gross profit
15,158,486
10,944,884
Administrative expenses
(4,060,952)
(3,423,256)
Other operating income
292,181
324,344
Operating profit
4
11,389,715
7,845,972
Interest receivable and similar income
7
1,004,310
650,234
Interest payable and similar expenses
8
(63,000)
(52,726)
Profit before taxation
12,331,025
8,443,480
Taxation
9
(2,273,321)
(1,966,518)
Profit for the financial year
10,057,704
6,476,962
Profit for the financial year is all attributable to the owners of the parent company.
HOLDCO SPF LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Year
Period
ended
ended
30 June
30 June
2025
2024
as restated
£
£
Profit for the year
10,057,704
6,476,962
Other comprehensive income
-
-
Total comprehensive income for the year
10,057,704
6,476,962
Total comprehensive income for the year is all attributable to the owners of the parent company.
HOLDCO SPF LTD
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Negative goodwill
11
(2,263,004)
(2,734,221)
Tangible assets
12
19,729,855
20,432,479
Current assets
Stocks
15
334,311
325,321
Debtors
16
7,815,959
6,013,133
Cash at bank and in hand
20,017,661
13,010,551
28,167,931
19,349,005
Creditors: amounts falling due within one year
17
(3,530,515)
(3,833,679)
Net current assets
24,637,416
15,515,326
Total assets less current liabilities
42,104,267
33,213,584
Creditors: amounts falling due after more than one year
18
-
(900,000)
Provisions for liabilities
Deferred tax liability
20
103,601
312,122
(103,601)
(312,122)
Net assets
42,000,666
32,001,462
Capital and reserves
Called up share capital
22
9,983,000
9,983,000
Share premium account
15,000,000
15,000,000
Capital contribution account
600,000
600,000
Profit and loss reserves
16,417,666
6,418,462
Total equity
42,000,666
32,001,462
The financial statements were approved by the board of directors and authorised for issue on 12 November 2025 and are signed on its behalf by:
12 November 2025
Mr A Crawley
Mr P Crawley
Director
Director
Company registration number 14763089 (England and Wales)
HOLDCO SPF LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
40,807,824
40,807,824
Current assets
Debtors
16
3,000
3,000
Creditors: amounts falling due within one year
17
(19,998)
(19,998)
Net current liabilities
(16,998)
(16,998)
Net assets
40,790,826
40,790,826
Capital and reserves
Called up share capital
22
9,983,000
9,983,000
Share premium account
15,000,000
15,000,000
Profit and loss reserves
15,807,826
15,807,826
Total equity
40,790,826
40,790,826

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £58,500 (2024 - £15,807,826 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 November 2025 and are signed on its behalf by:
12 November 2025
Mr A Crawley
Mr P Crawley
Director
Director
Company registration number 14763089 (England and Wales)
HOLDCO SPF LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Share premium account
Capital contribution account
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 June 2024:
Balance at 28 March 2023
-
-
-
-
Prior period adjustment
-
-
600,000
-
600,000
As restated
-
0
-
0
600,000
-
0
600,000
Period ended 30 June 2024:
Profit and total comprehensive income
-
-
-
6,476,962
6,476,962
Issue of share capital
22
25,807,826
15,000,000
-
-
40,807,826
Dividends
10
-
-
-
(58,500)
(58,500)
Reduction of shares
22
(1,215,004)
-
-
-
(1,215,004)
Other movements
(14,609,822)
-
-
-
(14,609,822)
Balance at 30 June 2024
9,983,000
15,000,000
600,000
6,418,462
32,001,462
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
-
10,057,704
10,057,704
Dividends
10
-
-
-
(58,500)
(58,500)
Balance at 30 June 2025
9,983,000
15,000,000
600,000
16,417,666
42,000,666
HOLDCO SPF LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2024:
Balance at 28 March 2023
-
0
-
0
-
0
-
Period ended 30 June 2024:
Profit and total comprehensive income for the period
-
-
15,807,826
15,807,826
Issue of share capital
22
25,807,826
15,000,000
-
40,807,826
Reduction of shares
22
(1,215,004)
-
-
(1,215,004)
Other movements
(14,609,822)
-
-
(14,609,822)
Balance at 30 June 2024
9,983,000
15,000,000
15,807,826
40,790,826
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
58,500
58,500
Dividends
10
-
-
(58,500)
(58,500)
Balance at 30 June 2025
9,983,000
15,000,000
15,807,826
40,790,826
HOLDCO SPF LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
9,786,411
8,414,717
Interest paid
(63,000)
(52,726)
Income taxes paid
(2,573,298)
(1,761,536)
Net cash inflow from operating activities
7,150,113
6,600,455
Investing activities
Purchase of subsidiaries
-
5,956,083
Purchase of tangible fixed assets
(195,425)
(147,399)
Proceeds from disposal of tangible fixed assets
6,612
18,814
Interest received
1,004,310
650,234
Net cash generated from investing activities
815,497
6,477,732
Financing activities
Proceeds from issue of shares
-
2
Repayment of borrowings
(900,000)
(18,138)
Dividends paid to equity shareholders
(58,500)
(49,500)
Net cash used in financing activities
(958,500)
(67,636)
Net increase in cash and cash equivalents
7,007,110
13,010,551
Cash and cash equivalents at beginning of year
13,010,551
-
0
Cash and cash equivalents at end of year
20,017,661
13,010,551
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

Holdco SPF Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6 Forest Road, Loughborough, Leicestershire, LE11 3NP.

The group consists of Holdco SPF Limited and all of its subsidiaries.

1.1
Reporting period

The group is presenting financial statements for an extended period in order to align the year end dates to those of existing group companies.

1.2
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Holdco SPF Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is calculated each period based on non-monetary assets post-acquisition.

1.8
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% of cost on buildings
Plant and equipment
15% per annum of net book value
Motor vehicles
30% per annum of net book value
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment and recognised in the profit and loss account.

Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price excluding transactions costs. Such assets are subsequently carried at fair value and the changes in fair value are recognised in or , except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of eggs
33,956,223
26,226,215
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
33,956,223
26,226,215
2025
2024
£
£
Other revenue
Interest income
1,004,310
650,234
Grants received
18,143
16,680
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(18,143)
(16,680)
Depreciation of owned tangible fixed assets
778,185
830,426
Loss/(profit) on disposal of tangible fixed assets
113,252
(64,455)
Release of negative goodwill
(471,217)
(455,735)
Operating lease charges
32,500
29,792
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
3,500
Audit of the financial statements of the company's subsidiaries
18,000
18,000
21,500
21,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and administration
7
7
-
-
Production
11
11
-
-
Sales
59
56
-
-
Total
77
74
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,077,910
1,284,634
-
0
-
0
Social security costs
194,489
151,620
-
-
Pension costs
63,678
178,309
-
0
-
0
2,336,077
1,614,563
-
0
-
0
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
673,219
274,286
Other interest income
331,091
375,948
Total income
1,004,310
650,234
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
673,219
274,286
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
226
Other interest
63,000
52,500
Total finance costs
63,000
52,726
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,124,889
2,084,276
Adjustments in respect of prior periods
(588,965)
-
0
Total current tax
2,535,924
2,084,276
Deferred tax
Origination and reversal of timing differences
(262,603)
(117,758)
Total tax charge
2,273,321
1,966,518
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
12,331,025
8,443,480
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,082,756
2,110,870
Tax effect of expenses that are not deductible in determining taxable profit
3,285
2,607
Adjustments in respect of prior years
(588,824)
-
0
Permanent capital allowances in excess of depreciation
156,512
(16,426)
Amortisation on assets not qualifying for tax allowances
(117,804)
(113,934)
Other permanent differences
(262,604)
(16,599)
Taxation charge
2,273,321
1,966,518
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
58,500
-
11
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 July 2024 and 30 June 2025
(3,189,956)
Amortisation and impairment
At 1 July 2024
(455,735)
Amortisation charged for the year
(471,217)
At 30 June 2025
(926,952)
Carrying amount
At 30 June 2025
(2,263,004)
At 30 June 2024
(2,734,221)
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2024
19,488,808
13,316,418
440,105
33,245,331
Additions
121,767
5,210
68,448
195,425
Disposals
-
0
(1,843,366)
(208,329)
(2,051,695)
At 30 June 2025
19,610,575
11,478,262
300,224
31,389,061
Depreciation and impairment
At 1 July 2024
1,856,512
10,638,497
317,843
12,812,852
Depreciation charged in the year
336,286
402,128
39,771
778,185
Eliminated in respect of disposals
-
0
(1,744,628)
(187,203)
(1,931,831)
At 30 June 2025
2,192,798
9,295,997
170,411
11,659,206
Carrying amount
At 30 June 2025
17,417,777
2,182,265
129,813
19,729,855
At 30 June 2024
17,632,296
2,677,921
122,262
20,432,479
Company
Cost
At 1 July 2024 and 30 June 2025
Depreciation and impairment
At 1 July 2024 and 30 June 2025
Carrying amount
At 30 June 2025
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
40,807,824
40,807,824
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
40,807,824
Carrying amount
At 30 June 2025
40,807,824
At 30 June 2024
40,807,824
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sunrise Eggs Holdings Limited
England & Wales
Ordinary
100.00
-
Sunrise Poultry Farms Limited
England & Wales
Ordinary
0
100.00
Crawley Farms Limited
England & Wales
Ordinary
0
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
334,311
325,321
-
0
-
0
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,526,178
3,537,009
-
0
-
0
Other debtors
4,168,044
2,410,711
3,000
3,000
Prepayments and accrued income
67,655
65,413
-
0
-
0
7,761,877
6,013,133
3,000
3,000
Amounts falling due after more than one year:
Deferred tax asset (note 20)
54,082
-
0
-
0
-
0
Total debtors
7,815,959
6,013,133
3,000
3,000
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
11,110
11,110
-
0
-
0
Trade creditors
1,375,070
1,655,011
-
0
-
0
Corporation tax payable
2,039,025
2,076,399
-
0
-
0
Other taxation and social security
46,107
33,532
-
-
Other creditors
24,002
24,252
19,998
19,998
Accruals and deferred income
35,201
33,375
-
0
-
0
3,530,515
3,833,679
19,998
19,998
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
-
0
900,000
-
0
-
0
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
11,110
911,110
-
0
-
0
Payable within one year
11,110
11,110
-
0
-
0
Payable after one year
-
0
900,000
-
0
-
0

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
103,601
313,744
54,082
-
Retirement benefit obligations
-
(1,622)
-
-
103,601
312,122
54,082
-
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
312,122
-
Credit to profit or loss
(262,603)
-
Liability at 30 June 2025
49,519
-

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,678
178,309
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
21
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
9,983,000
9,983,000
9,983,000
9,983,000
23
Financial commitments, guarantees and contingent liabilities

At the year end the company had contracted financial commitments of £126,000 (2024 - £126,000).

24
Related party transactions

During the year, the group purchased goods from related parties of £641,465 (2024 - £127,892).

During the year, loan interest of £63,000 (2024 - £63,000) was paid to close family of key management personnel.

At the year end £nil (2024 - £900,000) was owed by the group to close family of key management personnel, and £554,861 (2024 - £100,000) was owed to the group by companies controlled by close family of key management personnel.

Dividends totalling £58,500 were paid in the year by the company to the directors.

25
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
10,057,704
6,476,962
Adjustments for:
Taxation charged
2,273,321
1,966,518
Finance costs
63,000
52,726
Investment income
(1,004,310)
(650,234)
Loss/(gain) on disposal of tangible fixed assets
113,252
(64,455)
Amortisation and impairment of intangible assets
(471,217)
(455,735)
Depreciation and impairment of tangible fixed assets
778,185
830,426
Movements in working capital:
Increase in stocks
(8,990)
(33,863)
(Increase)/decrease in debtors
(1,748,744)
6,850,086
Decrease in creditors
(265,790)
(6,557,714)
Cash generated from operations
9,786,411
8,414,717
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
26
Analysis of changes in net funds - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
13,010,551
7,007,110
20,017,661
Borrowings excluding overdrafts
(911,110)
900,000
(11,110)
12,099,441
7,907,110
20,006,551
27
Prior period adjustment

The directors have identified that a loan balance to a related party that was written off last year, should be accounted for as a capital contribution due to the nature of the original transaction and ongoing arrangement. The revised accounting treatment has been applied retrospectively as per FRS 102 Section 10 and the opening reserves at 1 July 2024 amended accordingly.

Reconciliation of changes in equity - group
28 March
30 June
2023
2024
£
£
Adjustments to prior year
Capital contribution
-
600,000
Retained profit
-
(600,000)
Total adjustments
-
-
Equity as previously reported
-
32,001,462
Equity as adjusted
-
32,001,462
Analysis of the effect upon equity
Other reserves
-
600,000
Profit and loss reserves
-
(600,000)
-
-
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Retained profit
(600,000)
Profit as previously reported
7,076,962
Profit as adjusted
6,476,962
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
HOLDCO SPF LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
27
Prior period adjustment
(Continued)
- 29 -
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
15,807,826
Profit as adjusted
15,807,826
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2023-03-28 2024-06-30 14763089 bus:Consolidated 2 2024-07-01 2025-06-30 14763089 bus:Consolidated 2 2023-03-28 2024-06-30 14763089 core:NegativeGoodwill bus:Consolidated 2024-06-30 14763089 core:NegativeGoodwill bus:Consolidated 2024-07-01 2025-06-30 14763089 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-06-30 14763089 core:PlantMachinery bus:Consolidated 2024-06-30 14763089 core:MotorVehicles bus:Consolidated 2024-06-30 14763089 bus:Consolidated 2024-06-30 14763089 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-07-01 2025-06-30 14763089 core:PlantMachinery bus:Consolidated 2024-07-01 2025-06-30 14763089 core:MotorVehicles bus:Consolidated 2024-07-01 2025-06-30 14763089 core:Subsidiary1 2024-07-01 2025-06-30 14763089 core:Subsidiary2 2024-07-01 2025-06-30 14763089 core:Subsidiary3 2024-07-01 2025-06-30 14763089 core:Subsidiary1 1 2024-07-01 2025-06-30 14763089 core:Subsidiary2 2 2024-07-01 2025-06-30 14763089 core:Subsidiary3 3 2024-07-01 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