REGISTERED NUMBER: 00754615 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Flagleaf Farming Limited

Previously known as

Turley Farms Limited

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

9

Directors:

S W Turley

Mrs H R J Turley

Secretary:

S W Turley

Registered office:

The Little Grange

Market Rasen Road

Dunholme

Lincoln

LN2 3RA

Registered number:

00754615 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

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

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flagleaf Farming Limited for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

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

This report is made solely to the Board of Directors of Flagleaf Farming Limited, as a body, in accordance with the terms of our engagement letter dated 22 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Flagleaf Farming Limited and state those matters that we have agreed to state to the Board of Directors of Flagleaf Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flagleaf Farming Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Flagleaf Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flagleaf Farming Limited. You consider that Flagleaf Farming Limited is exempt from the statutory audit requirement for the year.

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

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

15 December 2025

Fixed assets

Intangible assets

5

70,150

82,350

Tangible assets

6

350,516

190,514

Investments

7

3,380

3,380

424,046

276,244

Current assets

Stocks

450,134

188,787

Debtors

8

620,940

750,223

Cash at bank and in hand

209,386

50,365

1,280,460

989,375

Creditors

Amounts falling due within one year

9

597,990

350,251

Net current assets

682,470

639,124

Total assets less current liabilities

1,106,516

915,368

Creditors

Amounts falling due after more than one year

10

(164,343

)

-

Provisions for liabilities

(27,674

)

(32,665

)

Net assets

914,499

882,703

Capital and reserves

Called up share capital

12

10,000

10,000

Retained earnings

904,499

872,703

Shareholders' funds

914,499

882,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

S W Turley - Director

1.	Statutory information

Flagleaf Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Turnover

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

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.

Storage rights are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Farm buildings

-

10% straight line

Implements

-

15% / 20% reducing balance

Poultry unit equipment and tractors

-

25% reducing balance

Office equipment

-

20% / 25% straight line and 15% reducing balance

Workshop, machinery and trailers

-

20% straight line and 15% reducing balance

Mowers and trimmers

-

20% straight line and 15% reducing balance

Depreciation is not provided in respect of a residential property where, in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measurement are measured at fair value with changes in fair value being recognised in profit and loss.

Farm support payments

Monies received and receivable from the Rural Payments Agency in respect of the Basic Payment Scheme and the Environmental Stewardship Scheme are recognised under other operating income in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 5 (2024 - 4 ) .

5.	Intangible fixed assets

Storage

rights

£

Cost

At 1 April 2024

and 31 March 2025

122,000

Amortisation

At 1 April 2024

39,650

Amortisation for year

12,200

At 31 March 2025

51,850

Net book value

At 31 March 2025

70,150

At 31 March 2024

82,350

6.	Tangible fixed assets

Land and

Plant and

buildings

machinery

Totals

£

£

£

Cost

At 1 April 2024

246,341

182,195

428,536

Additions

-

177,147

177,147

At 31 March 2025

246,341

359,342

605,683

Depreciation

At 1 April 2024

186,486

51,536

238,022

Charge for year

-

17,145

17,145

At 31 March 2025

186,486

68,681

255,167

Net book value

At 31 March 2025

59,855

290,661

350,516

At 31 March 2024

59,855

130,659

190,514

7.	Fixed asset investments

Other

investments

£

Cost

At 1 April 2024

and 31 March 2025

3,380

Net book value

At 31 March 2025

3,380

At 31 March 2024

3,380

8.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

166

42,581

Other debtors

504,520

650,876

Tax

-

7,823

VAT

1,148

3,418

Prepayments and accrued income

115,106

45,525

620,940

750,223

9.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

320,355

59,267

Tax

2,770

-

Other creditors

4,000

4,000

Loans

35,657

-

Directors' current accounts

51,823

125,338

Accruals and deferred income

183,385

161,646

597,990

350,251

10.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Loans

164,343

-

Included within creditors: amounts falling due after more than one year is an amount of £44,593 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Loans

200,000

-

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

40,000

Ordinary shares

£0.25

10,000

10,000

13.	Related party transactions

The company farms 548 acres of land owned by the directors for which no rent is paid.