REGISTERED NUMBER: 00521942 (England and Wales)

Financial Statements

for the Period 31 March 2024 to 29 March 2025

for

Heygate Farms Swaffham Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

11

DIRECTORS:

P M Heygate

M T Gribbon

A R Heygate

W A Gribbon

SECRETARY:

S K Y Chia

REGISTERED OFFICE:

Bugbrooke Mills

Bugbrooke

Northamptonshire

NN7 3QH

REGISTERED NUMBER:

00521942 (England and Wales)

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

BANKERS:

HSBC UK Bank plc

Large Corporates

6th Floor

120 Edmund Street

Birmingham

B3 2QZ

FIXED ASSETS

Intangible assets

4

13,264

14,746

Tangible assets

5

2,855,533

2,897,015

Investments

6

14,526

140

Investment property

7

680,000

680,000

3,563,323

3,591,901

CURRENT ASSETS

Stocks

8

1,802,554

1,463,597

Debtors

9

1,900,794

1,420,456

Cash at bank and in hand

668,952

1,570,728

4,372,300

4,454,781

CREDITORS

Amounts falling due within one year

10

2,810,022

3,558,404

NET CURRENT ASSETS

1,562,278

896,377

TOTAL ASSETS LESS CURRENT LIABILITIES

5,125,601

4,488,278

CREDITORS

Amounts falling due after more than one year

11

(58,591

)

(207,203

)

PROVISIONS FOR LIABILITIES

15

(706,075

)

(679,765

)

NET ASSETS

4,360,935

3,601,310

CAPITAL AND RESERVES

Called up share capital

16

24,662

24,662

Retained earnings

4,336,273

3,576,648

SHAREHOLDERS' FUNDS

4,360,935

3,601,310

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

P M Heygate - Director

A R Heygate - Director

1.	PRINCIPAL PLACE OF BUSINESS

Heygate Farms Swaffham Limited is a private company, limited by shares, incorporated and domiciled in England and has its principal place of business at Snailspit Farm, Cley Road, Swaffham, PE37 8AE. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for the investment property.

The financial statements are presented in Sterling (£) and cover the period to the Saturday that falls closest to the 31st March each year. This results in the comparatives being not entirely comparable.

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 represents the invoiced amount of produce sold and services provided stated net of value added tax. The turnover and pre tax profit is wholly attributable to farming activities within the United Kingdom and is recognised upon evidence of delivery.

Leases

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Intangible fixed assets

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

Patents and licences are being amortised evenly over their estimated useful life of 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Farm Buildings

-

5% on cost

Tractors & combines

-

33% on cost, 16.66% on cost and 10% on cost

Implements & irrigation systems

-

25% on cost, 10% on cost and 5% on cost

Motor vehicles

-

20% on cost

Items costing £5,000 or less, and not forming part of a wider project costing more than £5,000, are written off to the income statement as repairs and renewals.

Investments

Fixed asset investments comprise of unquoted shares in suppliers, trade associations and associates which are stated at cost less impairment. Impairment losses are recognised immediately in the statement of income.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the income statement.

Stocks

Consumables, livestock and growing crops are stated at the lower of cost and net realisable value, calculated on an average cost basis. Net realisable value is based on estimated selling prices less further costs expected to be incurred to completion and disposal.

Harvested crops are stated at fair value less the estimated selling costs. Fair value is determined by reference to market prices for similar produce. Changes in fair value are recognised in the income statement. There have been no changes in fair value at either period end.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial, in which case they are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.

Taxation

Taxation for the period 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.

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 period end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to profit and loss over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

Pension and post employment benefits

In accordance with FRS 102 section 28 - 'Employee benefits', the operating and financing costs of pension and post-retirement schemes are recognised separately in the profit and loss account. Service costs are systematically spread over the service lives of the employees and financing costs are recognised in the period in which they arise. The costs of past service benefit enhancements, settlements and curtailments are also recognised in the period in which they arise.

The difference between actual and expected returns on assets during the year, including changes in actuarial assumptions, are recognised in the statement of other comprehensive income.

The disclosure required by FRS 102 section 28 - 'Employee benefits' are given in the notes to the parent company accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 22 (2024 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 31 March 2024

and 29 March 2025

29,670

AMORTISATION

At 31 March 2024

14,924

Charge for period

1,482

At 29 March 2025

16,406

NET BOOK VALUE

At 29 March 2025

13,264

At 30 March 2024

14,746

5.	TANGIBLE FIXED ASSETS

Implements

Farm

Tractors

& irrigation

Motor

Buildings

& combines

systems

vehicles

Totals

£

£

£

£

£

COST

At 31 March 2024

962,943

2,222,975

5,613,733

443,412

9,243,063

Additions

-

-

697,912

7,795

705,707

Disposals

-

(166,750

)

(159,600

)

(46,609

)

(372,959

)

At 29 March 2025

962,943

2,056,225

6,152,045

404,598

9,575,811

DEPRECIATION

At 31 March 2024

745,889

1,164,361

4,107,779

328,019

6,346,048

Charge for period

23,596

260,132

397,318

30,457

711,503

Eliminated on disposal

-

(166,750

)

(137,169

)

(33,354

)

(337,273

)

At 29 March 2025

769,485

1,257,743

4,367,928

325,122

6,720,278

NET BOOK VALUE

At 29 March 2025

193,458

798,482

1,784,117

79,476

2,855,533

At 30 March 2024

217,054

1,058,614

1,505,954

115,393

2,897,015

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Tractors

& combines

£

COST

At 31 March 2024

and 29 March 2025

714,426

DEPRECIATION

At 31 March 2024

207,637

Charge for period

102,061

At 29 March 2025

309,698

NET BOOK VALUE

At 29 March 2025

404,728

At 30 March 2024

506,789

6.	FIXED ASSET INVESTMENTS

Interest

in

Other

associate

investments

Totals

£

£

£

COST

At 31 March 2024

-

140

140

Additions

14,386

-

14,386

At 29 March 2025

14,386

140

14,526

NET BOOK VALUE

At 29 March 2025

14,386

140

14,526

At 30 March 2024

-

140

140

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 March 2024

and 29 March 2025

680,000

NET BOOK VALUE

At 29 March 2025

680,000

At 30 March 2024

680,000

Fair value at 29 March 2025 is represented by:

£

Valuation in 2018

414,689

Cost

265,311

680,000

All the above assets were held for use in operating leases.

To determine the fair value of investment property it was independently valued, by experienced local agents, on the basis of open market value for existing use and tenants in September, 2018. The directors regard the open market valuation of the investment to be an appropriate approximation of the fair value of the property as at the year end, having given due regard to the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

There is no change in value to recognise through the income statement in the current period and no associated deferred tax to provide for.

8.

STOCKS

2025

2024

£

£

Consumables

633,504

332,270

Livestock and growing crops

421,446

457,763

Harvested crops

747,604

673,564

1,802,554

1,463,597

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

35,388

39,565

Amounts owed by group undertakings

27,256

98,561

Amounts owed by related parties

470,840

103,079

Other debtors

1,367,310

1,179,251

1,900,794

1,420,456

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 12)

148,591

148,591

Trade creditors

1,107,999

653,306

Amounts owed to group undertakings

1,142,809

2,237,227

Taxation and social security

16,813

29,196

Other creditors

393,810

490,084

2,810,022

3,558,404

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 12)

58,591

207,203

12.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

148,591

148,591

Between one and five years

58,591

207,203

207,182

355,794

Non-cancellable

operating leases

2025

2024

£

£

Within one year

65,040

119,139

13.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

207,182

355,794

The hire purchase liabilities are secured by the assets they relate to. The liabilities bear interest at rates between 0% and 1.0%.

14.	FINANCIAL INSTRUMENTS

The company does not have significant exposure to foreign currency, cash flow and interest rate risks. Exposure to credit, market and liquidity risks arise in the normal course of the company's business. These risks are limited by the company's financial management policies and practices described below.

Credit risk

The company has exposure to credit risks predominantly emanating from its customers. The company's exposure and its customers' credit worthiness is monitored so that any potential problems are detected at an early stage.

Market risk

There is a risk associated with the fluctuation in demand for the produce grown by the company. Most of this is mitigated by monitoring previous levels of demand for crops and ensuring that standard, low risk, high demand crops such as potatoes, barley and oilseed rape are grown. There is always an inherent risk that the crops will fail or be of poor quality, due to circumstances beyond the control of the company, such as the weather.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. The directors manage liquidity between secured bank financing and interest free, unsecured, intercompany borrowings. The only significant non-derivative financial liability remaining at the reporting date is an intercompany loan. The loan is considered repayable on demand within one year, it is therefore held as a current liability, terms are agreed between intercompany parties and this bears no additional liquidity risk.

The company holds no derivative financial instruments at either period end.

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

602,403

576,093

Other timing differences re

investment property

103,672

103,672

706,075

679,765

Deferred

tax

£

Balance at 31 March 2024

679,765

Provided during period

26,310

Balance at 29 March 2025

706,075

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

49,324

Ordinary

50p

24,662

24,662

17.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified and signed by Mr Robert Dearing BEng FCA (Senior Statutory Auditor), for and on behalf of Clifford Roberts Chartered Accountants.

18.	CONTINGENT LIABILITIES

There is a contingent liability in respect of an unlimited multilateral guarantee, dated 31st July, 2008, covering the bank overdrafts of the company, its holding company and the following fellow subsidiaries:

Heygates Limited

Warburton Estate Company Limited

Fine Lady Bakeries Limited

The Heygate Engineering Company Limited

County Pride Products Limited

Heygate Grain Limited

Heygate Leasing Limited

Millstream Investments Limited

FA Bird (Downham Mills) Limited

Heygates Country Feeds Limited

The maximum amount payable was the net overdraft of the group at each period end.

19.	CAPITAL COMMITMENTS

2025

2024

£

£

Contracted but not provided for in the

financial statements

250,800

485,000

20.	RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest, directors and other related parties were concluded under normal market conditions.

21.	AUDITOR LIABILITY LIMITATION AGREEMENT

On the 11th December, 2024, a resolution was passed by the Heygate and Sons Limited group of companies entering into an agreement limiting the amount of any liability owed to the group of companies by the auditor in respect of any negligence, default or breach of duty occurring in the course of the audit of the financial statements for the period ending 29th March, 2025.

The maximum aggregate amount of the auditor's liability to the group of companies shall not exceed the sum of twenty-five times the fees payable for the financial year in question, or £5,000,000, which ever is the lesser amount.

22.	ULTIMATE CONTROLLING PARTY

The directors consider that this company is a subsidiary of Heygate and Sons Limited as that company owns 29.32% of the issued ordinary share capital, exercises a dominant influence over the company and manages it on a unified basis with other wholly-owned subsidiaries. Heygate and Sons Limited is a company registered in England that shares the same registered office as Heygate Farms Swaffham Limited.

Heygate and Sons Limited has a controlling nucleus of Mr AR Heygate and Mrs SE Kreckler. Mr AR Heygate owns 5.05% of the voting issued ordinary share capital personally and 31.73% of the voting issued ordinary share capital as a principal trustee of family trusts. Mrs SE Kreckler owns 36.72% of the voting issued ordinary share capital personally.

Heygate and Sons Limited's consolidated financial statements are available at Companies House.