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.

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the Company is that of an investment and holding company.

During the year under review, the principal activities of the Group are biodiversity and nature restoration, climate change mitigation, regenerative farming, forestry, and education, alongside reconnection, corporate partnerships and hospitality.

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

No ordinary dividends were declared (2024: £68,772). The directors do not recommend payment of a further dividend.

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

At the time of approving the financial statements , the directors have a reasonable expectation that the Company and the Group have 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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Et Ceteris Limited for the year ended 31 March 2025 set out on pages 4 to 23 from the 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 at icaew.com/regulation

This report is made solely to the Board of Directors of Et Ceteris Limited, as a body, in accordance with the terms of our engagement letter dated 9 June 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Et Ceteris Limited and state those matters that we have agreed to state to the Board of Directors of Et Ceteris Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Et Ceteris Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Et Ceteris 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 Et Ceteris Limited. You consider that Et Ceteris 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 Et Ceteris 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.

For the financial year ended 31 March 2025 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,534,811 (2024 - £2,849,970 profit).

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

Et Ceteris Limited (“the Company”) is a private company limited by shares, incorporated, registered and domiciled in England and Wales. Its registered office and principal place of business is Estate Office, Belmont Estate, Bristol Road, Wraxall, Bristol, BS48 1NF.

The principal activity of the Company continues to be that of a holding company. The Group consists of Et Ceteris Limited and all of its subsidiaries.

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies (see note 2). As permitted by s408 Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income and related notes.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1.

The principal accounting policies adopted are set out below. These policies have been applied consistently to all years presented.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 April 2014.

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.

The directors are therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

Turnover comprises revenue recognised by the Group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised on the supply of goods where the Group passes the risk of holding the goods to the customer. Services are recognised in the period to which they relate.

Management fees are recognised in the period to which they relate.

Events income is recognised when the event takes place, exclusive of Value Added Tax and trade discounts.

Revenue is also recognised by the company in respect of rent, exclusive of Value Added Tax. Rental income is recognised when the performance obligations of the contract are satisfied.

Grant income is also recognised by the company when the application is successful and the money is owed to the company.

Research and development expenditure is written off in the year in which it is incurred.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

Investments in subsidiaries are valued at cost less provision for impairment.

Listed investments are initially measured at fair value and subsequently remeasured to fair value at each financial reporting date.

Stocks are valued at the lower of cost and net realisable value making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments are recognised in the Group's statement of financial position 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.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, 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.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Equity dividends are recognised as a liability and an appropriation of profit when they become legally payable.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except:

• that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• that any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

• that any deferred tax balances are deemed to be immaterial and expected to unwind in the short term.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The Company records a provision where it has a present obligation (legal or constructive), the settlement of which is expected to result in an outflow of resources with no consideration in return, and the amount can be reliably estimated. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date.

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

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

R&D expenditure credits are accounted for under the accruals model and recognised in the period the grant relates.

Intellectual Property Rights (IPR)

The Group continues to protect, as far as possible, its existing and developing product range by investing in IPR protection. As with Research and Development expenditure, investment in IPR is written off in the year in which it is incurred.

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

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.

The useful life of tangible fixed assets requires judgement due to the nature of some items of plant and machinery.

Deferred tax assets are raised to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised. Assessment of future taxable profit is performed at every reporting date, in the form of future cash flows using a suitable growth rate. Management applies judgement in determining that the assumptions used are reasonable.

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

Their aggregate remuneration comprised:

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

At 31 March 2025, the directors are of the opinion that the recoverable amount of the Group’s fixed assets are not less than their book value.

Included in land and buildings is freehold land at a cost of £18,517,093 (2024: £18,517,713) which is not depreciated.

Details of the company's subsidiaries at 31 March 2025 are as follows:

Financial assets valued through profit and loss relate to fixed term bonds. This includes the following:

• £7,000,000 fixed term deposit that matures in February 2026. This has an interest rate of 5.18%

• £7,000,000 fixed term deposit that matures in September 2025. This has an interest rate of 4.80%

The quoted market price is the basis for determining the fair value.

Group loans are repayable on demand and no interest is charged.

Deferred income is included in the financial statements as follows:

The provision recognised as a capital commitment in the period relates to a committed additional payment for the purchase of the estate.

Ordinary A shares and ordinary B shares carry full equal voting, dividend and distribution rights.

Share premium account

Share premium includes any premiums received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from share capital.

Capital redemption reserve

Included all amounts transferred after the redemption of the Company's own shares.

Other reserves

Comprises other reserves arising during the normal course of business.

Profit and loss account

Includes all current and prior period retained profits and losses.

There is a cross guarantee and debenture between Cogniscion Limited, The Belmont Estate (Farm) Limited, & Et Ceteris Limited in favour of Barclays Bank plc.

Amounts contracted for but not provided in the financial statements:

At the prior year-end, there existed a commitment for an additional payment of £7,293,912 for the purchase of the Aberarder Estate. This payment was made in the year under account.

On 20 October 2025 an interest free loan was made to a Director of the Company. This was repaid before the date of signing these accounts.

The remuneration of key management personnel is as follows.

The compensation payable to key management personnel relates to the Group.

Management fees of £39,936 (2024: £58,904) were charged to companies with common directors and shareholders.

At the year-end, the group was owed £nil (2024: £5,895) by the directors which has been repaid after the year-end.

During the year, loans to the value of £275,000 were made to parties connected to the directors. Interest was charged at 0.5% over the base rate. These loans were paid off in full during the year.

The directors consider the ultimate controlling parties to be Mr and Mrs W J Rossiter.