Fowlescombe Rare & Pasture Limited

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—6

1. General Information

Fowlescombe Rare & Pasture Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12510474 . The registered office is Fowlescombe Farm, Ugborough, Ivybridge, PL21 0ZG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The presentation currency of the financial statements is the pound sterling (£).

The financial statements contain information about Fowlescombe Rare & Pasture Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company and group qualifies as small under section 383 of the Companies Act 2006 and the parent and group are considered eligile for the exemption as determined by reference to sections 384 and 399 (2A) of the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10-15 years
Plant & Machinery	10-15 years
Motor Vehicles	5 years
Fixtures & Fittings	5 years
Computer Equipment	3 years

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Fowlescombe Rare & Pasture Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 20 (2024: 12)

4. Intangible Assets

	Total
	£
Cost
As at 1 April 2024	92,231
Additions	4,150

As at 31 March 2025	96,381

Amortisation
As at 1 April 2024	34,204
Provided during the period	9,638

As at 31 March 2025	43,842

Net Book Value
As at 31 March 2025	52,539

As at 1 April 2024	58,027

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Fowlescombe Rare & Pasture Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Total
	£
Cost
As at 1 April 2024	66,398
Additions	471,916
Disposals	(998 )

As at 31 March 2025	537,316

Depreciation
As at 1 April 2024	27,538
Provided during the period	28,454

As at 31 March 2025	55,992

Net Book Value
As at 31 March 2025	481,324

As at 1 April 2024	38,860

6. Investments

	Total
	£
Cost or Valuation
As at 1 April 2024	51,223
Additions	2,179,715

As at 31 March 2025	2,230,938

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	2,230,938

As at 1 April 2024	51,223

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

The Curing Barn Ltd

Registered office: Fowlescombe Barm, Ugborough, Ivybridge, Devon, PL21 0ZG

Nature of business: Retail sale of meat and meat products

Class of share: Ordinary

Holding: 100%

Aggregate capital and reserves: £50,000

Subsidiary

Tempus Foods Limited

Registered office: Fowlescombe Barm, Ugborough, Ivybridge, Devon, PL21 0ZG

Nature of business: Production of meat and poultry meat products

Class of share: Ordinary

Holding: 100%

Aggregate capital and reserves: £(225,736) (2024: £(198,297))

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Fowlescombe Rare & Pasture Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due after more than one year
Deferred tax asset	988,984	588,504

The deferred tax balance is made up of an asset for trade losses in the sum of £1,093,518 (2024: £602,539) and a liability for capital allowances in the sum of £104,534 (2024: £14,035).

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,613,326 Ordinary A shares of £ 1 each	1,613,326	364,774
1,319,995 Ordinary B shares of £ 1 each	1,319,995	-

	2,933,321	364,774

The company renamed the Ordinary shares to A Ordinary shares.

The A Ordinary shares have full rights with respect to voting, dividends and distributions. The B Ordinary

shares have full rights with respect to voting, dividends and distributions.

During the year the company issued 1,248,522 new £1 A Ordinary shares at par and 1,319,995 new £1 B Ordinary shares at £1.53 per share.

9. Related Party Transactions

At the balance sheet date the company had a corporate loan from Seabarn Management in the sum of £3,823,852 (2024: £2,450,241). The loans are unsecured and have no fixed repayment terms. Interest in the sum of £171,426 (2024: £nil) was charged during the year. During the year, Seabarn Management charged the company management fees and expenses in the sum of £81,110 (2024: £65,055). At the Balance Sheet date the company owed Seabarn Mangement £3,539 (2023: £450) for services other than the corporate loan. During the year corporate loans were exchanged for 1,248,522 A Ordinary shares and 1,319,995 B Ordinary shares. A Owens (director) and A Lewis (director) are directors of Seabarn Management.

The company acquired Tempus Foods Limited during the year. At the year end the company was owed £223,280 from Tempus Foods Limited. During the year purchased £4,394 of goods from Tempus Foods Limited.

The company acquired The Curing Barn Ltd during the year. At the year end the company owed £50,000 to The Curing Barn Ltd.

The company purchased goods and services in the sum of £14,035 from Seabarn Works Limited. At the balance sheet date the company was owed £2,418 from Seabarn Works Limited (2024: £650 creditor).

The company purchased goods and services in the sum of £60,516 from Fowelscombe Farm LLP, a business under the control of A Owens and A Lewis. At the Balance Sheet date the company owed The Owens & Lewis Farm Partnership £10,871.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		52,539		58,027
Tangible Assets	5		481,324		38,860
Investments	6		2,230,938		51,223

			2,764,801		148,110
CURRENT ASSETS
Stocks		670,105		260,405
Debtors	7	1,396,078		960,712
Cash at bank and in hand		15,646		19,695

		2,081,829		1,240,812
Creditors: Amounts Falling Due Within One Year		(184,966 )		(194,437 )

NET CURRENT ASSETS (LIABILITIES)			1,896,863		1,046,375

TOTAL ASSETS LESS CURRENT LIABILITIES			4,661,664		1,194,485

Creditors: Amounts Falling Due After More Than One Year			(3,823,852 )		(2,450,241 )

NET ASSETS/(LIABILITIES)			837,812		(1,255,756 )

CAPITAL AND RESERVES
Called up share capital	8		2,933,321		364,774
Share premium account			942,306		182,226
Profit and Loss Account			(3,037,815 )		(1,802,756 )

SHAREHOLDERS' FUNDS			837,812		(1,255,756)