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REGISTERED NUMBER: 13179690 (England and Wales)

S FARMS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Energy and Carbon Report forming part of the Report of the Directors | 7 |

| Report of the Independent Auditors | 10 |

| Consolidated Income Statement | 12 |

| Consolidated Other Comprehensive Income | 13 |

| Consolidated Balance Sheet | 14 |

| Company Balance Sheet | 15 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Company Cash Flow Statement | 19 |

| Notes to the Cash Flow Statements | 20 |

| Notes to the Consolidated Financial Statements | 22 |

| S FARMS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 5 APRIL 2025

| DIRECTORS: | G Read

| V Read

| Miss C I A Read

| Mrs P J G Heard

| Miss F A Read

| REGISTERED OFFICE: | The Manor House

| 3 Chalkpit Road

| Holme Next to the Sea

| Hunstanton

| PE36 6LW

| REGISTERED NUMBER: | 13179690 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Nicola Michelle Lenton FCCA

| AUDITORS: | Dexter & Sharpe Audit Services Ltd

| (Statutory Auditor)

| Rollestone House

| Bridge Street

| Horncastle

| Lincolnshire

| LN9 5HZ

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The directors present their strategic report of the company and the group for the year ended 05 April 2025.

The principal activities of the group in the period under review were those of farming and the processing, marketing and distribution of vegetables.

REVIEW OF BUSINESS

S Farms Limited owns the entire share capital of Staples Brothers Limited and Staples (Vegetables) Limited as the parent company.

Turnover for the group for the year was £185m (2024 £171m). Group profit for the period, before tax, was £25.5m (2024 £17.6m).

S Farms Limited received Dividends in the year from Staples Brothers Limited of £9,651,043 (2024 £8,502,567) and from Staples (Vegetables) Limited of £0 (2024 £700,525).

The group is committed to developing and investing in the latest equipment and technologies to improve efficiency and productivity. Total capital spend in the year on plant, machinery and vehicles amounted to £19.4m (2024 £10.2m).

Key performance indicators are measured and reported within the financial statements for the subsidiary companies.

OUTLOOK

The directors believe that the group balance sheet provides a strong capital base for further sustainable growth alongside long--term security.

PRINCIPAL RISKS AND UNCERTAINTIES

The nature of the industry in which the group operates means that climate unpredictability will always provide uncertainties in produce yield, quality and ultimately price achieved. The group manages this risk by implementing procedures to minimise uncertainty through extensive research, crop planning, management and investment. The group also works with a network of vegetable suppliers worldwide to ensure constant availability and options.

There is a risk of the loss of key customer accounts. The group manages its key accounts to ensure that there is not a dependency upon one particular customer or product. The subsidiary companies have an excellent reputation and dialogue with their customers and this relationship also seeks to minimise any significant pricing fluctuations.

The group is at risk of currency fluctuations. The subsidiary companies manage this risk by monitoring exchange rates and planning ahead for material foreign currency requirements.

The group has to continually budget for any labour cost increases as a result of UK Government policy and regular rises in the National Living Wage and National Minimum Wage.

The group is at risk of rising borrowing costs with the interest rate increases currently being applied by the Bank of England.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 5 APRIL 2025

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the directors of the parent company and the subsidiary companies to act in a way they consider, in good faith, would be most likely to promote the success of the companies for the benefit of their members as a whole and, in doing so, and have regard to:

- the likely consequences of any decision long-term;

- the interest of the employees;

- the need to foster business relationships with suppliers, customers and others;

- the impact of operations on the community and the environment;

- the desire for maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between members of the companies.

Promoting the groups success for its members and long term strategy

The group is managed by the directors, Vernon Read and George Read.

Strategic decisions are based on long-term objectives. The long term strategy is investment in the very latest technology and equipment and the directors are proud to have created a unique integrated production system delivering the highest efficiency and lowest risk in the industry. The directors always look to the future in pioneering product development, meeting customer needs through consumer and market insight.

The directors are minded to always act in good faith to promote the success of the group and to act fairly in respect of (and for the benefit of) the shareholders of the companies.

Employees

The directors recognise that management and employees are core to the success of the business. The directors ensure that decision making incorporates ideas and opinions from the workforce. The group places significant importance on the health, safety and wellbeing of employees. The group encourages diversity within its workforce.

Our customers and suppliers

The directors and senior management team of the subsidiary companies oversee the relationships with key suppliers and customers.

The customers are predominantly major UK supermarkets. Key to these relationships is quality of product, service and availability to meet demand throughout the year. The subsidiary companies always seek to be transparent and fair with suppliers and build loyal and stable working relationships. There are many businesses, both locally and nationally, that have had a mutually beneficial working relationship with the subsidiary companies for more than 30 years.

Our community and environment

The group is based in Lincolnshire with additional farms on the Isle of Wight. The subsidiary companies have supported many local and community projects in recent years and is a significant employer within the local area.

.

The group has a policy for sustainable food and farming as evidenced through its membership of many environmental and ethical assurance schemes.

The subsidiary companies are supplied with site electricity, via an anaerobic digester plant at both the Wrangle and Sibsey processing sites. The plant is run on out of specification vegetables and maize silage.The subsidiary companies are self-sufficient in generating their own electricity.

Staples (Vegetables) Limited offers a cycle to work scheme for employees.

High standards of business conduct

The directors operate the group in a responsible manner, with regard to maintaining high standards of business conduct, reputation and governance that would be expected given the size of the group.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 5 APRIL 2025

FINANCIAL INSTRUMENTS, RISKS AND THEIR MANAGEMENT

The business's principal financial instruments comprise trade debtors, bank current account, bank invoice financing, trade creditors and finance agreements. The main purpose of these instruments is to finance the operations of the group.

Trade debtors are managed for credit and cash flow risk by policies in place to determine credit limits offered to customers and a daily monitoring of amounts outstanding for age and limits. Trade debtors included in the balance sheet are net of allowances for bad or doubtful debts.

Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to meet amounts falling due.

The business uses finance agreements to fund large fixed asset acquisitions. The liquidity risk in respect of these agreements is managed by ensuring that there are sufficient funds available to meet the repayments when due.

The directors consider that adequate finance is in place to take advantage of any business opportunities that may arise and consider that the group is in a strong position with regard to market share.

MODERN SLAVERY AND HUMAN TRAFFICKING

The group is committed to driving out evidence of modern-day slavery and human trafficking from the industry and will ensure that industry leading targets are set, achieved and maintained.

Only by utilising a combined approach, can the industry stamp out modern day slavery. The directors, management team and employees of the subsidiary companies are fully supportive of the Modern Slavery Act 2015 and will ensure they maintain this approach to achieve the target of 100% compliance.

The group's full statement on modern slavery and human trafficking is available on its website: www.staplesvegetables.co.uk

FUTURE DEVELOPMENTS

The group will continue with its successful on-going strategy of investment in the most innovative and leading-edge farming techniques and machinery, and structure and systemise all aspects of the vegetable processing cycle to enure that it always meets its primary commitment to the customer - produce of the highest possible quality, freshness, availability and value.

ON BEHALF OF THE BOARD:

Director

19 December 2025

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 5 APRIL 2025

The directors present their report with the financial statements of the company and the group for the year ended 5 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a Parent Company to Staples Brothers Limited and Staples (Vegetables) Limited.

Detail on the sale of the subsidiary companies is provided under Post Balance Sheet Events in the notes to the accounts.

DIVIDENDS

An interim dividend of £30.45995 per share was paid on the Ordinary B £1 shares on 31 May 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 5 April 2025 will be £ 1,000,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 6 April 2024 to the date of this report.

G Read

V Read

Miss C I A Read

Mrs P J G Heard

Miss F A Read

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 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 company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 5 APRIL 2025

AUDITORS

The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

V Read - Director

19 December 2025

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

ENERGY AND CARBON REPORT

FORMING PART OF THE REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 5 APRIL 2025

The following report covers the group, including the subsidiary companies, Staples Brothers Limited and Staples (Vegetables) Limited.

SECR Energy Use and Carbon Emissions Disclosure

S Farms Limited hereby disclose their energy use and greenhouse gas emissions for which they are responsible in line with SECR requirements. This is the second year of SECR reporting and is aligned with the financial year to 05 April 2025.

Energy Source |  | Consumption(kW h) |  | CO2 Emissions(Tonnes) |  | % of Total kWhConsumption |  | Scope |

Gas (LPG) |  | 383,364 |  | 43 |  | 0% |  | 1 |

Gas Oil |  | 214,356 |  | 60 |  | 0.2% |  | 1 |

Own Transport (Diesel) |  | 33,396,901 |  | 10,203 |  | 38% |  | 1 |

Farm (Red Diesel) |  | 40,869,693 |  | 13,100 |  | 47% |  | 1 |

Electricity |  | 2,879,614 |  | 596 |  | 3% |  | 2 |

3rd Party Transport |  | 8,978,606 |  | 2,878 |  | 10% |  | 3 |

Waste |  | 8,500 |  | 2 |  | 0.01% |  | 3 |

Water |  | 59,375 |  | 13 |  | 0.1% |  | 3 |

Business Travel - De-Minimis |  |

Grand Totals |  | 86,790,409 |  | 26,894 |  | 100% |  |

The following is the baseline year 2023/24.

Energy Source |  | Consumption(kW h) |  | CO2 Emissions(Tonnes) |  | % of Total kWhConsumption |  | Scope |

Gas (LPG) |  | 538,327 |  | 48 |  | 1% |  | 1 |

Gas Oil |  | 214,356 |  | 60 |  | 0.3% |  | 1 |

Own Transport (Diesel) |  | 24,474,366 |  | 7,868 |  | 37% |  | 1 |

Farm Operations (Red Diesel) |  | 30,028,948 |  | 9,625 |  | 45% |  | 1 |

Electricity |  | 2,354,043 |  | 487 |  | 4% |  | 2 |

3rd Party Transport |  | 9,384,858 |  | 3,008 |  | 14% |  | 3 |

Waste |  | 8,500 |  | 2 |  | 0.01% |  | 3 |

Water |  | 67,155 |  | 14 |  | 0.1% |  | 3 |

Fertiliser - De-Minimis |  |

Business Travel - De-Minimis |  |

Grand Totals |  | 67,143,552 |  | 21,112 |  | 100% |  |

Methodology

The Green House Gas (GHG) Reporting Protocol - Corporate Standard has been followed to allow easy comparison with equivalent organisational reporting. Carbon emissions are therefore reported as Scope 1, 2 and 3 emissions. The report has also used the 2025 UK Government's Conversion Factors for Company Reporting.

Benchmarking and Intensity Metrics

The group has chosen to utilise an intensity metric that will support comparison to the baseline emissions in future years and will hopefully also seek to measure its emissions against their peers.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per GB Pounds turnover, the recommended ratio for the sector.

Energy Efficiency Actions

In the periods covered by this report, S Farms Limited has implemented a number of technologies to reduce energy consumption and carbon emissions, from LED lighting to CHP's burning sustainable fuel sources and waste food products. Whilst the benefit of these sustainable fuel sources cannot be included in this report, they obviously reduce the overall amount of fossil fuels consumed by the group.

There is significant pressure within the Food sector, and its supply chain to reduce carbon emissions, this downward pressure is forcing the group to continue to reduce their energy and carbon emissions in order to meet the targets set by their customers.

This report can be used as the baseline for comparison against others, and a measure of the efficacy of their own plans to reduce energy and carbon emissions. Therefore, the information in this report can now be used to assist in defining the actions required to meet the targets.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

ENERGY AND CARBON REPORT

FORMING PART OF THE REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 5 APRIL 2025

The group are expecting to deliver year on year reductions as various element of their current plans are implemented.

Organisational Background

S Farms Limited is the Parent Company to Staples (Vegetables) Limited and Staples Brothers Limited, who are a multi-sited farmer specialising in growing sustainable crops of Brassicas, Potatoes, Alliums, Cucurbits and Cereals.

S Farms Limited meets two of the qualifying conditions within the financial year ending 05 April 2025, and is therefore within the scope of the legislation and is required to submit energy and carbon emissions within their Annual Report as part of the annual filing obligations.

The group has made significant investments in energy generation, 2 farms have Anaerobic Digestion (AD) plants (producing gas and electricity) and 1 farm has Solar PVs installed. The outputs are as follows -

Sycamore Farm - 339kW Solar PV

Marsh Farm - 5mW AD plant

Station Farm - 2mW AD plant

The ADs and CHPs produce electricity and heat which is used in the production processes, general facilities, and staff accommodation.

Where electricity is imported from the grid it is purchased from 100% green energy providers.

SECR energy and carbon footprint summary

As shown in the table above, the GHG emissions for S Farms Limited, calculated for 2024-25 totalled 26,894 tCO2e, which was equivalent to 0.000159 tonnes CO2e emitted per GBP turnover.

Intensity ratio

The emissions intensity for S Farms Limited was calculated and reported in terms of the ratio of total GHG emissions per GB Pounds per turnover. In 2024-25, the GHG emission intensity was 0.000159 tCO2e per GBP turnover. The turnover has grown by 8% when compared to the baseline year, this growth is reflected in increases in transport activities and subsequent emissions.

Intensity Ratio 2024-25

Total Consumption kWh |  | 86,790,409 |

Co2e (Tonnes) |  | 26,894 |

Sales Turnover |  | £170m |

Intensity Ratio (Carbon/£Sale) |  | 0.000159 |

Intensity Ratio 2023-24 (baseline)

Total Consumption kWh |  | 67,143,552 |

Co2e (Tonnes) |  | 21,112 |

Sales Turnover |  | £157m |

Intensity Ratio (Carbon/£Sale) |  | 0.000135 |

SECR summary information for Annual Report

The above data summarises the Streamlined Energy and Carbon Reporting (SECR) disclosure in line with the requirements for a "large" unquoted company, as per The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Methodology

The report includes the group's greenhouse gas (GHG) inventory to cover all material sources of emissions for which S Farms Limited was responsible for in the UK for the 2024-25 financial year.

The methodology applied was the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition, 2015). The reporting boundary for emission sources was determined using the operational control approach. All emissions sources required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 were included. This estimate covers all of the group's UK-located operations that are consolidated in these financial statements and the sites used to conduct these operations. Raw data was provided in the form of non-half-hourly meter readings for the sites and consolidated energy consumption data for the remaining sources.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

ENERGY AND CARBON REPORT

FORMING PART OF THE REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 5 APRIL 2025

Statement of Directors' Responsibility and Approval

The Directors acknowledge their responsibility for arranging the preparation of the SECR Report, for selecting appropriate reporting policies, for making appropriate judgements and estimates, for presenting the information fairly and in accordance with SECR guidelines and for maintaining records from which to prepare the report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMING PART OF THE REPORT OF THE DIRECTORS

S FARMS LIMITED

Opinion

We have audited the financial statements of S Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 5 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 5 April 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMING PART OF THE REPORT OF THE DIRECTORS

S FARMS LIMITED

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have enquired of those charged with governance around actual and potential litigation and claims.

We have reviewed financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.

We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

We have audited the risk of management override of controls including the review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

for and on behalf of Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

19 December 2025

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 5 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 184,929,946 |  | 170,856,716 |  |

Cost of sales | (129,713,040 | ) | (128,553,499 | ) |

GROSS PROFIT | 55,216,906 |  | 42,303,217 |  |

Distribution costs | (14,034,594 | ) | (13,233,586 | ) |

Administrative expenses | (15,221,869 | ) | (12,044,768 | ) |

25,960,443 |  | 17,024,863 |  |

Other operating income | 373,045 |  | 375,965 |  |

Gain/loss on revaluation of assets | 20,400 |  | 339,542 |  |

OPERATING PROFIT | 3 | 26,353,888 |  | 17,740,370 |  |

Income from fixed asset investments | 96,526 |  | 79,732 |  |

Interest receivable and similar income | 190,951 |  | 195,031 |  |

26,641,365 |  | 18,015,133 |  |

Interest payable and similar expenses | 4 | (1,089,244 | ) | (403,739 | ) |

PROFIT BEFORE TAXATION | 25,552,121 |  | 17,611,394 |  |

Tax on profit | 5 | (3,609,416 | ) | (2,960,478 | ) |

PROFIT FOR THE FINANCIAL YEAR | 21,942,705 |  | 14,650,916 |  |

Profit attributable to:

Owners of the parent | 21,942,705 |  | 14,650,916 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 5 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 21,942,705 |  | 14,650,916 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 21,942,705 |  | 14,650,916 |  |

Total comprehensive income attributable to:

Owners of the parent | 21,942,705 |  | 14,650,916 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONSOLIDATED BALANCE SHEET

5 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 600 |  | 800 |  |

Tangible assets | 9 | 82,981,547 |  | 56,866,735 |  |

Investments | 10 | 3,427,714 |  | 3,345,539 |  |

86,409,861 |  | 60,213,074 |  |

CURRENT ASSETS

Stocks | 11 | 19,826,709 |  | 14,218,349 |  |

Debtors | 12 | 28,808,561 |  | 26,756,179 |  |

Cash at bank and in hand | 23,829,450 |  | 3,014,866 |  |

72,464,720 |  | 43,989,394 |  |

CREDITORS

Amounts falling due within one year | 13 | 61,365,442 |  | 31,379,986 |  |

NET CURRENT ASSETS | 11,099,278 |  | 12,609,408 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 97,509,139 |  | 72,822,482 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (2,358,914 | ) | (1,902,047 | ) |

PROVISIONS FOR LIABILITIES | 19 | (9,980,718 | ) | (6,693,633 | ) |

NET ASSETS | 85,169,507 |  | 64,226,802 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 95,294 |  | 95,294 |  |

Fair value reserve | 21 | 210,746 |  | 254,090 |  |

Retained earnings | 21 | 84,863,467 |  | 63,877,418 |  |

SHAREHOLDERS' FUNDS | 85,169,507 |  | 64,226,802 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

V Read - Director

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

COMPANY BALANCE SHEET

5 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 14,113,880 |  | 636,526 |  |

Investments | 10 | 3,491,480 |  | 3,409,305 |  |

17,605,360 |  | 4,045,831 |  |

CURRENT ASSETS

Debtors | 12 | 78,225 |  | 75,318 |  |

Cash at bank | 4,999,855 |  | 318,581 |  |

5,078,080 |  | 393,899 |  |

CREDITORS

Amounts falling due within one year | 13 | 9,670,165 |  | 105,437 |  |

NET CURRENT (LIABILITIES)/ASSETS | (4,592,085 | ) | 288,462 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,013,275 |  | 4,334,293 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 95,294 |  | 95,294 |  |

Fair value reserve | 21 | 210,746 |  | 254,090 |  |

Retained earnings | 21 | 12,707,235 |  | 3,984,909 |  |

SHAREHOLDERS' FUNDS | 13,013,275 |  | 4,334,293 |  |

Company's profit for the financial year | 9,678,982 |  | 9,295,080 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

V Read - Director

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 5 APRIL 2025

| Called up |  | Fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 6 April 2023 | 95,294 |  | 57,591,443 |  | (111,165 | ) | 57,575,572 |  |

Changes in equity

Dividends | - |  | (7,999,686 | ) | - |  | (7,999,686 | ) |

Total comprehensive income | - |  | 14,285,661 |  | 365,255 |  | 14,650,916 |  |

Balance at 5 April 2024 | 95,294 |  | 63,877,418 |  | 254,090 |  | 64,226,802 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | - |  | (1,000,000 | ) |

Total comprehensive income | - |  | 21,986,049 |  | (43,344 | ) | 21,942,705 |  |

Balance at 5 April 2025 | 95,294 |  | 84,863,467 |  | 210,746 |  | 85,169,507 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 5 APRIL 2025

| Called up |  | Fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 6 April 2023 | 95,294 |  | 3,054,770 |  | (111,165 | ) | 3,038,899 |  |

Changes in equity

Dividends | - |  | (7,999,686 | ) | - |  | (7,999,686 | ) |

Total comprehensive income | - |  | 8,929,825 |  | 365,255 |  | 9,295,080 |  |

Balance at 5 April 2024 | 95,294 |  | 3,984,909 |  | 254,090 |  | 4,334,293 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | - |  | (1,000,000 | ) |

Total comprehensive income | - |  | 9,722,326 |  | (43,344 | ) | 9,678,982 |  |

Balance at 5 April 2025 | 95,294 |  | 12,707,235 |  | 210,746 |  | 13,013,275 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 26,773,292 |  | 19,463,174 |  |

Interest paid | (710,012 | ) | (303,360 | ) |

Interest element of hire purchase payments paid | (93,384 | ) | (100,379 | ) |

Tax paid | (1,281,597 | ) | (938,549 | ) |

Net cash from operating activities | 24,688,299 |  | 18,120,886 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (1,000 | ) |

Purchase of tangible fixed assets | (29,483,600 | ) | (8,168,104 | ) |

Sale of tangible fixed assets | 368,850 |  | 563,984 |  |

Interest received | 190,951 |  | 195,031 |  |

Dividends received | - |  | 1 |  |

Net cash from investing activities | (28,923,799 | ) | (7,410,088 | ) |

Cash flows from financing activities

New loans in year | 11,860,361 |  | - |  |

Loan repayments in year | (2,589,077 | ) | - |  |

Capital repayments in year | (4,685,839 | ) | (3,961,263 | ) |

Amount introduced by directors | 1,000,000 |  | 8,628,165 |  |

Amount withdrawn by directors | (1,000,000 | ) | (9,887,435 | ) |

Equity dividends paid | (1,000,000 | ) | (7,999,686 | ) |

Net cash from financing activities | 3,585,445 |  | (13,220,219 | ) |

Decrease in cash and cash equivalents | (650,055 | ) | (2,509,421 | ) |

Cash and cash equivalents at beginning of year | 2 | (6,294,170 | ) | (3,784,749 | ) |

Cash and cash equivalents at end of year | 2 | (6,944,225 | ) | (6,294,170 | ) |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 158,479 |  | (252,426 | ) |

Interest paid | (2,460 | ) | (2,846 | ) |

Net cash from operating activities | 156,019 |  | (255,272 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (13,477,354 | ) | (636,526 | ) |

Interest received | 80,282 |  | 643 |  |

Dividends received | 9,651,043 |  | 9,203,093 |  |

Net cash from investing activities | (3,746,029 | ) | 8,567,210 |  |

Cash flows from financing activities

New loans in year | 11,860,361 |  | - |  |

Loan repayments in year | (2,589,077 | ) | - |  |

Amount introduced by directors | 1,000,000 |  | 8,628,122 |  |

Amount withdrawn by directors | (1,000,000 | ) | (8,628,436 | ) |

Equity dividends paid | (1,000,000 | ) | (7,999,686 | ) |

Net cash from financing activities | 8,271,284 |  | (8,000,000 | ) |

Increase in cash and cash equivalents | 4,681,274 |  | 311,938 |  |

Cash and cash equivalents at beginning of year | 2 | 318,581 |  | 6,643 |  |

Cash and cash equivalents at end of year | 2 | 4,999,855 |  | 318,581 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CASH FLOW STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Group

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 25,552,121 |  | 17,611,394 |  |

| Depreciation charges | 7,766,777 |  | 6,614,394 |  |

| Loss on disposal of fixed assets | 76,732 |  | 102,308 |  |

| Gain on revaluation of fixed assets | (20,400 | ) | (339,542 | ) |

| Investment management costs | 33,174 |  | 20,679 |  |

| Finance costs | 1,089,244 |  | 403,739 |  |

| Finance income | (287,477 | ) | (274,763 | ) |

34,210,171 |  | 24,138,209 |  |

| Increase in stocks | (5,608,360 | ) | (2,025,785 | ) |

| Increase in trade and other debtors | (1,593,843 | ) | (6,197,801 | ) |

| (Decrease)/increase in trade and other creditors | (234,676 | ) | 3,548,551 |  |

| Cash generated from operations | 26,773,292 |  | 19,463,174 |  |

| Company

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 9,743,293 |  | 9,295,202 |  |

| Gain on revaluation of fixed assets | (20,400 | ) | (339,542 | ) |

| Investment management costs | 33,174 |  | 20,679 |  |

| Finance costs | 288,308 |  | 2,846 |  |

| Finance income | (9,827,851 | ) | (9,283,467 | ) |

216,524 |  | (304,282 | ) |

| Increase in trade and other debtors | (2,907 | ) | (30,785 | ) |

| (Decrease)/increase in trade and other creditors | (55,138 | ) | 82,641 |  |

| Cash generated from operations | 158,479 |  | (252,426 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Group |  | Company |

| Year ended 5 April 2025

| 5.4.25 |  | 6.4.24 |  | 5.4.25 |  | 6.4.24

£ | £ | £ | £ |

| Cash and cash equivalents | 23,829,450 |  | 3,014,866 |  | 4,999,855 |  | 318,581 |  |

| Bank overdrafts | (30,773,675 | ) | (9,309,036 | ) | - |  | - |  |

(6,944,225 | ) | (6,294,170 | ) | 4,999,855 |  | 318,581 |  |

| Year ended 5 April 2024

| 5.4.24 |  | 6.4.23 |  | 5.4.24 |  | 6.4.23

£ | £ | £ | £ |

| Cash and cash equivalents | 3,014,866 |  | 578,826 |  | 318,581 |  | 6,643 |  |

| Bank overdrafts | (9,309,036 | ) | (4,363,575 | ) | - |  | - |  |

(6,294,170 | ) | (3,784,749 | ) | 318,581 |  | 6,643 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CASH FLOW STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Group

| Other |

| non-cash |

| At 6.4.24 | Cash flow | changes | At 5.4.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 3,014,866 |  | 20,814,584 |  | 23,829,450 |  |

| Bank overdrafts | (9,309,036 | ) | (21,464,639 | ) | (30,773,675 | ) |

(6,294,170 | ) | (650,055 | ) | (6,944,225 | ) |

| Debt

| Finance leases | (4,560,645 | ) | 4,685,839 |  | (4,843,371 | ) | (4,718,177 | ) |

| Debts falling due

| within 1 year | - |  | (9,271,284 | ) | - |  | (9,271,284 | ) |

(4,560,645 | ) | (4,585,445 | ) | (4,843,371 | ) | (13,989,461 | ) |

| Total | (10,854,815 | ) | (5,235,500 | ) | (4,843,371 | ) | (20,933,686 | ) |

| Company

| At 6.4.24 | Cash flow | At 5.4.25

£ | £ | £ |

| Net cash |

| Cash at bank | 318,581 |  | 4,681,274 |  | 4,999,855 |  |

318,581 |  | 4,681,274 |  | 4,999,855 |  |

| Debt

| Debts falling due within 1 year | - |  | (9,271,284 | ) | (9,271,284 | ) |

- |  | (9,271,284 | ) | (9,271,284 | ) |

| Total | 318,581 |  | (4,590,010 | ) | (4,271,429 | ) |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.

| Development costs are being amortised evenly over their estimated useful life of nil years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 12.5% on reducing balance, 5% on reducing balance and Nil

| Farm / tenants fixtures | - | 25% on reducing balance and 10% on reducing balance

| Plant and equipment, etc. | - | 35% on reducing balance, 25% on reducing balance, 20% on reducing balance, 12.5% on reducing balance, 5% on reducing balance and Straight line over 10 years

| Motor vehicles and trailers | - | 25% on reducing balance

| Tractors, trailers and vehicles | - | 30% on reducing balance, 25% on reducing balance and 20% on reducing balance

| Office equipment | - | 25% on reducing balance, 20% on reducing balance and 12.5% on reducing balance

| Stocks and valuation

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

| The valuation of Staples Brothers Ltd stock and tenantright was carried out by independent valuers Martin Wright Surveyors Limited, The Orchard Rooms, Frith Bank, Boston and is in accordance with FRS 102.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

1. | ACCOUNTING POLICIES - continued

| Foreign currencies

| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme The Staples 1993 Pension Fund, and the pension charge represents the amounts payable by the company to the fund in respect of the year.

| Operating leases

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

| Grants and contributions

| Grants receivable in respect of tangible fixed assets are treated as deferred income which is credited to the profit and loss account over the estimated economic lives of the related assets. Grants receivable in respect of profit and loss expenditure are credited to the expenditure heading concerned in the year of receipt.

2. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 47,266,504 |  | 41,733,639 |  |

| Social security costs | 4,363,142 |  | 3,744,044 |  |

| Other pension costs | - |  | 16,667 |  |

51,629,646 |  | 45,494,350 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Processing and distribution | 1,228 |  | 1,204 |  |

| Sales and marketing | 4 |  | 4 |  |

| Office administration | 45 |  | 42 |  |

1,277 |  | 1,250 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 1,277 (2024 - 1,250 ) .

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 624,000 |  | 1,255,282 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 290,000 |  | 605,641 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

3. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 165,699 |  | 128,622 |  |

| Depreciation - owned assets | 7,766,577 |  | 6,614,194 |  |

| Loss on disposal of fixed assets | 76,732 |  | 102,308 |  |

| Development costs amortisation | 200 |  | 200 |  |

| Auditors' remuneration | 26,840 |  | 24,400 |  |

4. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 354,408 |  | 201,753 |  |

| Hire purchase interest | 70,767 |  | 65,127 |  |

| Corporation tax interest | 664 |  | 607 |  |

| Loan interest | 285,848 |  | 35,873 |  |

| Other interest paid | 284,173 |  | - |  |

| Hire purchase | 93,384 |  | 100,379 |  |

1,089,244 |  | 403,739 |  |

5. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 4,058,348 |  | 2,794,981 |  |

| Under / (Overprovision) in

| previous year | (100,226 | ) | - |  |

| R&D tax claim | (3,635,791 | ) | (1,618,895 | ) |

| Total current tax | 322,331 |  | 1,176,086 |  |

| Deferred tax | 3,287,085 |  | 1,784,392 |  |

| Tax on profit | 3,609,416 |  | 2,960,478 |  |

6. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary B shares of £1 each |

| Interim | 1,000,000 |  | 7,999,686 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

8. | INTANGIBLE FIXED ASSETS

| Group

| Development

| costs

£ |

| COST

| At 6 April 2024

| and 5 April 2025 | 1,000 |  |

| AMORTISATION

| At 6 April 2024 | 200 |  |

| Amortisation for year | 200 |  |

| At 5 April 2025 | 400 |  |

| NET BOOK VALUE

| At 5 April 2025 | 600 |  |

| At 5 April 2024 | 800 |  |

9. | TANGIBLE FIXED ASSETS

| Group

| Farm / |  | Plant and

| Freehold |  | tenants |  | equipment,

| property |  | fixtures |  | etc.

£ | £ | £ |

| COST

| At 6 April 2024 | 33,385,992 |  | 2,396,856 |  | 67,686,949 |  |

| Additions | 14,249,011 |  | 606,504 |  | 13,342,584 |  |

| Disposals | - |  | - |  | (173,041 | ) |

| At 5 April 2025 | 47,635,003 |  | 3,003,360 |  | 80,856,492 |  |

| DEPRECIATION

| At 6 April 2024 | 10,375,914 |  | 1,472,172 |  | 43,794,262 |  |

| Charge for year | 1,005,515 |  | 129,743 |  | 4,189,522 |  |

| Eliminated on disposal | - |  | - |  | (97,167 | ) |

| At 5 April 2025 | 11,381,429 |  | 1,601,915 |  | 47,886,617 |  |

| NET BOOK VALUE

| At 5 April 2025 | 36,253,574 |  | 1,401,445 |  | 32,969,875 |  |

| At 5 April 2024 | 23,010,078 |  | 924,684 |  | 23,892,687 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

9. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Tractors, |

| vehicles |  | trailers |

| and |  | and |  | Office |

| trailers |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 6 April 2024 | 238,500 |  | 23,887,379 |  | 2,364,427 |  | 129,960,103 |  |

| Additions | - |  | 5,691,871 |  | 437,001 |  | 34,326,971 |  |

| Disposals | - |  | (782,155 | ) | (1,904 | ) | (957,100 | ) |

| At 5 April 2025 | 238,500 |  | 28,797,095 |  | 2,799,524 |  | 163,329,974 |  |

| DEPRECIATION

| At 6 April 2024 | 235,105 |  | 15,904,655 |  | 1,311,260 |  | 73,093,368 |  |

| Charge for year | 899 |  | 2,412,485 |  | 28,413 |  | 7,766,577 |  |

| Eliminated on disposal | - |  | (412,447 | ) | (1,904 | ) | (511,518 | ) |

| At 5 April 2025 | 236,004 |  | 17,904,693 |  | 1,337,769 |  | 80,348,427 |  |

| NET BOOK VALUE

| At 5 April 2025 | 2,496 |  | 10,892,402 |  | 1,461,755 |  | 82,981,547 |  |

| At 5 April 2024 | 3,395 |  | 7,982,724 |  | 1,053,167 |  | 56,866,735 |  |

| Included on cost of land and buildings is freehold land of £18,076,576 (2024: £4,599,220) which is not depreciated.

| The net book value of tangible fixed assets includes assets held under finance leases or hire purchase contracts amounting to £10,576,896 (2024: £8,367,631).

| Company

| Farm / |

| Freehold |  | tenants |

| property |  | fixtures |  | Totals

£ | £ | £ |

| COST

| At 6 April 2024 | 636,526 |  | - |  | 636,526 |  |

| Additions | 13,103,440 |  | 373,914 |  | 13,477,354 |  |

| At 5 April 2025 | 13,739,966 |  | 373,914 |  | 14,113,880 |  |

| NET BOOK VALUE

| At 5 April 2025 | 13,739,966 |  | 373,914 |  | 14,113,880 |  |

| At 5 April 2024 | 636,526 |  | - |  | 636,526 |  |

| Included in cost of land and buildings is freehold land of £ 14,113,880 (2024 - £ 636,526 ) which is not depreciated.

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

10. | FIXED ASSET INVESTMENTS

| Group

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 6 April 2024 | 3,345,299 |  | 240 |  | 3,345,539 |  |

| Share of profit/(loss) | 116,185 |  | - |  | 116,185 |  |

| Revaluations | (76,518 | ) | - |  | (76,518 | ) |

| Dividends received | 42,508 |  | - |  | 42,508 |  |

| At 5 April 2025 | 3,427,474 |  | 240 |  | 3,427,714 |  |

| NET BOOK VALUE

| At 5 April 2025 | 3,427,474 |  | 240 |  | 3,427,714 |  |

| At 5 April 2024 | 3,345,299 |  | 240 |  | 3,345,539 |  |

| Cost or valuation at 5 April 2025 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2022 | 17,116 |  | 240 |  | 17,356 |  |

| Valuation in 2023 | (71,413 | ) | - |  | (71,413 | ) |

| Valuation in 2024 | 398,596 |  | - |  | 398,596 |  |

| Valuation in 2025 | 82,175 |  | - |  | 82,175 |  |

| Cost | 3,001,000 |  | - |  | 3,001,000 |  |

3,427,474 |  | 240 |  | 3,427,714 |  |

| Company

| Shares in |

| group |  | Listed |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 6 April 2024 | 64,007 |  | 3,345,298 |  | 3,409,305 |  |

| Share of profit/(loss) | - |  | 116,185 |  | 116,185 |  |

| Revaluations | - |  | (76,518 | ) | (76,518 | ) |

| Dividends received | - |  | 42,508 |  | 42,508 |  |

| At 5 April 2025 | 64,007 |  | 3,427,473 |  | 3,491,480 |  |

| NET BOOK VALUE

| At 5 April 2025 | 64,007 |  | 3,427,473 |  | 3,491,480 |  |

| At 5 April 2024 | 64,007 |  | 3,345,298 |  | 3,409,305 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

10. | FIXED ASSET INVESTMENTS - continued

| Company

| Cost or valuation at 5 April 2025 is represented by:

| Shares in |

| group |  | Listed |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2022 | - |  | 17,116 |  | 17,116 |  |

| Valuation in 2023 | - |  | (71,413 | ) | (71,413 | ) |

| Valuation in 2024 | - |  | 398,595 |  | 398,595 |  |

| Valuation in 2025 | - |  | 82,175 |  | 82,175 |  |

| Cost | 64,007 |  | 3,001,000 |  | 3,065,007 |  |

64,007 |  | 3,427,473 |  | 3,491,480 |  |

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

| Subsidiaries

| Staples (Vegetables) Limited

| Registered office: Marsh Farm, Sea Lane, Wrange, Boston, Lincolnshire, PE22 PHE

| Nature of business: Processing, marketing and distribution of vegetable

| %

| Class of shares: | holding |

| A | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 22,056,642 |  | 17,150,652 |  |

| Profit for the year | 4,905,990 |  | 3,271,706 |  |

| Staples Brothers Limited

| Registered office: Station Farm, Station Road, Sibsey, Boston, Lincolnshire, PE22 0SE

| Nature of business: Farming

| %

| Class of shares: | holding |

| A | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 50,163,596 |  | 42,805,864 |  |

| Profit for the year | 17,008,775 |  | 11,287,222 |  |

11. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Produce | 18,785,412 |  | 13,188,091 |  |

| Containers and fuel | 1,041,297 |  | 1,030,258 |  |

19,826,709 |  | 14,218,349 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 21,842,158 |  | 21,824,978 |  | - |  | - |  |

| Amounts owed by participating interests | - |  | - |  | 48,277 |  | 47,234 |  |

| Other debtors | 1,061,851 |  | 1,136,000 |  | 27,865 |  | 28,084 |  |

| Corporation tax | 2,097,809 |  | 1,639,270 |  | - |  | - |  |

| Directors' current accounts | - |  | 44 |  | - |  | - |  |

| VAT | 2,716,573 |  | 1,240,991 |  | 2,083 |  | - |  |

| Prepayments and accrued income | 1,090,170 |  | 914,896 |  | - |  | - |  |

28,808,561 |  | 26,756,179 |  | 78,225 |  | 75,318 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 15) | 30,773,675 |  | 9,309,036 |  | - |  | - |  |

| Other loans (see note 15) | 9,271,284 |  | - |  | 9,271,284 |  | - |  |

| Hire purchase contracts (see note 16) | 2,621,093 |  | 2,958,271 |  | - |  | - |  |

| Trade creditors | 16,279,154 |  | 16,558,753 |  | - |  | - |  |

| Corporation Tax | 62,856 |  | 565,204 |  | 62,856 |  | 122 |  |

| Social security and other taxes | 748,893 |  | 670,704 |  | 27,859 |  | 28,082 |  |

| VAT | - |  | - |  | - |  | 57,820 |  |

| Other creditors | - |  | 1,490 |  | - |  | - |  |

| VAT | - |  | 57,820 |  | - |  | - |  |

| Directors' current accounts | 20,951 |  | 20,995 |  | 13,773 |  | 13,773 |  |

| Accruals and deferred income | 1,549,692 |  | 1,190,631 |  | 294,393 |  | 5,640 |  |

| Deferred government grants | 37,844 |  | 47,082 |  | - |  | - |  |

61,365,442 |  | 31,379,986 |  | 9,670,165 |  | 105,437 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 16) | 2,097,084 |  | 1,602,374 |  |

| Deferred government grants | 261,830 |  | 299,673 |  |

2,358,914 |  | 1,902,047 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 30,773,675 |  | 9,309,036 |  | - |  | - |  |

| Other loans | 9,271,284 |  | - |  | 9,271,284 |  | - |  |

40,044,959 |  | 9,309,036 |  | 9,271,284 |  | - |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 2,757,706 |  | 3,081,838 |  |

| Between one and five years | 2,164,052 |  | 1,655,952 |  |

4,921,758 |  | 4,737,790 |  |

| Finance charges repayable:

| Within one year | 136,613 |  | 123,567 |  |

| Between one and five years | 66,968 |  | 53,578 |  |

203,581 |  | 177,145 |  |

| Net obligations repayable:

| Within one year | 2,621,093 |  | 2,958,271 |  |

| Between one and five years | 2,097,084 |  | 1,602,374 |  |

4,718,177 |  | 4,560,645 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank overdrafts | 30,773,675 |  | 9,309,036 |  |

| Hire purchase contracts | 4,718,177 |  | 4,560,645 |  |

35,491,852 |  | 13,869,681 |  |

| The bank overdraft is secured by an unlimited guarantee and is repayable on demand. Details of other bank security held is detailed in note 22, Contingent Liabilities. The hire purchase contracts are secured on the asset concerned.

18. | FINANCIAL INSTRUMENTS

| Financial assets and liabilities - forward contracts

| On occasion the company enters into foreign currency contracts to mitigate the exchange risk for certain transactions. At 5 April 2024, there were no outstanding contracts.

19. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 9,980,718 |  | 6,693,633 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

19. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 6 April 2024 | 6,693,633 |  |

| Charge to Income Statement during year | 3,287,085 |  |

| Balance at 5 April 2025 | 9,980,718 |  |

| Deferred tax has been calculated at 25%.

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 32,830 | Ordinary B | £1 | 32,830 |  | 32,830 |  |

| 60,002 | Ordinary | £1 | 60,002 |  | 60,002 |  |

| 2,462 | Ordinary A | £1 | 2,462 |  | 2,462 |  |

95,294 |  | 95,294 |  |

21. | RESERVES

| Group

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 6 April 2024 | 63,877,418 |  | 254,090 |  | 64,131,508 |  |

| Profit for the year | 21,942,705 |  | 21,942,705 |  |

| Dividends | (1,000,000 | ) | (1,000,000 | ) |

| Unrealised investment losses | 43,344 |  | (43,344 | ) | - |  |

| At 5 April 2025 | 84,863,467 |  | 210,746 |  | 85,074,213 |  |

| Company

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 6 April 2024 | 3,984,909 |  | 254,090 |  | 4,238,999 |  |

| Profit for the year | 9,678,982 |  | 9,678,982 |  |

| Dividends | (1,000,000 | ) | (1,000,000 | ) |

| Unrealised investment losses | 43,344 |  | (43,344 | ) | - |  |

| At 5 April 2025 | 12,707,235 |  | 210,746 |  | 12,917,981 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

22. | CONTINGENT LIABILITIES

| On 26 February 2021 HSBC UK Bank plc registered a debenture as security for the payment and discharge of all debt owed to the bank in form of a fixed charge and a floating charge over all the property or undertaking of Staples (Vegetables) Ltd.

| On 8 March 2021 HSBC Invoice Finance (UK) registered a fixed charge in non-vesting debtors and floating charge covering all property or undertaking of Staples (Vegetables) Ltd.

| On 18 March 2021 HSBC UK Bank plc registered a legal assignment of rights at Companies House as security for all present and future debts, money and other liabilities of Staples (Vegetables) Ltd.

| On 08 January 2024 HSBC UK Bank plc registered a legal assignment of rights at Companies House as security for all present and future debt, money and other liabilities of Staples (Vegetables) Ltd

| On 26 February 2021 HSBC UK Bank plc registered a debenture as security for the payment and discharge of all debt owed to the bank in the form of a fixed charge and a floating charge over all the property or undertaking of Staples Brothers Ltd.

23. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 6,950,886 |  | 6,950,886 |  |

| S FARMS LIMITED (REGISTERED NUMBER: 13179690) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

24. | RELATED PARTY DISCLOSURES

| During the year the company has also traded with other companies in which the directors hold an individual controlling share interest, as follows:-

| Produce purchased from: |  |  |

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| G-VEG Limited (controlled by G Read) |  | 640,369 |  | 6,439,930 |  |

| VER Limited (controlled by V Read) |  | 1,010,571 |  | 5,803,929 |  |

| G & P Read Limited (controlled by G Read) |  | 156,060 |  | 406,647 |  |

| Recharges from:

| Amounts owed to the group at the year end as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| G-VEG Limited (controlled by G Read) |  | 0 |  | (183,360 | ) |

| VER Limited (controlled by V Read) |  | 0 |  | (545,292 | ) |

| Included within creditors are loans from the following related parties:

| The loans are repayable on demand. |  | 202 5 |  | 2024 |

| £ |  | £ |  |

| Due within one year: |  |

| Vernon Read |  | 7,819 |  | 977 |

| George Read |  | 13,132 |  | 6,245 |

| VER Limited, which is controlled by V Read, has within the year loaned Staples Brothers Limited £3,750,000 - interest was charged at 1% above base rate, totalling £120,809. At the balance sheet date the amount outstanding was £nil (2024 - £nil).

| VER Limited has within the year loaned S Farms Limited £3,200,000 - interest was accrued at 1.35% above base rate, totalling £83,151. At the balance sheet date the amount outstanding was £3,200,000.(2024 - £nil).

| G-VEG Limited, which is controlled by G Read, has within the year loaned Staples Brothers Limited £4,800,000 - interest was charged at 1% above base rate, totalling £163,364. At the balance sheet date the amount owed to G-VEG Limited was £nil (2024 - £nil).

| G-VEG Limited has within the year loaned S Farms Limited £4,300,000 - interest was accrued at 1.35% above base rate, totalling £110,778. At the balance sheet date the amount outstanding was £4,300,000. (2024 - £nil).

| G Read has within the year loaned S Farms Limited £4,360,361 - interest was accrued at 1.35% above base rate, totalling £91,917. At the balance sheet date the amount outstanding was £1,871,283.(2024 - £nil).

25. | POST BALANCE SHEET EVENTS

| On 17 November 2025 S Farms Limited sold the entire share capital of both Staples Brothers Limited and Staples (Vegetables) Limited to an unconnected purchaser. Following the sale, S Farms Limited subscribed for shares in the parent holding company at the top of the restructured group that now owns Staples Brothers Limited and Staples (Vegetables) Limited.