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REGISTERED NUMBER: 13398272 (England and Wales)

| LAPWING FARMS LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MAY 2025 |

LAPWING FARMS LIMITED (REGISTERED NUMBER: 13398272)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

LAPWING FARMS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | J F S Brown

| J C Taylor

| REGISTERED OFFICE: | Little Carr Farm

| Carr Road

| Gringley on the Hill

| Doncaster

| South Yorkshire

| DN10 4SN

| REGISTERED NUMBER: | 13398272 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Michael Argyle BSc ACA

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 3 Castlegate

| Grantham

| Lincolnshire

| NG31 6SF

| SOLICITORS: | Mossop & Bowser

| 10 Spalding Road

| Holbeach

| Lincolnshire

| PE12 7LP

LAPWING FARMS LIMITED (REGISTERED NUMBER: 13398272)

STATEMENT OF FINANCIAL POSITION

31 MAY 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Inventories | 252,592 |  | - |  |

Cash at bank | - |  | 1 |  |

252,592 |  | 1 |  |

CREDITORS

Amounts falling due within one year | 4 | 128,725 |  | - |  |

NET CURRENT ASSETS | 123,867 |  | 1 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 123,867 |  | 1 |  |

CAPITAL AND RESERVES

Called up share capital | 5 | 1 |  | 1 |  |

Retained earnings | 123,866 |  | - |  |

SHAREHOLDERS' FUNDS | 123,867 |  | 1 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

J F S Brown - Director

LAPWING FARMS LIMITED (REGISTERED NUMBER: 13398272)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. The financial statements have been prepared under the historical cost convention and on the assumption that the company is a going concern.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Revenue

| Revenue represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax.

| Sales of produce are recognised upon despatch.

| Inventories and work in progress

| Inventories are stated at the lower of cost and fair value less costs to complete and sell. Costs of cultivations include overheads appropriate to the stage of cultivation.

| Financial instruments

| The company has chosen to adopt the FRS 102A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

| 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. Accounts 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.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

LAPWING FARMS LIMITED (REGISTERED NUMBER: 13398272)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Sustainable farming incentive

| Sustainable farming incentive is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 87,436 |  | - |  |

| Taxation and social security | 41,289 |  | - |  |

128,725 |  | - |  |

5. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1 | Ordinary | £1 | 1 |  | 1 |  |

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

| The Report of the Auditors was unqualified.

| Michael Argyle BSc ACA (Senior Statutory Auditor)

| for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

7. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent company is The Lapwing Estate Limited.

| Until 11 June 2024, the ultimate parent company was The Lapwing Estate Limited, incorporated in England and Wales.

| From 11 June 2024, the ultimate parent company was Vanellus Limited, incorporated in England and Wales.

| Vanellus Limited is the smallest group in which the results of the company are consolidated.

| The consolidated financial statements of Vanellus Limited are available from the registered office.

| The registered office is located at:

| Everton Carr Farm

| Claybank Lane

| Everton

| Doncaster

| South Yorkshire

| DN10 5BZ