REGISTERED NUMBER: 02863338 (England and Wales)

POLLYBELL FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J F S Brown

J C Taylor

SECRETARY:

J F S Brown

REGISTERED OFFICE:

Little Carr Farm

Carr Road

Gringley on the Hill

Doncaster

South Yorkshire

DN10 4SN

REGISTERED NUMBER:

02863338 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michael Argyle BSc ACA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BANKERS:

HSBC Bank Plc

26 Market Place

Sleaford

Lincolnshire

NG34 7SB

SOLICITORS:

Mossop & Bowser

10 Spalding Road

Holbeach

Lincolnshire

PE12 7LP

FIXED ASSETS

Property, plant and equipment

4

1,433,459

1,304,470

Investments

5

981,481

383,589

2,414,940

1,688,059

CURRENT ASSETS

Inventories

934,934

1,008,068

Debtors

6

502,914

947,483

Cash at bank

41,331

-

1,479,179

1,955,551

CREDITORS

Amounts falling due within one year

7

766,307

684,168

NET CURRENT ASSETS

712,872

1,271,383

TOTAL ASSETS LESS CURRENT LIABILITIES

3,127,812

2,959,442

CREDITORS

Amounts falling due after more than one year

8

(380,355

)

(324,846

)

PROVISIONS FOR LIABILITIES

(221,119

)

(191,299

)

NET ASSETS

2,526,338

2,443,297

CAPITAL AND RESERVES

Called up share capital

10

1,250,002

1,250,002

Retained earnings

1,276,336

1,193,295

SHAREHOLDERS' FUNDS

2,526,338

2,443,297

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 Statement of Income and Retained Earnings 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

1.	STATUTORY INFORMATION

Pollybell 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 as modified by the revaluation of certain assets and on the assumption that the company is a going concern.

Related party exemption

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 and livestock are recognised upon despatch.

Property, plant and equipment

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

Tenant property improvements

-

10% on cost and 3 - 10 years straight line

Plant and machinery

-

33% on cost, 20% on reducing balance, 20% on cost and 10% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

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 Statement of Income and Retained Earnings, 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.

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, including capital gains rolled into the company's assets.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Pension costs

The company operates a money purchase pension scheme for eligible employees, the assets of which are administered and held independently. Contributions to the scheme are charged to the income statement as incurred.

Basic farm payment and countryside stewardship

The basic farm payment and countryside stewardship are recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

Investments

Investments held as fixed assets are stated at cost less impairment.

Operating leases

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 20 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Tenant

property

Plant and

improvements

machinery

Totals

£

£

£

COST

At 1 June 2024

1,106,680

4,226,349

5,333,029

Additions

107,853

370,478

478,331

Disposals

(1,862

)

(1,248,018

)

(1,249,880

)

At 31 May 2025

1,212,671

3,348,809

4,561,480

DEPRECIATION

At 1 June 2024

571,194

3,457,365

4,028,559

Charge for year

95,528

252,717

348,245

Eliminated on disposal

(1,862

)

(1,246,921

)

(1,248,783

)

At 31 May 2025

664,860

2,463,161

3,128,021

NET BOOK VALUE

At 31 May 2025

547,811

885,648

1,433,459

At 31 May 2024

535,486

768,984

1,304,470

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2024

383,589

Additions

597,892

At 31 May 2025

981,481

NET BOOK VALUE

At 31 May 2025

981,481

At 31 May 2024

383,589

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

138,696

370,725

Amounts owed by group undertakings

89,378

92,567

Other debtors

270,447

250,063

Prepayments and accrued income

4,393

234,128

502,914

947,483

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

66,336

Hire purchase contracts

146,176

135,183

Trade creditors

336,179

367,973

Amounts owed to group undertakings

199,633

68,743

Social security and other taxes

45,602

23,426

Other creditors

21,641

-

Accruals and deferred income

7,700

13,131

Deferred government grants

9,376

9,376

766,307

684,168

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

312,379

247,494

Deferred government grants

67,976

77,352

380,355

324,846

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

458,555

382,677

The hire purchase creditor is secured on the assets to which it relates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,250,002

Ordinary

£1

1,250,002

1,250,002

11.	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 Duncan & Toplis Audit Limited, Statutory Auditor

12.	OTHER FINANCIAL COMMITMENTS

At the year end the company has commitments due as follows:

2025

2024

£

£

Within one year

186,089

40,444

Between one and five years

454,058

12,297

640,147

52,741

13.	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