Company registration number SC381819 (Scotland)
GREENSHIELDS AGRI LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
GREENSHIELDS AGRI LIMITED
COMPANY INFORMATION
Directors
Mr W H Boase
Mr J C Goodgal
Mr P A Jackson
Mr J D McKenna
Company number
SC381819
Registered office
5 South Charlotte Street
Edinburgh
Scotland
EH2 4AN
Accountants
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Solicitors
Burness Paull LLP
50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ
GREENSHIELDS AGRI LIMITED
CONTENTS
Page
Directors' report
1 - 3
Accountants' report
4
Income statement
5
Statement of financial position
6 - 7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 31
GREENSHIELDS AGRI LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of arable farming.

Results and dividends

The results for the year are set out on page 5.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr W H Boase
Mr J C Goodgal
Mr P A Jackson
Mr J D McKenna

The d irectors had no interests in the shares of the c ompany during the current or prior years.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 46 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Financial instruments
Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage crop price risks arising from the company’s activities. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise crop forward and futures contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.

Financial instruments - liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

GREENSHIELDS AGRI LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the board.

All customers who wish to trade on credit terms are subject to credit verification procedures where deemed necessary. Trade Receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The company continuously looks for opportunities to build out its core grain production, grain handling and grain merchandising business so that it is well positioned for any upswing in the agricultural cycle.

The company will consider opportunities leading to the implementation of operational efficiencies, cost savings and a leaner structure which will provide strong cash flow and improve earnings from operations.

The company will continue to maintain tight control over costs of production and capital expenditure on machinery & equipment.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 of the profit or loss of the company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

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

GREENSHIELDS AGRI LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
On behalf of the board
Mr J D McKenna
Director
9 December 2025
GREENSHIELDS AGRI LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GREENSHIELDS AGRI LIMITED FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greenshields Agri Limited for the year ended 30 June 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Greenshields Agri Limited, as a body, in accordance with the terms of our engagement letter dated 7 November 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Greenshields Agri Limited and state those matters that we have agreed to state to the b oard of d irectors of Greenshields Agri Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greenshields Agri Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Greenshields Agri Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Greenshields Agri Limited. You consider that Greenshields Agri Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Greenshields Agri Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Greaves West & Ayre
Chartered Accountants
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
9 December 2025
GREENSHIELDS AGRI LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
2025
2024
Notes
£
£
Revenue
4
4,271,548
3,946,763
Cost of sales
(2,843,252)
(1,969,742)
Gross profit
1,428,296
1,977,021
Other operating income
317,907
317,411
Administrative expenses (excl depreciation)
(1,157,338)
(1,234,399)
Administrative expenses - depreciation
(1,235,544)
(1,319,974)
Operating loss
5
(646,679)
(259,941)
Investment revenues
26,134
10,139
Finance costs
8
(58,468)
(76,765)
Loss before taxation
(679,013)
(326,567)
Income tax income
9
166,008
119,714
Loss and total comprehensive income for the year
28
(513,005)
(206,853)

The income statement has been prepared on the basis that all operations are continuing operations.

GREENSHIELDS AGRI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 2025
- 6 -
2025
2024
Notes
£
£
Non-current assets
Intangible assets
10
201,769
238,700
Property, plant and equipment
11
4,308,197
4,976,572
Investments
12
36,330
36,330
4,546,296
5,251,602
Current assets
Biological assets
14
1,809,800
2,045,926
Inventories
14
685,475
1,084,897
Trade and other receivables
15
780,986
1,692,832
Cash and cash equivalents
2,348,046
1,674,918
Derivative financial instruments
129,168
37,969
5,753,475
6,536,542
Total assets
10,299,771
11,788,144
Current liabilities
Trade and other payables
20
9,726,210
9,758,095
Lease liabilities
21
432,546
984,865
Deferred revenue
23
17,856
25,243
10,176,612
10,768,203
Net current liabilities
(4,423,137)
(4,231,661)
Non-current liabilities
Lease liabilities
21
773,853
991,622
Deferred tax liabilities
22
218,308
384,316
992,161
1,375,938
Total liabilities
11,168,773
12,144,141
Net liabilities
(869,002)
(355,997)
GREENSHIELDS AGRI LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2025
30 June 2025
2025
2024
Notes
£
£
- 7 -
Equity
Called up share capital
25
7,310
7,310
Share premium account
26
519,138
519,138
Revaluation reserve
27
29,866
29,866
Retained earnings
28
(1,425,316)
(912,311)
Total equity
(869,002)
(355,997)

For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
Mr W H Boase
Mr J D McKenna
Director
Director
Company registration number SC381819 (Scotland)
GREENSHIELDS AGRI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total
£
£
£
£
£
Balance at 1 July 2023
7,310
519,138
29,866
(705,458)
(149,144)
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(206,853)
(206,853)
Balance at 30 June 2024
7,310
519,138
29,866
(912,311)
(355,997)
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
-
(513,005)
(513,005)
Balance at 30 June 2025
7,310
519,138
29,866
(1,425,316)
(869,002)
GREENSHIELDS AGRI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
2,049,201
902,147
Interest paid
(58,468)
(76,765)
Income taxes refunded
-
0
12,945
Net cash inflow from operating activities
1,990,733
838,327
Investing activities
Purchase of intangible assets
-
0
(5,038)
Proceeds from disposal of intangibles
19,906
-
0
Purchase of property, plant and equipment
(732,338)
(1,088,869)
Proceeds from disposal of property, plant and equipment
229,980
838,624
Interest received
26,134
10,139
Repayment of derivatives
(91,199)
(58,777)
Net cash used in investing activities
(547,517)
(303,921)
Financing activities
Payment of lease liabilities
(770,088)
(437,832)
Net cash used in financing activities
(770,088)
(437,832)
Net increase in cash and cash equivalents
673,128
96,574
Cash and cash equivalents at beginning of year
1,674,918
1,578,344
Cash and cash equivalents at end of year
2,348,046
1,674,918
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
1
Accounting policies
Company information

Greenshields Agri Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 South Charlotte Street, Edinburgh, Scotland, EH2 4AN.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

The financial statements have been prepared under the historical cost convention, except for the revaluation of intangible assets. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements have been prepared on the going concern basis. The company has net current liabilities of £4,423,136 (20 2 4 £4,231,661) and net liabilities of £870,057 (20 2 4 £355,997) at 30 June 2025. The company’s ability to continue as a going concern is dependent upon conducting successful arable farming activities in the future. Additionally, the entity is dependent on continued financial support of group companies. The group has sufficient cash resources available for its operational needs. The directors have prepared forecast financial information for a period of at least 12 months from the date of issuance of this financial information, and has considered stress scenarios with regard to the key assumptions in the preparation of that financial information.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Crop Sales

- Contracting Income

- Basic Payment Scheme

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 11 -

Revenue from a contract to provide services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is determined by reference to the nature of the work done as part of the harvest year.

Revenue from contracts relates to the provision of contract farming services to customers. Performance obligations are met when the farming work required has been completed for the customer. Payment terms for services varies but services are normally billed twice yearly in February and September with standard payment terms within 30 days thereon. The price of contracts are derived from the market rate of agricultural goods and services.

1.4
Intangible assets other than goodwill

Intangible assets include entitlements receivable under the Basic Payment Scheme. Such assets are held at their fair value and reviewed annually for impairment. Any impairment losses are taken to the statement of comprehensive income and revaluation gains are held within a revaluation surplus within equity.

Also included as a separate class of intangible assets are Mineral Resource Exploration and Evaluation assets recognised in accordance with IFRS6. Such assets are held at their cost and amortised over a period of 10 years in order to reflect the expected timescales to implement a commercially viable arrangement to extract the resource. Amortisation of these assets are recognised in administrative expenses - depreciation of the income statement and the carrying value of these assets at the yearend is expected to be amortised over the remaining 6 years. They are also reviewed annually for impairment by reference to the likelihood of successfully being able to extract the mineral resource and the ability to recover the carrying amount of exploration and evaluation asset through its successful development. A ny impairment losses are taken to the statement of comprehensive income.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
20 years straight line
Plant and equipment
15% reducing balance and 3, 4 and 15 years straight line
Renewables
15 and 20 years straight line
Motor vehicles
25% reducing balance
Tenants improvements
10% reducing balance
Right-of-use assets
2, 3, 5 and 17 years straight line

The gain or loss arising on disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset, and is recognised in the income statement.

1.6
Non-current investments

Investment balance relates principally to unlisted investments held at fair value. The Investment carrying value is considered by the Board of Directors for fair value movements at least annually, note 12.

1.7
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

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

1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the c ompany uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the c ompany. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.12
Equity instruments

The c ompany has one operating segment, being operation of farming activities. This encompasses the production and sale of arable crops together with the production of renewable energies as well as the provision of contract farming and cattle housing services alongside this. Management reviews the business as a whole and does not operate the business on a component basis.

1.13
Derivatives

Derivative financial instruments are utilised by the company to manage risks in relation to the market price risk of crop prices. Derivative financial instruments are initially measured at cost, which included transaction costs. Subsequent to initial recognition these instruments are measured at fair value and changes a r e recognised in the statement of comprehensive income in the year in which they arise.

1.14
Taxation

Current tax is measured at amounts expected to be paid using rates and laws that have substantively been enacted by the balance sheet date.

Current tax

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

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of land that have a lease term of 12 months or less, or for leases of low-value assets. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

1.19

Foreign currencies

Transactions denominated in foreign currencies are translated at the exchange rate existing on the date of the transaction. Monetary assets and liabilities are translated at the exchange rate existing at the balance sheet date. Gains and losses on foreign exchange are dealt with through the profit and loss account.

1.20

Biological assets

Biological assets are measured on initial recognition and at each balance sheet date at fair value in accordance with IAS 41. Any changes in fair value are recognised in the statement of comprehensive income in the year in which they arise.

1.21

Other farming income

Other farming income is comprised primarily of land rentals for farming, wayleaves, easements and similar. Income is recognised on an accruals basis.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2
Adoption of new and revised standards and changes in accounting policies
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):

Amendments to IAS 21 Lack of Exchangeability
The effects of changes in foreign exchange rates to require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determining the exchange rate to use and the disclosures to provide.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 aims to improve financial reporting by: requiring additional defined subtotals in the statement of profit or loss; requiring disclosures about management-defined performance measures; and adding new principles for the aggregation and disaggregation of items.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
IFRS 19 permits some subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. These entities apply the requirements in other IFRS Accounting Standards except for their disclosure requirements. Instead, these entities apply the requiments in IFRS 19.
Amendments to IFRS 9 and 7 To the Classification and Measurement of Financial Instruments
The amendments specify: when a financial liability settled using an electronic payment system can be deemed to be discharged before the settlement date; how to assess the contractual cash flow characteristics of financial assets with contingent features where the nature of the contingent event does not relate directly to changes in basic lending risks and costs; and new or amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features that do not relate directly to basic lending risks and costs.
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Biological Assets

Biological assets are measured at fair value, less costs to sell, with any change therein recognised in profit or loss. The group determines fair values for biological assets using LIFFE (London International Financial Futures and Options Exchange) prices, crop yields are based on company historical data and management expertise and company historical and projected costs of production.

Lease Liabilities & Right of Use Assets

Leases and associated with Right of Use Assets are capitalised at the net present value based on discounting operating lease payments through the use of an incremental borrowing rate, which reflects the interest rate the company would incur if they were to purchase the leased asset through finance/loan.

Accrued Income

Income due to the c ompany in respect of Renewable Hea t Incentive subsidy entitlements have been estimated at the yearend based on expected rates of income per unit. Directors multiply expected rates of income by the number of subsidy unit entitlements or energy units produced in order to quantify what is due to the company at the yearend.

4
Revenue

Turnover relates to the sale of crops, basic payment scheme subsidy, other farming related income, contract farming income, CHP energy output and related subsidy income and income derived from rental of land.

2025
2024
£
£
Revenue analysed by class of business
Crop sales
3,674,183
2,908,235
Other farming income
214,339
295,660
Rental and electricity income
69,590
139,803
CHP exported power & subsidies
(3,245)
194,615
Contract income
316,681
408,450
4,271,548
3,946,763

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
5
Loss for the year
2025
2024
£
£
Loss for the year is stated after charging/(crediting):
Net foreign exchange losses/(gains)
6,353
302
Fair value movement on derivatives
(91,199)
(58,777)
Fair value movement on biological assets
236,126
(232,145)
Depreciation of property, plant and equipment
1,218,519
1,303,410
Profit on disposal of property, plant and equipment
(47,786)
(105,290)
Amortisation of intangible assets
17,025
16,564
Directors' fees
7,500
-
6
Employees

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

2025
2024
Number
Number
Management
6
6
Administration
2
1
Production
6
6
Total
14
13

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
423,818
482,242
Social security costs
43,194
52,374
Pension costs
16,700
11,758
483,712
546,374
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
57,500
57,500
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
8
Finance costs
2025
2024
£
£
Interest on lease liabilities
54,550
76,275
Other interest payable
3,918
490
Total interest expense
58,468
76,765
9
Income tax expense
2025
2024
£
£
Deferred tax
Origination and reversal of temporary differences
(166,008)
(119,714)

The company has losses of £234,871 (2024 losses carried forward £234,871) available for carry forward against future holiday let profits. A deferred tax asset has been recognised in respect of trading losses, given that trading losses carried forward of £1,431,420 (2024 £1,021,159) have been deducted to reduce the deferred tax expense. This gives a benefit of £357,855.

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(679,013)
(326,567)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(169,753)
(81,642)
Unutilised tax losses carried forward
102,565
13,052
Permanent capital allowances in excess of depreciation
67,188
68,590
Deferred tax
(166,008)
(119,714)
Taxation credit for the year
(166,008)
(119,714)
10
Intangible assets
Basic Payment Scheme (BPS)
Exploration & Evaluation Assets
Total
£
£
£
Cost or valuation
At 1 July 2023
116,975
165,215
282,190
Additions
-
5,038
5,038
At 30 June 2024
116,975
170,253
287,228
Disposals
(19,906)
-
0
(19,906)
At 30 June 2025
97,069
170,253
267,322
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Intangible assets
Basic Payment Scheme (BPS)
Exploration & Evaluation Assets
Total
£
£
£
(Continued)
- 20 -
Amortisation and impairment
At 1 July 2023
-
31,964
31,964
Charge for the year
-
16,564
16,564
At 30 June 2024
-
48,528
48,528
Charge for the year
-
17,025
17,025
At 30 June 2025
-
65,553
65,553
Carrying amount
At 30 June 2025
97,069
104,700
201,769
At 30 June 2024
116,975
121,725
238,700
At 30 June 2023
116,975
133,250
250,225

Intangible assets consist of two separate classes. The first class relates to Basic Payment Scheme (BPS) entitlements and are held at fair value. The BPS is the United Kingdom's main agricultural subsidy and entitlement gives the right to payment, provided it is supported by a hectare of eligible land and is actively farmed.

At 30 June 2025, had the Basic Payment Scheme entitlements been carried at historical cost their carrying amount would have been approximately £61,519 (2024 £74,397).

During the year to 30 June 2025, the Basic Payment Scheme entitlement was valued by George F. White at £97,069.

The second class of intangible asset relates to the Exploration for & Evaluation of Mineral Resources which are held at cost. The company is currently exploring and evaluating the commercial viability of extracting minerals from owned land and as part of this has incurred costs associated with geological studies, exploratory drilling, sampling and other activities in relation to evaluating the technical feasibility and commercial viability of quarrying the mineral resource. These costs are likely to generate economic benefits to the company once the necessary planning permissions have been obtained and a viable commercial partner has been found. The costs have therefore been capitalised as an intangible asset and are being amortised over a period which reflects the likely timescales until extraction commences.

So far to date, £170,253 of costs have been incurred in respect of the exploration and evaluation of mineral resources. Of this, no investing cash flows were expended during the period on further developing the intangible asset.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
11
Property, plant and equipment
Property improvements
Plant and equipment
Renewables
Motor vehicles
Tenants improvements
Right-of-use assets
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
763,847
4,649,430
1,364,637
58,153
82,262
4,033,446
10,951,775
Additions
-
0
468,740
-
0
53,008
-
0
567,122
1,088,870
Disposals
-
0
(344,242)
(1,050,968)
(29,286)
-
0
(12,308)
(1,436,804)
Transfer to held for sale
-
0
(28,276)
28,276
-
0
-
0
-
0
-
0
At 30 June 2024
763,847
4,745,652
341,945
81,875
82,262
4,588,260
10,603,841
Additions
95,925
312,867
18,372
-
0
-
0
305,174
732,338
Disposals
-
0
(477,391)
-
0
-
0
-
0
(50,286)
(527,677)
At 30 June 2025
859,772
4,581,128
360,317
81,875
82,262
4,843,148
10,808,502
Accumulated depreciation and impairment
At 1 July 2023
230,685
1,829,834
523,341
43,662
31,085
2,368,722
5,027,329
Charge for the year
38,135
446,945
28,561
15,309
5,118
769,342
1,303,410
Eliminated on disposal
-
0
(232,481)
(443,614)
(27,375)
-
0
-
0
(703,470)
On assets reclassified as held for sale
-
0
(471)
471
-
0
-
0
-
0
-
0
At 30 June 2024
268,820
2,043,827
108,759
31,596
36,203
3,138,064
5,627,269
Charge for the year
39,322
413,362
17,326
12,569
4,982
730,958
1,218,519
Eliminated on disposal
-
0
(345,483)
-
0
-
0
-
0
-
0
(345,483)
At 30 June 2025
308,142
2,111,706
126,085
44,165
41,185
3,869,022
6,500,305
Carrying amount
At 30 June 2025
551,630
2,469,422
234,232
37,710
41,077
974,126
4,308,197
At 30 June 2024
495,027
2,701,825
233,186
50,279
46,059
1,450,196
4,976,572
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -

The net carrying value of tangible fixed assets includes £1,038,726 (2024 - £2,098,820) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £164,897 (2024 - £355,735) for the year.

Right-of-use assets
2025
2024
£
£
Net values at the year end
Plant and equipment
1,038,726
2,098,820
Depreciation charge for the year
Plant and equipment
164,897
355,738
12
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Other investments
-
-
36,330
36,330

Investment balance relates to unlisted investments in Tynegrain Limited, Anglia Farmers and Haddington Farmers Limited held at fair value. The investment carrying value is considered by the Board of Directors for fair value movements at least annually based on recent transactions and the underlying asset value of the investment. There have been no changes during the year and the carrying value of investments is deemed to be their fair value.

13
Credit risk

Cash deposits and financial transactions give rise to credit risk in the event that counter parties fail to perform under the contract. The company monitors the credit ratings of its counter parties where necessary and controls the amount of credit risk by adhering to limits set by the board. The company maintains debtor levels to a manageable level unless it has strong grounds for allowing increases. As a consequence of these controls, the probability of material loss is considered to be at an acceptable level.

The directors regularly review the company's financial instruments in order to monitor any increase in credit risk in respect of financial instruments since initial recognition.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

The company does not hold any collateral or other credit enhancements to cover this credit risk.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
14
Inventories
2025
2024
£
£
Biological assets
1,809,800
2,045,926
Other sundry stocks
685,475
1,084,897
2,495,275
3,130,823
Reconciliation of biological assets carrying amount:
2025
2024
£
£
Opening balance per TB
2,045,926
1,813,781
Costs to harvest
350,623
306,675
Fair value adjustment to harvest
(582,224)
(470,784)
Less biological assets harvested
(1,814,324)
(1,649,672)
Purchases
694,366
896,059
Fair value crops movements
1,115,434
1,149,867
Closing biological assets
1,809,800
2,045,926

Included within inventories are biological assets which consists of £1,809,800 (2024 £2,045,926) relating to 2,298 ha of growing crops and £483,757 (2024 £1,034,434) relating to harvested stocks in store at the year end.

Growing crops consist of various cereals and pulses. The expected output of each has been estimated based on the expected crop yields and actual growing crop areas as at the year end.

The entity utilises forwards, futures and options in order to mitigate the risk of any major fluctuations in commodity prices between the balance sheet date and date of delivery. Any net gains or losses on the fair value position of these contracts at the year end has been recognised within the statement of comprehensive income.

Also included within inventories are other sundry stocks of £201,718 (2024 £50,463) which consists of various other stocks in relation to the farming and renewable energy activities.

15
Trade and other receivables
2025
2024
£
£
Trade receivables
211,027
702,878
VAT recoverable
61,551
65,674
Other receivables
454,926
886,471
Prepayments
53,482
37,809
780,986
1,692,832

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
16
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

17
Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial obligations that are settled by delivering cash or another financial asset. The company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation.

Liquidity risk management

Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

18
Fair value hierarchy

Fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used. The different levels are defined as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the company can access at the measurement date.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

The company determines Level 2 fair values for biological assets using LIFFE (London International Financial Futures and Options Exchange) prices, crop yields are based on company historical data and management expertise, and company historical and projected costs of production. For further information relating to biological assets, please refer to note 14.

The company determines Level 2 fair values for forward crop trades based on LIFFE prices and Chicago Board of Trade (CBOT) prices.

The company determines Level 3 fair values for the unlisted investment in Tynegrain Limited and other unlisted investments based on the value of the last trade of shares in Tynegrain Limited and other unlisted investments. For further information relating to fair values of unlisted investments, please refer to note 12.

The company determines Level 3 fair values for Basic Payment Scheme entitlements by utilising the services of a valuation expert, George F. White LLP (RICS certified). Values were primarily determined based on comparable market transactions and placed entitlement values at £100/unit for R egion O ne and £6/unit for R egion T wo. For further information relating to Basic Payment Scheme entitlements, please refer to note 10.

The fair value of all other financial instruments are deemed to be approximately reflected by their carrying value.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
19
Market risk
Market risk management
Crop prices

UK grain prices are largely determined by world prices and the dynamics of the global grain market. The company seeks to use its grain market analysis to optimise timing for crop price hedging. In addition the company seeks to optimise the premium it earns over the underlying commodity price through growing specific quality grains for local big brand customers. The company utilises the cash and futures markets to hedge its position. All trades are recapped by the outside broker to the executive management team. The group CEO reports the overall group "long" and "short" position on a daily basis as part of a daily grain market report to the executive management team. The executive management team monitor the company's exposure on an ongoing basis through a daily conference call and regular email discussion.

There has been no change in the company's objectives, policies and processes for managing this risk during the year.

Sensitivity analysis:
2025
2024
£
£
Turnover - 5% crop price movement
Profit increase or decrease
183,709
145,412
Biological asset - 5% crop price movement
90,490
102,296
Equity price risk
Equity price risk arises from the financial asset investments at fair value through profit or loss due to uncertainties about future values of the instruments. Investments held at year end represent interests held in the share capital of Tynegrain Limited, North East Grains, Borders Machinery Ring, Anglia Farmers and Haddington Farmers Limited. The instruments are unquoted and classified as level 3 in fair value hierarchy.
There has been no change in the company's objectives, policies and processes for managing this risk during the year.
Sensitivity analysis:
A 5% change in the value per share of unlisted investments would have increased or decreased equity as follows:
2025
2024
£
£
Profit increase or decrease
1,817
1,817
Basic payment entitlements valuation
The carrying values of Basic Payment Scheme entitlements have been determined by reference to comparable market transactions. Therefore, the company is exposed to fluctuations in the open market for Basic Payment Scheme entitlements.
There has been no change in the company's objectives, policies and processes for managing this risk during the year.
Sensitivity analysis:
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
19
Market risk
(Continued)
- 26 -
A 5% change in the fair value of Basic Payment Scheme entitlements would have increased or decreased net assets as follows:
2025
2024
£
£
Net assets increase or decrease
4,853
5,849
20
Trade and other payables
2025
2024
£
£
Trade payables
358,010
395,893
Amount owed to parent undertaking
1,936,841
2,135,783
Amounts owed to fellow group undertakings
7,143,330
6,984,963
Accruals
277,884
228,358
Social security and other taxation
9,476
10,691
Other payables
669
2,407
9,726,210
9,758,095

Intercompany balances relate to balances due to Greenshields Agri Holdings plc and Greenshields Estates Limited and are interest free and repayable on demand.

21
Lease liabilities
2025
2024
Net amounts due
£
£
Within one year
432,546
984,865
After more than one year
773,853
991,622
1,206,399
1,976,487
2025
2024
Maturity analysis of future lease payments
£
£
Within one year
471,324
1,030,979
In two to five years
501,364
669,995
In over five years
373,500
435,750
Total undiscounted liabilities
1,346,188
2,136,724
Future finance charges and other adjustments
(139,789)
(160,237)
Lease liabilities in the financial statements
1,206,399
1,976,487

The leases relate to plant and machinery and land whose carrying amount can be found on note 11.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
21
Lease liabilities
(Continued)
- 27 -
Other leasing information is included in note 30.
22
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
218,308
384,316

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated Capital Allowances
Revaluations
Total
£
£
£
Liability at 1 July 2023
493,452
10,578
504,030
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(119,714)
-
(119,714)
Liability at 1 July 2024
373,738
10,578
384,316
Deferred tax movements in current year
Charge/(credit) to profit or loss
(164,283)
(1,725)
(166,008)
Liability at 30 June 2025
209,455
8,853
218,308

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

23
Deferred revenue
2025
2024
£
£
Arising from income received in advance
17,856
25,243
All deferred revenues are expected to be settled within 12 months from the reporting date.
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,700
11,758

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

25
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
7,310
7,310
7,310
7,310
Issued and fully paid
Ordinary shares of £1 each
7,310
7,310
7,310
7,310

The company has one class of ordinary shares which carry no right to fixed income.

26
Share premium account
2025
2024
£
£
At the beginning and end of the year
519,138
519,138
27
Revaluation reserve
2025
2024
£
£
At the beginning and end of the year
29,866
29,866

The revaluation reserve has arisen on the revaluation of the company's Basic Payment Scheme (BPS) entitlements as detailed within note 1 0.

28
Retained earnings
2025
2024
£
£
At the beginning of the year
(912,311)
(705,458)
Loss for the year
(513,005)
(206,853)
At the end of the year
(1,425,316)
(912,311)
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
29
Contingent liabilities

The company has provided a floating charge over all property and assets of the company to the Royal Bank of Scotland PLC in connection with the borrowings of its group.

30
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of short term lease arrangements are as follows:

2025
2024
£
£
Minimum lease payments under operating leases
54,044
56,656

All liabilities under operating leases have been recognised as lease liabilities under IFRS 16. There are no further operating lease liabilities to disclose.

Information relating to lease liabilities is included in note 21.
31
Capital risk management

The company manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance,

The capital structure of the company consists of debt, cash and cash equivalents and equity comprising share capital, reserves and retained earnings. The company reviews the capital structure annually and as part of this review considers that cost of capital and the risks associated with each class of capital.

The company is not subject to any externally imposed capital requirements.

32
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2025
2024
2025
2024
£
£
£
£
Entities with joint control or significant influence over the company
116,843
783,671
753,091
1,025,804

All related party transactions were made on terms equivalent to those that prevail in arm's length transactions.

GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
32
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Parent company
1,936,841
2,135,783
Entities with joint control or significant influence over the company
7,221,508
7,061,316
9,158,349
9,197,099

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with joint control or significant influence over the company
108,731
210,590
Other information

The company has provided a guarantee against two loans drawn by fellow group entity, Greenshields Estates Limited, The guarantee is limited to £4,000,000.

33
Controlling party

The company is a fully owned subsidiary of Greenshields Agri Holdings plc, incorporated in the Isle of Man.

The directors are of the opinion that there is no single ultimate controlling party due to the even distribution of voting rights amongst the shareholders with no shareholder having a controlling majority.

The company is consolidated into the group accounts prepared by Greenshields Agri Holdings plc. This is the only group into which the entity is consolidated.

34
Analysis of changes in net funds/(debt)
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
1,674,918
673,128
2,348,046
Lease liabilities
(1,976,487)
770,088
(1,206,399)
(301,569)
1,443,216
1,141,647
GREENSHIELDS AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
34
Analysis of changes in net funds/(debt)
(Continued)
- 31 -
1 July 2023
Cash flows
30 June 2024
Prior year:
£
£
£
Cash at bank and in hand
1,578,344
96,574
1,674,918
Lease liabilities
(2,414,319)
437,832
(1,976,487)
(835,975)
534,406
(301,569)
35
Cash generated from operations
2025
2024
£
£
Loss for the year after tax
(513,005)
(206,853)
Adjustments for:
Taxation credited
(166,008)
(119,714)
Finance costs
58,468
76,765
Investment income
(26,134)
(10,139)
Gain on disposal of property, plant and equipment
(47,786)
(105,290)
Amortisation and impairment of intangible assets
17,025
16,564
Depreciation and impairment of property, plant and equipment
1,218,519
1,303,410
Movements in working capital:
Decrease/(increase) in inventories
635,548
(653,892)
Decrease in trade and other receivables
911,846
233,453
(Decrease)/increase in trade and other payables
(31,885)
363,420
(Decrease)/increase in deferred revenue
(7,387)
4,425
Cash generated from operations
2,049,201
902,149
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