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REGISTERED NUMBER: 00528256 (England and Wales)

| MAWTHORPE FARMS LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |  | to |  | 3

Notes to the Financial Statements | 4 |  | to |  | 8

MAWTHORPE FARMS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | S N Roughton

| R C Edgar

| REGISTERED OFFICE: | Mawthorpe House

| Alford

| Lincolnshire

| LN13 9LY

| REGISTERED NUMBER: | 00528256 (England and Wales)

| ACCOUNTANTS: | Duncan & Toplis Limited

| 3 Castlegate

| Grantham

| Lincolnshire

| NG31 6SF

| SOLICITORS: | Tinn Criddle & Co

| 6 High Street

| Alford

| Lincolnshire

| LN13 9DX

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

STATEMENT OF FINANCIAL POSITION

30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,109,498 |  | 4,182,041 |  |

Investments | 5 | 7,084 |  | 7,084 |  |

4,116,582 |  | 4,189,125 |  |

CURRENT ASSETS

Valuation | 1,544,147 |  | 1,047,226 |  |

Debtors | 6 | 218,474 |  | 200,952 |  |

Cash in hand | 1,378 |  | 1,178 |  |

1,763,999 |  | 1,249,356 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,424,301 |  | 1,075,873 |  |

NET CURRENT ASSETS | 339,698 |  | 173,483 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,456,280 |  | 4,362,608 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (1,392,040 | ) | (1,410,423 | ) |

PROVISIONS FOR LIABILITIES | (165,544 | ) | (162,815 | ) |

NET ASSETS | 2,898,696 |  | 2,789,370 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 2,935 |  | 2,935 |  |

Revaluation reserve | 11 | 4,087 |  | 4,087 |  |

Retained earnings | 2,891,674 |  | 2,782,348 |  |

SHAREHOLDERS' FUNDS | 2,898,696 |  | 2,789,370 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

STATEMENT OF FINANCIAL POSITION - continued

30 SEPTEMBER 2025

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 9 February 2026 and were signed on its behalf by:

S N Roughton - Director

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Mawthorpe 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Mawthorpe Farms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| 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.

| Turnover

| Turnover represents the fair value of consideration received for net invoiced sales of produce and contracting services, excluding value added tax, and includes the Basic Payment Scheme and environmental subsidies.

| Sales of produce are recognised upon despatch. Revenue from contracting services is recognised when the service is performed.

| The Basic Payment Scheme is recognised in the financial statements in accordance with current H. M. Revenue & Customs guidance.

| Tangible fixed assets

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

| Freehold land | - | Nil

| Property improvements | - | 10% on reducing balance

| Freehold buildings | - | Straight line over 15 years

| Plant and machinery | - | 15% on reducing balance

| Tractors and motor vehicles | - | 25% on reducing balance and 20% on reducing balance

| Tangible fixed assets are held at cost less accumulated depreciation.

| Stocks

| Stocks have been certified by a qualified valuer at the lower of cost and fair value less cost to complete and sell.

| 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.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| Pension costs

| The company operates a money purchase pension scheme. Contributions are charged to the profit and loss account as incurred.

| Investments

| Fixed asset investments are recorded at cost less any provision considered necessary by the directors for any permanent diminution in value.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 7 ) .

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Property |  | Freehold

| land |  | improvements |  | buildings

£ | £ | £ |

| COST

| At 1 October 2024 | 3,137,461 |  | 161,527 |  | 739,703 |  |

| Additions | 6,934 |  | - |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 30 September 2025 | 3,144,395 |  | 161,527 |  | 739,703 |  |

| DEPRECIATION

| At 1 October 2024 | 3,240 |  | 161,294 |  | 170,549 |  |

| Charge for year | - |  | 233 |  | - |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 30 September 2025 | 3,240 |  | 161,527 |  | 170,549 |  |

| NET BOOK VALUE

| At 30 September 2025 | 3,141,155 |  | - |  | 569,154 |  |

| At 30 September 2024 | 3,134,221 |  | 233 |  | 569,154 |  |

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. | TANGIBLE FIXED ASSETS - continued

| Tractors |

| Plant and |  | and motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 1,394,810 |  | 308,454 |  | 5,741,955 |  |

| Additions | 5,250 |  | - |  | 12,184 |  |

| Disposals | (2,450 | ) | - |  | (2,450 | ) |

| At 30 September 2025 | 1,397,610 |  | 308,454 |  | 5,751,689 |  |

| DEPRECIATION

| At 1 October 2024 | 1,034,148 |  | 190,683 |  | 1,559,914 |  |

| Charge for year | 60,784 |  | 22,786 |  | 83,803 |  |

| Eliminated on disposal | (1,526 | ) | - |  | (1,526 | ) |

| At 30 September 2025 | 1,093,406 |  | 213,469 |  | 1,642,191 |  |

| NET BOOK VALUE

| At 30 September 2025 | 304,204 |  | 94,985 |  | 4,109,498 |  |

| At 30 September 2024 | 360,662 |  | 117,771 |  | 4,182,041 |  |

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 7,084 |  |

| NET BOOK VALUE

| At 30 September 2025 | 7,084 |  |

| At 30 September 2024 | 7,084 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 48,687 |  | 33,003 |  |

| Amounts owed by group undertakings | 571 |  | 571 |  |

| Other debtors | 76,271 |  | 86,441 |  |

| VAT | 57,793 |  | 54,270 |  |

| Prepayments and accrued income | 35,152 |  | 26,667 |  |

218,474 |  | 200,952 |  |

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 575,234 |  | 262,293 |  |

| Hire purchase contracts | - |  | 20,765 |  |

| Trade creditors | 325,056 |  | 276,885 |  |

| Tax | 28,585 |  | 962 |  |

| Social security and other taxes | 776 |  | - |  |

| Other creditors | 24,728 |  | 23,439 |  |

| Directors' loan accounts | 431,363 |  | 457,689 |  |

| Accrued expenses | 38,559 |  | 33,840 |  |

1,424,301 |  | 1,075,873 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans due in 1 to 2 years | 44,262 |  | 46,352 |  |

| Bank loans - 2-5 years | 348,692 |  | 353,044 |  |

| Bank loans | 149,086 |  | 161,027 |  |

| Other loans - 1-2 years | 200,000 |  | 200,000 |  |

| Directors' loan account | 650,000 |  | 650,000 |  |

1,392,040 |  | 1,410,423 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans | 149,086 |  | 161,027 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 531,649 |  | 216,668 |  |

| Bank loans | 585,625 |  | 606,048 |  |

| Hire purchase contracts | - |  | 20,765 |  |

1,117,274 |  | 843,481 |  |

| The bank borrowing is secured by a legal charge over the company's freehold land and buildings.

| The HP liabilities are secured the assets to which they relate.

MAWTHORPE FARMS LIMITED (REGISTERED NUMBER: 00528256)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,435 | Ordinary | £1 | 1,435 |  | 1,435 |  |

| Allotted and issued:

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

| value: | £ | £ |

| 150,000 | 'A' Ordinary | £1 | 1,500 |  | 1,500 |  |

11. | RESERVES

| Revaluation

| reserve

£ |

| At 1 October 2024

| and 30 September 2025 | 4,087 |  |

12. | OTHER FINANCIAL COMMITMENTS

| The company has commitments due as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Due in less than one year |  | 85,891 |  |  | 154,992 |  |

| Due between two and five years |  | 84,356 |  |  | 120,968 |  |

| Due in more than five years |  | - |  | - |  |

|  | 170,247 |  |  | 275,960 |  |

13. | RELATED PARTY DISCLOSURES

| During the year, £25,810 was paid to a related pension scheme. There was no balance due to or from the pension scheme at the year end.

| During the year, £46,844 was paid to a related trust. There was no balance due to or from this trust at the balance sheet date.

14. | ULTIMATE CONTROLLING PARTY

| The controlling party is Trustees of J L Roughton 1994Settlement.

| The ultimate controlling party is S N Roughton.