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REGISTERED NUMBER: 00602626 (England and Wales)

| R.N. Padfield & Sons Limited |

| Unaudited Financial Statements |

| for the Year Ended 31 October 2025 |

R.N. Padfield & Sons Limited (Registered number: 00602626)

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

Company Information | 1 |

Chartered Accountants' Report | 2 |

Balance Sheet | 3 |

Notes to the Financial Statements | 5 |

R.N. Padfield & Sons Limited

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | RW Padfield

| CR Padfield

| HJ Padfield

| SECRETARY: | HJ Padfield

| REGISTERED OFFICE: | The Hawthorns

| Hawthorns Lane

| Corse

| Gloucester

| Gloucestershire

| GL19 3NY

| REGISTERED NUMBER: | 00602626 (England and Wales)

| ACCOUNTANTS: | The Hutchinson Partnership Limited

| trading as The Hutchinson Partnership

| Chartered Accountants

| The Bull Pen

| Grove Farm

| Portway, Burghill

| Hereford

| HR4 8NF

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

R.N. Padfield & Sons Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R.N. Padfield & Sons Limited for the year ended 31 October 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R.N. Padfield & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R.N. Padfield & Sons Limited and state those matters that we have agreed to state to the Board of Directors of R.N. Padfield & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.N. Padfield & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R.N. Padfield & Sons 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 profit of R.N. Padfield & Sons Limited. You consider that R.N. Padfield & Sons 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 R.N. Padfield & Sons 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 financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

6 March 2026

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet

31 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 3,055,005 |  | 2,856,982 |  |

Investment property | 6 | 1,576,773 |  | 1,541,270 |  |

4,631,778 |  | 4,398,252 |  |

CURRENT ASSETS

Stocks | 7 | 150,987 |  | 195,745 |  |

Debtors | 8 | 260,513 |  | 289,569 |  |

411,500 |  | 485,314 |  |

CREDITORS

Amounts falling due within one year | 9 | 346,377 |  | 409,671 |  |

NET CURRENT ASSETS | 65,123 |  | 75,643 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,696,901 |  | 4,473,895 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (1,075,630 | ) | (1,071,031 | ) |

PROVISIONS FOR LIABILITIES | 13 | (590,156 | ) | (550,119 | ) |

NET ASSETS | 3,031,115 |  | 2,852,745 |  |

CAPITAL AND RESERVES

Allotted, issued and fully

paid share capital | 67 |  | 67 |  |

Fair value reserve | 14 | 730,216 |  | 703,588 |  |

Retained earnings | 2,300,832 |  | 2,149,090 |  |

SHAREHOLDERS' FUNDS | 3,031,115 |  | 2,852,745 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

R.N. Padfield & Sons Limited (Registered number: 00602626)

Balance Sheet - continued

31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2026 and were signed on its behalf by:

RW Padfield - Director

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| R.N. Padfield & Sons 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.

2. | SHORT PRIOR ACCOUNTING PERIOD

| The company's prior accounting period was for the 6 months to 31 October 2024 and the current accounting period is for the 12 months to 31 October 2025. The comparatives are therefore not directly comparable.

3. | 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 as modified by the revaluation of certain assets.

| The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

| Turnover

| Turnover represents grain sales, government grants and subsidies, livestock sales, rental income and contract work done, stated net of discounts, rebates, value added tax and other sales taxes.

| The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered.

| The following criteria must therefore be met before revenue is recognised:

| Grain sales are recognised when the grain is collected from the farm.

| Grant and subsidy revenue is recognised under the performance basis and so is recognised as income when the company has incurred the necessary expenditure, carried out the required work and therefore met the obligatory conditions for receiving the grant. Under this basis, grant income is deferred until these conditions have been met.

| Livestock sales are recognised when the animals are sold at market or delivered to the abattoir.

| Rental income is recognised when the tenant has occupied the property or has had access to it during the rental period.

| Contracting income is recognised in the period the work has been carried out.

| Tangible fixed assets

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

| Freehold property | - | not provided

| Short leasehold | - | 4% on cost

| Improvements to property | - | 4% on cost, 2% on cost and at variable rates on reducing balance

| Plant and machinery | - | 6.67% on cost, 4% on cost and at variable rates on reducing balance

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

3. | ACCOUNTING POLICIES - continued

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| The company has the following biological assets which are valued as disclosed -

| Crops in store - either valued at their estimated cost with reference to market values or their purchase cost, depending on if grown or purchased by the company.

| Growing crop - valued at the cost of inputs and cultivations up to the period end.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | EMPLOYEES

| The average number of employees during the year was 4 (2024 - 4 ) .

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | Short |  | to |  | Plant and |

| property |  | leasehold |  | property |  | machinery |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 November 2024 | 762,010 |  | 327,534 |  | 1,519,112 |  | 2,108,245 |  | 4,716,901 |  |

| Additions | - |  | 6,291 |  | 190,486 |  | 191,580 |  | 388,357 |  |

| Disposals | - |  | - |  | - |  | (88,771 | ) | (88,771 | ) |

| At 31 October 2025 | 762,010 |  | 333,825 |  | 1,709,598 |  | 2,211,054 |  | 5,016,487 |  |

| DEPRECIATION

| At 1 November 2024 | - |  | 125,226 |  | 575,719 |  | 1,158,974 |  | 1,859,919 |  |

| Charge for year | - |  | 13,353 |  | 45,479 |  | 123,735 |  | 182,567 |  |

| Eliminated on disposal | - |  | - |  | - |  | (81,004 | ) | (81,004 | ) |

| At 31 October 2025 | - |  | 138,579 |  | 621,198 |  | 1,201,705 |  | 1,961,482 |  |

| NET BOOK VALUE

| At 31 October 2025 | 762,010 |  | 195,246 |  | 1,088,400 |  | 1,009,349 |  | 3,055,005 |  |

| At 31 October 2024 | 762,010 |  | 202,308 |  | 943,393 |  | 949,271 |  | 2,856,982 |  |

| Included within plant and machinery are assets subject to hire purchase contracts with a net book value of

| £140,625 (2024: £NIL).

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 November 2024 | 1,541,270 |  |

| Revaluations | 35,503 |  |

| At 31 October 2025 | 1,576,773 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,576,773 |  |

| At 31 October 2024 | 1,541,270 |  |

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

6. | INVESTMENT PROPERTY - continued

| Fair value at 31 October 2025 is represented by:

£ |

| Valuation in 2014 | 586,865 |  |

| Valuation in 2016 | (7,045 | ) |

| Valuation in 2017 | 19,485 |  |

| Valuation in 2019 | (194,115 | ) |

| Valuation in 2020 | 89,194 |  |

| Valuation in 2022 | 364,566 |  |

| Valuation in 2023 | 30,772 |  |

| Valuation in 2024 | 27,833 |  |

| Valuation in 2024 | 20,560 |  |

| Valuation in 2025 | 35,503 |  |

| Cost | 603,155 |  |

1,576,773 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 603,155 |  | 603,155 |  |

| Investment property was valued on an open market basis on 31 October 2025 by CR Padfield (director) .

7. | STOCKS

2025 | 2024 |

£ | £ |

| Crops in store | 11,741 |  | 85,302 |  |

| Stores | 27,131 |  | 27,248 |  |

| Work-in-progress | 112,115 |  | 83,195 |  |

150,987 |  | 195,745 |  |

8. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 30,834 |  | 17,241 |  |

| Amounts owed by group undertakings | 6,164 |  | 5,964 |  |

| Directors' current accounts | 86,535 |  | - |  |

| Corporation tax repayable | - |  | 57,613 |  |

| Prepayments and accrued income | 107,774 |  | 208,751 |  |

231,307 |  | 289,569 |  |

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

8. | DEBTORS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due after more than one year:

| S455 Tax | 29,206 |  | - |  |

| Aggregate amounts | 260,513 |  | 289,569 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 107,444 |  | 195,510 |  |

| Hire purchase contracts (see note 11) | 35,750 |  | - |  |

| Trade creditors | 31,029 |  | 1,200 |  |

| Corporation tax payable | 62,918 |  | 41,358 |  |

| Social security and other taxes | 2,498 |  | 1,450 |  |

| VAT | 2,588 |  | 9,872 |  |

| Directors' current accounts | 48,200 |  | 81,345 |  |

| Accruals and deferred income | 28,314 |  | 51,342 |  |

| Rental deposits | 27,636 |  | 27,594 |  |

346,377 |  | 409,671 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 38,000 |  | 39,151 |  |

| Bank loans - 2-5 years | 114,000 |  | 99,000 |  |

| Bank loans - more than 5 years | 482,372 |  | 544,723 |  |

| Bank loans more than 5 years -

| non-instalments | 260,000 |  | 284,000 |  |

| Hire purchase contracts (see note 11) | 65,541 |  | - |  |

| Accruals and deferred income | 115,717 |  | 104,157 |  |

1,075,630 |  | 1,071,031 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Bank loans more than 5 years -

| non-instalments | 260,000 |  | 284,000 |  |

260,000 |  | 284,000 |  |

| Repayable by instalments

| Bank loans - more than 5 years | 482,372 |  | 544,723 |  |

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

11. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 35,750 |  | - |  |

| Between one and five years | 65,541 |  | - |  |

101,291 |  | - |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 55,572 |  | 55,572 |  |

| Between one and five years | 222,288 |  | 222,288 |  |

| In more than five years | 967,879 |  | 1,023,451 |  |

1,245,739 |  | 1,301,311 |  |

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 65,499 |  | 141,910 |  |

| Bank loans | 936,317 |  | 1,020,474 |  |

| Hire purchase contracts | 101,291 |  | - |  |

1,103,107 |  | 1,162,384 |  |

| The Lloyds Bank plc overdraft and loans are secured by a charge on the assets of the company and a first legal charge over assets owned by Mr RW and Mrs HJ Padfield at Lawn Farm.

| The Agricultural Mortgage Corporation plc borrowings are secured by a charge over land at The Hawthorns, Hawthorn Lane, Staunton, Gloucestershire.

R.N. Padfield & Sons Limited (Registered number: 00602626)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

13. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Advanced capital allowances | 229,314 |  | 203,303 |  |

| Depreciation in stock | 7,311 |  | 2,161 |  |

| Rollover relief | 188,389 |  | 188,389 |  |

| Investment property | 165,142 |  | 156,266 |  |

590,156 |  | 550,119 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 550,119 |  |

| Advanced capital allowances | 26,011 |  |

| Depreciation in stock | 5,150 |  |

| Investment property valuation | 8,876 |  |

| Balance at 31 October 2025 | 590,156 |  |

14. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 November 2024 | 703,588 |  |

| Investment property valuation | 35,503 |  |

| Deferred tax | (8,875 | ) |

| At 31 October 2025 | 730,216 |  |

| The fair value adjustments are not taxable until the investment property is sold. Deferred tax is provided in the fair value reserve on the uplift from cost to fair value.

15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| At the period end directors' loans were £38,335 overdrawn (2024: £81,345 in credit). Interest of £18 (2024: £NIL) has been charged on the overdrawn balances, at the authorised interest rate.

16. | TRANSACTIONS WITH RELATED PARTIES

| R.N. Padfield & Sons Limited is a wholly owned subsidiary of Hawthorn Holdings Limited. During the year, £200 (2024: £1,392) has been advanced and the closing debtor balance is £6,164 (2024: £5,964). This loan is interest free, unsecured and repayable on demand.