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REGISTERED NUMBER: 06711654 (England and Wales)

| SOUTHS FARMING LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

| Page |

Company Information | 1 |

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

Notes to the Financial Statements | 4 |  | to |  | 7

Accountants' Report | 8 |

SOUTHS FARMING LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | R C South

| Mrs S A South

| SECRETARY: | Mrs S A South

| REGISTERED OFFICE: | 18 Northgate

| Sleaford

| Lincolnshire

| NG34 7BJ

| BUSINESS ADDRESS: | Priory Farm

| Thorpe Tilney

| Lincolnshire

| LN4 3SL

| REGISTERED NUMBER: | 06711654 (England and Wales)

| ACCOUNTANTS: | Duncan & Toplis Limited

| 18 Northgate

| Sleaford

| Lincolnshire

| NG34 7BJ

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 3,421,195 |  | 3,400,807 |  |

3,421,195 |  | 3,400,807 |  |

CURRENT ASSETS

Valuation | 341,562 |  | 273,444 |  |

Debtors | 6 | 1,219,362 |  | 504,856 |  |

Cash at bank | 1,231 |  | 290 |  |

1,562,155 |  | 778,590 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,209,521 |  | 575,475 |  |

NET CURRENT ASSETS | 352,634 |  | 203,115 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,773,829 |  | 3,603,922 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (2,619,383 | ) | (2,481,091 | ) |

PROVISIONS FOR LIABILITIES | (304,594 | ) | (231,685 | ) |

NET ASSETS | 849,852 |  | 891,146 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 450,150 |  | 450,150 |  |

Capital redemption reserve | 350,000 |  | 350,000 |  |

Retained earnings | 49,702 |  | 90,996 |  |

SHAREHOLDERS' FUNDS | 849,852 |  | 891,146 |  |

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

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

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

STATEMENT OF FINANCIAL POSITION - continued

31 MARCH 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 and authorised for issue by the Board of Directors and authorised for issue on 30 January 2026 and were signed on its behalf by:

R C South - Director

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Souths Farming 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Land and buildings | - | 10% on reducing balance, 5% on cost, 2% on cost and not provided

| Plant and machinery etc | - | 33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

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

| Stocks

| A professional valuation is carried out each year by an independent agricultural valuer. The valuation is prepared in accordance with accounting standards and is valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

| Financial instruments

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

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

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| 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

| 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.

| Government grants

| Government grants are recognised in the income statement when all performance criteria attached to the grant have been fulfilled.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 27 (2024 - 30 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 2,000 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 2,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 2,211,999 |  | 1,884,814 |  | 4,096,813 |  |

| Additions | - |  | 448,471 |  | 448,471 |  |

| Disposals | - |  | (310,100 | ) | (310,100 | ) |

| At 31 March 2025 | 2,211,999 |  | 2,023,185 |  | 4,235,184 |  |

| DEPRECIATION

| At 1 April 2024 | 143,846 |  | 552,160 |  | 696,006 |  |

| Charge for year | 52,823 |  | 237,790 |  | 290,613 |  |

| Eliminated on disposal | - |  | (172,630 | ) | (172,630 | ) |

| At 31 March 2025 | 196,669 |  | 617,320 |  | 813,989 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,015,330 |  | 1,405,865 |  | 3,421,195 |  |

| At 31 March 2024 | 2,068,153 |  | 1,332,654 |  | 3,400,807 |  |

| The net book value of tangible fixed assets includes £ 910,953 (2024 - £ 681,236 ) in respect of assets held under hire purchase contracts.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 791,337 |  | 354,623 |  |

| Other debtors | 428,025 |  | 150,233 |  |

1,219,362 |  | 504,856 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 393,581 |  | 74,615 |  |

| Hire purchase contracts | 195,565 |  | 139,874 |  |

| Trade creditors | 480,542 |  | 237,123 |  |

| Taxation and social security | 16,935 |  | - |  |

| Other creditors | 122,898 |  | 123,863 |  |

1,209,521 |  | 575,475 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 2,360,389 |  | 2,206,515 |  |

| Hire purchase contracts | 258,994 |  | 274,576 |  |

2,619,383 |  | 2,481,091 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Barclays loans | 2,084,075 |  | 443,252 |  |

SOUTHS FARMING LIMITED (REGISTERED NUMBER: 06711654)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 2,428,889 |  | 2,264,015 |  |

| Hire purchase contracts | 454,559 |  | 414,450 |  |

2,883,448 |  | 2,678,465 |  |

| The bank loans are secured on land at Lodge Farm, Mill Farm, Holme Farm and Priory Farm.

| Hire purchase contracts are secured on the assets to which they relate.

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 150 | Ordinary | 1 | 150 |  | 150 |  |

| 450,000 | Preference | 1 | 450,000 |  | 450,000 |  |

450,150 |  | 450,150 |  |

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| R C South

| Balance outstanding at start of year | 18,942 |  | 105,882 |  |

| Amounts advanced | 158,365 |  | 128,060 |  |

| Amounts repaid | (20,156 | ) | (215,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 157,151 |  | 18,942 |  |

| Mrs S A South

| Balance outstanding at start of year | 18,942 |  | 105,882 |  |

| Amounts advanced | 158,365 |  | 128,060 |  |

| Amounts repaid | (20,156 | ) | (215,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 157,151 |  | 18,942 |  |

| Loans to directors are unsecured, repayable on demand with interest charged at the official rate.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

SOUTHS FARMING 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 Statement of Financial Position. Readers are cautioned that the Income Statement 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 Souths Farming Limited for the year ended 31 March 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Souths Farming 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 Souths Farming Limited and state those matters that we have agreed to state to the Board of Directors of Souths Farming Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Souths Farming 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 Souths Farming Limited. You consider that Souths Farming 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 Souths Farming 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.

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

30 January 2026