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Tonks Family Ltd
Annual Report and Consolidated Financial Statements
Year Ended 31 March 2025

Registration number: 15136521

Tonks Family Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Consolidated Statement of Income and Retained Earnings | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 35

Tonks Family Ltd

Company Information

Directors | C M Tonks R J Tonks R C Tonks

Registered office | Ventonwyn Farm Tregony Truro TR2 5SH

Auditors | PKF Francis Clark Statutory AuditorLowin House Tregolls Road Truro Cornwall TR1 2NA

Tonks Family Ltd

Strategic Report

Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the group is the collection, grading, packing, distribution and sale of premium British eggs as well as the rental of farm land and buildings.

Fair review of the business

During the year the Group continued its mission of delivering the highest quality egg to the hospitality industry and retail consumers. The business works closely with family farmers to continuously provide the highest standards of farmer support, hen welfare and nutrition to provide customers with eggs that raise the bar within the category.
As we continue to grow, our core values of being bold, nurturing our team, remaining positive, as well as promoting transparency remain a fundamental part of what we do.
St Ewe is the fastest growing egg brand in UK grocery, and we continue to increase our market share. The business has won multiple awards across the industry, recognising the innovative and nurturing approach of the business, including becoming the UK’s first B Corp egg brand and making The Times Fastest Growing 100 companies.
The directors are pleased with the growth of the business for the year to 31 March 2025. Turnover increased by 87% to £50.9m (2024: £27.3m), as a result of growth in existing and new customers.
Following a period of significant inflation, the industry saw the cost of production stabilise in 2024. The directors monitor gross profit margins and note a decrease in the current year from 22.3% to 16.3%, principally as a result of ensuring we supported our farmers and customers.
The company has continued to grow and strengthen financially. The main focus for 2025 and beyond is the construction of its new pasteurised egg and food production facility which represents the most significant investment of the company’s history. The business will also continue to build and develop our strong St Ewe brand.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 50,977,825 | 27,271,989
Net Assets | £ | 4,695,829 | 2,736,844

Tonks Family Ltd

Strategic Report

Year Ended 31 March 2025

Principal risks and uncertainties

In pursuing our strategic priorities to create value for our stakeholders, we experience risk. The Board is responsible for risk management and must ensure that the group maintains the appropriate level of risk to achieve its objectives whilst balancing the competing needs of these stakeholders.
The principal risks identified, separately or in combination, could have a material adverse effect on the implementation of the group strategy, our business, financial performance, shareholder value and returns and reputation. The principal risks identified by the Directors are:

Risk | Description | Mitigation
Economic | Changing consumer demand due to competition or economic downturn | Brand building of core range, innovation of product offering, review of consumer trends and economic forecasts.
Supply | Loss of supply due to Avian Influenza | We have expanded our geographical location of farmers and ensure robust biosecurity across the business. The business has insurance in place to protect our farmers and the business against this risk.
Operating | Reliance on equipment | In July 2024, the business invested in an additional grader to reduce reliance on machinery to ensure continuity of supply to our customers.
H&S | Staff exposure to injury | Promoting a ‘Safety First’ culture across the business using third-party specialists and internal compliance training.

Approved and authorised by the Board on 9 January 2026 and signed on its behalf by:

......................................... R J Tonks Director

Tonks Family Ltd

Directors' Report

Year Ended 31 March 2025

The directors present their report and the for the year ended 31 March 2025.

Directors of the group

The directors who held office during the year were as follows:

C M Tonks

R J Tonks

R C Tonks

Principal activity

The principal activity of the group is the collection, grading, packing, distribution and sale of premium British eggs as well as the rental of farm land and buildings.

Financial instruments

Objectives and policies

The groups principal financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the groups operations.

Price risk, credit risk, liquidity risk and cash flow risk

Trade debtors are managed in respect of credit and cash flow policies concerning the credit offered to customers and regular monitoring of amounts outstanding from customers.
Trade creditor liquidity risk is managed by ensuring amounts due are able to be paid on a timely basis and within the credit terms of the supplier.
The cash reserves held by the group help to facilitate this.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 9 January 2026 and signed on its behalf by:

......................................... R J Tonks Director

Tonks Family Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Tonks Family Ltd

Independent Auditor's Report to the Members of Tonks Family Ltd

Opinion

We have audited the financial statements of Tonks Family Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Tonks Family Ltd

Independent Auditor's Report to the Members of Tonks Family Ltd

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Tonks Family Ltd

Independent Auditor's Report to the Members of Tonks Family Ltd

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s ability to operate. In making this assessment we determined that the most significant elements of legislation include food standards, employment laws and regulations, GDPR and health and safety legislation.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• | Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none;
• | Considering the filings made at Companies House, and any omissions thereon of which there were none identified;
• | Reviewing the SALSA and British Lion accreditations and food safety ratings in the year to 31 March 2025 with no issues to note;
• | Discussing with management compliance with health and safety legislation;

Tonks Family Ltd

Independent Auditor's Report to the Members of Tonks Family Ltd

• | Review of the company's GDPR policy and enquires to the Data Protection Officer as to the occurrence and outcome of any reportable breaches;
• | Reviewed company expenditure for any evidence of dispute or litigation with regulators, and there were none;
• | Reviewed Board minutes;
• | Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none; and
• | Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the group’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

17 March 2026

Tonks Family Ltd

Consolidated Statement of Income and Retained Earnings for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 50,977,825 | 27,271,989
Cost of sales |  | (42,619,735) | (21,188,584)
Gross profit |  | 8,358,090 | 6,083,405
Administrative expenses |  | (5,350,986) | (3,296,324)
Other operating income | 4 | 23,377 | -
Operating profit | 5 | 3,030,481 | 2,787,081
Loss on financial assets at fair value through profit and loss |  | - | (62,803)
Other interest receivable and similar income | 9 | 9,788 | 24,152
Interest payable and similar charges | 10 | (472,228) | (293,649)
Profit before tax |  | 2,568,041 | 2,454,781
Taxation | 11 | (521,626) | (796,180)
Profit for the financial year |  | 2,046,415 | 1,658,601
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 2,046,415 | 1,658,601
Retained earnings brought forward |  | 2,666,165 | 1,069,564
Dividends paid |  | (87,430) | (62,000)
Retained earnings carried forward |  | 4,625,150 | 2,666,165

Tonks Family Ltd

Consolidated Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 28,984 | 37,235
Tangible assets | 13 | 12,599,067 | 6,489,466
|  | 12,628,051 | 6,526,701
Current assets |  |  |
Stocks | 15 | 858,190 | 572,615
Debtors | 16 | 6,966,422 | 3,749,705
Cash at bank and in hand | 17 | 1,579,503 | 1,794,797
|  | 9,404,115 | 6,117,117
Creditors: Amounts falling due within one year | 18 | (8,172,536) | (4,842,355)
Net current assets |  | 1,231,579 | 1,274,762
Total assets less current liabilities |  | 13,859,630 | 7,801,463
Creditors: Amounts falling due after more than one year | 18 | (7,976,724) | (4,158,661)
Provisions for liabilities | 20 | (1,187,077) | (905,958)
Net assets |  | 4,695,829 | 2,736,844
Capital and reserves |  |  |
Revaluation reserve | 24 | 70,679 | 70,679
Profit and loss account | 24 | 4,625,150 | 2,666,165
Equity attributable to owners of the company |  | 4,695,829 | 2,736,844
Shareholders' funds |  | 4,695,829 | 2,736,844

Approved and authorised by the Board on 9 January 2026 and signed on its behalf by:

......................................... R J Tonks Director

Company Registration Number: 15136521

Tonks Family Ltd

Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 3,573,750 | -
Investments | 14 | 230 | -
|  | 3,573,980 | -
Current assets |  |  |
Debtors | 16 | 26,344 | -
Cash at bank and in hand |  | 48,012 | -
|  | 74,356 | -
Creditors: Amounts falling due within one year | 18 | (787,648) | -
Net current liabilities |  | (713,292) | -
Total assets less current liabilities |  | 2,860,688 | -
Creditors: Amounts falling due after more than one year | 18 | (2,794,056) | -
Provisions for liabilities | 20 | (69) | -
Net assets |  | 66,563 | -
Capital and reserves |  |  |
Profit and loss account |  | 66,563 | -
Shareholders' funds |  | 66,563 | -

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £66,563 (2024 - loss of £-).

Approved and authorised by the Board on 9 January 2026 and signed on its behalf by:

......................................... R J Tonks Director

Company Registration Number: 15136521

Tonks Family Ltd

Consolidated Statement of Changes in Equity

Year Ended 31 March 2025

| Revaluation reserve £ | Profit and loss account £ | Total £ | Total equity £
At 1 April 2024 | 70,679 | 2,666,165 | 2,736,844 | 2,736,844
Profit for the year | - | 2,046,415 | 2,046,415 | 2,046,415
Dividends | - | (87,430) | (87,430) | (87,430)
At 31 March 2025 | 70,679 | 4,625,150 | 4,695,829 | 4,695,829

| Revaluation reserve £ | Profit and loss account £ | Total £ | Total equity £
At 13 September 2023 | 70,679 | 1,069,564 | 1,140,243 | 1,140,243
Profit for the year | - | 1,658,601 | 1,658,601 | 1,658,601
Dividends | - | (62,000) | (62,000) | (62,000)
At 31 March 2024 | 70,679 | 2,666,165 | 2,736,844 | 2,736,844

Tonks Family Ltd

Statement of Changes in Equity

Year Ended 31 March 2025

| Profit and loss account £ | Total £
Profit for the year | 66,563 | 66,563
At 31 March 2025 | 66,563 | 66,563

Tonks Family Ltd

Consolidated Statement of Cash Flows

Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 2,046,415 | 1,658,601
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 563,023 | 311,489
Changes in fair value of investment property |  | - | 62,803
Profit on disposal of tangible assets |  | (8,514) | (6,568)
Finance income | 9 | (9,788) | (24,152)
Finance costs | 10 | 472,228 | 293,649
Income tax expense | 11 | 521,626 | 796,180
|  | 3,584,990 | 3,092,002
Working capital adjustments |  |  |
Increase in stocks | 15 | (285,575) | (79,868)
Increase in trade debtors | 16 | (3,216,717) | (2,118,391)
Increase in trade creditors | 18 | 3,029,553 | 2,493,590
Cash generated from operations |  | 3,112,251 | 3,387,333
Income taxes paid | 11 | (266,081) | -
Net cash flow from operating activities |  | 2,846,170 | 3,387,333
Cash flows from investing activities |  |  |
Interest received |  | 9,788 | 24,152
Acquisitions of tangible assets |  | (4,983,249) | (1,135,946)
Proceeds from sale of tangible assets |  | 17,622 | 9,600
Acquisition of intangible assets | 12 | (220) | (340)
Acquisition of shares in subsidiaries | 14 | - | (230)
Net cash flows from investing activities |  | (4,956,059) | (1,102,764)
Cash flows from financing activities |  |  |
Interest paid | 10 | (472,228) | (293,649)
Proceeds from bank borrowing draw downs |  | 3,000,000 | -
Repayment of bank borrowing |  | (430,891) | -
Repayment of other borrowing |  | (23,657) | (462,789)
Payments to finance lease creditors |  | (91,199) | (2,942)
Dividends paid |  | (87,430) | (62,000)
Net cash flows from financing activities |  | 1,894,595 | (821,380)
Net (decrease)/increase in cash and cash equivalents |  | (215,294) | 1,463,189
Cash and cash equivalents at 1 April |  | 1,794,797 | 331,608
Cash and cash equivalents at 31 March |  | 1,579,503 | 1,794,797

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ventonwyn Farm
Tregony
Truro
TR2 5SH
England

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within a separate note to the financial statements.
The functional currency of the group is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.
The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account. The profit of the company for the year was £66,563 (2024 - £nil).

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions subject to certain conditions. On this basis that these conditions have been met the company has taken advantage of the following exemptions:
(i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows included in the financial statements submitted at Companies House includes the company's cash flows;
(ii) From the financial instrument disclosures, required under FRS102 paragraphs 11.39 to 11.48A as the information is provided in the consolidated financial statement disclosures;
(iii) The requirements of Section 33 Related Party Disclosures paragraph 33.7
The company has also taken advantage of the exemption under FRS102 paragraph 33.1A in respect of the transactions between members of the group, where the group companies are 100% owned.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

During the year to 31 March 2025 the group undertook a reconstruction which involved the insertion of a parent undertaking, Tonks Family Limited. This transaction has been accounted for under merger accounting principals in accordance with FRS102.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Critical accounting judgements and estimation uncertainty

In applying the group's accounting policies, the directors are required to make judgements, estimates andassumptions about the carrying amounts 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 key areas of estimation uncertainty within the financial statements as assessed by the Directors are as follows:
Carrying Value of Fixed Assets
Management have carefully considered the depreciation estimates applied on the tangible assets held by the Group and Company. This assessment is performed on an annual basis and would be
amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset. The directors have considered
the property valuation conducted by Carter Jonas in June 2022, as well as trading performance for the year to 31 March 2025 which do not indicate any impairment to the business or underlying assets is necessary.
The carrying value of tangible fixed assets at the balance sheet date is £12,563,667 (2024 £6,489,466), with depreciation being recognised in the year of £589,952 (2024 - £530,294).

Revenue recognition

Turnover represents amounts receivable for eggs and rental income. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the Group.
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 Group and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Freehold Land and Property are carried under the revaluation model.
Land and buildings are stated at the revalued amounts less any depreciation or impairment losses subsequently accumulated.
Revaluations are carried out regularly so that the carrying amounts approximate the fair value at the reporting date. An increase in value is credited to the revaluation reserve except to the extent that it reverses a previous revaluation decrease related to the same property that was recognised in profit or loss. Similarly, revaluation decreases are recognised in the revaluation reserves to the extent that they equal gains previously recognised in respect of the same asset. Thereafter any excess is recognised as an expense in profit or loss.
Land is not depreciated. Depreciation on revalued buildings is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives of 50 years.
All other tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold property | 2% straight line
Leasehold property | 5% straight line
Plant and machinery | 10-25% straight line
Motor vehicles | 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line
Trademarks, patents and licences | 10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 50,974,017 | 27,267,454
Other revenue | 3,808 | 4,535
| 50,977,825 | 27,271,989

The analysis of the group's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 50,977,825 | 27,271,989

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Miscellaneous other operating income | 23,377 | -

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 554,552 | 303,076
Amortisation expense | 8,471 | 8,415
Profit on disposal of property, plant and equipment | (8,514) | (6,568)

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 4,077,490 | 2,401,983
Social security costs | 351,748 | 210,710
Pension costs, defined contribution scheme | 102,192 | 40,572
| 4,531,430 | 2,653,265

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 106 | 71
| 106 | 71

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 61,055 | 38,400

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 15,000 | 15,420
Other fees to auditors |  |
Audit-related assurance services | - | 13,100
All other non-audit services | 5,033 | -
| 5,033 | 13,100

9 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 9,788 | 24,152

10 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 428,064 | 293,335
Interest expense on other finance liabilities | 44,164 | 314
| 472,228 | 293,649

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 222,113 | 247,687
UK corporation tax adjustment to prior periods | 18,394 | -
| 240,507 | 247,687
Deferred taxation |  |
Arising from origination and reversal of timing differences | 286,994 | 548,493
Arising from changes in tax rates and laws | (5,875) | -
Total deferred taxation | 281,119 | 548,493
Tax expense in the income statement | 521,626 | 796,180

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,568,041 | 2,454,781
Corporation tax at standard rate | 642,010 | 613,695
Increase in UK current tax from adjustment for prior periods | 18,394 | -
Tax (decrease)/increase from effect of capital allowances and depreciation | (144,368) | 483,608
Effect of expense not deductible in determining taxable profit (tax loss) | 7,392 | 19,677
Effect of tax losses | - | (320,800)
Deferred tax credit from unrecognised temporary difference from a prior period | (5,875) | -
Tax increase from other tax effects | 4,073 | -
Total tax charge | 521,626 | 796,180

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Capital allowances in excess of depreciation | - | 1,163,518
Revaluation of PPE | - | 23,559
| - | 1,187,077

2024 | Asset £ | Liability £
Capital allowances in excess of depreciation | - | 882,399
Revaluation of PPE | - | 23,559
| - | 905,958

Company

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Other Provision | - | 69
| - | 69

2024 | Asset £ | Liability £
| - | -

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

12 | Intangible assets

Group

| Goodwill £ | Trademarks, patents and licenses £ | Total £
Cost or valuation
At 1 April 2024 | 83,000 | 1,580 | 84,580
Additions acquired separately | - | 220 | 220
At 31 March 2025 | 83,000 | 1,800 | 84,800
Amortisation
At 1 April 2024 | 47,033 | 312 | 47,345
Amortisation charge | 8,300 | 171 | 8,471
At 31 March 2025 | 55,333 | 483 | 55,816
Carrying amount
At 31 March 2025 | 27,667 | 1,317 | 28,984
At 31 March 2024 | 35,967 | 1,268 | 37,235

Amortisation of intangible assets is included in administrative expenses.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

13 | Tangible assets

Group

| Land and buildings £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 4,342,508 | 97,174 | 2,957,432 | 7,397,114
Additions | 4,492,667 | 134,925 | 2,045,669 | 6,673,261
Disposals | - | (12,000) | (3,554) | (15,554)
At 31 March 2025 | 8,835,175 | 220,099 | 4,999,547 | 14,054,821
Depreciation
At 1 April 2024 | 157,039 | 23,717 | 726,892 | 907,648
Charge for the year | 105,028 | 34,113 | 415,411 | 554,552
Eliminated on disposal | - | (2,734) | (3,712) | (6,446)
At 31 March 2025 | 262,067 | 55,096 | 1,138,591 | 1,455,754
Carrying amount
At 31 March 2025 | 8,573,108 | 165,003 | 3,860,956 | 12,599,067
At 31 March 2024 | 4,185,469 | 73,457 | 2,230,540 | 6,489,466

Included within the net book value of land and buildings above is £8,335,185 (2024 - £4,118,460) in respect of freehold land and buildings, £237,923 (2024 - £67,009) in respect of long leasehold land and buildings.

Revaluation

The fair value of the group's Freehold Property was revalued on 14 June 2022 by an independent valuer. The name and qualification of the independent valuer are Abby Pugh, MRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,156,155 (2024 - £4,156,155).

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

Company

| Land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
Additions | 3,597,678 | 330 | 3,598,008
At 31 March 2025 | 3,597,678 | 330 | 3,598,008
Depreciation
Charge for the year | 24,203 | 55 | 24,258
At 31 March 2025 | 24,203 | 55 | 24,258
Carrying amount
At 31 March 2025 | 3,573,475 | 275 | 3,573,750

Included within the net book value of land and buildings above is £3,573,475 (2024 - £Nil) in respect of freehold land and buildings.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

14 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 230 | -

Subsidiaries | £
Cost or valuation
Additions | 230
Provision
Carrying amount
At 31 March 2025 | 230

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
St Ewe Free Range Eggs Limited | Resparveth Farm Grampound Road Truro Cornwall TR2 4EH | Ordinary shares | 100% | 0%

Subsidiary undertakings
St Ewe Free Range Eggs Limited The principal activity of St Ewe Free Range Eggs Limited is the collection, grading, packing, distribution and sale of premium British eggs.

15 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Other inventories | 858,190 | 572,615 | - | -

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

16 | Debtors

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors | 5,801,692 | 3,160,107 | 5,094 | -
Other debtors | 1,138,610 | 274,296 | - | -
Prepayments | 26,120 | 315,302 | 21,250 | -
| 6,966,422 | 3,749,705 | 26,344 | -

17 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 632 | 537 | - | -
Cash at bank | 1,578,871 | 1,794,260 | 48,012 | -
| 1,579,503 | 1,794,797 | 48,012 | -

18 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 19 | 690,121 | 363,919 | 102,972 | -
Trade creditors |  | 6,508,348 | 3,373,018 | - | -
Amounts due to group undertakings | 25 | - | - | 640,388 | -
Social security and other taxes |  | 135,157 | 78,554 | 11,264 | -
Other creditors |  | 33,431 | 436,048 | 230 | -
Accruals |  | 583,366 | 343,129 | 5,245 | -
Corporation tax | 11 | 222,113 | 247,687 | 27,549 | -
|  | 8,172,536 | 4,842,355 | 787,648 | -
Due after one year |  |  |  |  |
Loans and borrowings | 19 | 7,976,724 | 4,158,661 | 2,794,056 | -

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

19 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 478,893 | 333,277 | 102,972 | -
Hire purchase contracts | 211,228 | 1,322 | - | -
Other borrowings | - | 29,320 | - | -
| 690,121 | 363,919 | 102,972 | -

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 6,556,433 | 4,132,940 | 2,794,056 | -
Hire purchase contracts | 1,388,907 | - | - | -
Other borrowings | 31,384 | 25,721 | - | -
| 7,976,724 | 4,158,661 | 2,794,056 | -

The amounts shown as bank borrowings are secured by fixed and floating charges over certain of the group's assets as well as a mortgage and negative pledge over certain of the group's freehold property.
The amounts shown as due under hire purchase arrangements and other borrowings are secured against the assets to which they relate.

Group

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years by instalments | 4,894,850 | 3,388,176

Company

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years by instalments | 2,119,559 | -

| - | -

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

20 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 April 2024 | 906,027 | 906,027
Additional provisions | 281,050 | 281,050
At 31 March 2025 | 1,187,077 | 1,187,077

Company

| Deferred tax £ | Total £
Additional provisions | 69 | 69
At 31 March 2025 | 69 | 69

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £102,192 (2024 - £40,572).

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.00 each | 2,400 | 0.02 | 2,200 | 0.02
Ordinary A of £0.00 each | 2,200 | 0.02 | 2,400 | 0.02
| 4,600 | 0.05 | 4,600 | 0.05

Rights, preferences and restrictions

Ordinary A Shares have the following rights, preferences and restrictions: Every share has a right to vote, participate in the distribution of assets on winding up, and ranks Pari Passu with other classes of Ordinary shares except that seperate dividends may be voted on each class of share.
Ordinary Shares have the following rights, preferences and restrictions: Each share is entitled to one vote in any circumstances, Pari Passu to dividend payments or any distribution, and is entitled to participate in a distribution from a winding up of the company.

23 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of 0.0073 (2024 - 0.005) per each Ordinary A |  | 87,430 |  | 60,000
Interim dividend of Nil (2024 - 0.0002) per each Ordinary |  | - |  | 2,000
|  | 87,430 |  | 62,000

24 | Reserves

Group

Share capital

Share capital represents the nominal value of shares that have been issued.

Revaluation reserve

The revaluation reserve is a component of equity that holds unrealized gains from the upward revaluation of a company's assets, such as property, plant, and equipment

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses, adjusted for the other reserves balance shown separately for presentational purposes.

Tonks Family Ltd

Notes to the Financial Statements

Year Ended 31 March 2025

25 | Related party transactions

Group

Summary of transactions with key management

R C & C M Tonks, directors of St Ewe Free Range Eggs Limited.
R C & C M Tonks have a directors' loan balance outstanding at the year end which is disclosed within other borrowings and other creditors £35,165 (2024: 145,722).
An additional balance is due to a partnership, R C & C M Tonks are partners of, which is disclosed in other debtors £171,748 (2024: £2,092).
R J Tonks, director of St Ewe Free Range Eggs Limited.
R J Tonks has a directors' loan debtor balance outstanding at the year end which is disclosed within other borrowings £3,780 (2024: £nil).

Summary of transactions with other related parties

Hen Picked Limited is a company under the control of the directors.
Included within other creditors is a balance outstanding to Hen Picked Limited to the value of £33,201 (2024: £315,818). This represents the outstanding balance on total purchases made of £2,849,671 (2024: £1,739,105) for trading purposes.

26 | Controlling Interest

The ultimate controlling interest is Miss R J Tonks.