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St Ewe Free Range Eggs Limited
Annual Report and Financial Statements
Year Ended 31 March 2025

Registration number: 11384483

St Ewe Free Range Eggs Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account | 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 26

St Ewe Free Range Eggs Limited

Company Information

Directors | Ms R J Tonks Mr R C Tonks Mrs C M Tonks Ms E Brunsden-Brown Mr M Glinski

Registered office | Resparveth Farm Grampound Road Truro Cornwall TR2 4EH

Auditors | PKF Francis Clark Statutory AuditorLowin House Tregolls Road Truro Cornwall TR12NA

St Ewe Free Range Eggs Limited

Strategic Report for the 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 company is the collection, grading, packing, distribution and sale of premium British eggs.

Fair review of the business

During the year the Company 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.

Financial KPIs

Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs other than the financial results is not necessary for an understanding of the development, performance or position of the business.

St Ewe Free Range Eggs Limited

Strategic Report for the Year Ended 31 March 2025

Principal risks and uncertainties

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.
Health & Safety | 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:

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

St Ewe Free Range Eggs Limited

Directors' Report for the Year Ended 31 March 2025

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

Directors of the company

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

Ms R J Tonks

Mr R C Tonks

Mrs C M Tonks

Ms E Brunsden-Brown (appointed 30 January 2025)

Mr M Glinski (appointed 30 January 2025)

Financial instruments

Objectives and policies

The company’s principal financial instruments include bank balances and bank borrowings. The company’s primary financial risk is liquidity.

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

The company is exposed to price risk from suppliers due to the economic exposure of commodity prices. This is mitigated by working closely with suppliers and customers to reduce the impact.
The company’s credit risk is attributable to receivables. The balance is regularly reviewed for impairment and recognised net of any foreseeable losses.
The directors regularly monitor the financial information to ensure that liquidity and cashflow is monitored and managed effectively.

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

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

St Ewe Free Range Eggs Limited

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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

St Ewe Free Range Eggs Limited

Independent Auditor's Report to the Members of St Ewe Free Range Eggs Limited

Opinion

We have audited the financial statements of St Ewe Free Range Eggs Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 March 2025 and of its 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 company 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 director's 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 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.

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.

St Ewe Free Range Eggs Limited

Independent Auditor's Report to the Members of St Ewe Free Range Eggs Limited

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, or returns adequate for our audit have not been received from branches not visited by us; or
• | the 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.

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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

St Ewe Free Range Eggs Limited

Independent Auditor's Report to the Members of St Ewe Free Range Eggs Limited

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;
• 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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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 concealment, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

St Ewe Free Range Eggs Limited

Independent Auditor's Report to the Members of St Ewe Free Range Eggs Limited

Use of our report

This report is made solely to the company’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 company’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 company and the company’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
TR12NA

17 March 2026

St Ewe Free Range Eggs Limited

Profit and Loss Account

Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 50,933,478 | 27,271,989
Cost of sales |  | (42,619,735) | (21,188,584)
Gross profit |  | 8,313,743 | 6,083,405
Administrative expenses |  | (5,551,168) | (3,296,324)
Other operating income | 4 | 23,377 | -
Operating profit | 5 | 2,785,952 | 2,787,081
Impairment of fixed assets |  | - | (62,803)
Other interest receivable and similar income | 9 | 9,788 | 24,152
Interest payable and similar expenses | 10 | (321,880) | (293,649)
|  | (312,092) | (332,300)
Profit before tax |  | 2,473,860 | 2,454,781
Tax on profit | 11 | (494,008) | (796,180)
Profit for the financial year |  | 1,979,852 | 1,658,601

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

St Ewe Free Range Eggs Limited

Statement of Comprehensive Income

Year Ended 31 March 2025

| 2025 £ | 2024 £
Profit for the year | 1,979,852 | 1,658,601
Total comprehensive income for the year | 1,979,852 | 1,658,601

St Ewe Free Range Eggs Limited

Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 28,984 | 37,235
Tangible assets | 13 | 9,025,317 | 6,489,466
|  | 9,054,301 | 6,526,701
Current assets |  |  |
Stocks | 14 | 858,190 | 572,615
Debtors | 15 | 7,580,464 | 3,749,705
Cash at bank and in hand |  | 1,531,492 | 1,794,798
|  | 9,970,146 | 6,117,118
Creditors: Amounts falling due within one year | 17 | (8,025,274) | (4,842,125)
Net current assets |  | 1,944,872 | 1,274,993
Total assets less current liabilities |  | 10,999,173 | 7,801,694
Creditors: Amounts falling due after more than one year | 17 | (5,182,668) | (4,158,661)
Provisions for liabilities | 20 | (1,187,008) | (905,958)
Net assets |  | 4,629,497 | 2,737,075
Capital and reserves |  |  |
Called up share capital |  | 230 | 230
Revaluation reserve |  | 70,679 | 70,679
Profit and loss account |  | 4,558,588 | 2,666,166
Shareholders' funds |  | 4,629,497 | 2,737,075

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

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

Company Registration Number: 11384483

St Ewe Free Range Eggs Limited

Statement of Changes in Equity

Year Ended 31 March 2025

| Share capital £ | Revaluation reserve £ | Profit and loss account £ | Total £
At 1 April 2024 | 230 | 70,679 | 2,666,166 | 2,737,075
Profit for the year | - | - | 1,979,852 | 1,979,852
Dividends | - | - | (87,430) | (87,430)
At 31 March 2025 | 230 | 70,679 | 4,558,588 | 4,629,497

| Share capital £ | Revaluation reserve £ | Profit and loss account £ | Total £
At 1 April 2023 | 230 | 70,679 | 1,069,565 | 1,140,474
Profit for the year | - | - | 1,658,601 | 1,658,601
Dividends | - | - | (62,000) | (62,000)
At 31 March 2024 | 230 | 70,679 | 2,666,166 | 2,737,075

St Ewe Free Range Eggs Limited

Statement of Cash Flows

Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 1,979,852 | 1,658,601
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 538,765 | 311,490
Impairment of fixed assets |  | - | 62,803
Profit on disposal of tangible assets |  | (8,514) | (6,568)
Finance income | 9 | (9,788) | (24,152)
Finance costs | 10 | 321,880 | 293,649
Income tax expense | 11 | 494,008 | 796,180
|  | 3,316,203 | 3,092,003
Working capital adjustments |  |  |
Increase in stocks | 14 | (285,575) | (79,868)
Increase in debtors | 15 | (3,830,759) | (2,118,391)
Increase in creditors | 17 | 3,013,042 | 2,493,360
Cash generated from operations |  | 2,212,911 | 3,387,104
Income taxes paid | 11 | (266,081) | -
Net cash flow from operating activities |  | 1,946,830 | 3,387,104
Cash flows from investing activities |  |  |
Interest received | 9 | 9,788 | 24,152
Acquisitions of tangible assets |  | (1,385,241) | (1,135,946)
Proceeds from sale of tangible assets |  | 17,622 | 9,600
Acquisition of intangible assets | 12 | (220) | (340)
Net cash flows from investing activities |  | (1,358,051) | (1,102,534)
Cash flows from financing activities |  |  |
Interest paid | 10 | (321,880) | (293,649)
Proceeds from bank borrowing payments |  | (327,919) | -
Repayment of other borrowing |  | (23,657) | (462,789)
Repayment of finance lease creditors |  | (91,199) | (2,942)
Dividends paid |  | (87,430) | (62,000)
Net cash flows from financing activities |  | (852,085) | (821,380)
Net (decrease)/increase in cash and cash equivalents |  | (263,306) | 1,463,190
Cash and cash equivalents at 1 April |  | 1,794,798 | 331,608
Cash and cash equivalents at 31 March |  | 1,531,492 | 1,794,798

St Ewe Free Range Eggs Limited

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:
Resparveth Farm
Grampound Road
Truro
Cornwall
TR2 4EH
England and Wales

These financial statements were authorised for issue by the Board on 9 January 2026.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised using the performance model. Grant income received is recognised to the extent that the specific future performance-related conditions specific to each individual grant have been met.

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 company operates and generates taxable income.

St Ewe Free Range Eggs Limited

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 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 buildings | 2% straight line
Land | Not depreciated
Leasehold property | 5% straight line
Plant and machinery | 10-25% straight line
Motor vehicles | 25% reducing balance

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.

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

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

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.

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 company 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.

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

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.

3 | Turnover

The analysis of the company's Turnover for the year by class of business is as follows:

| 2025 £ | 2024 £
Egg sales | 50,927,217 | 26,767,132
Liquid egg sales | - | 497,305
Food product sales | 45 | 133
Silage and sheep keep | 2,408 | 2,884
Solar panel income | 3,403 | 3,556
Other income | 405 | 979
| 50,933,478 | 27,271,989

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

4 | Other operating income

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

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

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 530,294 | 303,076
Amortisation expense | 8,471 | 8,416
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 | 4,077,491 | 2,401,982
Social security costs | 351,749 | 210,711
Pension costs, defined contribution scheme | 102,191 | 40,571
| 4,531,431 | 2,653,264

The average number of persons employed by the company (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

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 15,000 | 15,420
Other fees to auditors |  |
All other non-audit services | 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 | 277,716 | 293,335
Interest expense on other finance liabilities | 44,164 | 314
| 321,880 | 293,649

11 | Taxation

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

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 194,564 | 247,687
UK corporation tax adjustment to prior periods | 18,394 | -
| 212,958 | 247,687
Deferred taxation |  |
Arising from origination and reversal of timing differences | 286,925 | 548,493
Arising from changes in tax rates and laws | (5,875) | -
Total deferred taxation | 281,050 | 548,493
Tax expense in the income statement | 494,008 | 796,180

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

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

| 2025 £ | 2024 £
Profit before tax | 2,473,860 | 2,454,781
Corporation tax at standard rate | 618,465 | 613,695
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) | -
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
Total tax charge | 494,008 | 796,180

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Capital allowances in excess of depreciation | - | 1,163,449
Revaluation of PPE | - | 23,559
| - | 1,187,008

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

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

12 | Intangible assets

| 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

13 | Tangible assets

| 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 | 894,989 | 134,925 | 2,045,339 | 3,075,253
Disposals | - | (12,000) | (3,554) | (15,554)
At 31 March 2025 | 5,237,497 | 220,099 | 4,999,217 | 10,456,813
Depreciation
At 1 April 2024 | 157,039 | 23,717 | 726,892 | 907,648
Charge for the year | 80,825 | 34,113 | 415,356 | 530,294
Eliminated on disposal | - | (2,734) | (3,712) | (6,446)
At 31 March 2025 | 237,864 | 55,096 | 1,138,536 | 1,431,496
Carrying amount
At 31 March 2025 | 4,999,633 | 165,003 | 3,860,681 | 9,025,317
At 31 March 2024 | 4,185,469 | 73,457 | 2,230,540 | 6,489,466

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Revaluation

The company's Freehold Property was revalued on 14 June 2022 by an independent valuer.
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).

Included within the net book value of land and buildings above is £4,761,710 (2024 - £4,118,460) in respect of freehold land and buildings and £237,923 (2024 - £67,009) in respect of long leasehold land and buildings.

14 | Stocks

| 2025 £ | 2024 £
Eggs, livestock and deadstock | 858,190 | 572,615

15 | Debtors

| 2025 £ | 2024 £
Trade debtors | 5,796,598 | 3,160,107
Other debtors | 1,138,610 | 274,295
Prepayments | 645,256 | 315,303
| 7,580,464 | 3,749,705

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 633 | 538
Cash at bank | 1,530,859 | 1,794,260
| 1,531,492 | 1,794,798

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 18 | 587,149 | 363,919
Trade creditors |  | 6,508,348 | 3,373,018
Social security and other taxes |  | 123,893 | 78,554
Other creditors |  | 33,199 | 435,818
Accruals |  | 578,121 | 343,129
Corporation tax | 11 | 194,564 | 247,687
|  | 8,025,274 | 4,842,125
Due after one year |  |  |
Loans and borrowings | 18 | 5,182,668 | 4,158,661

18 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 375,921 | 333,277
Hire purchase contracts | 211,228 | 1,322
Other borrowings | - | 29,320
| 587,149 | 363,919

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 3,762,377 | 4,132,940
Hire purchase contracts | 1,388,907 | -
Other borrowings | 31,384 | 25,721
| 5,182,668 | 4,158,661

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 | 2,775,291 | 3,388,176

| - | -

The bank loan is secured against the freehold land and property of the company.

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

19 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 171,370 | 104,489
Later than one year and not later than five years | 240,209 | 154,373
| 411,579 | 258,862

20 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 April 2024 | 905,958 | 905,958
Increase (decrease) in existing provisions | 281,050 | 281,050
At 31 March 2025 | 1,187,008 | 1,187,008

21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £0.00001 each | 12,000,000 | 120 | 12,000,000 | 120
Ordinary A Shares of £0.00001 each | 11,000,000 | 110 | 11,000,000 | 110
| 23,000,000 | 230 | 23,000,000 | 230

22 | Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2024 - £1,150,711).

St Ewe Free Range Eggs Limited

Notes to the Financial Statements

Year Ended 31 March 2025

23 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £102,191 (2024 - £40,571).
Contributions totalling £22,660 (2024: £10,511) were payable to the scheme at the end of the year and are included in creditors.

24 | Related party transactions

Summary of transactions with key management

R C & C M Tonks, directors of the company.
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 the company.
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.