Registered number
03369333
C E Davidson Farms Limited
Report and Financial Statements
30 June 2025

C E Davidson Farms Limited
Report and accounts
Contents
Page
Company information | 1
Directors' report | 2
Statement of directors' responsibilities | 3
Strategic report | 4
Independent auditor's report | 6
Consolidated Income statement | 9
Consolidated statement of comprehensive income | 10
Consolidated statement of financial position | 11
Company statement of financial position | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Statement of cash flows | 15
Notes to the financial statements | 16
Davidson Irwin Properties | 28

C E Davidson Farms Limited
Company Information
Directors
P G Davidson
B A Davidson
N J Davidson
C P Davidson
Auditors
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
Bankers
Barclays Bank PLC
Diss
Solicitors
Howes Percival LLP
Norwich
Registered office
South View
Fressingfield
Suffolk
IP21 5PJ
Registered number
03369333

C E Davidson Farms Limited
Registered number: | 03369333
Directors' Report
The directors present their report and financial statements for the year ended 30 June 2025.
Principal activities
The group's principal activity during the year continued to be building contractors, arable farming and the management of chicken farms.
Future developments
The poultry industry remains active and growing and opportunites exist for the group to expand their activities further.
Dividends
An interim dividend of £475,000 was paid during the year.
Events since the balance sheet date
There are no reportable events that have incurred since the balance sheet date.
Directors
The following persons served as directors during the year:
| P G Davidson
| B A Davidson
| N J Davidson
| C P Davidson
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 18 March 2026 and signed on its behalf.
N J Davidson
Director

C E Davidson Farms Limited
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 then apply them consistently;
● | make judgements and 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;
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

C E Davidson Farms Limited
Strategic Report
for the year ended 30 June 2025
Business Review
The principal activity of the Group comprises of agricultural construction, poultry growing, poultry site management and arable farming.
The construction business in the Group showed improved performance in the year. Despite extraordinary delays within the planning system, a number of significant new build projects have been completed within the year, including the expansion of one of the Group’s own poultry sites as well as a steady stream of refurbishment work.
The Group reached a new agreement on one of its other poultry sites towards the end of the current year and further new poultry growing operations are in line to begin in the next financial year.
The Group has continued to invest in renewable technologies with solar panels installed at three sites in the year.
Financial Performance Indicators
The key performance indicators monitored by the Group are:
- Turnover
- Gross contracting margin
- Return on capital employed (poultry sites)
Turnover for the Group increased by £1.2m compared to the year ended 30 June 2024. This increase was a result of increased turnover in the Group’s poultry sales.
Gross contracting margin decreased to 12.5% from 15.3% in the preceding year. This is a key area of focus for management as they seek to ensure the construction business adds value to the Group.
Income from poultry sites remained strong with significant expansion to existing sites being completed in the year, increasing the value of the Group’s portfolio.
Future Developments
The Group continues to upgrade its poultry farming operations by reaching new agreements for the supply of contract grown chicken. The next phase will begin from April 2026.
The Group has a strong order book for construction work, although delays in obtaining planning permissions remain a concern on a number of projects, despite no obvious issues with the proposed developments.
The Group is involved in research & development projects looking at alternatives to air scrubbing technology for mitigating ammonia emissions from poultry houses and working to improve efficiency of heat exchanger technology.
Principal Risks & Uncertainties
- Planning Permissions
The delays experienced in planning permissions over the past 5 years continue to limit the Group’s ability to support our customers in delivering modern, high welfare poultry housing. The Group is actively trying to engage with planning authorities and those in local government to help them understand what is being proposed and the impact that these delays are having on the wider industry.
- Avian Influenza
Whilst 2024/25 saw limited cases of avian influenza, this remains a significant risk to the Group and the wider industry. This is particularly true given the Group’s decision to operate a number of its poultry sites as independent growers. The Group continues to seek an insurance policy to mitigate a portion of this risk.
- Labour & Material Costs
The Group is committed to honouring accepted quotes to provide customers with certainty over their expenditure. Where contracts run for a prolonged period (due to planning, weather or other reasons) this exposes the Group to the potential for margin erosion from cost increases. Costs are monitored closely and adjustments made to pricing where possible or forward purchasing undertaken where necessary.
- Health & Safety
Health and safety is a continual focus for the Group. Acting as principal contractor on the majority of contracts presents a number of challenges which must be carefully managed to ensure the safety of our employees and others operating on our sites.
This report was approved by the board on 18 March 2026 and signed on its behalf.
N J Davidson
Director

C E Davidson Farms Limited
Independent auditor's report
to the members of C E Davidson Farms Limited

Opinion
We have audited the financial statements of C E Davidson Farms Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 the 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 parent company's affairs as at 30 June 2025 and of its profit for the year then ended;
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
● | 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’s 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
● | the strategic report and the 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 the knowledge and understanding of the group and the parent 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 in relation to which 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.

● | we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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 laws and regulations that affect the group, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, health and safety.
● | We enquired of the shareholders, reviewed correspondence with HMRC and reviewed ' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
● | We gained an understanding of the controls that the shareholders have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
● | The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets, onerous lease provisions and compliance with debt covenants.
● | We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
● | We enquired of the directors about actual and potential litigation and claims.
● | We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
● | In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the accounts 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 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.
Paul Davis FCA
(Senior Statutory Auditor) | Emperor's Gate
for and on behalf of | 114a Cromwell Road
Bright Grahame Murray | Kensington
Chartered Accountants and Statutory Auditors | London
18 March 2026 | SW7 4AG

C E Davidson Farms Limited
Consolidated Income Statement
for the year ended 30 June 2025
Notes |  | 2025 |  | 2024
£ | £
Turnover | 3 |  | 12,511,856 |  | 11,267,515
Cost of sales | (8,419,936) |  | (8,153,164)
Gross profit | 4,091,920 |  | 3,114,351
Administrative expenses | (2,251,484) |  | (1,953,923)
Other operating income | 108,023 |  | 117,814
Operating profit | 4 |  | 1,948,459 |  | 1,278,242
Loss on sale of fixed assets | (2,677) |  | (18,994)
Income from associated entities | 1,331,789 |  | 1,285,642
Interest receivable | 22,363 |  | -
Interest payable | 7 |  | (626,367) |  | (477,884)
Profit on ordinary activities before taxation | 2,673,567 |  | 2,067,006
Tax on profit on ordinary activities | 8 |  | (439,428) |  | (323,187)
Profit for the financial year | 2,234,139 |  | 1,743,819
All profit is attributable to the owners of the parent company

C E Davidson Farms Limited
Consolidated Statement of comprehensive income
for the year ended 30 June 2025
Notes |  | 2025 |  | 2024
£ | £
Profit for the financial year | 2,234,139 |  | 1,743,819
Other comprehensive income | - |  | -
Total comprehensive income for the year | 2,234,139 |  | 1,743,819

C E Davidson Farms Limited
Consolidated Statement of Financial Position
as at 30 June 2025
Notes |  |  | 2025 |  |  | 2024
£ | £
Fixed assets
Tangible assets | 9 |  |  | 21,068,859 |  |  | 16,290,906
Investment property | 11 |  |  | 2,550,989 |  |  | 2,369,859
Investments | 12 |  |  | 4,123,912 |  |  | 3,272,123
|  |  |  | 27,743,760 |  |  | 21,932,888
Current assets
Stocks | 14 |  | 1,978,556 |  |  | 1,336,276
Debtors | 15 |  | 902,523 |  |  | 580,196
Cash at bank and in hand |  |  | 413,552 |  |  | 17,137
|  |  | 3,294,631 |  |  | 1,933,609
Creditors: amounts falling due within one year | 16 |  | (2,933,011) |  |  | (3,319,447)
Net current assets/(liabilities) |  |  |  | 361,620 |  |  | (1,385,838)
Total assets less current liabilities |  |  |  | 28,105,380 |  |  | 20,547,050
Creditors: amounts falling due after more than one year | 17 |  |  | (13,784,855) |  |  | (8,425,092)
Provisions for liabilities
Deferred taxation | 20 |  |  | (1,838,980) |  |  | (1,399,552)
Net assets |  |  |  | 12,481,545 |  |  | 10,722,406
Capital and reserves
Called up share capital | 21 |  |  | 1,000 |  |  | 1,000
Share premium | 22 |  |  | 2,376,481 |  |  | 2,376,481
Other reserves | 23 |  |  | 940,577 |  |  | 940,577
Profit and loss account | 24 |  |  | 9,163,487 |  |  | 7,404,348
Total equity |  |  |  | 12,481,545 |  |  | 10,722,406
N J Davidson
Director
Approved by the board on 18 March 2026

C E Davidson Farms Limited
Registered number: | 03369333
Company Statement of Financial Position
as at 30 June 2025
Notes |  |  | 2025 |  |  | 2024
£ | £
Fixed assets
Investment properties | 11 |  |  | 2,550,989 |  |  | 2,369,859
Tangible assets | 10 |  |  | 20,133,594 |  |  | 15,583,460
Other Investments | 13 |  |  | 1,326,466 |  |  | 1,232,839
|  |  |  | 24,011,049 |  |  | 19,186,158
Current assets
Stocks | 14 |  | 947,039 |  |  | 513,820
Debtors | 15 |  | 449,905 |  |  | 235,553
Cash at bank and in hand |  |  | 76,125 |  |  | -
|  |  | 1,473,069 |  |  | 749,373
Creditors: amounts falling due within one year | 16 |  | (669,142) |  |  | (1,572,216)
Net current assets/(liabilities) |  |  |  | 803,927 |  |  | (822,843)
Total assets less current liabilities |  |  |  | 24,814,976 |  |  | 18,363,315
Creditors: amounts falling due after more than one year | 17 |  |  | (13,675,883) |  |  | (8,388,495)
Provisions for liabilities | 20 |  |  | (1,671,776) |  |  | (1,301,380)
Net assets |  |  |  | 9,467,317 |  |  | 8,673,440
Capital and reserves
Called up share capital |  |  |  | 1,000 |  |  | 1,000
Share premium |  |  |  | 2,376,481 |  |  | 2,376,481
Other reserves | 23 |  |  | 940,577 |  |  | 940,577
Profit and loss account |  |  |  | 6,149,259 |  |  | 5,355,382
Shareholders' funds |  |  |  | 9,467,317 |  |  | 8,673,440
N J Davidson
Director
Approved by the board on 18 March 2026

C E Davidson Farms Limited
Consolidated Statement of Changes in Equity
for the year ended 30 June 2025
Share | Share | Other | Profit | Total
capital | premium | reserves | and loss
account
£ | £ | £ | £ | £
At 1 July 2023 | 1,000 |  | 2,376,481 |  | 940,577 |  | 5,910,529 |  | 9,228,587
Profit for the financial year | 1,743,819 |  | 1,743,819
Dividends | (250,000) |  | (250,000)
At 30 June 2024 | 1,000 |  | 2,376,481 |  | 940,577 |  | 7,404,348 |  | 10,722,406
At 1 July 2024 | 1,000 |  | 2,376,481 |  | 940,577 |  | 7,404,348 |  | 10,722,406
Profit for the financial year | 2,234,139 |  | 2,234,139
Dividends | (475,000) |  | (475,000)
At 30 June 2025 | 1,000 |  | 2,376,481 |  | 940,577 |  | 9,163,487 |  | 12,481,545

C E Davidson Farms Limited
Company Statement of Changes in Equity
for the year ended 30 June 2025
Share | Share | Other | Profit | Total
capital | premium | Reserves | and loss
account
£ | £ | £ | £ | £
At 1 July 2023 | 1,000 |  | 2,376,481 |  | 940,577 |  | 4,813,632 |  | 8,131,690
Profit for the financial year | 791,750 |  | 791,750
Dividends | (250,000) |  | (250,000)
At 30 June 2024 | 1,000 |  | 2,376,481 |  | 940,577 |  | 5,355,382 |  | 8,673,440
At 1 July 2024 | 1,000 |  | 2,376,481 |  | 940,577 |  | 5,355,382 |  | 8,673,440
Profit for the financial year | 1,268,877 |  | 1,268,877
Dividends | (475,000) |  | (475,000)
At 30 June 2025 | 1,000 |  | 2,376,481 |  | 940,577 |  | 6,149,259 |  | 9,467,317

C E Davidson Farms Limited
Consolidated Statement of Cash Flows
for the year ended 30 June 2025
Notes |  | 2025 |  | 2024
£ | £
Operating activities
Profit for the financial year | 2,234,139 |  | 1,743,819
Adjustments for:
Loss on sale of fixed assets | 2,677 |  | 18,994
Profit from associate entities | (1,331,789) |  | (1,285,642)
Interest receivable | (22,363) |  | -
Interest payable | 626,367 |  | 477,884
Tax on profit on ordinary activities | 439,428 |  | 323,187
Depreciation | 599,103 |  | 541,262
(Increase)/decrease in stocks | (642,280) |  | 107,199
(Increase)/decrease in debtors | (322,327) |  | 256,208
Increase/(decrease) in creditors | 503,579 |  | (289,383)
|  |  | 2,086,534 |  | 1,893,528
Interest received | 22,363 |  | -
Interest paid |  |  | (597,643) |  | (465,999)
Interest element of finance lease payments | (28,724) |  | (11,885)
Corporation tax paid | (242,404) |  | (8,573)
Cash generated by operating activities | 1,240,126 |  | 1,407,071
Investing activities
Payments to acquire tangible fixed assets | (4,947,984) |  | (883,297)
Payments to acquire investment properties | (181,130) |  | (35,667)
Proceeds from sale of tangible fixed assets | 34,595 |  | 41,122
Dividends received | 480,000 |  | -
Cash used in investing activities | (4,614,519) |  | (877,842)
Financing activities
Equity dividends paid | (475,000) |  | (250,000)
Proceeds from new loans | 8,150,000 |  | 404,000
Repayment of loans | (3,105,073) |  | (450,192)
Capital element of finance lease payments | (109,152) |  | (105,761)
Cash generated by/(used in) financing activities | 4,460,775 |  | (401,953)
Net cash generated
Cash generated by operating activities | 1,240,126 |  | 1,407,071
Cash used in investing activities | (4,614,519) |  | (877,842)
Cash generated by/(used in) financing activities | 4,460,775 |  | (401,953)
Net cash generated | 1,086,382 |  | 127,276
Cash and cash equivalents at 1 July | (672,830) |  | (800,106)
Cash and cash equivalents at 30 June | 413,552 |  | (672,830)
Cash and cash equivalents comprise:
Cash at bank | 413,552 |  | 17,137
Bank overdrafts | 16 |  | - |  | (689,967)
|  |  | 413,552 |  | (672,830)

C E Davidson Farms Limited
Notes to the Accounts
for the year ended 30 June 2025
1 | Summary of significant accounting policies
| Basis of preparation
| The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

| The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
| Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
| Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
| Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

| Basis of consolidation

| The consolidated group financial statements consist of the financial statements of the parent company C E Davidson Farms Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
| All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
| Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
| Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
| If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
| Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

| Going concern
| These financial statements are prepared on the going concern basis. After reviewing the group's forecasts, projections and post year end results, and having regard to the group's financial commitments, the directors have a reasonable expectation that the group has adequate resources to service its debt and to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.
| Currency
| The financial statements are prepared in Sterling which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
| Turnover
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of building contracting services, poultry growing, poultry site management, biomass heat generation and arable farming. Turnover from building contracting is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover from poultry growing and arable sales is recognised is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from poultry site management is recognised on a straight line basis over the lease term. Biomass income is recognised at the point of generation.
| Tangible fixed assets

| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
| Freehold buildings | over 50 years
| Plant and machinery | over 10 to 20 years or 15% reducing balance
| Motor vehicles | 25% reducing balance

| Investment property
| Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
| Investments
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
| Stocks

| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
| The cost of work-in-progress comprise raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs.

| Debtors
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
| Creditors
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
| Taxation
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
| Provisions
| Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
| Foreign currency translation
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
| Leased assets
| A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership, this includes hire purchase contracts. All other leases are classified as operating leases. Finance leases are initially recognised as assets and liabilities at the lower of the fair value of the leased assets or the present value of the minimum lease payments. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
| Cash and cash equivalents
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
| Equity instruments
| Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
| Pensions
| Contributions to defined contribution plans are expensed in the period to which they relate.
2 | Critical accounting estimates and judgements
| Preparation of the financial statements requires the directors to make significant judgements and estimates that affect the reported amounts of assets and liabilities. Significant judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. these estimates and judgements are used for but not limited to; the valuation of debtors, the valuation of stock, the estimated lives of fixed assets the valuation of Investment property and the assessment of provisions for tax.
| As described in note 11 to the financial statements, investment property is stated at fair value based on the valuation performed by the directors on an open market basis using comparable information on similar properties.
3 | Analysis of turnover | 2025 |  | 2024
£ | £
| Contract sales | 4,949,415 |  | 4,937,253
| Poultry site, arable and other sales | 7,562,441 |  | 6,330,262
|  |  |  |  |  | 12,511,856 |  | 11,267,515
| By geographical market:
| UK | 12,511,856 |  | 11,267,515
4 | Operating profit | 2025 |  | 2024
£ | £
| This is stated after charging:
| Depreciation of owned fixed assets | 505,882 |  | 475,265
| Depreciation of assets held under finance leases and hire purchase contracts |  | 93,221 |  | 65,997
| Auditors' remuneration for audit services to the group and company | 7,000 |  | 7,000
| Auditors' remuneration for audit services to the subsidiary | 7,000 |  | 7,000
| Key management personnel compensation (including directors' emoluments) |  | 185,490 |  | 204,673
5 | Directors' emoluments | 2025 |  | 2024
£ | £
| Emoluments | 185,490 |  | 204,673
| Company contributions to defined contribution pension plans | 12,000 |  | 12,000
|  |  |  |  |  | 197,490 |  | 216,673
| Number of directors to whom retirement benefits accrued: | 2025 |  | 2024
Number | Number
| Defined contribution plans | 4 |  | 4
6 | Staff costs | 2025 |  | 2024
£ | £
| Wages and salaries | 2,137,541 |  | 1,895,342
| Social security costs | 255,622 |  | 204,465
| Other pension costs | 66,742 |  | 63,884
|  |  |  |  |  | 2,459,905 |  | 2,163,691
| Average number of employees during the year | Number | Number
| Administration | 10 |  | 7
| Direct | 44 |  | 44
|  |  |  |  |  | 54 |  | 51
7 | Interest payable | 2025 |  | 2024
£ | £
| Bank loans and overdrafts | 597,643 |  | 465,033
| Other interest | - |  | 966
| Finance charges payable under finance leases and hire purchase contracts |  | 28,724 |  | 11,885
|  |  |  |  |  | 626,367 |  | 477,884
8 | Taxation | 2025 |  | 2024
£ | £
| Analysis of charge in period
| Current tax:
| UK corporation tax on profits of the period | - |  | 223,420
| Adjustments in respect of previous periods | - |  | 13,717
|  |  |  |  |  | - |  | 237,137
| Deferred tax:
| Origination and reversal of timing differences | 439,428 |  | 86,050
| Tax on profit on ordinary activities | 439,428 |  | 323,187
| Factors affecting tax charge for period
| The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
|  |  |  |  |  | 2025 |  | 2024
£ | £
| Profit on ordinary activities before tax | 2,673,567 |  | 2,067,006
| Standard rate of corporation tax in the UK | 25% |  | 25%
£ | £
| Profit on ordinary activities multiplied by the standard rate of corporation tax |  | 668,392 |  | 516,752
| Effects of:
| Expenses not deductible for tax purposes | 8,171 |  | 408
| Capital allowances for period in excess of depreciation | (339,192) |  | (86,319)
| Research and development | - |  | (7,548)
| Income from associates | (284,541) |  | (246,318)
| Ineligible depreciation | 47,412 |  | 47,780
| Effect of change of tax rate | - |  | (1,335)
| Adjustments to tax charge in respect of previous periods | - |  | 13,717
| Current tax charge for period | - |  | 237,137
9 | Tangible fixed assets - Group
|  | Land and buildings |  | Plant and machinery |  | Motor Vehicles |  | Total
|  | At cost |  | At cost |  | At cost
£ | £ | £ | £
| Cost or valuation
| At 1 July 2024 | 16,562,636 |  | 6,039,022 |  | 660,034 |  | 23,261,692
| Additions | 3,162,712 |  | 2,075,779 |  | 175,837 |  | 5,414,328
| Disposals | - |  | (82,441) |  | (41,345) |  | (123,786)
| At 30 June 2025 | 19,725,348 |  | 8,032,360 |  | 794,526 |  | 28,552,234
| Depreciation
| At 1 July 2024 | 3,690,248 |  | 2,878,952 |  | 401,586 |  | 6,970,786
| Charge for the year | 228,555 |  | 290,607 |  | 79,941 |  | 599,103
| On disposals | - |  | (54,240) |  | (32,274) |  | (86,514)
| At 30 June 2025 | 3,918,803 |  | 3,115,319 |  | 449,253 |  | 7,483,375
| Carrying amount
| At 30 June 2025 | 15,806,545 |  | 4,917,041 |  | 345,273 |  | 21,068,859
| At 30 June 2024 | 12,872,388 |  | 3,160,070 |  | 258,448 |  | 16,290,906
|  |  |  |  |  | 2025 |  | 2024
£ | £
| Carrying value of plant and machinery included above held under finance leases and hire purchase contracts |  | 987,361 |  | 477,566
10 | Tangible fixed assets - company
|  |  |  | Land and buildings |  | Plant and machinery |  | Total
£ | £ | £
| Cost
| At 1 July 2024 | 16,562,635 |  | 4,654,824 |  | 21,217,459
| Additions | 3,162,712 |  | 1,818,841 |  | 4,981,553
| Disposals | - |  | (9,950) |  | (9,950)
| At 30 June 2025 | 19,725,347 |  | 6,463,715 |  | 26,189,062
| Depreciation
| At 1 July 2024 | 3,690,248 |  | 1,943,751 |  | 5,633,999
| Charge for the year | 228,555 |  | 199,274 |  | 427,829
| On disposals | - |  | (6,360) |  | (6,360)
| At 30 June 2025 | 3,918,803 |  | 2,136,665 |  | 6,055,468
| Net book value
| At 30 June 2025 | 15,806,544 |  | 4,327,050 |  | 20,133,594
| At 30 June 2024 | 12,872,387 |  | 2,711,073 |  | 15,583,460
11 | Investment property | 2025
£
| Valuation
| At 1 July 2024 | 2,369,859
| Additions | 181,130
| At 30 June 2025 | 2,550,989
| Investment property is valued by the Directors on an open market basis using comparable information on similar properties. The historical cost of Investment property is £1,390,478.
12 | Investments - Group
Other
investments
£
| Cost
| At 1 July 2024 | 3,272,123
| Profit from associate entities | 851,789
| At 30 June 2025 | 4,123,912
| The company holds 20% or more of the share capital of the following companies:
| Company | Shares held
|  | Class | %
| C E Davidson Limited | Ordinary | 100
| Anglia Free Range Eggs Limited | Ordinary | 38
| The registered office of C E Davidson Limited is South View, Fressingfield IP21 5PJ
| The registered office of Anglia Free Range Eggs Limited is Wingfield Hall, Wingfield IP21 5QX
13 | Investments - company
Investments in
subsidiary | Other
undertakings | investments | Total
£ | £ | £
| Cost
| At 1 July 2024 | 1,000 |  | 1,231,839 |  | 1,232,839
| Additions | - |  | 93,627 |  | 93,627
| At 30 June 2025 | 1,000 |  | 1,325,466 |  | 1,326,466
14 | Stocks | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| Raw materials and consumables | 1,279,022 |  | 845,215 |  | 947,039 |  | 513,820
| Work in progress | 699,534 |  | 491,061 |  | - |  | -
|  | 1,978,556 |  | 1,336,276 |  | 947,039 |  | 513,820
15 | Debtors | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| Trade debtors | 596,790 |  | 455,470 |  | - |  | -
| Amounts owed by group undertakings | - |  | - |  | 280,461 |  | 120,288
| Other debtors | 172,355 |  | 20,403 |  | 47,013 |  | 21,896
| Prepayments and accrued income | 133,378 |  | 104,323 |  | 122,431 |  | 93,369
|  | 902,523 |  | 580,196 |  | 449,905 |  | 235,553
16 | Creditors: amounts falling due within one year | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| Bank overdrafts | - |  | 689,967 |  | - |  | 689,967
| Bank loans | 438,290 |  | 484,606 |  | 438,290 |  | 484,606
| Obligations under finance lease and hire purchase contracts | 207,855 |  | 119,183 |  | 78,032 |  | 44,318
| Trade creditors | 2,019,350 |  | 1,447,121 |  | - |  | -
| Corporation tax | - |  | 242,404 |  | - |  | 238,177
| Other taxes and social security costs | 94,313 |  | 121,518 |  | - |  | -
| Other creditors | 13,302 |  | - |  | - |  | -
| Accruals and deferred income | 159,901 |  | 214,648 |  | 152,820 |  | 115,148
|  | 2,933,011 |  | 3,319,447 |  | 669,142 |  | 1,572,216
17 | Creditors: amounts falling due after one year | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| Bank loans | 13,419,275 |  | 8,328,032 |  | 13,419,275 |  | 8,328,032
| Obligations under finance lease and hire purchase contracts | 365,580 |  | 97,060 |  | 256,608 |  | 60,463
|  | 13,784,855 |  | 8,425,092 |  | 13,675,883 |  | 8,388,495
18 | Loans | 2025 |  | 2024
£ | £
| Loans not wholly repayable within five years:
| Bank loan at fixed rate of 3.59% | 2,099,758 |  | 2,219,829
| Bank loan at fixed rate of 2.87% | 3,665,831 |  | 3,862,981
| Bank loan at base plus 2.25% | - |  | 1,706,707
| Bank loan at base plus 2.70% | - |  | 404,000
| Bank loan at base plus 2.65% | - |  | 619,121
| Bank loan at base plus 2.67% | 6,091,976 |  | -
| Bank loan at base plus 2.17% | 2,000,000 |  | -
|  |  |  |  |  | 13,857,565 |  | 8,812,638
| Analysis of maturity of debt:
| Within one year or on demand | 438,290 |  | 484,398
| Between one and two years | 495,963 |  | 912,294
| Between two and five years | 1,620,083 |  | 1,588,326
| After five years | 11,303,229 |  | 5,827,620
|  |  |  |  |  | 13,857,565 |  | 8,812,638
| The bank loans are secured by fixed charges on Freehold property owned by the group included in the balance sheet at a value of £18,357,534 and by a floating charge on the assets of the company generally. The company is also party to an unlimited cross guarantee in respect of Bank liabilities jointly with its subsidiary company.
19 | Obligations under finance leases and hire purchase | 2025 |  | 2024
| contracts - group | £ | £
| Amounts payable:
| Within one year | 207,855 |  | 119,183
| Within two to five years | 365,580 |  | 97,060
|  |  |  |  |  | 573,435 |  | 216,243
20 | Deferred taxation | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| Revaluation of investment property | 219,937 |  | 219,937 |  | 219,937 |  | 219,937
| Accelerated capital allowances | 1,772,912 |  | 1,179,615 |  | 1,604,785 |  | 1,081,443
| Tax losses carried forward | (153,869) |  | - |  | (152,946) |  | -
|  | 1,838,980 |  | 1,399,552 |  | 1,671,776 |  | 1,301,380
|  | 2025 |  | 2024 |  | 2025 |  | 2024
£ | £ | £ | £
|  | Group |  | Company
| At 1 July | 1,399,552 |  | 1,313,502 |  | 1,301,380 |  | 1,198,256
| Charged to the profit and loss account | 439,428 |  | 86,050 |  | 370,396 |  | 103,124
| At 30 June | 1,838,980 |  | 1,399,552 |  | 1,671,776 |  | 1,301,380
21 | Share capital | Nominal |  | 2025 |  | 2025 |  | 2024
value | Number | £ | £
| Allotted, called up and fully paid:
| Ordinary shares | £1 each |  | 950 |  | 950 |  | 1,000
| Ordinary A shares | £1 each |  | 50 |  | 50
|  |  |  |  |  | 1,000 |  | 1,000
| During the year, 50 Ordinary shares were re-designated as 50 Ordinary A Shares. The holders of ordinary shares and ordinary A shares are entitled to receive dividends as declared on their respective share class from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
22 | Share premium | 2025 |  | 2024
£ | £
| At 1 July | 2,376,481 |  | 2,376,481
| At 30 June | 2,376,481 |  | 2,376,481
23 | Other reserves | 2025 |  | 2024
| Unrealised profits on revaluation of investments | £ | £
| At 1 July | 940,577 |  | 940,577
| At 30 June | 940,577 |  | 940,577
24 | Profit and loss account - group | 2025 |  | 2024
£ | £
| At 1 July | 7,404,348 |  | 5,910,529
| Profit for the financial year | 2,234,139 |  | 1,743,819
| Dividends | (475,000) |  | (250,000)
| At 30 June | 9,163,487 |  | 7,404,348
25 | Dividends | 2025 |  | 2024
£ | £
| Dividends on ordinary shares (note 24) | 475,000 |  | 250,000
26 | Loans to directors
| Description and conditions | B/fwd | Paid | Repaid | C/fwd
£ | £ | £ | £
| N J Davidson
| Directors current account | 20,386 |  | 181,131 |  | (156,013) |  | 45,504
|  | 20,386 |  | 181,131 |  | (156,013) |  | 45,504
27 | Parent company profit for the year
| The company has taken advantage of the exemption allowed under section 408 CA 2006 and has not presented its own Income statement in these financial statements. The profit after tax of the parent company for the year was £1,268,877 (2024: £791,750).
28 | Controlling party
| The company is controlled by P G Davidson by virtue of his majority shareholding.
29 | Presentation currency
| The financial statements are presented in Sterling being the functional currency of the company.
30 | Legal form of entity and country of incorporation
| C E Davidson Farms Limited is a private company limited by shares and incorporated in England.
31 | Principal place of business
| The address of the company's principal place of business and registered office is:
| South View
| Fressingfield
| Suffolk
| IP21 5PJ

Davidson Irwin Properties
Unaudited Balance Sheet
as at 30 June 2025
Notes |  |  | 2025 |  |  | 2024
£ | £
Fixed assets
Tangible fixed assets | 2,587,161 |  |  | 2,663,496
Current assets
Stock and work in progress | 94,621 |  |  | 73,103
Debtors and prepayments | 106,061 |  |  | 127,142
Bank balances | 170,628 |  |  | 68,642
|  |  | 371,310 |  |  | 268,887
Current liabilities
Trade creditors/accruals | 62,843 |  |  | 64,844
Loans and overdrawn bank accounts | 180,074 |  |  | 162,522
Other liabilities | 17,643 |  |  | 14,288
|  |  | 260,560 |  |  | 241,654
Net current assets | 110,750 |  |  | 27,233
Loans due after one year | (502,976) |  |  | (683,050)
Net assets | 2,194,935 |  |  | 2,007,679
Capital accounts
Balance at start of period | 2,007,682 |  |  | 1,406,937
Net profit | 387,253 |  |  | 600,742
Drawings | (200,000) |  |  | -
|  |  |  | 2,194,935 |  |  | 2,007,679

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