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Registered number: 07787662 HARLASTON (PACKINGTON) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
HARLASTON (PACKINGTON) LIMITED COMPANY INFORMATION
Directors | R M Mercer
| R P Mercer
Registered number | 07787662
Registered office | Blakenhall Park
| Barton Under Needwood
| Burton-On-Trent
| Staffordshire
| DE13 8AJ
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
HARLASTON (PACKINGTON) LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10 - 11
Statement of changes in equity | 12
Statement of cash flows | 13 - 14
Notes to the financial statements | 15 - 31
HARLASTON (PACKINGTON) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
INTRODUCTION
The Directors present their Strategic Report of Harlaston (Packington) Limited ("The Company") for the year ended 30 September 2025. Harlaston Packington Limited is a diversified farming business, with interests in pig and hen farming, focused on producing high welfare pork and eggs into dedicated markets, land management, commercial and residential property and renewable energy.
BUSINESS REVIEW
We have achieved a strong financial year with net profits of £2.596 million. Our pig business which is the cornerstone of the business, has performed well on the back of good breeding farm production, reduced feed prices and good sales. The majority of our pigs are sold into added value supply chains, helping make the business more robust. Frogmary farm which we purchased in 2024 which includes multiple rental income streams has performed well and we have managed to increase rents since the purchase. A solar farm on one of our land holdings was completed in April of this year and income from the project is now being received. During the year a revalution of investment properties was undertaken, resulting in a revalution surplus of £1.452m, which forms part of the above profit.
PRINCIPAL RISKS AND UNCERTAINTIES
The key risks of the business are the health of our pig herd, pig price and feed price. We have a number of biosecurity policies in place to mitigate health risks to the pigs, and our aim is always to have a degree of hedging with pig price and feed price. We also market our pigs to added value supply chains. We have also diversified our income streams to help make the business more resilient. The directors remain confident that the business will remain profitable and continue to grow. Financial risk management The Company’s operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The company has in place risk management programme that seeks to limit the adverse effects of the financial performance of the company by monitoring levels of debt finance and the related finance costs. Credit Risk The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Liquidity risk The company actively maintains a mixture of long term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and any planned expansions. Interest rate cash flow The company has interest bearing liabilities in the form of bank and financing facilities. Interest cash flows are monitored on a regular basis. Qualifying third party indemnity provisions During the year, the company maintained liability insurance and third party indemnification provisions for its directors, under which the company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the company and any of its associated companies. Page 1
HARLASTON (PACKINGTON) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial and non financial key performance indicators
The Directors monitor the performance of the business in relation to key performance indicators including turnover, operating profit, net current assets and net assets. This report was approved by the board and signed on its behalf.
................................................ R P Mercer Director
Date: 11 December 2025
Page 2
HARLASTON (PACKINGTON) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £2,596,910 (2024 - £3,139,681). Dividends totaling £1,043,500 were paid during the year (2024: £510,250).
Directors
The directors who served during the year were:
R M Mercer
R P Mercer
Future developments
The Directors remain confident that the business will remain profitable and continue to grow. Page 3
HARLASTON (PACKINGTON) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
In October 2025, the Company sold property for a sales price of £3.8m and acquired property for a purchase price of £2m. In November 2025, the Company completed a share buy-back of 4 B Ordinary shares for £900K. These shares were then subsequently cancelled.
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R P Mercer Director
Date: 11 December 2025
Page 4
HARLASTON (PACKINGTON) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLASTON (PACKINGTON) LIMITED
Opinion
We have audited the financial statements of Harlaston (Packington) Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 30 September 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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. Page 5
HARLASTON (PACKINGTON) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLASTON (PACKINGTON) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or 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; or ∙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 set out on page 3, 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. Page 6
HARLASTON (PACKINGTON) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLASTON (PACKINGTON) LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations, Animal Welfare standards including Red Tractor certification, and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures and reviewing correspondence with regulatory bodies. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. 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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, 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 Auditors' report. Page 7
HARLASTON (PACKINGTON) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLASTON (PACKINGTON) LIMITED (CONTINUED)
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 Auditors' 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. Alex Riley FCCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 12 December 2025 Page 8
HARLASTON (PACKINGTON) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,227,759 | 13,350,464
Cost of sales |  | (7,812,680) | (7,646,647)
GROSS PROFIT |  | 5,415,079 | 5,703,817
Administrative expenses |  | (4,791,763) | (3,951,492)
Other operating income | 5 | 1,541,348 | 993,382
Fair value movements |  | 1,452,226 | 1,679,315
OPERATING PROFIT |  | 3,616,890 | 4,425,022
Interest receivable and similar income | 10 | 8,991 | 39,294
Interest payable and similar expenses | 11 | (469,741) | (306,621)
PROFIT BEFORE TAX |  | 3,156,140 | 4,157,695
Tax on profit | 12 | (559,230) | (1,018,014)
PROFIT FOR THE FINANCIAL YEAR |  | 2,596,910 | 3,139,681
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 31 form part of these financial statements.
Page 9
HARLASTON (PACKINGTON) LIMITED REGISTERED NUMBER: 07787662 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 14 |  | 17,785,627 |  | 17,791,314
Investment property | 15 |  | 18,631,904 |  | 16,941,825
|  |  | 36,417,531 |  | 34,733,139
CURRENT ASSETS |  |  |  |  |
Stocks | 16 | 4,103,957 |  | 3,733,144 |
Debtors: amounts falling due within one year | 17 | 1,993,205 |  | 2,726,275 |
Cash at bank and in hand | 18 | 38,168 |  | 35,921 |
|  | 6,135,330 |  | 6,495,340 |
Creditors: amounts falling due within one year | 19 | (2,903,689) |  | (3,225,388) |
NET CURRENT ASSETS |  |  | 3,231,641 |  | 3,269,952
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 39,649,172 |  | 38,003,091
Creditors: amounts falling due after more than one year | 20 |  | (9,734,240) |  | (9,915,367)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 22 | (1,343,376) |  | (1,069,578) |
|  |  | (1,343,376) |  | (1,069,578)
NET ASSETS |  |  | 28,571,556 |  | 27,018,146
Page 10
HARLASTON (PACKINGTON) LIMITED REGISTERED NUMBER: 07787662 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 23 |  | 112 |  | 112
Share premium account | 24 |  | 198 |  | 198
Investment property revaluation reserve | 24 |  | 2,453,613 |  | 1,259,486
Other reserves | 24 |  | 765 |  | 765
Profit and loss account | 24 |  | 26,116,868 |  | 25,757,585
|  |  | 28,571,556 |  | 27,018,146
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ R P Mercer
Director
Date: 11 December 2025
The notes on pages 15 to 31 form part of these financial statements. Page 11
HARLASTON (PACKINGTON) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Investment property revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2023 | 112 | 198 | - | 765 | 24,387,640 | 24,388,715
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |  |  |
Profit for the year | - | - | - | - | 3,139,681 | 3,139,681
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |  |  |  |
Dividends: Equity capital | - | - | - | - | (510,250) | (510,250)
Revaluation transfer | - | - | 1,259,486 | - | (1,259,486) | -
At 1 October 2024 | 112 | 198 | 1,259,486 | 765 | 25,757,585 | 27,018,146
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |  |  |
Profit for the year | - | - | - | - | 2,596,910 | 2,596,910
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |  |  |  |
Dividends: Equity capital | - | - | - | - | (1,043,500) | (1,043,500)
Revaluation transfer | - | - | 1,194,127 | - | (1,194,127) | -
AT 30 SEPTEMBER 2025 | 112 | 198 | 2,453,613 | 765 | 26,116,868 | 28,571,556
| The notes on pages 15 to 31 form part of these financial statements.
Page 12
HARLASTON (PACKINGTON) LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Profit for the financial year | 2,596,910 | 3,139,681
ADJUSTMENTS FOR: |  |
Depreciation of tangible assets | 559,121 | 517,454
Loss/ (profit) on disposal of tangible assets | 17,933 | (23,015)
Interest paid | 469,741 | 306,621
Interest received | (8,991) | (39,294)
Taxation charge | 559,230 | 1,018,014
(Increase) in stocks | (370,813) | (183,164)
Decrease/(increase) in debtors | 733,070 | (1,055,130)
Increase in creditors | 81,125 | 311,981
Net fair value (gains) recognised in P&L | (1,452,226) | (1,679,315)
NET CASH GENERATED FROM OPERATING ACTIVITIES | 3,185,100 | 2,313,833
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of tangible fixed assets | (687,033) | (1,082,055)
Sale of tangible fixed assets | 115,666 | 147,899
Purchase of investment properties | (237,853) | (6,526,980)
Interest received | 8,991 | 39,294
NET CASH FROM INVESTING ACTIVITIES | (800,229) | (7,421,842)
Page 13
HARLASTON (PACKINGTON) LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  | 2025 | 2024
|  | £ | £
CASH FLOWS FROM FINANCING ACTIVITIES |  |
New secured loans | - | 4,365,896
Repayment of loans | (175,605) | -
Dividends paid | (1,043,500) | (510,250)
Interest paid | (469,741) | (306,621)
NET CASH USED IN FINANCING ACTIVITIES | (1,688,846) | 3,549,025
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 696,025 | (1,558,984)
Cash and cash equivalents at beginning of year | (709,816) | 849,168
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | (13,791) | (709,816)
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 38,168 | 35,921
Bank overdrafts | (51,959) | (745,737)
| (13,791) | (709,816)
The notes on pages 15 to 31 form part of these financial statements.
Page 14
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | GENERAL INFORMATION
Harlaston (Packington) Limited (07787662), is a private company, limited by shares, incorporated in England and Wales, with its registered address and principal place of business at Blakenhall Park, Barton Under Needwood, Burton-On-Trent, DE13 8AJ. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 15
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | PENSIONS
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 16
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
|  |  |  | Freehold property | - | Land not depreciated, Buildings 4% straight line
|  |  |  | Fixed plant | - | 10% straight line
|  |  |  | Plant and machinery | - | 20% reducing balance
|  |  |  | Motor vehicles | - | 20% reducing balance
| 2.9 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | STOCKS
The Company has several different types of stocks that it holds and therefore the valuation policies differ for each. Piglets are valued based on the average between the value at birth and the cost of a weaner. Weaners are valued at the lower of cost and net realisable value, with the cost being based on the costs incurred in the last quarter on an average basis. Feed, Straw and bedding costs are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase. At each balance sheet date, stocks are assessed for impairment. If stock is 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. Page 17
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.13 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 18
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 19
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | FINANCIAL INSTRUMENTS (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.16 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: Investment property Investment property is carried at fair value determined anually and derived from current market rents and investment property market conditions. Revaluations made during the year were £1,452,226 (2024: £1,679,315). The carrying value of investment property is £18,631,904 (2024: £16,941,825). Stock When calculating the stock valuation, management considers the age and weight of stock and the feed and rearings costs.
4. | TURNOVER
The whole of the turnover is attributable to the principal activities of the business.
| All turnover arose within the United Kingdom.
Page 20
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 364,587 | 231,770
| Net rents receivable | 1,176,761 | 761,612
|  | 1,541,348 | 993,382
6. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/ profit on sale of tangible assets | (17,993) | 23,015
7. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,000 | 16,000
Page 21
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | EMPLOYEES
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,376,800 | 1,259,105
| Social security costs | 132,374 | 86,735
| Cost of defined contribution scheme | 27,700 | 19,410
|  | 1,536,874 | 1,365,250
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 45 | 43
9. | DIRECTORS' REMUNERATION
| The Directors did not receive any remuneration during the year (2024 : £nil)
10. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 8,991 | 39,294
|  | 8,991 | 39,294
11. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 457,605 | 242,976
| Other loan interest payable | 12,136 | 63,645
|  | 469,741 | 306,621
Page 22
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 285,432 | -
|  | 285,432 | -
| Total current tax | 285,432 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 273,798 | 1,018,014
| Total deferred tax | 273,798 | 1,018,014
| Tax on profit | 559,230 | 1,018,014
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,156,140 | 4,157,695
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 285,432 | 619,595
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (21,478) | (18,479)
| Utilisation of tax losses | (49,785) | (519,867)
| Timing difference leading to an increase (decrease) in taxation | 340,578 | 920,644
| Other timing differences leading to an increase (decrease) in taxation | - | 21,875
| Book profit on chargeable assets | 4,483 | (5,754)
| Total tax charge for the year | 559,230 | 1,018,014
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
Page 23
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12.TAXATION (CONTINUED) There are no factors that may affect future tax charges.
13. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 1,043,500 | 510,250
|  | 1,043,500 | 510,250
14. | TANGIBLE FIXED ASSETS
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 October 2024 | 14,981,021 | 3,607,248 | 710,780 | 19,299,049
| Additions | 131,890 | 291,539 | 263,604 | 687,033
| Disposals | - | (7,944) | (213,556) | (221,500)
| At 30 September 2025 | 15,112,911 | 3,890,843 | 760,828 | 19,764,582
| Depreciation |  |  |  |
| At 1 October 2024 | 42,812 | 1,315,787 | 149,136 | 1,507,735
| Charge for the year on owned assets | 24,049 | 412,477 | 122,595 | 559,121
| Disposals | - | (4,840) | (83,061) | (87,901)
| At 30 September 2025 | 66,861 | 1,723,424 | 188,670 | 1,978,955
| Net book value |  |  |  |
| At 30 September 2025 | 15,046,050 | 2,167,419 | 572,158 | 17,785,627
| At 30 September 2024 | 14,938,209 | 2,291,461 | 561,644 | 17,791,314
Page 24
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | INVESTMENT PROPERTY
|  | Investment Property
|  | £
| Cost or valuation |
| At 1 October 2024 | 16,941,825
| Additions | 237,853
| Revaluations | 1,452,226
| At 30 September 2025 | 18,631,904
| The 2025 valuations were made by the directors, on an open market value for existing use basis.
16. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Livestock | 3,699,436 | 3,255,140
| Feed and bedding | 404,521 | 478,004
|  | 4,103,957 | 3,733,144
17. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,078,993 | 1,452,831
| Other debtors | 574,914 | 686,839
| Prepayments and accrued income | 339,298 | 586,605
|  | 1,993,205 | 2,726,275
Page 25
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 38,168 | 35,921
| Less: bank overdrafts | (51,959) | (745,737)
|  | (13,791) | (709,816)
19. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 51,959 | 745,737
| Bank loans | 181,423 | 175,901
| Trade creditors | 1,313,066 | 1,178,979
| Corporation tax | 285,432 | -
| Other taxation and social security | 33,210 | 30,060
| Other creditors | 570,135 | 448,585
| Accruals and deferred income | 468,464 | 646,126
|  | 2,903,689 | 3,225,388
| Bank Overdrafts and loans are secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, plant and machinery.
20. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 9,734,240 | 9,915,367
|  | 9,734,240 | 9,915,367
| Bank Overdrafts and loans are secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, plant and machinery.
Page 26
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 181,423 | 175,901
|  | 181,423 | 175,901
| Amounts falling due 1-2 years |  |
| Bank loans | 187,174 | 181,450
|  | 187,174 | 181,450
| Amounts falling due 2-5 years |  |
| Bank loans | 5,133,703 | 5,115,424
|  | 5,133,703 | 5,115,424
| Amounts falling due after more than 5 years |  |
| Bank loans | 4,413,363 | 4,618,493
|  | 4,413,363 | 4,618,493
|  | 9,915,663 | 10,091,268
| Included within bank loans are loans issued by Barclays for £3,000,000, £3,000,000 and, £4,500,000. The loans are repayable by monthly instalments, with a final repayment due for each loan in January 2031, Novemebr 2036 and, June 2034 respectively. Interest at a rate of 2.77% and 3.11% per annum is being charged on the loans on a monthly basis. The final loan is charged on a floating rate basis and is charged at 1.86% over the Bank of England base rate.
Page 27
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
22. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (1,069,578)
| Charged to profit or loss | (273,798)
| At end of year | (1,343,376)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (665,448) | (699,479)
| Tax losses carried forward | - | 49,730
| Revaluation of investment properties | (677,928) | (419,829)
|  | (1,343,376) | (1,069,578)
Page 28
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
23. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 51 (2024 - 51) Ordinary £1 A shares of £1.00 each | 51 | 51
|  | 25 (2024 - 25) Ordinary £1 B shares of £1.00 each | 25 | 25
|  | 15 (2024 - 15) Ordinary £1 C shares of £1.00 each | 15 | 15
|  | 11 (2024 - 11) Ordinary £1 D shares of £1.00 each | 11 | 11
|  | 10 (2024 - 10) Ordinary £1 E shares of £1.00 each | 10 | 10
|  |  | 112 | 112
24. | RESERVES
Share premium account The share premium account comprises the cumulative difference between the price paid for shares and their nominal value. Investment Property Revaluation Reserve The Investment Property Revaluation Reserve represents the total revaluation gain/(loss) on investment properties net of deferred tax. Profit and loss account The profit and loss account represents the accumulated profits of the company since its incorporation less any distributions made. Page 29
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 25. | ANALYSIS OF NET DEBT
|  |  | At 1 October 2024 | Cash flows | At 30 September 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 35,921 | 2,247 | 38,168
| Bank overdrafts | (745,737) | 693,778 | (51,959)
| Debt due after 1 year | (9,920,747) | 181,154 | (9,739,593)
| Debt due within 1 year | (377,972) | (5,549) | (383,521)
|  | (11,008,535) | 871,630 | (10,136,905)
26. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,700 (2024: £19,410). Contributions totaling £Nil (2024: £Nil) were payable to the fund at the balance sheet date and are included within other creditors.
27. | COMMITMENTS UNDER OPERATING LEASES
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 11,100 | 11,100
| Later than 1 year and not later than 5 years | 11,190 | 22,290
|  | 22,290 | 33,390
Page 30
HARLASTON (PACKINGTON) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
28. | RELATED PARTY TRANSACTIONS
| Companies under common control At the year end £362,487 (2024: £559,969) was due to the Company, and £13,284 (2024: £2,909) was due to other companies under common control. Sales made during the year were £3,714,953 (2024: £3,667,453) to the companies under common control and purchases made during the year were £216,395 (2024: £289,909). Partnerships under common control At the year end, £5,160 (2024: £268) was due to the Company and £109,128 (2024: £169,673) was due from the Company to Partnerships under common control. Sales made during the year were £8,368 (2024: £5,321) to the companies under common control and purchases made during the year were £161,081 (2024: £159,365). Directors Loan accounts At the year end £462,855 (2024: £445,315) was due to the Company from a Director. Interest has been charged on this loan at the official HMRC rate of 2.25%, totalling £6,766 (2024: £7,022). This loan is repayable on demand. Included within other creditors are Directors' Loan Account balances of £570,156 (2024: £448,585). No interest is charged on this loan balance.
29. | CONTROLLING PARTY
The Company is under the control of R P Mercer by virtue of his shareholding.
30. | SUBSEQUENT EVENTS
In October 2025, the Company sold property for a sales price of £3.8m and acquired property for a purchase price of £2m. In November 2025, the Company completed a share buy-back of 4 B Ordinary shares for £900K. These shares were then subsequently cancelled.
Page 31