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REGISTERED NUMBER: 00853018 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th June 2025

for

Warden Farming Company Limited

Warden Farming Company Limited (Registered number: 00853018)

Contents of the Financial Statements

for the year ended 30th June 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Warden Farming Company Limited

Company Information

for the year ended 30th June 2025

| DIRECTORS: | Mrs M.S. Ward BSc FRAgS NSch MBE

| Mr S.T. Ward BSc FRAgS NSch

| Mr J.A. Shepherdson FCA

| Mr S.G. Ward BA

| Mrs E.S. Blandford BSc

| Mr H.J. Blandford BSc

| SECRETARY: | Mrs E.S. Blandford BSc

| REGISTERED OFFICE: | Grayingham Grange Farm

| Grayingham

| Gainsborough

| Lincolnshire

| DN21 4JD

| REGISTERED NUMBER: | 00853018 (England and Wales)

| ACCOUNTANTS: | Smailes Goldie Limited

| Chartered Accountants

| Regent's Court

| Princess Street

| Hull

| East Yorkshire

| HU2 8BA

Warden Farming Company Limited (Registered number: 00853018)

Balance Sheet

30th June 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 2,729 |  | 3,639 |  |

Tangible assets | 5 | 8,045,193 |  | 5,340,738 |  |

Investment property | 6 | 1,138,421 |  | 920,000 |  |

9,186,343 |  | 6,264,377 |  |

CURRENT ASSETS

Stocks | 601,010 |  | 587,033 |  |

Debtors | 7 | 423,301 |  | 481,937 |  |

Investments | 8 | - |  | 10,424 |  |

Cash at bank and in hand | 170,515 |  | 185,833 |  |

1,194,826 |  | 1,265,227 |  |

CREDITORS

Amounts falling due within one year | 9 | 1,382,778 |  | 853,621 |  |

NET CURRENT (LIABILITIES)/ASSETS | (187,952 | ) | 411,606 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,998,391 |  | 6,675,983 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (2,384,373 | ) | (227,811 | ) |

PROVISIONS FOR LIABILITIES | (735,290 | ) | (700,185 | ) |

NET ASSETS | 5,878,728 |  | 5,747,987 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Fair value reserve | 1,873,708 |  | 1,787,244 |  |

Retained earnings | 4,004,020 |  | 3,959,743 |  |

SHAREHOLDERS' FUNDS | 5,878,728 |  | 5,747,987 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Warden Farming Company Limited (Registered number: 00853018)

Balance Sheet - continued

30th June 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st March 2026 and were signed on its behalf by:

Mrs M.S. Ward BSc FRAgS NSch MBE - Director | Mr S.T. Ward BSc FRAgS NSch - Director

Mrs E.S. Blandford BSc - Director | Mr H.J. Blandford BSc - Director

Mr S.G. Ward BA - Director

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements

for the year ended 30th June 2025

1. | STATUTORY INFORMATION

| Warden Farming Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

| Turnover

| Turnover represents the sale of farm produce, shop sales and renewables which is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the economic risks and rewards pass to third parties.

| Intangible assets

| Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2015 and ceased in 2021.

| Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on the transition to FRS 102 and amortised over their expected useful life, in accordance with the above period of benefit expected from the Basic Payment Scheme.

| Website development costs are initially recognised at cost and amortised over their expected useful life.

| Provision is made for any impairment.

| Tangible fixed assets

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

| Depreciation

| Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

| The annual rates used are as follows:

| Freehold land |  | Nil |  |

| Freehold property |  | 2% - 10% on cost |  |

| Long leasehold |  | 2% - 5% on cost |  |

| Plant & machinery |  | 5% - 20% on cost |  |

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

2. | ACCOUNTING POLICIES - continued

| Government grants

| Amounts receivable under the Basic Payment Scheme subsidy are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

| Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

| Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

| Investment property

| Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the income statement.

| Stocks

| Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

| Current & deferred tax

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

| Pension costs

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

2. | ACCOUNTING POLICIES - continued

| Debtors and creditors receivable/ payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective rate method, less impairment. If an arrangement constitutes a finance transaction, it is measured at present value.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

| Hire purchase and leasing commitments

| Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method.

| Employee benefits

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 35 (2024 - 38 ) .

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1st July 2024 | 117,538 |  |

| Disposals | (112,990 | ) |

| At 30th June 2025 | 4,548 |  |

| AMORTISATION

| At 1st July 2024 | 113,899 |  |

| Charge for year | 910 |  |

| Eliminated on disposal | (112,990 | ) |

| At 30th June 2025 | 1,819 |  |

| NET BOOK VALUE

| At 30th June 2025 | 2,729 |  |

| At 30th June 2024 | 3,639 |  |

| Other intangible assets comprise of Website Development costs.

5. | TANGIBLE FIXED ASSETS

| Freehold |  | Long |  | Plant and |

| property |  | leasehold |  | machinery |  | Totals

£ | £ | £ | £ |

| COST

| At 1st July 2024 | 3,822,784 |  | 687,321 |  | 4,756,992 |  | 9,267,097 |  |

| Additions | 2,601,299 |  | - |  | 559,022 |  | 3,160,321 |  |

| Disposals | - |  | - |  | (256,288 | ) | (256,288 | ) |

| Reclassification/transfer | 73,508 |  | - |  | 65,492 |  | 139,000 |  |

| At 30th June 2025 | 6,497,591 |  | 687,321 |  | 5,125,218 |  | 12,310,130 |  |

| DEPRECIATION

| At 1st July 2024 | 621,362 |  | 566,044 |  | 2,738,953 |  | 3,926,359 |  |

| Charge for year | 55,721 |  | 22,406 |  | 386,945 |  | 465,072 |  |

| Eliminated on disposal | - |  | - |  | (126,494 | ) | (126,494 | ) |

| Reclassification/transfer | (15,796 | ) | - |  | 15,796 |  | - |  |

| At 30th June 2025 | 661,287 |  | 588,450 |  | 3,015,200 |  | 4,264,937 |  |

| NET BOOK VALUE

| At 30th June 2025 | 5,836,304 |  | 98,871 |  | 2,110,018 |  | 8,045,193 |  |

| At 30th June 2024 | 3,201,422 |  | 121,277 |  | 2,018,039 |  | 5,340,738 |  |

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st July 2024 | 920,000 |  |

| Additions | 251,421 |  |

| Revaluations | 106,000 |  |

| Reclassification/transfer | (139,000 | ) |

| At 30th June 2025 | 1,138,421 |  |

| NET BOOK VALUE

| At 30th June 2025 | 1,138,421 |  |

| At 30th June 2024 | 920,000 |  |

| The directors are confident that the value of the investment property in the Balance Sheet at the reporting date reflects fair value.

| Fair value at 30th June 2025 is represented by:

| £ |  |

| Cost |  | 80,000 |  |

| Revaluation in 2017 for transition to FRS 102 |  | 1,073,200 |  |

| Cost 2019 |  | 151,200 |  |

| Revaluation in 2019 |  | 29,800 |  |

| Revaluation in 2020 |  | 70,000 |  |

| Revaluation in 2021 |  | 140,800 |  |

| Reclassification in 2021 |  | (756,000 | ) |

| Revaluation in 2022 |  | 351,800 |  |

| Reclassification in 2024 |  | (220,800 | ) |

| Cost 2025 |  | 251,421 |  |

| Reclassification in 2025 |  | (139,000 | ) |

| Revaluation in 2025 |  | 106,000 |  |

| Current value |  | 1,138,421 |  |

| Fair value at 30th June 2025 is represented by:

£ |

| Valuation in 2025 | 655,800 |  |

| Cost | 482,621 |  |

1,138,421 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 315,891 |  | 343,528 |  |

| Other debtors | 53,545 |  | 68,998 |  |

| Prepayments and accrued income | 53,865 |  | 69,411 |  |

423,301 |  | 481,937 |  |

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

8. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Cryptocurrency | - |  | 10,424 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 159,201 |  | - |  |

| Hire purchase contracts (see note 11) | 121,064 |  | 97,326 |  |

| Trade creditors | 175,771 |  | 377,974 |  |

| Tax | 31,649 |  | - |  |

| Social security and other taxes | 1,767 |  | 1,082 |  |

| Other creditors | 22,635 |  | 276,452 |  |

| Directors' current accounts | 693,607 |  | 13,417 |  |

| Accruals and deferred income | 152,157 |  | 72,401 |  |

| Deferred government grants | 24,927 |  | 14,969 |  |

1,382,778 |  | 853,621 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 153,748 |  | - |  |

| Bank loans - 2-5 years | 518,819 |  | - |  |

| Bank loans more 5 yrs | 789,589 |  | - |  |

| Hire purchase contracts (see note 11) | 121,064 |  | 103,753 |  |

| Other creditors | 626,566 |  | - |  |

| Deferred government grants | 174,587 |  | 124,058 |  |

2,384,373 |  | 227,811 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Bank loans more 5 yrs | 789,589 |  | - |  |

11. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 121,064 |  | 97,326 |  |

| Between one and five years | 121,064 |  | 103,753 |  |

242,128 |  | 201,079 |  |

Warden Farming Company Limited (Registered number: 00853018)

Notes to the Financial Statements - continued

for the year ended 30th June 2025

11. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 119,700 |  | 109,200 |  |

| Between one and five years | 106,667 |  | - |  |

226,367 |  | 109,200 |  |

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 1,621,357 |  | - |  |

| The bank loan is secured by a legal charge over 229.69 acres of freehold property.

13. | RELATED PARTY DISCLOSURES

| Other related parties

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Amounts due to related parties |  | 626,566 |  | 253,708 |  |