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REGISTERED NUMBER: 00316842 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 5th April 2025

for

Limestone Farming Company Limited

Limestone Farming Company Limited (Registered number: 00316842)

Contents of the Consolidated Financial Statements

for the year ended 5th April 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Statement of Comprehensive Income | 9 |

Consolidated Balance Sheet | 10 |

Company Balance Sheet | 11 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 18 |

Limestone Farming Company Limited

Company Information

for the year ended 5th April 2025

| DIRECTORS: | J.W. Rowles DL

| C G Rowles Nicholson DL

| B H Rowles DL

| SECRETARY: | R Giles FCCA

| REGISTERED OFFICE: | The Estate Office

| Willoughton Manor

| Gainsborough

| Lincolnshire

| DN21 5SH

| REGISTERED NUMBER: | 00316842 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Peter Dearing BSc FCCA

| AUDITORS: | Smailes Goldie Limited

| Chartered Accountants

| Statutory Auditor

| Regent's Court

| Princess Street

| Hull

| East Yorkshire

| HU2 8BA

Limestone Farming Company Limited (Registered number: 00316842)

Group Strategic Report

for the year ended 5th April 2025

The directors present their strategic report of the company and the group for the year ended 5th April 2025.

REVIEW OF BUSINESS

The results for the arable enterprises reflect adverse weather conditions in 2024 which had significant impact on the 2024 harvest with substantial reduction in yield. Additionally, following the phasing out of the Basic Payment Scheme, the group has sought to offset this loss of income by increasing the area of land farmed under new schemes, including the Sustainable Farming Incentive. Despite the changes to the crop rotation, fertiliser and spray costs have remained high during the year which has reduced the arable enterprise margins.

The lower arable margins have been slightly mitigated by consistently higher livestock sale prices which have resulted in improved margins for both cattle and pigs.

The property rental market remained strong throughout the year with high occupancy rates. The increase in rents received is a result of the modernisation of properties as and when they become vacant.

The subsidiary company is engaged in farming and stud activities in Eire and is managed independently of its holding company.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme which seeks to limit adverse effects on the financial performance of the group.

Price risk

The group is exposed to commodity price risk as a result of its operations. This risk is managed through analysis of markets and consultation with reputable agents which may result in forward selling, participation in crop pools or increased short-term storage.

Direct costs and overheads are significantly affected by changes to energy costs. These, and other major costs, are managed internally through benchmarking exercises, bulk purchasing and periodic utility provider reviews.

Costs and revenues are affected by movements in exchange rates, in particular the sterling/euro rate, and the directors carefully consider each year whether to take the UK Basic Payment Scheme Payment in euros.

Credit risk

The group has implemented policies whereby it constantly monitors the credit worthiness of its major customers.

Interest rate risk

The group has interest bearing liabilities. The group does not use derivative financial instruments to manage interest rate cost and as such, no hedge accounting is applied. The directors will revisit the appropriateness of this policy should the operations change in size or nature.

Liquidity risks

The group operates within its current bank facilities together with funds provided by its directors and unsecured loans.

Key performance indicators

The group monitors gross margin per cropped hectare, number of pigs sold, average receipt per pig, number of cattle sold, average receipt per beast, bloodstock conformation and market sales, rental occupancy rates and average rent per month as the key performance indicators.

GOING CONCERN

The directors have carefully considered the activities of the group for a period of 12 months of the date of approval of these financial statements and the liquid resources available. The directors' are of the opinion that there are no material uncertainties regarding the ability of the group to continue to trade as a going concern during this period and accordingly these financial statements have been prepared on a going concern basis.

Limestone Farming Company Limited (Registered number: 00316842)

Group Strategic Report

for the year ended 5th April 2025

FUTURE DEVELOPMENTS

Due to extremely dry weather conditions throughout spring and summer 2025, there was a countrywide decrease in crop yields. This was somewhat offset by an improvement in grain quality leading to a slight increase in arable prices. Bloodstock sales continue to be mixed in Eire but the management remain in frequent contact with key syndicate representatives.

In addition to the challenging arable conditions, the receipt of the final reduced payment of the Basic Payment Scheme will mean the group will continue to monitor input costs, overheads and capital expenditure, and is considering opportunities in the renewables sector.

ON BEHALF OF THE BOARD:

C G Rowles Nicholson DL - Director

2nd April 2026

Limestone Farming Company Limited (Registered number: 00316842)

Report of the Directors

for the year ended 5th April 2025

The directors present their report with the financial statements of the company and the group for the year ended 5th April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of arable and livestock farming, horse breeding, training and racing and property rental activities in the UK and Eire.

DIVIDENDS

The result for the year is shown in the profit and loss account.

The directors do not recommend the payment of a dividend on the ordinary shares.

DIRECTORS

The directors shown below have held office during the whole of the period from 6th April 2024 to the date of this report.

J.W. Rowles DL

C G Rowles Nicholson DL

B H Rowles DL

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

Limestone Farming Company Limited (Registered number: 00316842)

Report of the Directors

for the year ended 5th April 2025

AUDITORS

Smailes Goldie Limited have expressed a willingness to continue in office and their re-appointment will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C G Rowles Nicholson DL - Director

2nd April 2026

Report of the Independent Auditors to the Members of

Limestone Farming Company Limited

Opinion

We have audited the financial statements of Limestone Farming Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 5th April 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 5th April 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Limestone Farming Company Limited

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 Group Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of

Limestone Farming Company Limited

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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | reading the minutes of meetings of those charged with governance; |

- |  | enquiring of management as to actual and potential litigation and claims; and |

- |  | reviewing correspondence with relevant regulators and the company's legal advisors. |

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 Report of the Auditors.

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 a Report of the Auditors 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.

Peter Dearing BSc FCCA (Senior statutory auditor)

for and on behalf of Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Hull

2nd April 2026

Limestone Farming Company Limited (Registered number: 00316842)

Consolidated Statement of Comprehensive Income

for the year ended 5th April 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 8,084,278 |  | 9,682,741 |  |

Cost of sales | 6,169,882 |  | 6,782,417 |  |

GROSS PROFIT | 1,914,396 |  | 2,900,324 |  |

Administrative expenses | 2,943,889 |  | 4,224,936 |  |

(1,029,493 | ) | (1,324,612 | ) |

Other operating income | 1,281,595 |  | 1,153,021 |  |

Gain/loss on revaluation of investment property | 362,364 |  | 87,378 |  |

OPERATING PROFIT/(LOSS) | 4 | 614,466 |  | (84,213 | ) |

Interest receivable and similar income | 78,128 |  | 83,128 |  |

692,594 |  | (1,085 | ) |

Amounts written off investments | 6 | - |  | 4,335 |  |

692,594 |  | (5,420 | ) |

Interest payable and similar expenses | 7 | 279,328 |  | 289,865 |  |

PROFIT/(LOSS) BEFORE TAXATION | 413,266 |  | (295,285 | ) |

Tax on profit/(loss) | 8 | 127,109 |  | 286,902 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 286,157 |  | (582,187 | ) |

OTHER COMPREHENSIVE INCOME |

Unrealised foreign exchange difference | (14,329 | ) | (39,588 | ) |

Revaluation gain on investment property | 643,450 |  | - |  |

Income tax relating to components of other comprehensive income | (167,000 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 462,121 |  | (39,588 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 748,278 |  | (621,775 | ) |

Profit/(loss) attributable to:

Owners of the parent | 286,157 |  | (582,187 | ) |

Total comprehensive income attributable to:

Owners of the parent | 748,278 |  | (621,775 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Consolidated Balance Sheet

5th April 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 7,206,467 |  | 8,018,105 |  |

Investments | 12 | 55 |  | 55 |  |

Investment property | 13 | 2,891,656 |  | 1,880,735 |  |

10,098,178 |  | 9,898,895 |  |

CURRENT ASSETS

Stocks | 14 | 4,328,409 |  | 4,404,900 |  |

Debtors | 15 | 3,978,666 |  | 4,063,276 |  |

Cash in hand | 115,752 |  | 16,563 |  |

8,422,827 |  | 8,484,739 |  |

CREDITORS

Amounts falling due within one year | 16 | 4,256,037 |  | 4,763,385 |  |

NET CURRENT ASSETS | 4,166,790 |  | 3,721,354 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,264,968 |  | 13,620,249 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (2,086,653 | ) | (2,294,965 | ) |

PROVISIONS FOR LIABILITIES | 20 | (2,771,806 | ) | (2,667,053 | ) |

NET ASSETS | 9,406,509 |  | 8,658,231 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 100,000 |  | 100,000 |  |

Share premium | 22 | 322,000 |  | 322,000 |  |

Revaluation reserve | 22 | 2,636,963 |  | 1,815,236 |  |

Capital redemption reserve | 22 | 1,100,000 |  | 1,100,000 |  |

Capital reserve | 22 | 18,452 |  | 18,452 |  |

Fair value reserve | 22 | 348,511 |  | 417,629 |  |

Retained earnings | 22 | 4,880,583 |  | 4,884,914 |  |

9,406,509 |  | 8,658,231 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2nd April 2026 and were signed on its behalf by:

C G Rowles Nicholson DL - Director

Limestone Farming Company Limited (Registered number: 00316842)

Company Balance Sheet

5th April 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 4,643,964 |  | 5,454,051 |  |

Investments | 12 | 1,465,790 |  | 1,465,790 |  |

Investment property | 13 | 806,250 |  | 160,000 |  |

6,916,004 |  | 7,079,841 |  |

CURRENT ASSETS

Stocks | 14 | 3,571,307 |  | 3,657,810 |  |

Debtors | 15 | 4,372,525 |  | 4,100,123 |  |

Cash in hand | 5,886 |  | 9,472 |  |

7,949,718 |  | 7,767,405 |  |

CREDITORS

Amounts falling due within one year | 16 | 3,776,365 |  | 3,889,446 |  |

NET CURRENT ASSETS | 4,173,353 |  | 3,877,959 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,089,357 |  | 10,957,800 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (1,957,634 | ) | (2,144,954 | ) |

PROVISIONS FOR LIABILITIES | 20 | (941,000 | ) | (956,000 | ) |

NET ASSETS | 8,190,723 |  | 7,856,846 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Company Balance Sheet - continued

5th April 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 21 | 100,000 |  | 100,000 |  |

Share premium | 22 | 322,000 |  | 322,000 |  |

Revaluation reserve | 22 | 616,450 |  | 160,000 |  |

Capital redemption reserve | 22 | 1,100,000 |  | 1,100,000 |  |

Capital reserve | 22 | 18,452 |  | 18,452 |  |

Fair value reserve | 22 | 348,511 |  | 417,629 |  |

Retained earnings | 22 | 5,685,310 |  | 5,738,765 |  |

8,190,723 |  | 7,856,846 |  |

Company's (loss)/profit for the financial year | (142,573 | ) | 441,107 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2nd April 2026 and were signed on its behalf by:

C G Rowles Nicholson DL - Director

Limestone Farming Company Limited (Registered number: 00316842)

Consolidated Statement of Changes in Equity

for the year ended 5th April 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 6th April 2023 | 100,000 |  | 5,496,132 |  | 322,000 |  | 1,759,967 |  |

Changes in equity

Total comprehensive income | - |  | (677,044 | ) | - |  | 55,269 |  |

Transfer between reserves | - |  | 65,826 |  | - |  | - |  |

Balance at 5th April 2024 | 100,000 |  | 4,884,914 |  | 322,000 |  | 1,815,236 |  |

Changes in equity

Total comprehensive income | - |  | (73,449 | ) | - |  | 821,727 |  |

Transfer between reserves | - |  | 69,118 |  | - |  | - |  |

Balance at 5th April 2025 | 100,000 |  | 4,880,583 |  | 322,000 |  | 2,636,963 |  |

| Capital |  | Fair |

| redemption |  | Capital |  | value |  | Total

| reserve |  | reserve |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 6th April 2023 | 1,100,000 |  | 18,452 |  | 483,455 |  | 9,280,006 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | (621,775 | ) |

Transfer between reserves | - |  | - |  | (65,826 | ) | - |  |

Balance at 5th April 2024 | 1,100,000 |  | 18,452 |  | 417,629 |  | 8,658,231 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | 748,278 |  |

Transfer between reserves | - |  | - |  | (69,118 | ) | - |  |

Balance at 5th April 2025 | 1,100,000 |  | 18,452 |  | 348,511 |  | 9,406,509 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Company Statement of Changes in Equity

for the year ended 5th April 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 6th April 2023 | 100,000 |  | 5,171,832 |  | 322,000 |  | 220,000 |  |

Changes in equity

Total comprehensive income | - |  | 501,107 |  | - |  | (60,000 | ) |

Transfer between reserves | - |  | 65,826 |  | - |  | - |  |

Balance at 5th April 2024 | 100,000 |  | 5,738,765 |  | 322,000 |  | 160,000 |  |

Changes in equity

Total comprehensive income | - |  | (122,573 | ) | - |  | 456,450 |  |

Transfer between reserves | - |  | 69,118 |  | - |  | - |  |

Balance at 5th April 2025 | 100,000 |  | 5,685,310 |  | 322,000 |  | 616,450 |  |

| Capital |  | Fair |

| redemption |  | Capital |  | value |  | Total

| reserve |  | reserve |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 6th April 2023 | 1,100,000 |  | 18,452 |  | 483,455 |  | 7,415,739 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | 441,107 |  |

Transfer between reserves | - |  | - |  | (65,826 | ) | - |  |

Balance at 5th April 2024 | 1,100,000 |  | 18,452 |  | 417,629 |  | 7,856,846 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | 333,877 |  |

Transfer between reserves | - |  | - |  | (69,118 | ) | - |  |

Balance at 5th April 2025 | 1,100,000 |  | 18,452 |  | 348,511 |  | 8,190,723 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Consolidated Cash Flow Statement

for the year ended 5th April 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 731,542 |  | 2,319,740 |  |

Interest paid | (184,033 | ) | (192,318 | ) |

Interest element of hire purchase payments paid | (26,177 | ) | (31,721 | ) |

Finance costs paid | (69,118 | ) | - |  |

Tax paid | (163,721 | ) | (238,523 | ) |

Net cash from operating activities | 288,493 |  | 1,857,178 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (308,453 | ) | (944,405 | ) |

Sale of tangible fixed assets | 209,718 |  | 150,927 |  |

Interest received | 78,128 |  | 83,128 |  |

Net cash from investing activities | (20,607 | ) | (710,350 | ) |

Cash flows from financing activities

Proceeds from issue of new loans in year | 746,740 |  | 1,047,965 |  |

Loan advances/(repayments) | (161,292 | ) | (303,857 | ) |

Capital repayments in year | (338,418 | ) | (328,260 | ) |

Amount withdrawn by directors | 46,346 |  | (164,988 | ) |

Net cash from financing activities | 293,376 |  | 250,860 |  |

Increase in cash and cash equivalents | 561,262 |  | 1,397,688 |  |

Cash and cash equivalents at beginning of year | 2 | (1,210,459 | ) | (2,608,147 | ) |

Cash and cash equivalents at end of year | 2 | (649,197 | ) | (1,210,459 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Cash Flow Statement

for the year ended 5th April 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 413,266 |  | (295,285 | ) |

| Depreciation charges | 1,200,709 |  | 817,480 |  |

| Profit on disposal of fixed assets | (93,246 | ) | (105,537 | ) |

| Gain on revaluation of fixed assets | (362,364 | ) | (87,378 | ) |

| Exchange rate difference | 11,508 |  | 22,088 |  |

| Provision for staff retirement | - |  | 1,092,332 |  |

| Loss on disposal of investments | - |  | 4,335 |  |

| Finance costs | 279,328 |  | 289,865 |  |

| Finance income | (78,128 | ) | (83,128 | ) |

1,371,073 |  | 1,654,772 |  |

| Decrease in stocks | 76,491 |  | 764,835 |  |

| Increase in trade and other debtors | (11,541 | ) | (676,508 | ) |

| (Decrease)/increase in trade and other creditors | (704,481 | ) | 576,641 |  |

| Cash generated from operations | 731,542 |  | 2,319,740 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 5th April 2025

| 5.4.25 |  | 6.4.24

£ | £ |

| Cash and cash equivalents | 115,752 |  | 16,563 |  |

| Bank overdrafts | (764,949 | ) | (1,227,022 | ) |

(649,197 | ) | (1,210,459 | ) |

| Year ended 5th April 2024

| 5.4.24 |  | 6.4.23

£ | £ |

| Cash and cash equivalents | 16,563 |  | 6,285 |  |

| Bank overdrafts | (1,227,022 | ) | (2,614,432 | ) |

(1,210,459 | ) | (2,608,147 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Cash Flow Statement

for the year ended 5th April 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 6.4.24 | Cash flow | At 5.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 16,563 |  | 99,189 |  | 115,752 |  |

| Bank overdrafts | (1,227,022 | ) | 462,073 |  | (764,949 | ) |

(1,210,459 | ) | 561,262 |  | (649,197 | ) |

| Debt

| Finance leases | (525,060 | ) | 100,381 |  | (424,679 | ) |

| Debts falling due within 1 year | (1,015,074 | ) | (747,102 | ) | (1,762,176 | ) |

| Debts falling due after 1 year | (1,703,063 | ) | 99,961 |  | (1,603,102 | ) |

(3,243,197 | ) | (546,760 | ) | (3,789,957 | ) |

| Total | (4,453,656 | ) | 14,502 |  | (4,439,154 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements

for the year ended 5th April 2025

1. | STATUTORY INFORMATION

| Limestone 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 General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with applicable accounting standards including 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.

| Basis of consolidation

| The consolidated accounts include the accounts of the company and its subsidiary undertaking made up to 5th April 2025.

| The results of the subsidiary are included in total comprehensive income, as appropriate, using accounting policies consistent with those of the parent.

| All intra-group transactions, balances, income and expenses are eliminated in full.

| Provisions

| Provisions are recognised when the company has a legal or constructive 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.

| Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are made, they are charged to the provision carried in the balance sheet.

| Turnover

| Turnover represents sales of farm produce, farm subsidies, contracting services and rental income, net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties.

| Intangible fixed assets - entitlements

| Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date,the entitlements have been amortised in full. The original Basic Payment Scheme commenced in 2015 and ceased during 2021 prior to transitional rules applying.

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

| Provision is made for any impairment.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets and depreciation

| 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.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold land |  | - Nil |  |

| Freehold property |  | - 2% and 5% cost |  |

| Leasehold property & improvements |  | - 4% and 10% written down value, 4%, 5%, 10% and 25% cost |  |

| Plant, equipment & motor vehicles |  | - 20% and 25% written down value, 5%, 10% and 25% cost |  |

| Leased plant, equipment & motor vehicles |  | - 20% and 25% written down value |  |

| Investment property

| Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date. Initial measurement of the investment property is recognised in other comprehensive income with subsequent changes to the fair value being recognised in the profit and loss account.

| Stocks

| Stocks 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 livestock to their current state. Net realisable value is the estimated selling price in the ordinary course of the business, less applicable variable selling expenses.

| Biological assets in stock are valued under the cost model in accordance with Section 34 of FRS 102, using the lower of cost and estimated selling price less costs to complete and sell method.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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 interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

| Pension costs and other post-retirement benefits

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

| Fixed asset investments

| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

| Investments in joint ventures are recognised initially at the transaction price and subsequently adjusted to reflect the company's share of total comprehensive income and equity of the joint venture, less any impairment.

| Investment shares in Stallion Syndicates are stated at cost less provision for diminution in value.

| Government grants

| The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

| 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.

| 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.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,313,235 |  | 1,215,463 |  |

| Social security costs | 381,288 |  | 395,753 |  |

| Other pension costs | 144,756 |  | 86,181 |  |

1,839,279 |  | 1,697,397 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Production | 46 |  | 46 |  |

| Other | 7 |  | 7 |  |

53 |  | 53 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 15 (2024 - 15 ) .

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 93,888 |  | 106,696 |  |

4. | OPERATING PROFIT/(LOSS)

| The operating loss is stated after charging/(crediting):

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Depreciation - owned assets |  | 909,391 |  | 507,459 |  |

| Depreciation - assets on hire purchase contracts |  | 291,318 |  | 310,021 |  |

| Hire of plant and machinery |  | 75,397 |  | 38,756 |  |

| Other operating leases |  | 374,710 |  | 451,395 |  |

| Auditors' remuneration |  | 44,150 |  | 36,605 |  |

| Impairment of investments |  | - |  | 4,291 |  |

| Profit on sale of assets |  | (93,246 | ) | (105,537 | ) |

| Rent received |  | (901,897 | ) | (957,747 | ) |

| Government grants |  | (259,220 | ) | (344,007 | ) |

5. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Exceptional items | - |  | (1,092,332 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

| In the prior year, there was a provision for £1,092,332 included behind administrative expenses, being the agreed cost of a retirement package with a staff member of the subsidiary company, Limestone Land Company Limited.

| The Consolidated Balance Sheet provision has been translated at the closing rate as at 5th April 2025, whereas the value included in the Consolidated Statement of Comprehensive Income in the prior year was translated at the average exchange rate for the year ended 5th April 2024.

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Amounts written off

| investments | - |  | 4,335 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 54,404 |  | 113,868 |  |

| Loan | 129,629 |  | 78,450 |  |

| Preference share interest | 69,118 |  | 65,826 |  |

| Hire purchase | 26,177 |  | 31,721 |  |

279,328 |  | 289,865 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 167,222 |  | 199,492 |  |

| Deferred tax | (40,113 | ) | 87,410 |  |

| Tax on profit/(loss) | 127,109 |  | 286,902 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 413,266 |  | (295,285 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 103,317 |  | (73,821 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 30,522 |  | 45,754 |  |

| Income not taxable for tax purposes | (16,093 | ) | (4,431 | ) |

| Capital allowances in excess of depreciation | - |  | (9,138 | ) |

| Adjustments to tax charge in respect of previous periods | (10,633 | ) | - |  |

| Foreign subsidiary tax adjustments | (767 | ) | 313,130 |  |

| Difference between accounting and taxable gains | 20,763 |  | 15,408 |  |

| Total tax charge | 127,109 |  | 286,902 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Unrealised foreign exchange difference | (14,329 | ) | - |  | (14,329 | ) |

| Revaluation gain on investment property | 643,450 |  | (167,000 | ) | 476,450 |  |

629,121 |  | (167,000 | ) | 462,121 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Unrealised foreign exchange difference | (39,588 | ) | - |  | (39,588 | ) |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| BPS

| entitlements

£ |

| COST

| At 6th April 2024

| and 5th April 2025 | 856,460 |  |

| AMORTISATION

| At 6th April 2024

| and 5th April 2025 | 856,460 |  |

| NET BOOK VALUE

| At 5th April 2025 | - |  |

| At 5th April 2024 | - |  |

| Company

| BPS

| entitlements

£ |

| COST

| At 6th April 2024

| and 5th April 2025 | 856,460 |  |

| AMORTISATION

| At 6th April 2024

| and 5th April 2025 | 856,460 |  |

| NET BOOK VALUE

| At 5th April 2025 | - |  |

| At 5th April 2024 | - |  |

| Under FRS 102, intangible assets are being recognised using the performance model. The entitlements previously owned by the company, but acquired at £Nil cost, were revalued to their fair value on the transition date, which has subsequently been treated as their deemed cost and have been amortised in line with the accounting policy.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Plant, |

| equipment |

| Freehold |  | Long |  | and motor |

| property |  | leasehold |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 6th April 2024 | 3,777,001 |  | 2,366,375 |  | 7,644,800 |  | 13,788,176 |  |

| Additions | 41,398 |  | 2,763 |  | 520,329 |  | 564,490 |  |

| Disposals | - |  | (59,317 | ) | (497,335 | ) | (556,652 | ) |

| Exchange differences | (12,450 | ) | - |  | (11,818 | ) | (24,268 | ) |

| Reclassification/transfer | 8,710 |  | (8,710 | ) | - |  | - |  |

| At 5th April 2025 | 3,814,659 |  | 2,301,111 |  | 7,655,976 |  | 13,771,746 |  |

| DEPRECIATION

| At 6th April 2024 | 281,157 |  | 1,181,042 |  | 4,307,872 |  | 5,770,071 |  |

| Charge for year | 30,747 |  | 98,581 |  | 1,071,381 |  | 1,200,709 |  |

| Eliminated on disposal | - |  | - |  | (395,236 | ) | (395,236 | ) |

| Exchange differences | (2,502 | ) | - |  | (7,763 | ) | (10,265 | ) |

| Reclassification/transfer | 5,358 |  | (5,358 | ) | - |  | - |  |

| At 5th April 2025 | 314,760 |  | 1,274,265 |  | 4,976,254 |  | 6,565,279 |  |

| NET BOOK VALUE

| At 5th April 2025 | 3,499,899 |  | 1,026,846 |  | 2,679,722 |  | 7,206,467 |  |

| At 5th April 2024 | 3,495,844 |  | 1,185,333 |  | 3,336,928 |  | 8,018,105 |  |

| Included in cost of land and buildings is freehold land of £1,336,243 (2024 - £1,336,243) which is not depreciated.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant,

| equipment

| and motor

| vehicles

£ |

| COST

| At 6th April 2024 | 1,447,593 |  |

| Additions | 382,787 |  |

| Disposals | (67,385 | ) |

| Exchange differences | (4,062 | ) |

| Transfer to ownership | (420,350 | ) |

| At 5th April 2025 | 1,338,583 |  |

| DEPRECIATION

| At 6th April 2024 | 395,347 |  |

| Charge for year | 291,318 |  |

| Eliminated on disposal | (42,389 | ) |

| Exchange differences | (1,557 | ) |

| Transfer to ownership | (168,429 | ) |

| At 5th April 2025 | 474,290 |  |

| NET BOOK VALUE

| At 5th April 2025 | 864,293 |  |

| At 5th April 2024 | 1,052,246 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Plant, |

| equipment |

| Freehold |  | Long |  | and motor |

| property |  | leasehold |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 6th April 2024 | 1,380,942 |  | 2,366,375 |  | 6,367,003 |  | 10,114,320 |  |

| Additions | - |  | 2,763 |  | 396,500 |  | 399,263 |  |

| Disposals | - |  | (59,317 | ) | (429,950 | ) | (489,267 | ) |

| Reclassification/transfer | 8,710 |  | (8,710 | ) | - |  | - |  |

| At 5th April 2025 | 1,389,652 |  | 2,301,111 |  | 6,333,553 |  | 10,024,316 |  |

| DEPRECIATION

| At 6th April 2024 | 10,703 |  | 1,181,042 |  | 3,468,524 |  | 4,660,269 |  |

| Charge for year | 2,480 |  | 98,581 |  | 971,869 |  | 1,072,930 |  |

| Eliminated on disposal | - |  | - |  | (352,847 | ) | (352,847 | ) |

| Reclassification/transfer | 5,358 |  | (5,358 | ) | - |  | - |  |

| At 5th April 2025 | 18,541 |  | 1,274,265 |  | 4,087,546 |  | 5,380,352 |  |

| NET BOOK VALUE

| At 5th April 2025 | 1,371,111 |  | 1,026,846 |  | 2,246,007 |  | 4,643,964 |  |

| At 5th April 2024 | 1,370,239 |  | 1,185,333 |  | 2,898,479 |  | 5,454,051 |  |

| Included in cost of land and buildings is freehold land of £ 1,336,243 (2024 - £ 1,336,243 ) which is not depreciated.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant,

| equipment

| and motor

| vehicles

£ |

| COST

| At 6th April 2024 | 1,008,368 |  |

| Additions | 285,000 |  |

| Transfer to ownership | (420,350 | ) |

| At 5th April 2025 | 873,018 |  |

| DEPRECIATION

| At 6th April 2024 | 226,993 |  |

| Charge for year | 233,122 |  |

| Transfer to ownership | (168,429 | ) |

| At 5th April 2025 | 291,686 |  |

| NET BOOK VALUE

| At 5th April 2025 | 581,332 |  |

| At 5th April 2024 | 781,375 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

12. | FIXED ASSET INVESTMENTS

| Group

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 6th April 2024

| and 5th April 2025 | 50 |  | 5 |  | 55 |  |

| NET BOOK VALUE

| At 5th April 2025 | 50 |  | 5 |  | 55 |  |

| At 5th April 2024 | 50 |  | 5 |  | 55 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 6th April 2024

| and 5th April 2025 | 1,465,785 |  | 5 |  | 1,465,790 |  |

| NET BOOK VALUE

| At 5th April 2025 | 1,465,785 |  | 5 |  | 1,465,790 |  |

| At 5th April 2024 | 1,465,785 |  | 5 |  | 1,465,790 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| The Limestone Land Company Limited

| Registered office: Ireland

| Nature of business: Farming and stud related activities

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,649,701 |  | 1,225,940 |  |

| Profit/(loss) for the year | 437,128 |  | (1,023,294 | ) |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

12. | FIXED ASSET INVESTMENTS - continued

| Joint venture

| Laynes Green Energy Limited

| Registered office: England

| Nature of business: Energy production

| %

| Class of shares: | holding |

| Ordinary £1 shares | 50.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 36,504 |  | (70,420 | ) |

| Profit for the year | 106,924 |  | 346,696 |  |

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 6th April 2024 | 1,880,735 |  |

| Additions | 22,800 |  |

| Revaluations | 1,004,037 |  |

| Exchange differences | (15,916 | ) |

| At 5th April 2025 | 2,891,656 |  |

| NET BOOK VALUE

| At 5th April 2025 | 2,891,656 |  |

| At 5th April 2024 | 1,880,735 |  |

| The investment properties held were valued on an open market basis at 5 April 2025 by the directors.

| Fair value at 5th April 2025 is represented by:

£ |

| Valuation in 2016 | 1,458,013 |  |

| Valuation in 2019 | 127,543 |  |

| Valuation in 2020 | 216,822 |  |

| Valuation in 2022 | (87,000 | ) |

| Valuation in 2024 | 84,548 |  |

| Valuation in 2025 | 1,004,037 |  |

| Cost | 87,693 |  |

2,891,656 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

13. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| At 6th April 2024 | 160,000 |  |

| Additions | 22,800 |  |

| Revaluations | 623,450 |  |

| At 5th April 2025 | 806,250 |  |

| NET BOOK VALUE

| At 5th April 2025 | 806,250 |  |

| At 5th April 2024 | 160,000 |  |

| The investment properties held were valued on an open market basis at 5 April 2025 by the directors.

| Fair value at 5th April 2025 is represented by:

£ |

| Valuation in 2021 | 307,000 |  |

| Valuation in 2022 | (87,000 | ) |

| Valuation in 2024 | (60,000 | ) |

| Valuation in 2025 | 623,450 |  |

| Cost | 22,800 |  |

806,250 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

14. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Livestock | 2,060,902 |  | 1,853,103 |  | 1,406,259 |  | 1,170,006 |  |

| Produce | 416,632 |  | 843,646 |  | 416,632 |  | 843,646 |  |

| Cultivations | 1,313,562 |  | 889,835 |  | 1,211,103 |  | 825,842 |  |

| Raw materials and consumables | 467,056 |  | 748,059 |  | 467,056 |  | 748,059 |  |

| Work-in-progress | 70,257 |  | 70,257 |  | 70,257 |  | 70,257 |  |

4,328,409 |  | 4,404,900 |  | 3,571,307 |  | 3,657,810 |  |

| The movement in the livestock valuation for pigs, bloodstock, cattle and sheep in comparison to the previous year is as a result of purchases, sales, deaths, births and the fluctuation of costs attributable to each animal.

| The plant & machinery depreciation is incorporated into the cost of each animal. For information regarding the depreciation method and rates, please see the accounting policy under note 1. The accounting policy also confirms that livestock are included as biological assets and are valued under the cost model.

| Included in the group figure for livestock there are biological assets of pigs, bloodstock and cattle that total £2,060,902. Cultivations of £1,313,562 are also classed as biological assets. Biological assets included in stock, total £3,374,464 at 5th April 2025.

| Reconciliation of changes in the carrying value of biological assets:

| Group |  | 2025 |  |  |

|  | Cultivations |  | Pigs |  | Cattle |  | Sheep |  | Bloodstock |  |

|  | £ |  | £ |  | £ |  | £ |  | £ |  |

| Carrying value brought forward |  | 889,775 |  | 376,316 |  | 1,112,691 |  | 11,091 |  | 353,005 |  |

| Exchange difference on brought forward |  | (532 | ) | - |  | (2,950 | ) | (103 | ) | (3,267 | ) |

| Increases resulting from purchases |  | 1,586,136 |  | 1,784,565 |  | 674,323 |  |  | - |  |

| Decreases attributable to sales |  | - |  | (1,775,639 | ) | (755,259 | ) | (28,885 | ) | (99,908 | ) |

| Decreases resulting from harvest |  | (1,161,817 | ) | - |  | - |  | - |  | - |  |

| Other changes |  | - |  | (5,055 | ) | 254,393 |  | 17,897 |  | 147,687 |  |

| Carrying value carried forward |  | 1,313,562 |  | 380,187 |  | 1,283,198 |  | - |  | 397,517 |  |

| Company |  |

| Included in the company's figure for livestock there are biological assets of pigs and cattle that total | £1,406,259. Cultivations of £1,211,103 are also classed as biological assets. Biological assets included in stock, total £2,617,362 at 5 April 2025.

| 2025 |  |

|  | Cultivations |  | Pigs |  | Cattle |

|  | £ |  | £ |  | £ |

| Carrying value brought forward |  | 825,842 |  | 376,316 |  | 793,690 |

| Increases resulting from purchases |  | 1,586,136 |  | 1,784,565 |  | 451,317 |

| Decreases attributable to sales |  | - |  | (1,775,639 | ) | (196,195 | )

| Decreases resulting from harvest |  | (1,200,875 | ) | - |  | - |

| Other changes |  | - |  | (5,055 | ) | (22,740 | )

| Carrying value carried forward |  | 1,211,103 |  | 380,187 |  | 1,026,072 |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

15. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 1,420,084 |  | 1,367,749 |  | 1,337,469 |  | 1,177,768 |  |

| Amounts owed by group undertakings | - |  | - |  | 729,138 |  | 242,146 |  |

| Other debtors | 825,228 |  | 275,629 |  | 595,406 |  | 275,629 |  |

| Tax | - |  | 8,081 |  | - |  | - |  |

| Prepayments and accrued income | 110,224 |  | 774,673 |  | 99,312 |  | 768,380 |  |

2,355,536 |  | 2,426,132 |  | 2,761,325 |  | 2,463,923 |  |

| Amounts falling due after more than one | year: |

| Amounts owed by joint ventures | 1,524,950 |  | 1,624,950 |  | 1,524,950 |  | 1,624,950 |  |

| Other debtors | 98,180 |  | 12,194 |  | 86,250 |  | 11,250 |  |

1,623,130 |  | 1,637,144 |  | 1,611,200 |  | 1,636,200 |  |

| Aggregate amounts | 3,978,666 |  | 4,063,276 |  | 4,372,525 |  | 4,100,123 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 928,820 |  | 1,452,224 |  | 900,891 |  | 1,424,034 |  |

| Other loans (see note 18) | 1,598,305 |  | 789,872 |  | 1,578,398 |  | 789,872 |  |

| Hire purchase contracts (see note 19) | 187,760 |  | 283,208 |  | 143,610 |  | 211,667 |  |

| Trade creditors | 827,103 |  | 938,877 |  | 647,541 |  | 456,464 |  |

| Corporation tax | 181,335 |  | 198,663 |  | 167,566 |  | 198,663 |  |

| Social security and other taxes | 40,159 |  | 15,279 |  | 36,379 |  | 7,548 |  |

| Other creditors | 160,205 |  | 288,271 |  | 84,000 |  | 84,000 |  |

| Accruals and deferred income | 332,350 |  | 796,991 |  | 217,980 |  | 717,198 |  |

4,256,037 |  | 4,763,385 |  | 3,776,365 |  | 3,889,446 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 151,615 |  | 320,692 |  | 151,615 |  | 320,692 |  |

| Preference shares (see note 18) | 1,451,487 |  | 1,382,371 |  | 1,451,487 |  | 1,382,371 |  |

| Hire purchase contracts (see note 19) | 236,919 |  | 241,852 |  | 179,532 |  | 182,891 |  |

| Other creditors | 246,632 |  | 350,050 |  | 175,000 |  | 259,000 |  |

2,086,653 |  | 2,294,965 |  | 1,957,634 |  | 2,144,954 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 764,949 |  | 1,227,022 |  | 764,949 |  | 1,227,022 |  |

| Bank loans | 163,871 |  | 225,202 |  | 135,942 |  | 197,012 |  |

| Unsecured loans | 1,377,207 |  | 627,049 |  | 1,377,207 |  | 627,049 |  |

| Directors' loan account | 221,098 |  | 162,823 |  | 201,191 |  | 162,823 |  |

2,527,125 |  | 2,242,096 |  | 2,479,289 |  | 2,213,906 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 89,022 |  | 162,749 |  | 89,022 |  | 162,749 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 62,593 |  | 118,161 |  | 62,593 |  | 118,161 |  |

| Preference shares | 1,027,444 |  | 680,032 |  | 1,027,444 |  | 680,032 |  |

1,090,037 |  | 798,193 |  | 1,090,037 |  | 798,193 |  |

| Amounts falling due in more than five | years: |

| Repayable otherwise than by instalments |

| Preference shares more

| than 5 years | 424,043 |  | 702,339 |  | 424,043 |  | 702,339 |  |

424,043 |  | 702,339 |  | 424,043 |  | 702,339 |  |

| Repayable by instalments

| Bank loans more than 5 years | - |  | 39,782 |  | - |  | 39,782 |  |

| The parent company's bank loans and overdrafts are secured against assets of the company. Please refer to note 11.

| The parent company has a loan with Lloyds Bank of £436,439. The loan is repayable over the period until 2025. The interest rate on the loan is 1.75% above the Bank of England base rate.

| The parent company has a loan with Lloyds Bank of £269,268. The loan is repayable over the period until 2029. The interest rate attached to the loan is at market rate and fixed for the full term.

| Preference shares

| Allotted, issued and fully paid:

| Number |  | Class |  | Nominal value |  |  |

| 400,000 |  | Redeemable preference shares |  | £1 |  |  |

| 800,000 |  | Redeemable A preference shares |  | £1 |  |  |

| 100,000 |  | Redeemable B preference shares |  | £1 |  |  |

| 200,000 |  | Redeemable C preference shares |  | £1 |  |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

18. | LOANS - continued

| 300,000 |  | Redeemable D preference shares |  | £1 |  |  |

| The rights attaching to the redeemable preference shares and the redeemable A, B, C and D preference shares are as follows:

| Dividend |  | The holders of all classes of preference shares are entitled to a dividend equal to 5% per share per annum in priority to any dividend paid in respect of the ordinary shares. |  |

| Voting rights |  | The holders of all classes of preference shares shall not be entitled to vote at a meeting of the company unless the company shall have failed to redeem all of the preference shares on the redemption dates specified below when the holders of the preference shares shall be entitled to vote,and on a poll, shall be entitled to one vote for every 40 preference shares. |  |

| Redemption |  | The company can redeem each class of preference shares in blocks of £50,000 with three months written notice, the shares are redeemable not later than the dates shown below. |  |

|  | Redeemable preference shares |  | 31 March 2030 |  |

|  | Redeemable A preference shares |  | 31 August 2027 |  |

|  | Redeemable B preference shares |  | 31 March 2031 |  |

|  | Redeemable C preference shares |  | 31 December 2031 |  |

|  | Redeemable D preference shares |  | 31 December 2032 |  |

| Winding up |  | On winding up the assets of the company shall be applied first in paying the holders of both classes of preference shares in the sum of £1 per preference share together with any declared dividend which remains unpaid. |  |

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 187,760 |  | 283,208 |  |

| Between one and five years | 236,919 |  | 241,852 |  |

424,679 |  | 525,060 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 143,610 |  | 211,667 |  |

| Between one and five years | 179,532 |  | 182,891 |  |

323,142 |  | 394,558 |  |

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

19. | LEASING AGREEMENTS - continued

| In addition to the hire purchase commitments, the company occupies land under the terms of an agricultural tenancy. The total lease payments recognised in expense is £273,884 (2024: £276,142). Each annual payment is dependant on the lease for each individual piece of land held and the lease will continue indefinitely whilst the company is trading.

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 671,000 |  | 860,000 |  | 671,000 |  | 860,000 |  |

| Fair value adjustments | 965,448 |  | 668,693 |  | 206,000 |  | 39,000 |  |

| Other timing differences | 64,000 |  | 57,000 |  | 64,000 |  | 57,000 |  |

1,700,448 |  | 1,585,693 |  | 941,000 |  | 956,000 |  |

| Other provisions

| Provision for staff retirement

| costs | 1,071,358 |  | 1,081,360 |  | - |  | - |  |

1,071,358 |  | 1,081,360 |  | - |  | - |  |

| Aggregate amounts | 2,771,806 |  | 2,667,053 |  | 941,000 |  | 956,000 |  |

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 6th April 2024 | 1,585,693 |  | 1,081,360 |  |

| Charge for the year | 114,755 |  | - |  |

| Exchange rate movements | - |  | (10,002 | ) |

| Balance at 5th April 2025 | 1,700,448 |  | 1,071,358 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 6th April 2024 | 956,000 |  |

| Charge for the year | (15,000 | ) |

| Balance at 5th April 2025 | 941,000 |  |

| The expected net charge of the deferred tax liability expected to occur for the parent company during the 2026 financial year is £248,000.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

21. | CALLED UP SHARE CAPITAL

| Alloted, issued and fully paid:

| Number |  | Class |  | Nominal Value |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| 100,000 |  | Ordinary shares |  | £1 |  | 100,000 |  | 100,000 |  |

22. | RESERVES

| Retained earnings

| Retained earnings represents the cumulative profits and losses net of dividends and other adjustments.

| Share premium

| The share premium account represents the premium arising on the issue of shares net of issue costs.

| Capital redemption reserve

| The capital redemption reserve represents the redemption of preference shares in previous years.

| Non-distributable reserve - Revaluation reserve

| Where investment properties are measured at fair value a transfer is made to the non-distributable reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.

| Fair value reserve

| The fair value reserve represents the measurement of Basic Payment Scheme entitlements at fair value on the date of transition, less amortisation on the fair value amount. Any amortisation on the revalued amount is transferred from retained earnings into the fair value reserve to assist with the identification of profits available for distribution. Also the fair value reserve represents the measurement of redeemable preference shares measured at fair value on the date of transition.

23. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £84,756 (2024 £86,181) were payable in respect of the year.

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included in the related party transactions note 25 are details of transactions with directors.

25. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Limestone Farming Company Limited (Registered number: 00316842)

Notes to the Consolidated Financial Statements - continued

for the year ended 5th April 2025

25. | RELATED PARTY DISCLOSURES - continued

| Entities over which the group has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Sales | 402,940 |  | 365,909 |  |

| Expenses | 179,361 |  | 184,361 |  |

| Loans due from related party | 1,524,950 |  | 1,624,950 |  |

| Amount due from related party | 26,848 |  | 24,728 |  |

| Amount due to related party | 11,220 |  | - |  |

| Key management personnel of the group (in the aggregate)

2025 | 2024 |

£ | £ |

| Rents paid to a director | 14,978 |  | 26,466 |  |

| Total key management remuneration | 93,881 |  | 106,444 |  |

| Total interest charged on loan balances | 7,750 |  | 10,195 |  |

| Amount due to related parties | 201,192 |  | 162,823 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Sales | 446,139 |  | 83,183 |  |

| Purchases | 125,447 |  | 87,868 |  |

| Loans due to related parties | 1,377,200 |  | 627,041 |  |

| Interest paid on loans | 63,975 |  | 13,277 |  |

| Rents paid to related parties | 273,884 |  | 276,142 |  |

| Amount due from related parties | 536,864 |  | 5,739 |  |

| Amount due to related parties | 102 |  | 214,179 |  |

26. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party of the company are the Trustees of The Clifford Nicholson No 2 Settlement.