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REGISTERED NUMBER: 04029993 (England and Wales)

| SOUTHERN FARMERS LIMITED |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED |

| 30TH SEPTEMBER 2025 |

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 6

SOUTHERN FARMERS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

| DIRECTORS: | N G Henry

| T S Piper

| G Mackenzie

| S G M Jemmett-Page

| Mrs B J Fifield

| D J Fuller

| Ms L Maitland

| M Cooke

| A Clifton-Holt

| SECRETARY: | Mrs B J Fifield

| REGISTERED OFFICE: | Windmill Farm

| Benenden Road

| Rolvenden

| Cranbrook

| Kent

| TN17 4PF

| REGISTERED NUMBER: | 04029993 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Richard Appleyard FCA

| AUDITORS: | GMP Audit Limited, Statutory Auditor

| 82 High Street

| Tenterden

| Kent

| TN30 6JG

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

BALANCE SHEET

30TH SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 80,918 |  | 113,286 |  |

Tangible assets | 5 | 6,531 |  | 5,272 |  |

87,449 |  | 118,558 |  |

CURRENT ASSETS

Debtors | 6 | 5,162,065 |  | 5,485,807 |  |

Cash at bank and in hand | 3,610,483 |  | 3,757,839 |  |

8,772,548 |  | 9,243,646 |  |

CREDITORS

Amounts falling due within one year | 7 | 7,296,398 |  | 7,832,026 |  |

NET CURRENT ASSETS | 1,476,150 |  | 1,411,620 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,563,599 |  | 1,530,178 |  |

RESERVES

Project reserve | 9 | 83,525 |  | 115,893 |  |

Income and expenditure account | 9 | 1,480,074 |  | 1,414,285 |  |

1,563,599 |  | 1,530,178 |  |

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 19th February 2026 and were signed on its behalf by:

Ms L Maitland - Director

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Southern Farmers Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on page 1, Company Information.

| The presentation currency of the financial statements is Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company enjoys strong demand for its services and does not anticipate difficulty in meeting all its anticipated financial needs. The directors are therefore of the opinion that the company is a going concern and these financial statements have been prepared on that basis.

| Turnover (operating account income) and member throughput

| The company's turnover represents the value, excluding value added tax, of the services supplied to members during the period. None of the company's turnover related to exports.

| The company, as at present constituted and managed, is a mutual trading concern. Member throughput is underwritten by the company and is subsequently reflected in the debtor and creditor position on the Balance Sheet as at 30 September 2025.

| During the year to 30 September 2025, throughput processed on behalf of members totalled £44,226,745 (2024: £56,741,061).

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Amortisation commenced from the date the computer software was fully operational.

| Tangible fixed assets

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

| Computer server | - | 20% on cost

| Photocopier | - | 20% on cost

| Franking machine | - | 20% on cost

| Computer equipment, with the exception of the server, is no longer capitalised but is written to the profit and loss account in the year of purchase. The directors feel this represents the true value of the depreciation rate of computer equipment.

| Taxation

| The company is exempt from corporation tax on it's profits as it's a mutual member organisation. Tax is however paid on the interest earned on the cash held at the bank.

| Pension costs and other post-retirement benefits

| 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.

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Income and expenditure account

| It is the intention of the directors to maintain total reserves at a level informed by an annual assessment of anticipated working capital requirements, risk and general economic conditions.

| Hire purchase and leasing commitments

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 14 (2024 - 15 ) .

4. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1st October 2024

| and 30th September 2025 | 161,838 |  |

| AMORTISATION

| At 1st October 2024 | 48,552 |  |

| Amortisation for year | 32,368 |  |

| At 30th September 2025 | 80,920 |  |

| NET BOOK VALUE

| At 30th September 2025 | 80,918 |  |

| At 30th September 2024 | 113,286 |  |

5. | TANGIBLE FIXED ASSETS

| Computer |  | Franking |

| server |  | Photocopier |  | machine |  | Totals

£ | £ | £ | £ |

| COST

| At 1st October 2024 | 8,370 |  | 11,314 |  | 5,295 |  | 24,979 |  |

| Additions | - |  | - |  | 4,391 |  | 4,391 |  |

| At 30th September 2025 | 8,370 |  | 11,314 |  | 9,686 |  | 29,370 |  |

| DEPRECIATION

| At 1st October 2024 | 8,370 |  | 6,042 |  | 5,295 |  | 19,707 |  |

| Charge for year | - |  | 2,257 |  | 875 |  | 3,132 |  |

| At 30th September 2025 | 8,370 |  | 8,299 |  | 6,170 |  | 22,839 |  |

| NET BOOK VALUE

| At 30th September 2025 | - |  | 3,015 |  | 3,516 |  | 6,531 |  |

| At 30th September 2024 | - |  | 5,272 |  | - |  | 5,272 |  |

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 5,142,244 |  | 5,361,168 |  |

| Other debtors | 19,821 |  | 124,639 |  |

5,162,065 |  | 5,485,807 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 7,237,348 |  | 7,754,551 |  |

| Taxation and social security | 23,994 |  | 36,841 |  |

| Other creditors | 35,056 |  | 40,634 |  |

7,296,398 |  | 7,832,026 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 16,500 |  | 16,500 |  |

| Between one and five years | 66,000 |  | - |  |

82,500 |  | 16,500 |  |

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

9. | RESERVES

| Income |

| and |

| expenditure |  | Project |

| account |  | reserve |  | Totals

£ | £ | £ |

| At 1st October 2024 | 1,414,285 |  | 115,893 |  | 1,530,178 |  |

| Surplus for the year | 33,421 |  | - |  | 33,421 |  |

| Transfer of costs incurred in the year | 32,368 |  | (32,368 | ) | - |  |

| At 30th September 2025 | 1,480,074 |  | 83,525 |  | 1,563,599 |  |

| The reserves are made up of an Income and expenditure account representing surpluses accumulated over past years and a Project reserve that was established to prepare the company for the cost of a major upgrade of its computerised accounting system.

| The Income and expenditure account is an essential component of the day to day operation of the company, a source of liquidity at times when suppliers require payment in advance of the clearance of members' funds and a prudent buffer against unanticipated events. It is also critical on occasion with pricing negotiations, demonstrating the company's financial strength in a way that is necessary to obtain the best terms of trade from members' suppliers. Recent sharp increases in throughputs have stretched the company's capacity to obtain sufficient credit to fund our members' purchases and in consequence the company has found itself requiring more working capital. The board has therefore set a target of increasing the Income and expenditure account to £1.5m as soon as conditions allow.

| The work to the accounting system provided for in the Project reserve is complete. We began to amortise its cost on the 1st March 2023 resulting in the transfer to the Income and expenditure account above. The remaining balance on the Project reserve will be transferred in a similar way as the project's cost is amortised over the period to March 2028.

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Richard Appleyard FCA (Senior Statutory Auditor)

| for and on behalf of GMP Audit Limited, Statutory Auditor

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The non-executive directors of the company maintain membership accounts which are subject to the same terms and conditions as all standard members.

12. | SHARE CAPITAL

| The company is limited by guarantee and does not have a share capital. Every member has guaranteed a maximum sum of £5.00.