Company No: 04131435 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	75,000		87,500
Tangible assets	4	120,778		121,991
Investments	5	254		50,655
		196,032		260,146
Current assets
Stocks	6	520,455		434,293
Debtors	7	1,709,405		1,358,322
Cash at bank and in hand		444,298		1,573,814
		2,674,158		3,366,429
Creditors: amounts falling due within one year	8	( 863,954)		( 1,234,984)
Net current assets		1,810,204		2,131,445
Total assets less current liabilities		2,006,236		2,391,591
Net assets		2,006,236		2,391,591
Capital and reserves
Called-up share capital	9	1,001,001		1,001,001
Share premium account		4,582,758		4,582,758
Profit and loss account		( 3,577,523 )		( 3,192,168 )
Total shareholder's funds		2,006,236		2,391,591

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of FAI Farms Limited (registered number: 04131435) were approved and authorised for issue by the Board of Directors on 26 May 2026. They were signed on its behalf by:

J G Banfield Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FAI Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn, Wytham, Oxford, OX2 8QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Office equipment	15 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	37		37

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2024	125,000		125,000
At 30 September 2025	125,000		125,000
Accumulated amortisation
At 01 October 2024	37,500		37,500
Charge for the financial year	12,500		12,500
At 30 September 2025	50,000		50,000
Net book value
At 30 September 2025	75,000		75,000
At 30 September 2024	87,500		87,500

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 October 2024	979,008		866,426		17,191		15,054		81,499		1,959,178
Additions	0		21,344		0		2,201		10,937		34,482
Disposals	0		( 9,130)		( 8,041)		0		0		( 17,171)
At 30 September 2025	979,008		878,640		9,150		17,255		92,436		1,976,489
Accumulated depreciation
At 01 October 2024	955,911		796,964		5,659		11,240		67,413		1,837,187
Charge for the financial year	3,287		11,662		2,561		769		11,602		29,881
Disposals	0		( 6,531)		( 4,826)		0		0		( 11,357)
At 30 September 2025	959,198		802,095		3,394		12,009		79,015		1,855,711
Net book value
At 30 September 2025	19,810		76,545		5,756		5,246		13,421		120,778
At 30 September 2024	23,097		69,462		11,532		3,814		14,086		121,991

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 October 2024	50,655
Impairment	(50,401)
At 30 September 2025	254
Carrying value at 30 September 2025	254
Carrying value at 30 September 2024	50,655

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

During the year ended 30 September 2025, Ambrose Fox Ltd and Videntis AS ceased trading and were subsequently dissolved.

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.09.2025	Ownership 30.09.2024
Videntis AS	Malmoyveien 34B, Oslo	Provision of software for training management in the aquaculture industry	Ordinary Shares	0.00%	100.00%
Project X Global Limited	10 Queen Street Place, London	Environmental consulting activities	Ordinary Shares	0.96%	0.96%
FAIBR Consultaria e Treinamento Agricola LTDA	Estrada Velha Irere, S/N, Fazenda Santa Marta, Londrina, Brazil	Agronomy and consultancy services for agricultural and livestock activities	Ordinary Shares	99.00%	99.00%
Ambrose Fox Ltd	The Barn, Wytham, Oxford	Non-trading company	Ordinary Shares	0.00%	100.00%

6. Stocks

	2025		2024
	£		£
Stocks	101,865		148,858
Raw materials	90,690		75,885
Livestock	327,900		209,550
	520,455		434,293

7. Debtors

	2025		2024
	£		£
Trade debtors	124,708		139,503
Amounts owed by Group undertakings	237,295		132,669
Deferred tax asset	80,378		82,785
Corporation tax	177,572		130,000
Other debtors	1,089,452		873,365
	1,709,405		1,358,322

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	181,090		163,164
Amounts owed to Group undertakings	5,000		0
Other creditors	677,864		1,071,820
	863,954		1,234,984

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,001,001 Ordinary shares of £ 1.00 each	1,001,001		1,001,001

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	12,474		12,474
between one and five years	21,830		34,304
Total future minimum lease payments under non-cancellable operating leases	34,304		46,778

The above commitments are in respect of premises lease agreements.

11. Ultimate controlling party

Parent Company:

Endeavour Newco 12 Limited

The Barn, Wytham, Oxford, England, OX2 8QJ

Endeavour Newco 12 Limited is a wholly owned subsidiary of FAI Farms Holdings Ltd, which is the ultimate controlling company.