Company No: 03361539 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	0		464,948
Tangible assets	4	3,525,614		3,327,837
		3,525,614		3,792,785
Current assets
Stocks		1,056,733		1,138,679
Debtors	5	1,014,328		849,984
Cash at bank and in hand		152,976		486
		2,224,037		1,989,149
Creditors: amounts falling due within one year	6	( 1,000,512)		( 3,253,871)
Net current assets/(liabilities)		1,223,525		(1,264,722)
Total assets less current liabilities		4,749,139		2,528,063
Creditors: amounts falling due after more than one year	7	( 2,989,531)		0
Net assets		1,759,608		2,528,063
Capital and reserves
Called-up share capital		3,260,721		3,260,721
Profit and loss account		( 1,501,113 )		( 732,658 )
Total shareholder's funds		1,759,608		2,528,063

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Norfolk Estate Farms Limited (registered number: 03361539) were approved and authorised for issue by the Board of Directors on 16 June 2026. They were signed on its behalf by:

Duke of Norfolk 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

Norfolk Estate 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 Norfolk Estate Office, 1 London Road, Arundel, BN18 9BH, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Norfolk Estate Farms Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover comprises farming produce sold during the year, shoot income and related income which is recognised on an accruals basis. Turnover also includes Basic payment and other government grants which are recognised on a calendar year basis.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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:

Other intangible assets

7 years straight line

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings	15 years straight line
Plant and machinery	5 - 6.6 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		11

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 October 2024	650,928		650,928
Disposals	( 650,928)		( 650,928)
At 30 September 2025	0		0
Accumulated amortisation
At 01 October 2024	185,980		185,980
Disposals	( 185,980)		( 185,980)
At 30 September 2025	0		0
Net book value
At 30 September 2025	0		0
At 30 September 2024	464,948		464,948

4. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 October 2024	2,930,934		1,536,705		4,467,639
Additions	133,703		288,636		422,339
Disposals	0		( 138,347)		( 138,347)
At 30 September 2025	3,064,637		1,686,994		4,751,631
Accumulated depreciation
At 01 October 2024	157,270		982,532		1,139,802
Charge for the financial year	16,285		151,825		168,110
Disposals	0		( 81,895)		( 81,895)
At 30 September 2025	173,555		1,052,462		1,226,017
Net book value
At 30 September 2025	2,891,082		634,532		3,525,614
At 30 September 2024	2,773,664		554,173		3,327,837

5. Debtors

	2025		2024
	£		£
Trade debtors	231,269		56,500
Prepayments	491,837		629,247
Deferred tax asset	261,198		135,397
VAT recoverable	30,024		28,840
	1,014,328		849,984

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	0		416,595
Trade creditors	207,207		9,063
Other loans	624,775		2,578,270
Accruals	156,771		249,943
Other creditors	11,759		0
	1,000,512		3,253,871

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	2,989,531		0

During the year, the company took out a loan for £1,000,000 which is secured against various freehold properties held by the company. The interest rate implicit on the loan is 1.8% over the Bank of England Base Rate per annum. The loan is repayable in 2034.
Also, during the year, the company took out a loan for £2,000,000 which is secured against various freehold properties held by the company. The interest rate implicit on the loan is 1.8% over the Bank of England Base Rate per annum. The loan is repayable in 2034.