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Registered number: 11597599 BERRY FARMING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
BERRY FARMING LIMITED COMPANY INFORMATION
Directors | P Beaumont
| D Moore
| D Farshchi-Heidari
| S Francis
Registered number | 11597599
Registered office | 14th Floor
| 33 Cavendish Square
| London
| W1G 0PW
Independent auditors | Old Mill Audit Limited
| Unit 2, Greenways Business Park
| Bellinger Close
| Chippenham
| Wiltshire
| England
| SN15 1BN
BERRY FARMING LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 25
BERRY FARMING LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report, which is followed by the directors' report, together with the audited financial statements for the year ended 30 September 2025 for Berry Farming Limited.
Business review
Berry Farming Limited’s principal activity is the production and packing of strawberry and blackberry fruit for the retail market. This market continues to grow rapidly despite inflationary pressure. We produce crops for UK retailers and export a significant volume. Significant sums have been invested which now allows the business to offer a 52- week supply of British strawberries to retailers. The production of crops for 12 months of the year through our patented structures in a market leading controlled environment provides resilience and enhanced food security in times of rapidly changing climate. Additionally, the cropping techniques and systems deployed deliver market leading sustainability per kilogram of fruit grown. Improvement in labour efficiency and resource management have improved cost of goods performance within the accounting period. The business has continued to invest in expanded capacity, climate systems, energy solutions, labour efficiency and a new packhouse to offer fresher berries to retailers and consumers. The influence of inflation caused by geopolitical and macroeconomic factors has increased direct costs per unit during the period. However, these have in the main been offset by enhanced efficiency. Our diversified customer base and focus on off-season production has strengthened the price per unit of sale for the period. We remain positive about the long-term profitability and scalability of the berry farming operation.
Financial instruments
The Company's financial instruments principally comprise trade debtors, cash at bank, trade creditors and intercompany loan facilities, the main purpose of which is to finance the company's operations. In addition, the Company has various other financial assets and liabilities arising directly from operations. It is, and has been throughout the year under review, the Company's policy that no speculative trading in financial instruments shall be undertaken. The main risks arising from the Company's financial instruments are liquidity, credit and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period. Liquidity risk The Company manages its cash requirements to ensure the company has sufficient liquid resources to meet the operating needs of the business. Credit risk All debtors are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and provisions are made for doubtful debts when necessary. Page 1
BERRY FARMING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Foreign currency risk The Company is exposed to exchange rate fluctuations particularly where goods are purchased in Euros. This is largely managed through hedging via use of currency forward contracts.
Financial key performance indicators
The key performance indicators of the Company are turnover, gross profit, profit before tax and net assets. A brief analysis of these is shown below:
|  |  | 2025 | 2024
|  |  | £ | £
Turnover |  |  | 6,310,827 | 6,916,630
Gross profit/(loss) |  |  | 2,122,641 | 2,542,106
Profit/(loss) before tax |  |  | (4,464,670) | (2,586,908)
Net assets |  |  | 2,717,455 | 3,556,403
This report was approved by the board on 22 May 2026 and signed on its behalf.
P Beaumont Chairman
Page 2
BERRY FARMING LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company is that of growers and wholesalers of fruit.
Results and dividends
The loss for the year, after taxation, amounted to £838,948 (2024 - profit £413,092). The directors did not propose or pay a dividend in the current or prior year. The directors have highlighted in the strategic report on pages 1 - 2, a review of the current year results, future outlook expectations, risks and key performance indicators for the Company.
Directors
The directors who served during the year were:
P Beaumont
D Moore
K Sands (resigned 31 January 2026)
D Farshchi-Heidari (appointed 24 September 2025)
S Francis was appointed after the year end, on 31 January 2026. Page 3
BERRY FARMING LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Old Mill Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 22 May 2026 and signed on its behalf.
D Farshchi-Heidari Director
Page 4
BERRY FARMING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BERRY FARMING LIMITED
Opinion
We have audited the financial statements of Berry Farming Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 Company's affairs as at 30 September 2025 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Page 5
BERRY FARMING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BERRY FARMING LIMITED (CONTINUED) 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 course of 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.
Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 Directors' responsibilities statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 6
BERRY FARMING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BERRY FARMING LIMITED (CONTINUED)
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 an Auditors' report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 Auditors' report. Page 7
BERRY FARMING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BERRY FARMING LIMITED (CONTINUED)
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 an Auditors' report 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. Matthew Jeffery BSc ACA Senior statutory auditor for and on behalf of Old Mill Audit Limited Statutory Auditor Unit 2, Greenways Business Park Bellinger Close Chippenham Wiltshire England SN15 1BN 22 May 2026 Page 8
BERRY FARMING LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 6,310,827 | 6,916,630
Cost of sales |  | (4,188,186) | (4,374,524)
Gross profit |  | 2,122,641 | 2,542,106
Administrative expenses |  | (8,103,858) | (5,320,261)
Other operating income | 5 | 1,707,914 | 364,452
Operating loss | 6 | (4,273,303) | (2,413,703)
Interest receivable and similar income | 10 | 16,075 | 5,189
Interest payable and similar expenses | 11 | (207,442) | (178,394)
Loss before tax |  | (4,464,670) | (2,586,908)
Tax on loss | 12 | 3,625,722 | 3,000,000
(Loss)/profit for the financial year |  | (838,948) | 413,092
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 25 form part of these financial statements.
Page 9
BERRY FARMING LIMITED REGISTERED NUMBER: 11597599 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 16,130,922 |  | 16,526,522
|  |  | 16,130,922 |  | 16,526,522
Current assets |  |  |  |  |
Stocks | 14 | 1,009,140 |  | 457,123 |
Debtors: amounts falling due within one year | 15 | 2,820,806 |  | 1,075,223 |
Cash at bank and in hand |  | 32,085 |  | 2,615,325 |
|  | 3,862,031 |  | 4,147,671 |
Creditors: amounts falling due within one year | 16 | (13,541,784) |  | (11,505,293) |
Net current liabilities |  |  | (9,679,753) |  | (7,357,622)
Total assets less current liabilities |  |  | 6,451,169 |  | 9,168,900
Creditors: amounts falling due after more than one year | 17 |  | (1,140,714) |  | (3,019,497)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (2,593,000) |  | (2,593,000) |
|  |  | (2,593,000) |  | (2,593,000)
Net assets |  |  | 2,717,455 |  | 3,556,403
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account | 21 |  | 2,717,355 |  | 3,556,303
|  |  | 2,717,455 |  | 3,556,403
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
D Farshchi-Heidari
Director
The notes on pages 12 to 25 form part of these financial statements. Page 10
BERRY FARMING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 100 | 3,143,211 | 3,143,311
Comprehensive income for the year |  |  |
Profit for the year | - | 413,092 | 413,092
At 1 October 2024 | 100 | 3,556,303 | 3,556,403
Comprehensive income for the year |  |  |
Loss for the year | - | (838,948) | (838,948)
At 30 September 2025 | 100 | 2,717,355 | 2,717,455
| The notes on pages 12 to 25 form part of these financial statements.
Page 11
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
The company is a private company limited by shares, and is incorporated in England & Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The principal trading address is Ford Lane, Ford, Arundel, West Sussex, BN18 0DF. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Terradace Holdings Limited as at 30 September 2025 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
| 2.3 | Going concern
The directors have prepared the accounts on a going concern basis. The directors note the net current liability position of the company and have reviewed likely future developments. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of the approval of these accounts. This basis is considered appropriate as the ultimate parent company has confirmed that it will provide the support to enable the company to meet their forecast liabilities as they fall due. Page 12
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The financial statements are prepared in GBP, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when goods have been dispatched.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 13
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 5-20 years
|  |  |  | Plant and machinery | - | 15 years
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Fixtures and fittings | - | 5-10 years
|  |  |  | Computer equipment | - | 3-5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 14
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 90 days.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 15
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 16
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Tangible fixed asset depreciation The company depreciates its tangible fixed assets over their estimated useful lives, to an estimated residual value. Management use their knowledge of market conditions, historic experience and estimates of future market conditions to asses the expected useful lives and residual values of their assets.
4. | Turnover
The whole of the turnover is attributable to the company's principal activity. Materially, all of the turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 1,348,675 | 16,222
| Net rents receivable | 359,239 | 348,230
|  | 1,707,914 | 364,452
6. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation charged on owned assets | 1,450,071 | 452,904
| Depreciation charged on leased assets | 861,885 | 850,763
| Foreign Exchange differences | - | (27)
| Other operating lease rentals | 664,517 | 649,741
| Loss on disposal of fixed assets | - | 72,327
Page 17
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,400 | 14,000
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,929,537 | 3,747,615
| Social security costs | 601,003 | 505,742
| Cost of defined contribution scheme | 98,154 | 56,675
|  | 5,628,694 | 4,310,032
| Payroll costs disclosed in prior periods included only salaried staff recharged from the parent entity and excluded the direct costs of on site staff, which were recorded elsewhere in the financial statements. This correction affects the disclosure note only and has no impact on the overall results of the company. The change increases total employee costs for 2024 by £3,105,785.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management and administration | 5 | 4
|  | Agricultural staff | 96 | 123
|  | Production & Packing | 5 | -
|  | Technical. procurement, sales | 1 | -
|  |  | 107 | 127
Page 18
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 102,550 | -
| Company contributions to defined contribution pension schemes | 5,506 | -
|  | 108,056 | -
| During the year retirement benefits were accruing to 1 director (2024 - NIL) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 16,075 | 5,189
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 207,442 | 178,394
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax |  |
| Group taxation relief | (3,625,722) | (3,460,000)
| Total current tax | (3,625,722) | (3,460,000)
| Deferred tax |  |
| Origination and reversal of timing differences | - | 460,000
| Total deferred tax | - | 460,000
| Tax on loss | (3,625,722) | (3,000,000)
Page 19
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the applicable rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (4,464,670) | (2,586,908)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (1,116,168) | (646,727)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 9,321 | -
| Capital allowances for year in excess of depreciation | (61,262) | (23,637)
| Losses surrendered for group relief | 1,168,193 | 1,111,310
| Short-term timing difference leading to an increase (decrease) in taxation | (84) | 972
| Unrealised profit on chargeable assets | - | 18,082
| Group relief receipt | (3,625,722) | (3,460,000)
| Total tax charge for the year | (3,625,722) | (3,000,000)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 20
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 October 2024 | 14,460,275 | 5,467,704 | 56,307 | 148,307 | 198,431 | 20,331,024
| Additions | 1,690,980 | 105,559 | - | - | 119,817 | 1,916,356
| At 30 September 2025 | 16,151,255 | 5,573,263 | 56,307 | 148,307 | 318,248 | 22,247,380
| Depreciation |  |  |  |  |  |
| At 1 October 2024 | 1,987,152 | 1,583,984 | 40,054 | 46,719 | 146,593 | 3,804,502
| Charge for the year on owned assets | 1,480,188 | 766,774 | 9,528 | 18,646 | 36,820 | 2,311,956
| At 30 September 2025 | 3,467,340 | 2,350,758 | 49,582 | 65,365 | 183,413 | 6,116,458
| Net book value |  |  |  |  |  |
| At 30 September 2025 | 12,683,915 | 3,222,505 | 6,725 | 82,942 | 134,835 | 16,130,922
| At 30 September 2024 | 12,473,123 | 3,883,720 | 16,253 | 101,588 | 51,838 | 16,526,522
| As part of the annual impairment review, the remaining useful economic life of Leasehold property and Plant and machinery was reassessed due to a change in the pattern by which the company expects to use the assets. Accordingly, the depreciation charge for the year increased by £730,935 (2024: £nil).
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long-term leasehold property | 8,059,687 | 8,556,915
| Plant and machinery | 1,856,218 | 915,316
| Computer equipment | 20,678 | 48,248
| Fixtures and fittings | 64,954 | 77,358
|  | 10,001,537 | 9,597,837
Page 21
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Consumables | 133,391 | 105,239
| Finished goods | 875,749 | 351,884
|  | 1,009,140 | 457,123
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,083,247 | 401,169
| Prepayments and accrued income | 1,737,559 | 674,054
|  | 2,820,806 | 1,075,223
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 280,522 | 216,340
| Amounts owed to group undertakings | 9,784,361 | 7,898,122
| Other taxation and social security | 90,509 | 78,308
| Obligations under finance lease and hire purchase contracts | 1,878,783 | 2,857,217
| Other creditors | - | 71,551
| Accruals and deferred income | 1,507,609 | 383,755
|  | 13,541,784 | 11,505,293
| Net obligations under finance leases and hire purchase contracts are secured on the assets they relate to.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 1,140,714 | 3,019,497
| Net obligations under finance leases and hire purchase contracts are secured on the assets they relate to.
Page 22
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 2,017,119 | 3,026,732
| Between 1-5 years | 1,259,608 | 3,330,719
|  | 3,276,727 | 6,357,451
19. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 2,593,000 | 2,133,000
| Charged to profit or loss | - | 460,000
| At end of year | 2,593,000 | 2,593,000
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 2,593,000 | 2,593,000
Page 23
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
| There is a single class of Ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital.
21. | Reserves
Profit and loss account This comprises profits available for distribution.
22. | Financial guarantee
At the balance sheet date the company had entered into group bank cross guarantees in respect of loans and overdrafts. At the balance sheet date the total group facility amounted to £24,157,515 (2024 - £30,954,195).
23. | Capital commitments
| At 30 September 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 22,000 | 511,002
24. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £98,154 (2024 - £56,675). Contributions totalling £6,420 (2024 - £5,254) were payable to the fund at the balance sheet date and are included in creditors. Page 24
BERRY FARMING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
25. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 348,308 | 372,191
| Later than 1 year and not later than 5 years | 1,289,387 | 1,207,258
| Later than 5 years | 2,364,314 | 2,349,147
|  | 4,002,009 | 3,928,596
26. | Related party transactions
| At the balance sheet date, included within trade debtors and accrued income is an amount owed by group undertakings of £1,787,913 (2024 - £331,464). Royalty fees of £172,350 (2024 - £71,551) were charged by a company under common control during the year. During the year, the company traded with fellow non-wholly owned subsidiary undertakings and made sales of £485,325 (2024 - £1,237,120).
27. | Controlling party
Agriculture Investments Limited is considered to be the company's immediate parent undertaking and Terradace Holdings Limited is considered to be the company's ultimate parent undertaking during the current and prior year. P Beaumont is considered to be the ultimate controlling party by virtue of his shareholding in Terradace Holdings Limited during the current and prior year. The results of the company are included within the consolidated accounts of Terradace Holdings Limited which are available to the public and may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
Page 25