REGISTERED NUMBER: 01781886 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 June 2025

for

Boarcross Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and loss account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr T C Field

Mrs E S Field-Corrigan

Mr A Corrigan

SECRETARY:

Mr T C Field

REGISTERED OFFICE:

Eastgate Farm

Main Street

Thwing

Driffield

YO25 3DS

REGISTERED NUMBER:

01781886 (England and Wales)

INDEPENDENT AUDITORS:

Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

During the year the company has seen an increase in both turnover and profit. The directors consider the results for the period to be as expected, reflecting the relatively high pig prices, as well as contract numbers increasing during the year.

The key financial highlights are as follows:

2025

2024

2023

£

£

£

Turnover

34,437

31,866

24,745

Profit before tax

4,353

3,342

1,612

Net assets

14,297

10,713

6,903

The level of profitability in the future will depend to a large extent on the fluctuation of pig prices, however the directors expect to remain profitable into the coming year with feed costs falling and pig prices remaining high.

PRINCIPAL RISKS AND UNCERTAINTIES

The principle risks and uncertainties facing the company are the market price for pig meat, disease and the level of feed costs.

Financial risk management

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

Price risk

The company 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, suppliers and customers.

Credit risk

The company monitors its risk of bad debts by trading with customers who have good credit records and by having robust internal credit management policies. As a result debtor days are maintained at acceptable levels due to this oversight and bad debts are minimal.

Interest rate risk

At times in the production cycle the company has interest bearing liabilities. The company 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 risk

The company manages liquidity risk by maintaining a balance between the continuity of funding and flexibility through the use of bank current accounts, overdrafts and loans.

KEY PERFORMANCE INDICATORS

2025

2024

2023

Growth in Revenue

8%

29%

95%

Gross Profit Margin

16%

14%

10%

Net Profit Margin

9%

12%

6%

ON BEHALF OF THE BOARD:

Mrs E S Field-Corrigan - Director

17 June 2026

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of pig breeding and rearing.

DIVIDENDS

The total distribution of dividends for the year ended 30 June 2025 was £176,000 (2024 - £96,000).

RESEARCH AND DEVELOPMENT

The company has been, and still is, undertaking qualifying research and development expenditure to improve the profitability and sustainable ways of producing pork in the farming industry.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

Mr T C Field

Mrs E S Field-Corrigan

Mr A Corrigan

Other changes in directors holding office are as follows:

Mrs S S Field - resigned 25 October 2024

GOING CONCERN

The company has continued to see profitable results following a rise in pig prices which have remained relatively high, along with an increase in production. The directors and other stakeholders are able to financially support the business, which shows a strong balance sheet position and increased profit in the period. As a result there are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs E S Field-Corrigan - Director

17 June 2026

Opinion

We have audited the financial statements of Boarcross Limited (the 'company') for the year ended 30 June 2025 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 June 2025 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors 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 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, 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 United Kingdom Accounting Standards (FRS102), the Companies Act 2006 and tax legislation. We have also considered those laws and regulations that may have a material indirect effect on the financial statements including 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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

18 June 2026

TURNOVER

34,437,455

31,866,176

Cost of sales

29,088,468

27,328,098

GROSS PROFIT

5,348,987

4,538,078

Administrative expenses

1,264,675

1,334,752

4,084,312

3,203,326

Other operating income

279,414

237,310

OPERATING PROFIT

4

4,363,726

3,440,636

Interest receivable and similar income

87,497

21,188

4,451,223

3,461,824

Interest payable and similar expenses

5

97,733

119,536

PROFIT BEFORE TAXATION

4,353,490

3,342,288

Tax on profit

6

593,873

(563,684

)

PROFIT FOR THE FINANCIAL YEAR

3,759,617

3,905,972

FIXED ASSETS

Tangible assets

8

5,581,300

4,897,318

Investment property

9

77,000

77,000

5,658,300

4,974,318

CURRENT ASSETS

Stocks

10

8,487,054

6,506,722

Debtors

11

3,378,997

2,098,185

Investments

12

1,394,641

1,394,641

Cash at bank and in hand

3,298,832

2,212,835

16,559,524

12,212,383

CREDITORS

Amounts falling due within one year

13

6,064,168

4,468,202

NET CURRENT ASSETS

10,495,356

7,744,181

TOTAL ASSETS LESS CURRENT LIABILITIES

16,153,656

12,718,499

CREDITORS

Amounts falling due after more than one year

14

(1,205,746

)

(1,522,409

)

PROVISIONS FOR LIABILITIES

18

(651,227

)

(483,024

)

NET ASSETS

14,296,683

10,713,066

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

118,912

118,912

Retained earnings

14,177,671

10,594,054

SHAREHOLDERS' FUNDS

14,296,683

10,713,066

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2026 and were signed on its behalf by:

Mrs E S Field-Corrigan - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

100

6,784,082

118,912

6,903,094

Changes in equity

Dividends

-

(96,000

)

-

(96,000

)

Total comprehensive income

-

3,905,972

-

3,905,972

Balance at 30 June 2024

100

10,594,054

118,912

10,713,066

Changes in equity

Dividends

-

(176,000

)

-

(176,000

)

Total comprehensive income

-

3,759,617

-

3,759,617

Balance at 30 June 2025

100

14,177,671

118,912

14,296,683

1.	STATUTORY INFORMATION

Boarcross 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 Company Information page.

The principle activity of the company in the year under review was that of pig breeding and rearing.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, all of which arose in the United Kingdom, is recognised when the pigs are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

- 5% on reducing balance

Plant and machinery

- 15% on reducing balance

Motor vehicles and tractors

- 20% and 25% on reducing balance

Office equipment

- 33% on reducing balance

Freehold land is not depreciated.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date. Changes in fair value in the year of transfer from tangible assets are recognised in other comprehensive income, and any subsequent changes in fair value are recognised in profit or loss.

Stocks

Feed stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis.

Livestock in stock, which comprises of pigs only, 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.

Financial instruments

Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

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.

Investments

Investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Pension costs

40,047

170,000

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

2025

2024

Directors

3

4

2025

2024

£

£

Directors' remuneration

-

-

2025

2024

£

£

Amount paid to third party for services of a director

42,389

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

42,281

24,724

Depreciation - owned assets

526,038

426,272

Depreciation - assets on hire purchase contracts

11,922

10,712

Profit on disposal of fixed assets

-

(1,942

)

Auditors' remuneration

16,685

15,175

Auditors' remuneration for non audit work

5,375

5,400

Research and development expenditure

3,461,622

2,915,026

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

96,613

117,866

Hire purchase interest

1,120

1,670

97,733

119,536

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

425,670

-

Prior year adjustments

-

(696,281

)

Total current tax

425,670

(696,281

)

Deferred tax

168,203

132,597

Tax on profit

593,873

(563,684

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

£

£

Profit before tax

4,353,490

3,342,288

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,088,373

835,572

Effects of:

Expenses not deductible for tax purposes

4,041

18,514

Depreciation in excess of capital allowances

20,702

7,268

Adjustments to tax charge in respect of previous periods

-

(696,281

)

R&D enhanced expenditure

(519,243

)

(728,757

)

Total tax charge/(credit)

593,873

(563,684

)

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

10,000

96,000

Ordinary shares of £0.01 each

Interim

166,000

-

176,000

96,000

8.	TANGIBLE FIXED ASSETS

Motor

vehicles

Land and

Plant and

and

buildings

machinery

tractors

Totals

£

£

£

£

COST

At 1 July 2024

3,597,223

5,850,585

331,462

9,779,270

Additions

233,252

815,219

173,471

1,221,942

At 30 June 2025

3,830,475

6,665,804

504,933

11,001,212

DEPRECIATION

At 1 July 2024

1,097,384

3,633,332

151,236

4,881,952

Charge for year

104,932

383,218

49,810

537,960

At 30 June 2025

1,202,316

4,016,550

201,046

5,419,912

NET BOOK VALUE

At 30 June 2025

2,628,159

2,649,254

303,887

5,581,300

At 30 June 2024

2,499,839

2,217,253

180,226

4,897,318

Included in cost of land and buildings is freehold land of £ 468,165 (2024 - £ 468,165 ) which is not depreciated.

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

Plant and

machinery

£

COST

At 1 July 2024

110,150

Additions

41,750

Transfer to ownership

(110,150

)

At 30 June 2025

41,750

DEPRECIATION

At 1 July 2024

38,428

Charge for year

11,922

Transfer to ownership

(47,532

)

At 30 June 2025

2,818

NET BOOK VALUE

At 30 June 2025

38,932

At 30 June 2024

71,722

9.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2024

and 30 June 2025

77,000

NET BOOK VALUE

At 30 June 2025

77,000

At 30 June 2024

77,000

Fair value at 30 June 2025 is represented by:

£

Valuation in 2023

77,000

Investment property was valued on an indicative value basis on 29 August 2023 by Alnwick Farming and Property Consultants. The directors revisited the valuation at 30 June 2025 and are confident this still represents fair value.

10.

STOCKS

2025

2024

£

£

Raw materials

276,936

132,934

Livestock

8,210,118

6,373,788

8,487,054

6,506,722

The movement in the livestock valuation in comparison to the previous year is as a result of purchases, sales, deaths, births and the fluctuation of costs attributable to each pig.

Reconciliation of changes in the carrying amount of biological assets:

£

Carrying value brought forward

6,373,788

Increases resulting from purchases and home bred stock

12,905,945

Decreases attributable to sales

(10,590,900)

Other changes

(478,716)

8,210,118

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,075,289

942,362

Amounts owed by group undertakings

2,012,500

-

Other debtors

5,999

-

Amount due from related party

38,758

21,150

Tax

-

986,280

VAT

246,451

148,393

3,378,997

2,098,185

12.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

M Field Partnership

1,394,641

1,394,641