Company registration number 03458120 (England and Wales)
GRIFFIN AND SPEED FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PAGES FOR FILING WITH REGISTRAR
GRIFFIN AND SPEED FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GRIFFIN AND SPEED FARMS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,943,619
8,018,961
Investment property
4
1,400,000
1,400,000
6,343,619
9,418,961
Current assets
Stocks
371,824
436,296
Debtors
5
2,838,085
30,408
Cash at bank and in hand
3,254
3,224
3,213,163
469,928
Creditors: amounts falling due within one year
6
(836,489)
(766,783)
Net current assets/(liabilities)
2,376,674
(296,855)
Total assets less current liabilities
8,720,293
9,122,106
Creditors: amounts falling due after more than one year
7
(6,041,000)
(6,124,000)
Net assets
2,679,293
2,998,106
Capital and reserves
Called up share capital
2,255,002
2,255,002
Profit and loss reserves
424,291
743,104
Total equity
2,679,293
2,998,106
GRIFFIN AND SPEED FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
31 October 2025
- 2 -

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
Mr M H S Sly
Director
Company registration number 03458120 (England and Wales)
GRIFFIN AND SPEED FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
1
Accounting policies
Company information

Griffin and Speed Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Park Farm, Thorney, Peterborough, PE6 0SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Farm land and buildings
nil/over 15 years/10% per annum at cost
Plant and machinery
15% per annum of cost

Freehold land is not depreciated.

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

GRIFFIN AND SPEED FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GRIFFIN AND SPEED FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
GRIFFIN AND SPEED FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2024
7,876,242
1,387,532
9,263,774
Additions
65,996
-
0
65,996
Disposals
(2,960,263)
-
0
(2,960,263)
At 31 October 2025
4,981,975
1,387,532
6,369,507
Depreciation and impairment
At 1 November 2024
966,372
278,441
1,244,813
Depreciation charged in the year
89,892
91,183
181,075
At 31 October 2025
1,056,264
369,624
1,425,888
Carrying amount
At 31 October 2025
3,925,711
1,017,908
4,943,619
At 31 October 2024
6,909,870
1,109,091
8,018,961
4
Investment property
2025
£
Fair value
At 1 November 2024 and 31 October 2025
1,400,000

Investment property comprises of seven freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation carried by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
275
Other debtors
2,831,143
23,584
Prepayments and accrued income
6,942
6,549
2,838,085
30,408
GRIFFIN AND SPEED FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
459,217
340,262
Obligations under finance leases
83,000
221,815
Trade creditors
153,141
48,650
Other creditors
106,000
121,000
Accruals and deferred income
35,131
35,056
836,489
766,783

The obligations under hire purchase contracts and finance leases are secured.

7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
5,000,000
5,000,000
Obligations under finance leases
166,000
249,000
Other borrowings
875,000
875,000
6,041,000
6,124,000

The obligations under hire purchase contracts and finance leases are secured on the assets they relate to.

875,000 preference shares of £1 each are allotted and fully paid at par. At 31 October 2025 these shares were redeemable at par; at the option of the holder on giving 6 months notice to the company. These preference shares are classified as financial liabilities and included within other creditors falling due after more than one year.
The long-term bank loans are secured on company freehold land.

8
Contingent liabilities

There is a cross guarantee and debenture between the company and M.H.S. Farms Limited, a company under common control.
The company guarantees bank debt of MS Smith Farmers to a maximum of £1,100,000 (2024: £1,100,000) and bank debt of the directors to a maximum of £1,500,000 (20 24: £1,500,000).
The company guarantees bank debt of P M Sly 1997 Family Settlement, a trust in which P M Sly and M H S Sly are trustees, to maximum of £2,250,000 (20 24: £2,250,000). The trustees have agreed to indemnify the company against any losses suffered under the guarantee and the company holds a first legal charge over a trust asset in support of the indemnity.

The directors guarantee the bank debt of the company up to £2,000,000 (20 24: £2,000,000).

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