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REGISTERED NUMBER: 00665313 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

F.A.W. BAKER'S KINGSTON FARMS LIMITED

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Income and Retained Earnings | 7 |

| Balance Sheet | 8 |

| Cash Flow Statement | 10 |

| Notes to the Cash Flow Statement | 11 |

| Notes to the Financial Statements | 13 |

| F.A.W. BAKER'S KINGSTON FARMS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTOR: | N C Baker

| REGISTERED OFFICE: | Stonehayes (Bakers Farms Office)

| Rushywood Farm

| Haselbury Plucknett

| Crewkerne

| Somerset

| TA18 7PH

| REGISTERED NUMBER: | 00665313 (England and Wales)

| AUDITORS: | Mitchells

| Chartered Accountants and Statutory Auditors

| St. John's House,

| Castle Street,

| Taunton

| Somerset

| TA1 4AY

| SOLICITORS: | HK Law

| 40 High West Street

| Dorchester

| Dorset

| DT1 1UR

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The director presents his strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The company has been successfully operating within the UK dairy industry for many decades. It also provides some agricultural contracting services to other local businesses and in the previous year it acquired an anaerobic digestion plant which it operates using waste from the farm to also provide supplemental power back to the farm. The decision was also taken to expand the company's farming operations and during the period under review more farmland was purchased along with new office premises.

Year ended |  | 30 September 2025 |  | 30 September 2024 |

Turnover (£) |  | 15,882,041 |  | 10,955,214 |

Gross profit margin (%) |  | 54.72 |  | 57.63 |

Profit/(loss) before tax (£) |  | 1,934,390 |  | 642,519 |

At the end of the year, the net assets totalled £8,868,011 (2024 £7,309,067)

Given the straight forward nature of the business, the company's director is of the opinion that any further analysis using key performance indicators [KPI's] is not necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's management have a wealth of knowledge and experience in the dairy industry. The company's dairy herd supplies milk to the UK's largest milk supplier, the subsidiary of a leading farmer-owned European company. Milk and it's processed products are a dietary staple and is unlikely to see a loss of demand. The price paid for the milk is determined by the supply contract between the companies, the content of these contracts is regulated. No risk factors have increased in likelihood. There are no other risks of sufficient importance to mention in this report. The company's director is confident that the business will continue to adapt to any changing business circumstances.

ON BEHALF OF THE BOARD:

N C Baker - Director

8 July 2026

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The director presents his report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 103,350 .

RESEARCH AND DEVELOPMENT

The company continued to pursue new technical developments in its field and made appropriate claims for Research and Development tax relief.

FUTURE DEVELOPMENTS

After the year-end the company repurchased shares from some of its shareholders. H M Revenue and Customs approval for capital treatment was sought and approved for these transactions.

DIRECTORS

N C Baker has held office during the whole of the period from 1 October 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mrs C M Baker ceased to be a director after 30 September 2025 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N C Baker - Director

8 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

F.A.W. BAKER'S KINGSTON FARMS LIMITED

Opinion

We have audited the financial statements of F.A.W. Baker's Kingston Farms Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 September 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

F.A.W. BAKER'S KINGSTON FARMS LIMITED

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 Director.

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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments

for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of

business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of 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 Report of the Auditors.

Other matters which we are required to address

The company was not of a size that required an audit in the previous accounting period. As a result we are required to highlight the fact that the comparative figures for the year ended 30 September 2024 were not audited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

F.A.W. BAKER'S KINGSTON FARMS LIMITED

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.

David Mitchell FCA (Senior Statutory Auditor)

for and on behalf of Mitchells

Chartered Accountants and Statutory Auditors

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

8 July 2026

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 15,882,041 |  | 10,955,214 |  |

Cost of sales | 7,190,980 |  | 4,641,765 |  |

GROSS PROFIT | 8,691,061 |  | 6,313,449 |  |

Administrative expenses | 7,072,905 |  | 5,949,498 |  |

1,618,156 |  | 363,951 |  |

Other operating income | 1,003,937 |  | 939,900 |  |

OPERATING PROFIT | 4 | 2,622,093 |  | 1,303,851 |  |

Income from fixed asset investments | 798 |  | 798 |  |

Interest receivable and similar income | 2,753 |  | 1,706 |  |

|  |  | 3,551 |  |  |  |  | 2,504 |  |

2,625,644 |  | 1,306,355 |  |

Gain/loss on revaluation of assets | 8,850 |  | (23,840 | ) |

2,634,494 |  | 1,282,515 |  |

Interest payable and similar expenses | 5 | 700,104 |  | 639,996 |  |

PROFIT BEFORE TAXATION | 1,934,390 |  | 642,519 |  |

Tax on profit | 6 | 272,096 |  | 59,119 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,662,294 |  | 583,400 |  |

Retained earnings at beginning of year | 6,583,944 |  | 6,055,767 |  |

Dividends | 7 | (103,350 | ) | (72,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 8,142,888 |  | 6,567,167 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

BALANCE SHEET

30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 117,500 |  | 65,000 |  |

Tangible assets | 9 | 17,353,274 |  | 12,087,364 |  |

Investments | 10 | 528,707 |  | 519,857 |  |

Investment property | 11 | 400,000 |  | 400,000 |  |

18,399,481 |  | 13,072,221 |  |

CURRENT ASSETS

Stocks | 12 | 5,096,684 |  | 5,859,814 |  |

Debtors | 13 | 1,741,783 |  | 1,430,531 |  |

Cash in hand | 1,293 |  | 1,061 |  |

6,839,760 |  | 7,291,406 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,410,105 |  | 5,652,134 |  |

NET CURRENT ASSETS | 1,429,655 |  | 1,639,272 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,829,136 |  | 14,711,493 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (9,688,792 | ) | (6,399,753 | ) |

PROVISIONS FOR LIABILITIES | 19 | (1,112,260 | ) | (839,933 | ) |

ACCRUALS AND DEFERRED INCOME | 20 | (160,073 | ) | (162,740 | ) |

NET ASSETS | 8,868,011 |  | 7,309,067 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 11,653 |  | 11,653 |  |

Share premium | 22 | 730,247 |  | 730,247 |  |

Fair value reserve | 22 | (16,777 | ) | (16,777 | ) |

Retained earnings | 22 | 8,142,888 |  | 6,583,944 |  |

SHAREHOLDERS' FUNDS | 8,868,011 |  | 7,309,067 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

BALANCE SHEET - continued

30 SEPTEMBER 2025

The financial statements were approved by the director and authorised for issue on 8 July 2026 and were signed by:

N C Baker - Director

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,760,813 |  | 1,452,244 |  |

Interest paid | (617,295 | ) | (571,541 | ) |

Interest element of hire purchase payments paid | (86,657 | ) | (65,062 | ) |

Finance costs paid | (395 | ) | (8 | ) |

Tax paid | (9,016 | ) | (8,031 | ) |

Taxation refund | - |  | 73,145 |  |

Net cash from operating activities | 4,047,450 |  | 880,747 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (75,000 | ) | (75,000 | ) |

Purchase of tangible fixed assets | (5,610,950 | ) | (1,056,200 | ) |

Purchase of investment property | - |  | (422,369 | ) |

Sale of tangible fixed assets | 183,020 |  | 86,349 |  |

Government grants received | 24,377 |  | - |  |

Interest received | 2,753 |  | 1,706 |  |

Dividends received | 798 |  | 798 |  |

Net cash from investing activities | (5,475,002 | ) | (1,464,716 | ) |

Cash flows from financing activities

New loans in year | 3,592,544 |  | 1,220,681 |  |

Loan repayments in year | (520,167 | ) | (493,475 | ) |

Capital repayments in year | (505,415 | ) | (379,686 | ) |

Amount introduced by directors | 112,059 |  | 125,620 |  |

Amount withdrawn by directors | (122,623 | ) | (107,582 | ) |

Equity dividends paid | (103,350 | ) | (72,000 | ) |

Net cash from financing activities | 2,453,048 |  | 293,558 |  |

Increase/(decrease) in cash and cash equivalents | 1,025,496 |  | (290,411 | ) |

Cash and cash equivalents at beginning of year | 2 | (2,579,612 | ) | (2,289,201 | ) |

Cash and cash equivalents at end of year | 2 | (1,554,116 | ) | (2,579,612 | ) |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30.9.25 |  | 30.9.24

£ | £ |

| Profit before taxation | 1,934,390 |  | 642,519 |  |

| Depreciation charges | 956,703 |  | 739,192 |  |

| Profit on disposal of fixed assets | (13,880 | ) | (52,067 | ) |

| (Gain)/loss on revaluation of fixed assets | (8,850 | ) | 23,840 |  |

| Government grants | (27,044 | ) | (23,902 | ) |

| Finance costs | 700,104 |  | 639,996 |  |

| Finance income | (3,551 | ) | (2,504 | ) |

3,537,872 |  | 1,967,074 |  |

| Decrease/(increase) in stocks | 763,130 |  | (539,565 | ) |

| Increase in trade and other debtors | (299,856 | ) | (657,305 | ) |

| Increase in trade and other creditors | 759,667 |  | 682,040 |  |

| Cash generated from operations | 4,760,813 |  | 1,452,244 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 1,293 |  | 1,061 |  |

| Bank overdrafts | (1,555,409 | ) | (2,580,673 | ) |

(1,554,116 | ) | (2,579,612 | ) |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 1,061 |  | 564 |  |

| Bank overdrafts | (2,580,673 | ) | (2,289,765 | ) |

(2,579,612 | ) | (2,289,201 | ) |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.10.24 | Cash flow | changes | At 30.9.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 1,061 |  | 232 |  | 1,293 |  |

| Bank overdrafts | (2,580,673 | ) | 1,025,264 |  | (1,555,409 | ) |

(2,579,612 | ) | 1,025,496 |  | (1,554,116 | ) |

| Debt

| Finance leases | (910,332 | ) | 505,416 |  | (698,303 | ) | (1,103,219 | ) |

| Debts falling due

| within 1 year | (471,538 | ) | 67,916 |  | - |  | (403,622 | ) |

| Debts falling due

| after 1 year | (5,905,371 | ) | (3,140,294 | ) | - |  | (9,045,665 | ) |

(7,287,241 | ) | (2,566,962 | ) | (698,303 | ) | (10,552,506 | ) |

| Total | (9,866,853 | ) | (1,541,466 | ) | (698,303 | ) | (12,106,622 | ) |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| F.A.W. Baker's Kingston Farms 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Due to the change in size of the company these accounts have been prepared in accordance with FRS 102. The previous year's accounts were prepared in accordance with FRS 102 1A. This transition has not resulted in any change in reported performance or financial position. Accounting policies have been consistently applied.

| Turnover

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

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Feed-in Tariff Rights are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

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

| Leasehold improvements |  | - |  | 10% or 20% on straight line basis |  |

| Implements |  | - |  | 15% on reducing balance basis |  |

| Silage pit |  | - |  | 15 years on straight line basis |  |

| Fixtures and fittings |  | - |  | 15% on reducing balance basis |  |

| Motor vehicles |  | - |  | 25% on reducing balance basis |  |

| Slurry tank and equipment |  | - |  | 15% on reducing balance basis |  |

| Fork lift truck |  | - |  | 25% on reducing balance basis |  |

| Tractors |  | - |  | 25% on reducing balance basis |  |

| Cheese-making equipment |  | - |  | 20% on reducing balance basis |  |

| Office equipment |  | - |  | 20% on straight line basis |  |

| Rushywood dairy unit |  | - |  | 15 years on straight line basis |  |

| The directors consider that freehold properties other than the Rushywood dairy unit are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

| The directors perform annual impairment reviews to ensure that the carrying value is not lower than the recoverable amount.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks and work in progress are carried at fair value in the accounts.

| These are held almost exclusively for internal consumption.

| Adjustments are made for tax purposes to ensure that they are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. Contributions payable to this pension scheme are charged to profit or loss in the period to which they relate.

| The company operates a defined contribution pension scheme [NEST] for its eligible and participating auto-enrolled staff. The scheme and its assets are held by independent managers. Contributions payable to this pension scheme are charged to profit or loss in the period to which they relate.

| Herd account

| This is a fungible asset, any transfers out being determined by the method of weighted average price and transfers into the herd account are dealt with in accordance with the legislation which, for tax purposes, allows livestock forming a production herd to be dealt with as a capital asset. The carrying value in the accounts is considered to be fair value. In order to arrive at the appropriate herd value for tax purposes under the herd basis rules an adjustment to the carrying value is applied in the tax computation.

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Investments

| Unlisted fixed asset investments are stated at cost less provision for permanent diminution in value.

| Listed fixed asset investments are stated at open market value with annual gains and losses reflected in the income statement.

| Government grants

| The government grants relate to expenditure on fixed assets. The company's policy is to treat capital grants as deferred income and they are then credited to the profit and loss account over the expected useful life of the asset. The basis of calculating the amounts to be credited to the profit and loss account is consistent with the depreciation policy applied to the asset.

3. | EMPLOYEES AND DIRECTORS

| 30.9.25 |  | 30.9.24

£ | £ |

| Wages and salaries | 2,746,049 |  | 2,257,385 |  |

| Social security costs | 185,652 |  | 150,193 |  |

| Other pension costs | 71,889 |  | 97,708 |  |

3,003,590 |  | 2,505,286 |  |

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

| 30.9.25 |  | 30.9.24

| Directors | 2 |  | 2 |  |

| Administration | 6 |  | 6 |  |

| Farm Workers | 40 |  | 36 |  |

| AD Plant Workers | 3 |  | 2 |  |

51 |  | 46 |  |

| 30.9.25 |  | 30.9.24

£ | £ |

| Directors' remuneration | 10,256 |  | 9,096 |  |

| Directors' pension contributions to money purchase schemes | 40,000 |  | 47,153 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. | OPERATING PROFIT

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Hire of plant and machinery | 480,756 |  | 458,648 |  |

| Other operating leases | 384,350 |  | 435,059 |  |

| Depreciation - owned assets | 486,528 |  | 456,182 |  |

| Depreciation - assets on hire purchase contracts | 447,675 |  | 273,011 |  |

| Profit on disposal of fixed assets | (13,880 | ) | (52,067 | ) |

| Feed-in Tariff Rights amortisation | 22,500 |  | 10,000 |  |

| Auditors' remuneration | 4,200 |  | - |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank interest | 140,830 |  | 165,727 |  |

| Bank loan interest | 340,562 |  | 261,687 |  |

| AMC mortgage interest | 131,270 |  | 147,332 |  |

| Trade Interest | 390 |  | 180 |  |

| Hire purchase | 86,657 |  | 65,062 |  |

| PAYE Interest | 395 |  | 8 |  |

700,104 |  | 639,996 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Current tax:

| UK corporation tax | (231 | ) | (66,904 | ) |

| Deferred tax | 272,327 |  | 126,023 |  |

| Tax on profit | 272,096 |  | 59,119 |  |

7. | DIVIDENDS

| 30.9.25 |  | 30.9.24

£ | £ |

| B Ordinary shares of £1 each |

| Interim | 9,000 |  | - |  |

| C Ordinary shares of £1 each |

| Interim | 94,350 |  | 72,000 |  |

103,350 |  | 72,000 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. | INTANGIBLE FIXED ASSETS

| Feed-in

| Tariff

| Rights

£ |

| COST

| At 1 October 2024 | 75,000 |  |

| Additions | 75,000 |  |

| At 30 September 2025 | 150,000 |  |

| AMORTISATION

| At 1 October 2024 | 10,000 |  |

| Amortisation for year | 22,500 |  |

| At 30 September 2025 | 32,500 |  |

| NET BOOK VALUE

| At 30 September 2025 | 117,500 |  |

| At 30 September 2024 | 65,000 |  |

9. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 October 2024 | 6,880,113 |  | 2,211,320 |  | 4,899,103 |  |

| Additions | 3,517,097 |  | 419,101 |  | 826,452 |  |

| Disposals | - |  | - |  | (66,500 | ) |

| At 30 September 2025 | 10,397,210 |  | 2,630,421 |  | 5,659,055 |  |

| DEPRECIATION

| At 1 October 2024 | 1,863,905 |  | 1,309,958 |  | 3,135,762 |  |

| Charge for year | 71,058 |  | 216,743 |  | 381,273 |  |

| Eliminated on disposal | - |  | - |  | (18,455 | ) |

| At 30 September 2025 | 1,934,963 |  | 1,526,701 |  | 3,498,580 |  |

| NET BOOK VALUE

| At 30 September 2025 | 8,462,247 |  | 1,103,720 |  | 2,160,475 |  |

| At 30 September 2024 | 5,016,208 |  | 901,362 |  | 1,763,341 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Dairy |

| Tractors |  | vehicles |  | herd |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024 | 943,320 |  | 85,576 |  | 3,920,125 |  | 18,939,557 |  |

| Additions | 635,288 |  | - |  | 911,315 |  | 6,309,253 |  |

| Disposals | (154,930 | ) | (28,620 | ) | - |  | (250,050 | ) |

| At 30 September 2025 | 1,423,678 |  | 56,956 |  | 4,831,440 |  | 24,998,760 |  |

| DEPRECIATION

| At 1 October 2024 | 495,438 |  | 47,130 |  | - |  | 6,852,193 |  |

| Charge for year | 258,536 |  | 6,593 |  | - |  | 934,203 |  |

| Eliminated on disposal | (105,909 | ) | (16,546 | ) | - |  | (140,910 | ) |

| At 30 September 2025 | 648,065 |  | 37,177 |  | - |  | 7,645,486 |  |

| NET BOOK VALUE

| At 30 September 2025 | 775,613 |  | 19,779 |  | 4,831,440 |  | 17,353,274 |  |

| At 30 September 2024 | 447,882 |  | 38,446 |  | 3,920,125 |  | 12,087,364 |  |

| Freehold property assets other than the Rushywood dairy unit are likely to have a value in excess of the cost included in the accounts. In the opinion of the directors, however, it is not in the company's interest to incur the costs of obtaining an independent valuation in this respect.

| Dairy herd |  |

|  | 30.9.25 |  |  | 30.9.24 |

|  | £ |  |  | £ |

| Balance as at 1st October 2024 |  | 2,200 |  | Cows & Bulls |  | 3,920,125 |  |  | 2,979,150 |

| Transfer from/ (to) profit and loss account |  | 0 |  | Bulls |  | 0 |  |  | (2,250 | )

| Transfer from/ (to) profit and loss account |  | 272 |  | Cows |  | 911,315 |  |  | 943,225 |

| Balance as at 30th September 2025 |  | 2,472 |  | Cows & Bulls |  | 4,831,440 |  |  | 3,920,125 |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. | TANGIBLE FIXED ASSETS - continued

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

| Improvements |

| to |  | Plant and |  | Motor |

| property |  | machinery |  | Tractors |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 | 82,000 |  | 891,132 |  | 766,400 |  | 28,620 |  | 1,768,152 |  |

| Additions | 155,307 |  | 657,234 |  | 617,288 |  | - |  | 1,429,829 |  |

| Disposals | - |  | (66,500 | ) | (76,930 | ) | (28,620 | ) | (172,050 | ) |

| Transfer to ownership | - |  | (84,750 | ) | (156,345 | ) | - |  | (241,095 | ) |

| At 30 September 2025 | 237,307 |  | 1,397,116 |  | 1,150,413 |  | - |  | 2,784,836 |  |

| DEPRECIATION

| At 1 October 2024 | 28,500 |  | 192,832 |  | 353,733 |  | 16,546 |  | 591,611 |  |

| Charge for year | 23,731 |  | 188,651 |  | 235,293 |  | - |  | 447,675 |  |

| Eliminated on disposal | - |  | (18,455 | ) | (52,588 | ) | (16,546 | ) | (87,589 | ) |

| Transfer to ownership | - |  | (34,934 | ) | (91,902 | ) | - |  | (126,836 | ) |

| At 30 September 2025 | 52,231 |  | 328,094 |  | 444,536 |  | - |  | 824,861 |  |

| NET BOOK VALUE

| At 30 September 2025 | 185,076 |  | 1,069,022 |  | 705,877 |  | - |  | 1,959,975 |  |

| At 30 September 2024 | 53,500 |  | 698,300 |  | 412,667 |  | 12,074 |  | 1,176,541 |  |

10. | FIXED ASSET INVESTMENTS

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 50,234 |  | 469,623 |  | 519,857 |  |

| Revaluations | 8,850 |  | - |  | 8,850 |  |

| At 30 September 2025 | 59,084 |  | 469,623 |  | 528,707 |  |

| NET BOOK VALUE

| At 30 September 2025 | 59,084 |  | 469,623 |  | 528,707 |  |

| At 30 September 2024 | 50,234 |  | 469,623 |  | 519,857 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. | FIXED ASSET INVESTMENTS - continued

| Cost or valuation at 30 September 2025 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2016 | 48,564 |  | - |  | 48,564 |  |

| Valuation in 2017 | 3,739 |  | - |  | 3,739 |  |

| Valuation in 2018 | 7,280 |  | - |  | 7,280 |  |

| Valuation in 2019 | 10,022 |  | - |  | 10,022 |  |

| Valuation in 2020 | 26,475 |  | - |  | 26,475 |  |

| Valuation in 2021 | 200 |  | - |  | 200 |  |

| Valuation in 2022 | (31,686 | ) | - |  | (31,686 | ) |

| Valuation in 2023 | (12,889 | ) | - |  | (12,889 | ) |

| Valuation in 2024 | (1,471 | ) | - |  | (1,471 | ) |

| Valuation in 2025 | 8,850 |  | - |  | 8,850 |  |

| Cost | - |  | 469,623 |  | 469,623 |  |

59,084 |  | 469,623 |  | 528,707 |  |

| Market value of listed investments at 30 September 2025 - £ 59,084 .

|  | 30.9.25 |  |  | 30.9.24 |  |

|  | £ |  |  | £ |  |

| Unlisted investments |  |

| Mole Valley Farmers Limited |  | 120 Trading shares |  | 120 |  |  | 120 |  |

|  | 1 Ordinary share |  | 150 |  |  | 150 |  |

| ACT Limited |  | 50 Shares |  | - |  |  | - |  |

| Arla |  | Member's Capital Account |  | 469,353 |  |  | 469,353 |  |

|  | 469,623 |  |  | 469,623 |  |

| Listed investments |  |

| Genus plc |  | 2,493 Ordinary 10p shares |  | 59,084 |  |  | 50,234 |  |

|  | 59,084 |  |  | 51,705 |  |

| Listed investments are carried at closing value on 30 September or nearest preceding date according to figures disclosed on Yahoo Finance.

11. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024

| and 30 September 2025 | 400,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 400,000 |  |

| At 30 September 2024 | 400,000 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. | INVESTMENT PROPERTY - continued

| The property was revalued in 2024 to remove the purchase costs incurred during that year so the property is carried at its open market value as established for the purchase from a director.

12. | STOCKS

| 30.9.25 |  | 30.9.24

£ | £ |

| Closing livestock | 2,285,220 |  | 2,793,660 |  |

| Closing stocks | 2,729,815 |  | 2,906,134 |  |

| Closing growing crops | 81,649 |  | 160,020 |  |

5,096,684 |  | 5,859,814 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.9.25 |  | 30.9.24

£ | £ |

| Trade debtors | 1,275,015 |  | 1,152,353 |  |

| Other debtors | 293,408 |  | 110,487 |  |

| Directors' current accounts | 99,806 |  | 88,641 |  |

| Tax | 231 |  | - |  |

| Prepayments and accrued income | - |  | 500 |  |

| Prepayments | 73,323 |  | 78,550 |  |

1,741,783 |  | 1,430,531 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans and overdrafts (see note 16) | 1,769,230 |  | 2,905,756 |  |

| Other loans (see note 16) | 189,801 |  | 146,455 |  |

| Hire purchase contracts (see note 17) | 460,092 |  | 415,950 |  |

| Trade creditors | 2,732,009 |  | 2,030,483 |  |

| Tax | - |  | 9,016 |  |

| Social security and other taxes | 66,079 |  | 53,585 |  |

| Directors' current accounts | 601 |  | - |  |

| Accrued expenses | 192,293 |  | 90,889 |  |

5,410,105 |  | 5,652,134 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans (see note 16) | 6,662,703 |  | 3,405,958 |  |

| Other loans (see note 16) | 2,382,962 |  | 2,499,413 |  |

| Hire purchase contracts (see note 17) | 643,127 |  | 494,382 |  |

9,688,792 |  | 6,399,753 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. | LOANS

| An analysis of the maturity of loans is given below:

| 30.9.25 |  | 30.9.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 1,555,409 |  | 2,580,673 |  |

| Bank loans | 213,821 |  | 325,083 |  |

| AMC Mortgage | 59,217 |  | 34,381 |  |

| Other Loans | 130,584 |  | 112,074 |  |

1,959,031 |  | 3,052,211 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 186,179 |  | 360,177 |  |

| Other loans - 1-2 years | 113,331 |  | 112,074 |  |

| AMC Mortgage | 16,591 |  | 37,491 |  |

316,101 |  | 509,742 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 332,211 |  | 1,072,281 |  |

| Other loans - 2-5 years | 110,216 |  | 164,936 |  |

| AMC Mortgage | 87,759 |  | 131,134 |  |

530,186 |  | 1,368,351 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| AMC Mortgage | - |  | 1,650,000 |  |

| Repayable by instalments

| Bank loans | 6,144,313 |  | 1,973,500 |  |

| AMC Mortgage | 2,055,065 |  | 403,778 |  |

8,199,378 |  | 2,377,278 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 30.9.25 |  | 30.9.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 517,760 |  | 460,284 |  |

| Between one and five years | 745,496 |  | 562,872 |  |

1,263,256 |  | 1,023,156 |  |

| Finance charges repayable:

| Within one year | 57,668 |  | 44,334 |  |

| Between one and five years | 102,369 |  | 68,490 |  |

160,037 |  | 112,824 |  |

| Net obligations repayable:

| Within one year | 460,092 |  | 415,950 |  |

| Between one and five years | 643,127 |  | 494,382 |  |

1,103,219 |  | 910,332 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank overdrafts | 1,555,409 |  | 2,580,673 |  |

| Hire purchase contracts | 1,103,219 |  | 910,332 |  |

| AMC Mortgages | 2,218,632 |  | 2,256,784 |  |

| HSBC Bank Loans | 6,876,524 |  | 3,731,041 |  |

11,753,784 |  | 9,478,830 |  |

| HSBC Bank plc has debentures dated 16th February 2017 containing fixed and floating charges over all freehold (including commonhold) and leasehold land vested in the company together with all buildings, fixtures, fittings and fixed plant and machinery thereon and all intellectual property belonging to the company.

| HSBC Bank plc has a legal mortgage charge dated 16th February 2017 over freehold property at Rushywood Farm, land at Globe Farm, 18 Globe Orchard, 561, 562 and 565 North Street, Northcote Cottage and Blue Hayes, Haselbury Plucknett and a leasehold building at Rushywood Farm.

| HSBC Bank plc has a legal mortgage charge dated 16th February 2017 over freehold property known as Leaze Farm, Haselbury Plucknett excluding Leaze Farmhouse.

| HSBC Bank plc has a legal mortgage charge dated 26th July 2017 over a life policy issued by Legal and General Assurance Society Limited in the sum of £750,000.

| HSBC Bank plc has a legal mortgage charge dated 1st October 2018 over freehold property known as, Stoneleigh, North Street, Haselbury Plucknett.

| HSBC Bank plc has a legal mortgage charge dated 26th August 2022 over freehold property known as, Redstalls Farm, Downey Field Lane, Haselbury Plucknett.

| HSBC Bank plc has a legal mortgage charge dated 20th October 2023 over freehold property known as, Applegarth, Haselbury Plucknett.

| HSBC Bank plc has a legal mortgage charge dated 5th March 2025 over freehold property known as, Stonehayes, Yeovil Road, Haselbury Plucknett.

| HSBC Bank plc has a legal mortgage charge dated 15th August 2025 over freehold property known as, 265.15 Acres of land at Henley Manor, Henley, Crewkerne.

| The mortgage loan of £1,250,000 with AMC is for 25 years, secured by a legal charge over freehold property at Rushywood Farm, house and cottage, 18 Globe Orchard, Globe Farm and Blue Hayes, Haselbury Plucknett.

| The repayment mortgage loans of £236,776 with AMC (originally £753,300), are secured by a legal mortgage over freehold property at Rushywood Farm, house and cottage, 561 North Street and 562 North Street, Haselbury Plucknett.

| A mortgage loan of £400,000 for 20 years, and a repayment mortgage loan of £331,856 [originally £400,000], both with AMC, were advanced on 10 March 2021. These are both secured by a fixed charge, of the same date, over freehold property at Rushywood Farm under title ST33379.

| Shortly after the year-end the AMC mortgages and seven of the HSBC mortgages were refinanced into a single HSBC repayment mortgage with a 25-year term. The ageing and classification of the debts have been stated to reflect this change.

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| The hire purchase creditors are secured against the items of equipment that are the subject of the agreements. Failure to complete payment under the terms of the agreements will entitle the owner to recover the equipment. The owner will be entitled to a minimum of half of the total amount payable under an agreement and return of the goods if an agreement is terminated.

19. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 30.9.24

£ | £ |

| Deferred tax | 1,112,260 |  | 839,933 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 839,933 |  |

| Provided during year | 272,327 |  |

| Balance at 30 September 2025 | 1,112,260 |  |

20. | ACCRUALS AND DEFERRED INCOME

| 30.9.25 |  | 30.9.24

£ | £ |

| Deferred government grants | 160,073 |  | 162,740 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 10 | A Ordinary | £1 | 10 |  | 10 |  |

| 10 | B Ordinary | £1 | 10 |  | 10 |  |

| 10 | C Ordinary | £1 | 10 |  | 10 |  |

30 |  | 30 |  |

| Allotted and issued:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 11,623 | Ordinary | £1 | 11,623 |  | 11,623 |  |

| Shareholders of all classes of shares have full voting rights, rights to capital and rights on a winding up.

22. | RESERVES

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 October 2024 | 6,583,944 |  | 730,247 |  | (16,777 | ) | 7,297,414 |  |

| Profit for the year | 1,662,294 |  | 1,662,294 |  |

| Dividends | (103,350 | ) | (103,350 | ) |

| At 30 September 2025 | 8,142,888 |  | 730,247 |  | (16,777 | ) | 8,856,358 |  |

F.A.W. BAKER'S KINGSTON FARMS LIMITED (REGISTERED NUMBER: 00665313) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

23. | OTHER FINANCIAL COMMITMENTS

| At 30th September 2025 the company had annual commitments under non-cancellable operating leases as follows:

|  | 30.9.25 |  |  | 30.9.24 |  |

|  | £ |  |  | £ |  |

| Expiry date: |  |

| Between one and five years |  | 0 |  |  | 0 |  |

| In over five years |  | 52,310 |  |  | 52,310 |  |

|  | 52,310 |  |  | 52,310 |  |

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 September 2025 and 30 September 2024:

| 30.9.25 |  | 30.9.24

£ | £ |

| N C Baker

| Balance outstanding at start of year | 84,171 |  | 57,456 |  |

| Amounts advanced | 117,784 |  | 101,008 |  |

| Amounts repaid | (102,149 | ) | (74,293 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 99,806 |  | 84,171 |  |

| Mrs C M Baker

| Balance outstanding at start of year | 4,470 |  | 49,223 |  |

| Amounts advanced | 4,839 |  | 6,574 |  |

| Amounts repaid | (9,309 | ) | (51,327 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 4,470 |  |

| During the year the company rented Manor Farm, approximately 200 acres, for a value of £1,400 (Prior Year - £1,400) from N C Baker and the Bakers Children's Settlement Trust Fund. This transaction was undertaken in accordance with the tenancy agreement. Mrs C M Baker and N C Baker also made available approximately 73 acres of land during the year for the use of the company for which they received no consideration.

| Mrs C M Baker also own two thirds of Leaze Farm which is currently let to the company at £910 per annum.

| The late Mr B F Baker signed a first legal charge over Manor Farm as security for the company.

| On 23rd January 2008, Bakers of Haselbury Plucknett Ltd was incorporated. At the balance sheet date Mrs C M Baker and Mr N C Baker owned 100% of the ordinary share capital of the company. F A W Baker's Kingston Farms Limited leases equipment from the company.

| On 20 October 2023 the property known as Applegarth, Haselbury Plucknett, was purchased from Mrs C M Baker at open market value as established by Symonds & Sampson.