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REGISTERED NUMBER: 14452525 (England and Wales)

| HIGH FEN LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

HIGH FEN LIMITED (REGISTERED NUMBER: 14452525)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |  | to |  | 5

HIGH FEN LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | A J Struthers

| S L Payne

| REGISTERED OFFICE: | C/o External Services Limited

| 20 Central Avenue

| Norwich

| Norfolk

| NR7 0HR

| REGISTERED NUMBER: | 14452525 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Theo Banos BA FCA

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 3 Castlegate

| Grantham

| Lincolnshire

| NG31 6SF

| BANKERS: | HSBC Bank Plc

| 69 Pall Mall

| London

| SW1Y 5EY

HIGH FEN LIMITED (REGISTERED NUMBER: 14452525)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,758,331 |  | 5,734,203 |  |

CURRENT ASSETS

Debtors | 5 | 527,141 |  | 438,620 |  |

Cash at bank | 38,096 |  | 16,124 |  |

565,237 |  | 454,744 |  |

CREDITORS

Amounts falling due within one year | 6 | 7,200,365 |  | 6,715,280 |  |

NET CURRENT LIABILITIES | (6,635,128 | ) | (6,260,536 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (876,797 | ) | (526,333 | ) |

CAPITAL AND RESERVES

Called up share capital | 7 | 1 |  | 1 |  |

Retained earnings | (876,798 | ) | (526,334 | ) |

SHAREHOLDERS' FUNDS | (876,797 | ) | (526,333 | ) |

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2026 and were signed on its behalf by:

S L Payne - Director

HIGH FEN LIMITED (REGISTERED NUMBER: 14452525)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| High Fen 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 presentation currency of the financial statements is the Pound Sterling (£) and is rounded to the nearest £.

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" including the provisions of Section 1A "small entities" and the Companies Act 2006. The financial statements are prepared on a going concern basis under the historical cost convention.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. The company is a subsidiary of Nattergal Limited.

| Revenue

| Revenue is measured at the fair value of the consideration received in respect of the Basic Payment scheme. Revenue is recognised in the period to which the income relates.

| Revenue for biodiversity net gain (BNG) activities is recognised progressively, aligning with the cost profile of delivering agreed habitat improvements. This means revenue is recorded as costs are incurred, reflecting the completion of performance obligations over time.

| Revenue for carbon credits is recognised as credits are verified.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | Nil

| Improvements to property | - | Straight line over 20 years

| Plant and machinery | - | 20% on reducing balance and Straight line over 3 years

| Fixtures and fittings | - | 20% on reducing balance

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

| Land furniture is disclosed under property improvements and is depreciated over 20 years. A grant has been received towards this cost and is disclosed in other creditors. The grant is being released in line with the depreciation policy of the land furniture.

| Impairments

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each financial reporting date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Government grants

| Government grants in relation to tangible fixed assets are credited to the statement of income over the useful life of the related asset. Grants received in relation to expenditure are credited to the statement of income when the expenditure is charged to the profit or loss.

HIGH FEN LIMITED (REGISTERED NUMBER: 14452525)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt FRS102 1A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| Freehold |  | to |  | Plant and |  | and |

| property |  | property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 5,680,474 |  | - |  | 59,120 |  | 2,972 |  | 5,742,566 |  |

| Additions | - |  | 25,073 |  | 10,092 |  | 227 |  | 35,392 |  |

| At 31 December 2025 | 5,680,474 |  | 25,073 |  | 69,212 |  | 3,199 |  | 5,777,958 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | - |  | 7,434 |  | 929 |  | 8,363 |  |

| Charge for year | - |  | 104 |  | 10,758 |  | 402 |  | 11,264 |  |

| At 31 December 2025 | - |  | 104 |  | 18,192 |  | 1,331 |  | 19,627 |  |

| NET BOOK VALUE

| At 31 December 2025 | 5,680,474 |  | 24,969 |  | 51,020 |  | 1,868 |  | 5,758,331 |  |

| At 31 December 2024 | 5,680,474 |  | - |  | 51,686 |  | 2,043 |  | 5,734,203 |  |

HIGH FEN LIMITED (REGISTERED NUMBER: 14452525)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 3,400 |  | 74,399 |  |

| Amounts owed by group undertakings | 56,287 |  | 56,287 |  |

| Other debtors | 82 |  | - |  |

| VAT | 43,830 |  | 28,094 |  |

| Prepayments and accrued income | 423,542 |  | 279,840 |  |

527,141 |  | 438,620 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 76,541 |  | 12,885 |  |

| Amounts owed to group undertakings | 7,069,179 |  | 6,462,381 |  |

| Other creditors | 18,680 |  | - |  |

| Accruals and deferred income | 35,965 |  | 240,014 |  |

7,200,365 |  | 6,715,280 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1 | Ordinary shares | £1 | 1 |  | 1 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Theo Banos BA FCA (Senior Statutory Auditor)

| for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

9. | GOING CONCERN

| The statement of financial position shows net liabilities of £876,797 (2024: £526,333) and net current liabilities of £6,635,128 (£6,260,536). The directors have considered the position, alongside group support in place, and are satisfied that the financial statements have been prepared on the going concern basis.

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is the parent company, Nattergal Limited, which is registered in England and Wales. The parent company's registered office is 20 Central Avenue, St Andrews Business Park, Norwich, NR7 0HR.