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| REGISTRAR OF COMPANIES

Registration number: 07769333

Muir Farming Limited
Unaudited Financial Statements
31 March 2026

Muir Farming Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Muir Farming Limited
for the Year Ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Muir Farming Limited for the year ended 31 March 2026 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Muir Farming Limited, as a body, in accordance with the terms of our engagement letter dated 17 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Muir Farming Limited and state those matters that we have agreed to state to the Board of Directors of Muir Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muir Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Muir Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Muir Farming Limited. You consider that Muir Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Muir Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

12 June 2026

Muir Farming Limited

(Registration number: 07769333)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Intangible assets | 4 | 8,035 | 19,054
Tangible assets | 5 | 2,867,460 | 2,246,465
Other financial assets | 6 | 91,303 | 75,864
|  | 2,966,798 | 2,341,383
Current assets |  |  |
Stocks |  | 818,758 | 818,352
Debtors | 7 | 137,426 | 208,653
Cash at bank and in hand |  | - | 47,839
|  | 956,184 | 1,074,844
Creditors: Amounts falling due within one year | 8 | (1,400,147) | (1,269,951)
Net current liabilities |  | (443,963) | (195,107)
Total assets less current liabilities |  | 2,522,835 | 2,146,276
Creditors: Amounts falling due after more than one year | 8 | (561,561) | (639,168)
Provisions for liabilities |  | (365,700) | (308,493)
Net assets |  | 1,595,574 | 1,198,615
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 100 | 100
Profit and loss account |  | 1,595,474 | 1,198,515
Total equity |  | 1,595,574 | 1,198,615

Muir Farming Limited

(Registration number: 07769333)
Balance Sheet as at 31 March 2026 (continued)

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 June 2026 and signed on its behalf by:

.........................................

L Muir

Director

.........................................

J T H Muir

Director

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England.

The principal place of business is:
New Buildings Farm
Hopton
STAFFORD
ST18 9TH

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 March 2026 and meets its day to day working capital requirements through its banking facilities. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.
However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land | No depreciation
Buildings | 25 year straight line
Plant and equipment | 15% reducing balance
Motor vehicles | 25% reducing balance
Office equipment | 33% straight line

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2025 - 11).

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

4 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
At 1 April 2025 | 115,668 | 115,668
At 31 March 2026 | 115,668 | 115,668
Amortisation |  |
At 1 April 2025 | 96,614 | 96,614
Amortisation charge | 11,019 | 11,019
At 31 March 2026 | 107,633 | 107,633
Carrying amount
At 31 March 2026 | 8,035 | 8,035
At 31 March 2025 | 19,054 | 19,054

5 | Tangible assets

| Land and buildings £ | Plant and equipment £ | Motor vehicles £ | Office equipment £ | Total £
Cost or valuation
At 1 April 2025 | 1,493,055 | 1,265,903 | 52,952 | 10,753 | 2,822,663
Additions | 564,447 | 255,356 | 54,000 | - | 873,803
Disposals | - | (108,800) | (50,750) | (3,774) | (163,324)
At 31 March 2026 | 2,057,502 | 1,412,459 | 56,202 | 6,979 | 3,533,142
Depreciation
At 1 April 2025 | 144,651 | 399,789 | 25,179 | 6,579 | 576,198
Charge for the year | 44,208 | 110,593 | 2,697 | 1,983 | 159,481
Eliminated on disposal | - | (42,018) | (24,766) | (3,213) | (69,997)
At 31 March 2026 | 188,859 | 468,364 | 3,110 | 5,349 | 665,682
Carrying amount
At 31 March 2026 | 1,868,643 | 944,095 | 53,092 | 1,630 | 2,867,460
At 31 March 2025 | 1,348,404 | 866,114 | 27,773 | 4,174 | 2,246,465

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

6 | Other financial assets (current and non-current)

| 2026 £ | 2025 £
Non-current financial assets
Financial assets at cost less impairment | 91,303 | 75,864

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 April 2025 | 75,864 | 75,864
Additions | 15,439 | 15,439
At 31 March 2026 | 91,303 | 91,303
Carrying amount
At 31 March 2026 | 91,303 | 91,303
At 31 March 2025 | 75,864 | 75,864

7 | Debtors

| 2026 £ | 2025 £
Trade debtors | 96,228 | 134,156
Other debtors | 41,198 | 74,497
| 137,426 | 208,653

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

8 | Creditors

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 9 | 1,038,496 | 995,134
Trade creditors |  | 178,167 | 208,826
Corporation tax liability |  | 105,300 | 59,418
Other creditors |  | 78,184 | 6,573
|  | 1,400,147 | 1,269,951
Due after one year |  |  |
Loans and borrowings | 9 | 549,522 | 625,349
Other creditors |  | 12,039 | 13,819
|  | 561,561 | 639,168

| 2026 £ | 2025 £
After more than five years by instalments | 300,090 | 343,533
| 300,090 | 343,533

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

9 | Loans and borrowings

| 2026 £ | 2025 £
Current loans and borrowings
Bank borrowings | 83,920 | 71,276
Bank overdrafts | 22,679 | -
Finance lease liabilities | 53,044 | 65,231
Other borrowings | 878,853 | 858,627
| 1,038,496 | 995,134

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2026 £ | 2025 £
Bank borrowings | 83,920 | 71,276
Bank overdrafts | 22,679 | -
Finance lease liabilities | 53,044 | 65,231
| 159,643 | 136,507

Bank borrowings are secured by fixed and floating charges over the company's assets.
Bank overdrafts are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

| 2026 £ | 2025 £
Non-current loans and borrowings
Bank borrowings | 505,155 | 590,757
Finance lease liabilities | 44,367 | 34,592
| 549,522 | 625,349

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2026 £ | 2025 £
Bank borrowings | 505,155 | 590,757
Finance lease liabilities | 44,367 | 34,592
| 549,522 | 625,349

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2025 - £19,328). This relates to rent payable under the terms of a medium term farm business tenancy.

Muir Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

11 | Related party transactions

Transactions with directors

2025 | At 1 April 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 31 March 2025 £
J T H Muir
Loan | 28,725 | - | (28,725) | - | - | - | -
L Muir
Loan | 28,724 | - | (28,724) | - | - | - | -

Directors' advances are repayable on demand.
No interest has been charged on advances to directors.