REGISTERED NUMBER: SC055689 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

Meadowhead Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Sir E B Greenwell

Mrs J H Trotter M.B.E

H P Trotter

R J Trotter

Mrs C M Trotter

SECRETARY:

S J Currie

REGISTERED OFFICE:

Charterhall

Duns

Berwickshire

TD11 3RE

REGISTERED NUMBER:

SC055689 (Scotland)

AUDITORS:

Sumer Auditco Limited (Statutory Auditor)

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The principal activities and core business objectives of the company in the year under review were that of arable farming, selling caravans, operating bars, restaurants, coffee, food, shops, holiday sales and the operation of caravan and camping holiday parks.There have been no significant changes in the principal activities of the company during the year, and at the date of this report, the directors are not aware of any likely major changes to activities in the coming year.

As shown in the profit & loss account, the turnover for the year has increased by 7.4%. Expenses overall have also increased during the year, however, there is an increased net profit of £1,761,750 (2024 - £1,261,776).

The balance sheet shows that the company's financial position at the year end has improved in terms of shareholders' funds.

In the opinion of the directors the market value of land and buildings is in excess of the book value of £8,374,636.

Key performance indicators are:

2025

2024

Gross profit percentage

82.23%

82.40%

Net profit percentage

18.83%

14.49%

PRINCIPAL RISKS AND UNCERTAINTIES

There is continued uncertainty due to geopolitical issues with their resulting impacts on commodity prices, adverse taxation and labour markets, however, demand appears to be normalising and future profits remain anticipated.

ON BEHALF OF THE BOARD:

H P Trotter - Director

27 July 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of arable farming, selling caravans, operating bars, restaurants coffee, food, shops, holiday sales and the operation of caravan and camping holiday parks.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

DIRECTORS

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

Sir E B Greenwell

Mrs J H Trotter M.B.E

H P Trotter

R J Trotter

Mrs C M Trotter

DIRECTORS' INDEMNITY

Appropriate directors' and officers' liability insurance is in place in respect of all of the Company's directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

H P Trotter - Director

27 July 2026

Opinion

We have audited the financial statements of Meadowhead Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 October 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with those laws and regulations deemed to have a direct effect on the determination of material amounts and disclosures in the financial statements, and to perform audit procedures to enable us to identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to any identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement through the design and implementation of appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the course of the audit.

However, it is management's responsibility, with the oversight of those charged with governance, to ensure that Meadowhead Limited's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In order to identify risks of material misstatement, and appropriately address these risks through the design of audit procedures, in respect of irregularities, including fraud, the audit engagement team:

- Obtained an understanding of the nature of the industry and sector in which Meadowhead Limited operates, including the legal and regulatory framework applicable to the entity, and how the entity complies with those laws and regulations which have a direct effect on the financial statements,

- Enquired of management, and those charged with governance, about their procedures to identify and assess risk, including any known or suspected instances of fraud or misappropriation of assets,

- Enquired of management, and those charged with governance, about instances of non-compliance with laws and regulations, including how fraud might occur, and where the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations which have a direct effect on the financial statements to be FRS 102, the Companies Act 2006 and tax compliance regulations. Regarding these laws and regulations deemed to have a direct effect on the financial statements, we designed and performed audit procedures to detect instances of non-compliance which may have a material impact on the financial statements. These procedures included a review of correspondence with HMRC, enquiries of management and professional advisors, comprehensive review of policies and financial statement disclosures, and the completion of customised disclosure checklists.

The most significant laws and regulations which have an indirect impact on the financial statements are health and safety regulations and employment law. Guided by the risk assessment procedures noted above, we discussed these laws and regulations with management, and those charged with governance, and assessed whether they were aware of any instances of non-compliance. To corroborate management's assertions, we reviewed training expense codes, legal expense codes, bills to improve, and remained alert to indicators of non-compliance throughout the audit.

The audit engagement team identified management override of internal controls, and fraud in revenue recognition around the cut-off assertion in specific income streams as being the areas that the financial statements were most susceptible to material misstatement due to fraud. In order to address the risk of material misstatement due to fraud, testing was performed over manual journal entries, with a focus on specific risk criteria, large and unusual transactions, and entries outside the normal course of business.

Detection risk was lowered to increase testing of specific assertions in the above areas over manual journals in the year and after the year end.

With regard to addressing the risk of material misstatement due to fraud in revenue recognition, the audit engagement team designed and performed procedures including, but not limited to, testing postings around the period end, testing bank transactions around the year end, and assessing journals with unusual mapping structures. The audit engagement team also reviewed all policies and disclosures for adherence to FRS 102.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Walter Raymond Paterson (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited (Statutory Auditor)

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

27 July 2026

REVENUE

9,351,605

8,707,989

Cost of sales

1,662,084

1,532,851

GROSS PROFIT

7,689,521

7,175,138

Administrative expenses

5,966,323

5,996,700

OPERATING PROFIT

4

1,723,198

1,178,438

Interest receivable and similar income

41,560

95,191

1,764,758

1,273,629

Interest payable and similar expenses

5

3,008

11,853

PROFIT BEFORE TAXATION

1,761,750

1,261,776

Tax on profit

6

486,674

403,293

PROFIT FOR THE FINANCIAL YEAR

1,275,076

858,483

Retained earnings at beginning of year

15,964,645

15,106,162

RETAINED EARNINGS AT END OF YEAR

17,239,721

15,964,645

FIXED ASSETS

Property, plant and equipment

7

16,450,316

16,684,894

CURRENT ASSETS

Inventories

8

417,626

141,067

Debtors

9

717,321

663,640

Cash at bank and in hand

2,217,805

829,976

3,352,752

1,634,683

CREDITORS

Amounts falling due within one year

10

1,805,323

1,598,908

NET CURRENT ASSETS

1,547,429

35,775

TOTAL ASSETS LESS CURRENT LIABILITIES

17,997,745

16,720,669

PROVISIONS FOR LIABILITIES

13

425,000

423,000

NET ASSETS

17,572,745

16,297,669

CAPITAL AND RESERVES

Called up share capital

14

133,116

133,116

Share premium

138,201

138,201

Capital redemption reserve

61,707

61,707

Retained earnings

17,239,721

15,964,645

SHAREHOLDERS' FUNDS

17,572,745

16,297,669

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

H P Trotter - Director

Cash flows from operating activities

Cash generated from operations

1

2,065,829

2,587,669

Interest paid

(3,008

)

(11,853

)

Tax paid

(295,001

)

(403,386

)

Net cash from operating activities

1,767,820

2,172,430

Cash flows from investing activities

Purchase of tangible fixed assets

(505,285

)

(5,532,817

)

Sale of tangible fixed assets

182,913

700,932

Interest received

41,560

95,191

Net cash from investing activities

(280,812

)

(4,736,694

)

Cash flows from financing activities

Loan repayments in year

(99,179

)

(142,587

)

Amount introduced by directors

-

70,000

Net cash from financing activities

(99,179

)

(72,587

)

Increase/(decrease) in cash and cash equivalents

1,387,829

(2,636,851

)

Cash and cash equivalents at beginning of year

2

829,976

3,466,827

Cash and cash equivalents at end of year

2

2,217,805

829,976

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

31/10/25

31/10/24

£

£

Profit before taxation

1,761,750

1,261,776

Depreciation charges

572,190

581,391

(Profit)/loss on disposal of fixed assets

(15,240

)

95,682

Finance costs

3,008

11,853

Finance income

(41,560

)

(95,191

)

2,280,148

1,855,511

(Increase)/decrease in inventories

(276,559

)

58,931

(Increase)/decrease in trade and other debtors

(53,681

)

575,018

Increase in trade and other creditors

115,921

98,209

Cash generated from operations

2,065,829

2,587,669

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

2,217,805

829,976

Year ended 31 October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

829,976

3,466,827

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank and in hand

829,976

1,387,829

2,217,805

829,976

1,387,829

2,217,805

Debt

Debts falling due within 1 year

(99,179

)

99,179

-

(99,179

)

99,179

-

Total

730,797

1,487,008

2,217,805

1.	STATUTORY INFORMATION

Meadowhead Limited is a private company, limited by shares , registered in Scotland. 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.

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

Turnover

Turnover represents net invoiced sales of goods and services excluding VAT. Income from the sale of goods is recognised once the risks and rewards of ownership have been transferred to the customer. Income from rendering of services is recognised once the outcome of the transaction can be estimated and measured reliably.

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.

Leasehold property

-

Percentage on cost

Freehold property

-

Percentage on cost

Plant & machinery

-

25% on cost and Straight line over 5 years

Motor vehicles

-

25% on cost and Straight line over 5 years

Caravans & wigwams

-

15% on cost and 10% on cost

Land, buildings and developments on leasehold property are depreciated over the shorter of the asset's useful life and the remaining life of the lease unless the lease is on a rolling basis and would then be depreciated over their useful life. Buildings and developments on freehold property are depreciated over their useful life.

Impairment

Where there are indicators of impairment, asset values are compared to the net realisable value. If the net realisable value is less than the carrying amount of the asset then the asset is impaired and written down to the lower figure.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stocks to completion.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for certain directors and contributes to a group personal pension plan for other employees. Contributions payable for the year are charged to the profit and loss account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like cash and cash equivalents, trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement when an amount can be reasonably estimated. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

31/10/25

31/10/24

£

£

Wages and salaries

2,030,071

1,956,594

Social security costs

212,739

157,698

Other pension costs

190,397

464,382

2,433,207

2,578,674

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

31/10/25

31/10/24

Employees

82

75

31/10/25

31/10/24

£

£

Directors' remuneration

156,203

124,869

Directors' pension contributions to money purchase schemes

130,000

407,581

4.	OPERATING PROFIT

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

31/10/25

31/10/24

£

£

Hire of plant and machinery

32,474

53,663

Depreciation - owned assets

572,190

581,391

(Profit)/loss on disposal of fixed assets

(15,240

)

95,682

Auditors' remuneration

20,600

16,000

Other non- audit services

10,750

12,065

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/10/25

31/10/24

£

£

Bank interest

855

874

Mortgage interest

2,153

10,979

3,008

11,853

6.

TAXATION

Analysis of the tax charge

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

31/10/25

31/10/24

£

£

Current tax:

UK corporation tax

484,674

413,793

Deferred tax charge/(credit)

2,000

(10,500

)

Tax on profit

486,674

403,293

Reconciliation of total tax charge included in profit and loss

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

31/10/25

31/10/24

£

£

Profit before tax

1,761,750

1,261,776

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

440,438

315,444

Effects of:

Depreciation for year in excess of capital allowances

47,177

74,429

Adjustment for deferred tax provision

2,000

(10,500

)

Disposal of assets

(2,941

)

23,920

Total tax charge

486,674

403,293

7.	PROPERTY, PLANT AND EQUIPMENT

Leasehold

Freehold

Plant &

property

property

machinery

£

£

£

COST

At 1 November 2024

4,491,709

13,567,686

1,670,759

Additions

38,109

-

130,906

Disposals

-

-

(11,763

)

At 31 October 2025

4,529,818

13,567,686

1,789,902

DEPRECIATION

At 1 November 2024

1,565,783

1,387,275

1,504,211

Charge for year

192,630

94,630

56,585

Eliminated on disposal

-

-

(11,763

)

At 31 October 2025

1,758,413

1,481,905

1,549,033

NET BOOK VALUE

At 31 October 2025

2,771,405

12,085,781

240,869

At 31 October 2024

2,925,926

12,180,411

166,548

Motor

Caravans

vehicles

& wigwams

Totals

£

£

£

COST

At 1 November 2024

320,074

2,316,465

22,366,693

Additions

-

336,270

505,285

Disposals

-

(226,117

)

(237,880

)

At 31 October 2025

320,074

2,426,618

22,634,098

DEPRECIATION

At 1 November 2024

228,285

996,245

5,681,799

Charge for year

32,356

195,989

572,190

Eliminated on disposal

-

(58,444

)

(70,207

)

At 31 October 2025

260,641

1,133,790

6,183,782

NET BOOK VALUE

At 31 October 2025

59,433

1,292,828

16,450,316

At 31 October 2024

91,789

1,320,220

16,684,894

Included in cost of land and buildings is freehold land of £ 9,538,692 (2024 - £ 9,538,692 ) which is not depreciated.

The cost and net book value of land and buildings contained within leasehold property as at 31st October 2025 is split between long leasehold (remaining term greater than 50 years) and short leasehold as follows:

Lease Type

Cost

Net Book Value

£

£

Long Leasehold

-

-

Short Leasehold

4,529,818

2,771,405

4,529,818

2,771,405

8.	INVENTORIES

31/10/25

31/10/24

£

£

Static caravans & lodges for

resale

16,111

-

Shop, spares and sundry items

130,627

113,556

Farming stock

270,888

27,511

417,626

141,067