Livesey Property Holdings Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8—9
Company Balance Sheet	10—11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—27

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

Review of the Business

The Directors aim to present a balanced and comprehensive review of the performance of the group during the year and of its position at the year end. The review is considered to be appropriate for the size and complexity of the group.

Group turnover for the year has increased by 5.9% to £9.0m. The group is expecting similar turnover levels for the year to October 2026.

Sales price per product was increased during the year to be more in line with competitors. This, combined with improved processes and efficiencies such as recycling additives, has led to an increase in gross profit margin to 51.4% from 48.5% in the prior year.

Group operating profit margin increased to 10.8% vs 6.1% in the prior year, again reflecting the improved processes and the impact of the price increase.

The group has invested heavily plant and equipment during the year with capital expenditure of £1.2m. Significant additions during the year were that of a sterilising chamber and solar PV system which should help improve efficiencies and mitigate rising energy costs.

Group net assets have increased from £6.0m to £6.4m in the current year, evidencing the company's growth is sustainable in the current economic market.

Principal Risks and Uncertainties

The key risk to the business comprise the macroeconomic conditions that can influence demand from customers for its services and potential threat of competitors. Due to a tightening economy over recent times, sales have been under pressure.

To overcome this, the company focuses on building long standing relationships with its customers and places a particular focus on identifying new leads to ensure the pipeline remains sufficient to sustain the current levels of growth experienced. To mitigate against price risk, the prices are communicated and agreed with the customers in advance of any changes coming into effect.

Future Developments

Wage and energy inflation remain a key focus of the business with ongoing investment to mitigate some of these pressures. The group is continually looking at all areas of the business where improvements can be made or environmental savings. Another key focus of the group is to maintain and develop new and existing relationships with customers, as well as ensure sales prices are sustainable in the current market.

Financial Key Performance Indicators

The Directors consider that the key financial performance indicators are those that demonstrate the activity, financial performance and position of the company, being turnover, gross profit, operating profit and net assets. An analysis of the performance of the company during the year with reference to these key performance indicators is made in the business review above.

Other Key Performance Indicators

The company uses a range of other key performance indicators to monitor and measure performance within the business on a regular basis.

On behalf of the board

Mr Timothy Livesey

Director

23 July 2026

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Livesey Property Holdings Limited

Company No. 13176387

Directors' Report For The Year Ended 31 October 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 October 2025.

Principal Activity

The group's principal activity continues to be that of the supply of agricultural produce.

The company's principal activity continues to be that of a holding company.

Dividends

The profit for the year, after taxation amounted to £617,486 (2024: £232,949).

The value of dividends paid amounted to £213,495 (2024: £168,501).

Directors

The directors who held office during the year were as follows:

Mr Timothy Livesey

Mrs Louise Livesey

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Livesey Property Holdings Limited

Directors' Report (continued)

For The Year Ended 31 October 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

On behalf of the board

Mr Timothy Livesey

Director

23 July 2026

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Independent Auditor's Report

to the Members of

Livesey Property Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Livesey Property Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 October 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 October 2025 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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.

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Independent Auditor's Report (continued)

to the Members of

Livesey Property Holdings Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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 is 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting, taxation legislation, data protection, employment and health and safety legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to making enquiries of management and inspecting legal correspondence. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships

Tested the appropriateness of journal entries and other adjustments

Assessed whether the judgements made in making accounting estimates were indicative of a potential bias

Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation

Enquiring of management as to actual and potential litigation and claims; and

Reviewing correspondence with HMRC and any other relevant regulators as required.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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Independent Auditor's Report (continued)

to the Members of

Livesey Property Holdings 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 that we are required to state to them in an auditor's report 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.

Taheer Afzal ACA (Senior Statutory Auditor)

for and on behalf of BSS Accountants Ltd , Statutory Auditor

23 July 2026

BSS Accountants Ltd

75 Aston Road

Shifnal

Shropshire

TF11 8DU

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Livesey Property Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 October 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	8,950,984	8,450,700
Cost of sales		(4,349,115 )	(4,350,324 )

GROSS PROFIT		4,601,869	4,100,376

Distribution costs		(426,068 )	(448,421 )
Administrative expenses		(3,251,946 )	(3,164,483 )
Other operating income		21,721	28,051

OPERATING PROFIT	5	945,576	515,523
Profit on disposal of fixed assets		11,670	13,833
Other interest receivable and similar income	10	20,868	17,665
Interest payable and similar charges	11	(66,321 )	(88,686 )

PROFIT BEFORE TAXATION		911,793	458,335
Tax on Profit	12	(311,509 )	(225,386 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		600,284	232,949
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		600,284	232,949

The notes on pages 15 to 27 form part of these financial statements.

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Livesey Property Holdings Limited

Consolidated Balance Sheet

As At 31 October 2025

Consolidated Balance Sheet

Registered number: 13176387

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		1,519,321		1,795,562
Tangible Assets	14		3,271,008		3,115,180
Investment Properties	15		2,373,500		2,373,500

			7,163,829		7,284,242
CURRENT ASSETS
Stocks	17	1,065,119		851,175
Debtors	18	1,623,622		1,628,368
Cash at bank and in hand		258,300		372,442

		2,947,041		2,851,985
Creditors: Amounts Falling Due Within One Year	19	(960,911 )		(1,161,880 )

NET CURRENT ASSETS (LIABILITIES)			1,986,130		1,690,105

TOTAL ASSETS LESS CURRENT LIABILITIES			9,149,959		8,974,347

Creditors: Amounts Falling Due After More Than One Year	20		(2,060,524 )		(2,310,171 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(714,647 )		(676,177 )

NET ASSETS			6,374,788		5,987,999

CAPITAL AND RESERVES
Called up share capital	24		10,000		10,000
Other reserves			2,375,405		2,375,405
Fair value reserve	28		883,239		883,239
Profit and Loss Account			3,106,144		2,719,355

SHAREHOLDERS' FUNDS			6,374,788		5,987,999

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Livesey Property Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 October 2025

The financial statements were approved by the board of directors on 23 July 2026 and were signed on its behalf by:

Mr Timothy Livesey

Director

The notes on pages 15 to 27 form part of these financial statements.

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Livesey Property Holdings Limited

Company Balance Sheet

As At 31 October 2025

Company Balance Sheet

Registered number: 13176387

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		55,000		55,000
Investment Properties	15		2,373,500		2,373,500
Investments	16		1,019,999		1,019,999

			3,448,499		3,448,499
CURRENT ASSETS
Debtors	18	649,697		709,083
Cash at bank and in hand		12,190		12,453

		661,887		721,536
Creditors: Amounts Falling Due Within One Year	19	(301,806 )		(316,021 )

NET CURRENT ASSETS (LIABILITIES)			360,081		405,515

TOTAL ASSETS LESS CURRENT LIABILITIES			3,808,580		3,854,014

Creditors: Amounts Falling Due After More Than One Year	20		(1,398,254 )		(1,532,681 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(294,413 )		(294,413 )

NET ASSETS			2,115,913		2,026,920

CAPITAL AND RESERVES
Called up share capital	24		10,000		10,000
Fair value reserve	28		883,239		883,239
Profit and Loss Account			1,222,674		1,133,681

SHAREHOLDERS' FUNDS			2,115,913		2,026,920

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Livesey Property Holdings Limited

Company Balance Sheet (continued)

As At 31 October 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 302,488 (2024: £ 250,145 profit).

On behalf of the board

Mr Timothy Livesey

Director

23 July 2026

The notes on pages 15 to 27 form part of these financial statements.

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Livesey Property Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 October 2025

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 November 2023	10,000	2,375,405	883,239	2,654,907	5,923,551
Profit for the year and total comprehensive income	-	-	-	232,949	232,949

Dividends paid	-	-	-	(168,501)	(168,501)

As at 31 October 2024 and 1 November 2024	10,000	2,375,405	883,239	2,719,355	5,987,999


Profit for the year and total comprehensive income	-	-	-	600,284	600,284

Dividends paid	-	-	-	(213,495)	(213,495)

As at 31 October 2025	10,000	2,375,405	883,239	3,106,144	6,374,788

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Livesey Property Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 October 2025

Company Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 November 2023	10,000	883,239	1,052,037	1,945,276
Profit for the year and total comprehensive income	-	-	250,145	250,145

Dividends paid	-	-	(168,501)	(168,501)

As at 31 October 2024 and 1 November 2024	10,000	883,239	1,133,681	2,026,920


Profit for the year and total comprehensive income	-	-	302,488	302,488

Dividends paid	-	-	(213,495)	(213,495)

As at 31 October 2025	10,000	883,239	1,222,674	2,115,913

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Livesey Property Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 October 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,806,268	1,455,688
Interest paid		(66,321 )	(88,686 )
Tax paid		(301,064 )	(405,054 )

Net cash generated from operating activities		1,438,883	961,948

Cash flows from investing activities
Purchase of tangible assets		(1,135,766 )	(602,370 )
Proceeds from disposal of tangible assets		20,833	75,000
Grants received		9,821	12,751
Interest received		20,868	17,665

Net cash used in investing activities		(1,084,244 )	(496,954 )

Cash flows from financing activities
Equity dividends paid		(213,495 )	(168,501 )
Repayment of bank borrowings		(165,885 )	(150,477 )
Repayment of finance leases		(42,495 )	(26,171 )
Amount introduced by directors		59,359	62,088

Net cash used in financing activities		(362,516 )	(283,061 )



(Decrease)/increase in cash and cash equivalents		(7,877 )	181,933
Cash and cash equivalents at beginning of year	2	201,667	19,734

Cash and cash equivalents at end of year	2	193,790	201,667

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Livesey Property Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 October 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	600,284	232,949
Adjustments for:
Tax on profit	311,509	225,386
Interest expense	66,321	88,686
Interest income	(20,868 )	(17,665 )
Amortisation of intangible assets	276,241	276,241
Depreciation of tangible assets	970,775	991,775
Profit on disposal of tangible assets	(11,670)	(13,833)
Grant income	(9,821)	(12,751)
Movements in working capital:
Increase in stocks	(213,944 )	(83,897 )
Increase in trade and other debtors	(54,613 )	(94,783 )
Decrease in trade and other creditors	(107,946 )	(136,420 )

Net cash generated from operations	1,806,268	1,455,688

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	258,300	372,442
Overdraft facilities repayable on demand	(64,510 )	(170,775 )

Cash and cash equivalents as stated in the Statement of Cash Flows	193,790	201,667

3. Analysis of changes in net debt

	As at 1 November 2024	Cash flows	As at 31 October 2025
	£	£	£
Cash at bank and in hand	372,442	(114,142)	258,300
Overdraft facilities repayable on demand	(170,775)	106,265	(64,510)

Cash and cash equivalents	201,667	(7,877)	193,790
Finance leases	(76,338)	42,495	(33,843)
Debts falling due within one year	(160,513 )	58,016	(102,497 )
Debts falling due after more than one year	(806,123)	107,869	(698,254)

	(841,307)	200,503	(640,804)

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Livesey Property Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

Livesey Property Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13176387 . The registered office is Lower Fields Mushroom Farm, Normanton Road, Packington, Ashby-De-La-Zouch, LE65 1XA.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2.3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in Sterling which is the functional currency of the Group and are rounded to the nearest £1.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 October 2025.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Acquisitions made by share issue, for example by share for share exchange, account for the difference between fair value and nominal value of the share or shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. Acquisitions are accounted for under the acquisition accounting method.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of agricultural produce is recognised upon dispatch.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life.

The period chosen for writing off goodwill is 10 years.

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged from the later of the month of acquisition or the date the asset is bought into use. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% Straight Line
Leasehold	10% Straight Line
Plant & Machinery	20% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	20% Straight Line

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the 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 a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Livestock is valued at fair value less estimated costs to sell.

2.9. Cash and Cash Equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.10. Financial Instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.11. Foreign Currencies

Functional and Presentation Currency

The Group's functional and presentational currency is GBP.

Transactions and Balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.12. Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13. Pensions

The group operates a defined pension contribution scheme. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

2.14. Government Grant

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.

2.15. Debtors and Creditors Receivable/Payable within One Year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.16. Loans and Borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2.17. Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Compost Sales	2,624	1,033
Sale of Livestock	137,475	109,371
Sale of Produce	8,804,114	8,335,666
Shop Sales	6,771	4,630

	8,950,984	8,450,700

4. Other Operating Income

	2025	2024
	£	£
Grant income	9,821	12,751
Rental income	11,900	15,300

	21,721	28,051

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	970,775	991,775
Amortisation of intangible fixed assets	276,241	276,241

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	17,540	16,400

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,267,175	2,122,455
Social security costs	279,672	226,106
Other pension costs	125,707	132,604

	2,672,554	2,481,165

8. Average Number of Employees

Group

Average number of employees for the group, including directors, during the year was: 52 (2024: 52)

Company

The company has no employees other than the directors. 2 (2024: 2)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	233,458	247,115
Company contributions to money purchase pension schemes	18,447	93,667

	251,905	340,782

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	132,158	117,275
Company contributions to money purchase pension schemes	12,330	71,669

	144,488	188,944

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	5,592	5,118
Other interest receivable	15,276	12,547

	20,868	17,665

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	64,804	85,787
Finance charges payable under finance leases and hire purchase contracts	1,104	2,011
Late payment tax charges	413	888

	66,321	88,686

12. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	273,039	276,110
Deferred Tax
Deferred taxation			38,470	(50,724 )


Total tax charge for the period			311,509	225,386

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	911,793	458,335

Tax on profit at 25% (UK standard rate)	227,948	114,583
Goodwill/depreciation not allowed for tax	311,754	313,519
Expenses not deductible for tax purposes	647	1,525
Capital allowances	(267,310 )	(153,518 )
Short term timing differences	38,470	(50,723 )

Total tax charge for the period	311,509	225,386

There are no factors identified that will affect future tax charges

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 November 2024	2,762,405

As at 31 October 2025	2,762,405

...CONTINUED

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

Amortisation
As at 1 November 2024	966,843
Provided during the period	276,241

As at 31 October 2025	1,243,084

Net Book Value
As at 31 October 2025	1,519,321

As at 1 November 2024	1,795,562

Company

The company had no intangible fixed assets as at 31 October 2025 or 31 October 2024.

14. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 November 2024	55,000	2,515,717	6,040,092	202,062
Additions	-	81,114	937,244	117,408
Disposals	-	-	-	(24,399 )

As at 31 October 2025	55,000	2,596,831	6,977,336	295,071

Depreciation
As at 1 November 2024	-	1,650,288	3,948,277	109,083
Provided during the period	-	165,129	752,847	45,872
Disposals	-	-	-	(15,236 )

As at 31 October 2025	-	1,815,417	4,701,124	139,719

Net Book Value
As at 31 October 2025	55,000	781,414	2,276,212	155,352

As at 1 November 2024	55,000	865,429	2,091,815	92,979


	Computer Equipment	Total
	£	£
Cost
As at 1 November 2024	35,671	8,848,542
Additions	-	1,135,766
Disposals	-	(24,399 )

As at 31 October 2025	35,671	9,959,909

...CONTINUED

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

Depreciation
As at 1 November 2024	25,714	5,733,362
Provided during the period	6,927	970,775
Disposals	-	(15,236 )

As at 31 October 2025	32,641	6,688,901

Net Book Value
As at 31 October 2025	3,030	3,271,008

As at 1 November 2024	9,957	3,115,180

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	132,332	165,415

Company

	Land & Property
	Freehold
	£
Cost
As at 1 November 2024	55,000

As at 31 October 2025	55,000

Net Book Value
As at 31 October 2025	55,000

As at 1 November 2024	55,000

15. Investment Property

Group

	2025
	£
Fair Value
As at 1 November 2024 and 31 October 2025	2,373,500

The valuation in the current year is based on valuations performed in November 2020 by Fisher German LLP. The directors consider this represents the fair value as at the reporting date.

The investment property is all used within the group in relation to the groups principal trading activity.

Company

	2025
	£
Fair Value
As at 1 November 2024 and 31 October 2025	2,373,500

Page 23

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

16. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 November 2024	1,019,999

As at 31 October 2025	1,019,999

Provision
As at 1 November 2024	-

As at 31 October 2025	-

Net Book Value
As at 31 October 2025	1,019,999

As at 1 November 2024	1,019,999

Subsidiaries

Details of the group's subsidiaries as at 31 October 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Livesey Brothers Limited	Lowerfields Mushroom Farm	Ordinary	100.00%	-
Brownacre Limited	Lowerfields Mushroom Farm	Ordinary	100.00%	-

17. Stocks

	2025	2024
	£	£
Raw materials	341,940	295,615
Livestock	272,400	149,777
Finished goods and goods for resale	32,123	33,879
Work in progress	418,656	371,904

	1,065,119	851,175

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	890,096	842,730	-	-
Other debtors	553,063	605,175	469,234	528,620

	1,443,159	1,447,905	469,234	528,620
Due after more than one year
Other debtors	180,463	180,463	180,463	180,463

	1,623,622	1,628,368	649,697	709,083

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	22,718	42,495	-	-
Trade creditors	233,760	264,799	-	-
Bank loans and overdrafts	167,007	331,288	79,597	71,403
Amounts owed to group undertakings	-	-	137,405	162,405
Other creditors	172,999	119,946	50,000	50,000
Corporation tax	197,440	225,465	29,664	27,215
Taxation and social security	82,916	73,135	-	-
Accruals and deferred income	84,071	104,752	5,140	4,998

	960,911	1,161,880	301,806	316,021

Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.

The bank loan is secured by way of a fixed and floating charge over all assets of the group.

20. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	11,125	33,843	-	-
Bank loans	698,254	806,123	698,254	782,681
Other creditors	1,351,145	1,470,205	700,000	750,000

	2,060,524	2,310,171	1,398,254	1,532,681

The bank loan is secured by way of a fixed and floating charge over all assets of the group.

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans	322,142	425,611	322,142	425,611

21. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	102,497	160,513	79,597	71,403

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	376,112	380,512	376,112	357,070

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due after more than five years:
Bank loans	322,142	425,611	322,142	425,611

22. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	22,718	42,495
Later than one year and not later than five years	11,125	33,843

	33,843	76,338

	33,843	76,338

23. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	420,234	381,764	-	-
Revaluation of investment properties	294,413	294,413	294,413	294,413

	714,647	676,177	294,413	294,413

24. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
4,000 Ordinary Shares of £ 1.00 each	4,000	10,000
2,000 Ordinary A shares of £ 1.00 each	2,000	-
2,000 Ordinary B shares of £ 1.00 each	2,000	-
2,000 Ordinary C shares of £ 1.00 each	2,000	-

	10,000	10,000

On 27 January 2025 the existing share capital of £10,000 Ordinary Shares of £1 each were divided into new share classes as disclosed above.

Page 26

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Livesey Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £125,707 (2024: £132,604).

At the balance sheet date contributions of £5,210 (2024: £0) were due to the fund and are included in creditors.

26. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 November 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 October 2025
	£	£	£	£	£
Mr Timothy Livesey	528,593	15,276	74,635	-	469,234

The above loan is unsecured, interest is being charged at 3.75% from 5 Apr 25 (2.25% prior) and repayable on demand.

27. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	213,495	168,501

28. Reserves

Merger Reserve

The merger reserve is formed when subsidiaries are acquired into the group. It is the difference between the fair value of acquired subsidiaries and the nominal value of the shares issued on acquisition.

Profit and Loss Account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

29. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

The balance due to the company by the Director as at 31 October 2025 was £469,234 (2024: £528,593).

30. Controlling Parties

The company is under the control of the directors and their immediate family members.

31. Other financial commitments

The company has granted an unlimited multilateral guarantee with Livesey Brothers Limited and Brownacre Limited to HSBC UK Bank plc, dated 30 April 2021.

Page 27