REGISTERED NUMBER: 03287087 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2025

for

Dawe Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr P J Dawe

Mrs S J Dawe

A T Dawe

REGISTERED OFFICE:

Dawe Estates Office

Shipdham Road

Carbrooke

Thetford

Norfolk

IP25 6ST

BUSINESS ADDRESS:

Manor Farm

Willow Corner

Carbrooke

Thetford

Norfolk

IP25 6SS

REGISTERED NUMBER:

03287087 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

5,727,251

5,819,419

Investments

5

328,253

328,253

Investment property

6

555,000

780,000

6,610,504

6,927,672

CURRENT ASSETS

Stocks

509,976

648,752

Debtors

7

1,058,880

949,740

Cash at bank and in hand

-

23,598

1,568,856

1,622,090

CREDITORS

Amounts falling due within one year

8

555,144

583,939

NET CURRENT ASSETS

1,013,712

1,038,151

TOTAL ASSETS LESS CURRENT LIABILITIES

7,624,216

7,965,823

CREDITORS

Amounts falling due after more than one year

9

(220,769

)

(321,470

)

PROVISIONS FOR LIABILITIES

11

(292,281

)

(339,832

)

NET ASSETS

7,111,166

7,304,521

CAPITAL AND RESERVES

Called up share capital

12

6,000,000

6,000,000

Fair value reserve

13

249,173

315,812

Retained earnings

861,993

988,709

SHAREHOLDERS' FUNDS

7,111,166

7,304,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

A T Dawe - Director

1.	STATUTORY INFORMATION

Dawe Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Dawe Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and livestock 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 the future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

Tangible fixed assets

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

Freehold property

-

2%-10% straight line

Plant and machinery

-

10 - 25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

30% on reducing balance

Freehold land is not depreciated.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Investment property

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The cost of cultivations and harvested crops comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

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 payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

At each reporting date, fixed assets, including tangible fixed assets, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2024

5,354,529

2,305,471

7,660,000

Additions

75,794

25,165

100,959

Disposals

(2,500

)

(4,293

)

(6,793

)

At 30 November 2025

5,427,823

2,326,343

7,754,166

DEPRECIATION

At 1 December 2024

442,547

1,398,034

1,840,581

Charge for year

41,733

147,686

189,419

Eliminated on disposal

-

(3,085

)

(3,085

)

At 30 November 2025

484,280

1,542,635

2,026,915

NET BOOK VALUE

At 30 November 2025

4,943,543

783,708

5,727,251

At 30 November 2024

4,911,982

907,437

5,819,419

An amount of £3,807,872 is included in Land and building which relates to land and is not depreciated (2024: £3,810,372).

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

Plant and

machinery

etc

£

COST

At 1 December 2024

and 30 November 2025

104,680

DEPRECIATION

At 1 December 2024

20,936

Charge for year

16,749

At 30 November 2025

37,685

NET BOOK VALUE

At 30 November 2025

66,995

At 30 November 2024

83,744

5.	FIXED ASSET INVESTMENTS

Shares in

Investment

group

in

Other

undertakings

associate

investments

Totals

£

£

£

£

COST

At 1 December 2024

and 30 November 2025

1

328,250

2

328,253

NET BOOK VALUE

At 30 November 2025

1

328,250

2

328,253

At 30 November 2024

1

328,250

2

328,253

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2024

780,000

Disposals

(225,000

)

At 30 November 2025

555,000

NET BOOK VALUE

At 30 November 2025

555,000

At 30 November 2024

780,000

Fair value at 30 November 2025 is represented by:

£

Valuation in 2024

305,601

Cost

249,399

555,000

The investment properties are stated at market value based on a valuation dated 25 March 2021, carried out by Brown & Co. who are specialist land agents. The directors consider the year end valuation does not vary materially from this.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

67,861

24,585

Amounts owed by group undertakings

237,991

130,781

Amounts owed by participating interests

723,961

698,115

Other debtors

29,067

96,259

1,058,880

949,740

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

127,696

80,000

Hire purchase contracts

16,667

16,667

Trade creditors

48,355

112,260

Amounts owed to group undertakings

149,303

83,245

Taxation and social security

6,215

5,320

Other creditors

206,908

286,447

555,144

583,939

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

208,269

292,303

Hire purchase contracts

12,500

29,167

220,769

321,470

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdraft

47,696

-

Bank loans

288,269

372,303

Hire purchase contracts

29,167

45,834

365,132

418,137

The hire purchase contracts are secured on the underlying assets. The bank overdraft and bank loan are secured on freehold property.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Other timing differences

48,180

55,433

Accelerated capital allowances

323,880

355,567

Tax losses

(79,779

)

(71,168

)

292,281

339,832

Deferred

tax

£

Balance at 1 December 2024

339,832

Provided during year

(40,298

)

Revaluation adjustment

(7,253

)

Balance at 30 November 2025

292,281

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

6,000,000

Ordinary

£1

6,000,000

6,000,000

13.

RESERVES

The fair value reserve is non distributable.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2025 and 30 November 2024:

2025

2024

£

£

Dr P J Dawe

Balance outstanding at start of year

-

-

Amounts advanced

-

179,496

Amounts repaid

-

(179,496

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Interest was charged on the loan at the official HMRC rate.

15.	RELATED PARTY DISCLOSURES

The company has loans due to it from connected companies owned and managed by the directors and shareholders of Dawe Estates Limited. At the balance sheet date the amounts due to the company included in debtors amount to £723,961 (2025 - £698,114) which are unsecured and repayable on demand.