REGISTERED NUMBER: 04310055 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

WILLES FARMING LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

13

DIRECTOR:

P A Willes

REGISTERED OFFICE:

St. John's House

Castle Street

Taunton

Somerset

TA1 4AY

REGISTERED NUMBER:

04310055 (England and Wales)

AUDITORS:

MITCHELLS

Chartered Accountants and Statutory Auditors

St. John's House

Castle Street

TAUNTON

Somerset

TA1 4AY

BANKERS:

Lloyds Bank plc

5, High Street

BIDEFORD

Devon

SOLICITORS:

Wollens

Avery House

Liberty Road

Roundswell Business Park

Barnstaple

Devon

EX31 3TL

The director presents his strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

The company is operating within the UK dairy industry, having acquired its dairy herds on 1 May 2025 from an existing dairy business operated by a former director which also supplied milk to the local cheesemaking company. The company and the vendor obtained a professionally determined valuation to derive the appropriate market value of the herds at that date. The company continued to sell the forage crops from the land which it farmed and provided subcontracting services to the vendor's business up until the transfer of the herds. The decision was also taken to expand the company's farming operations and during the period under review two farms were purchased along with some more land in North Devon.

Year ended

30 November 2025

30 November 2024

Turnover (£)

18,869,521

10,347,046

Profit/(loss) before tax (£)

6,551,896

6,363,065

At the end of the year, the net assets totalled £33,649,148 (2024 £28,756,433)

Given the straight forward nature of the business, the company's directors are of the opinion that any further analysis using key performance indicators [KPI's] is not necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's management have a wealth of knowledge and experience in the dairy industry. As mentioned above, the company's dairy herds supply milk to a connected company with a long track record of manufacturing good quality cheddar cheese which is a dietary staple and is unlikely to see a loss of demand. The acquisition of a large arable farm in Lincolnshire represents a new venture but appropriate management and contracting provision are in place to ensure the smooth operation of this farm. Planning has been applied for to establish a beef rearing unit in the future. No risk factors have increased in likelihood. There are no other risks of sufficient importance to mention in this report. The company's directors are confident that the business will continue to adapt to any changing business circumstances.

ON BEHALF OF THE BOARD:

P A Willes - Director

26 August 2026

The director presents his report with the financial statements of the company for the year ended 30 November 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 November 2025.

DIRECTORS

P A Willes has held office during the whole of the period from 1 December 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mrs S J Berry , H J Willes and Miss K L Willes ceased to be directors after 30 November 2025 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

P A Willes - Director

26 August 2026

Opinion

We have audited the financial statements of Willes Farming Ltd (the 'company') for the year ended 30 November 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 November 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments

for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of

business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of fraud.

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.

David Mitchell FCA (Senior Statutory Auditor)

for and on behalf of MITCHELLS

Chartered Accountants and Statutory Auditors

St. John's House

Castle Street

TAUNTON

Somerset

TA1 4AY

27 August 2026

TURNOVER

21,854,640

10,347,046

Cost of sales

12,576,920

6,654,056

GROSS PROFIT

9,277,720

3,692,990

Distribution costs

84,675

23,150

Administrative expenses

6,661,236

3,012,538

6,745,911

3,035,688

2,531,809

657,302

Other operating income

3,720,746

4,812,800

OPERATING PROFIT

4

6,252,555

5,470,102

Income from fixed asset investments

-

567,592

Interest receivable and similar income

453,873

333,741

453,873

901,333

6,706,428

6,371,435

Interest payable and similar expenses

5

154,532

8,370

PROFIT BEFORE TAXATION

6,551,896

6,363,065

Tax on profit

6

1,659,181

511,717

PROFIT FOR THE FINANCIAL YEAR

4,892,715

5,851,348

Retained earnings at beginning of year

28,755,433

22,904,085

RETAINED EARNINGS AT END OF YEAR

33,648,148

28,755,433

FIXED ASSETS

Tangible assets

7

48,994,817

7,760,968

Investments

8

2,845,564

2,845,564

51,840,381

10,606,532

CURRENT ASSETS

Stocks

9

2,569,715

166,275

Debtors

10

12,394,465

9,239,988

Cash at bank and in hand

19,245

12,696,212

14,983,425

22,102,475

CREDITORS

Amounts falling due within one year

11

13,514,106

2,783,686

NET CURRENT ASSETS

1,469,319

19,318,789

TOTAL ASSETS LESS CURRENT LIABILITIES

53,309,700

29,925,321

CREDITORS

Amounts falling due after more than one year

12

(18,331,997

)

(69,900

)

PROVISIONS FOR LIABILITIES

16

(1,311,964

)

(1,077,088

)

ACCRUALS AND DEFERRED INCOME

17

(16,591

)

(21,900

)

NET ASSETS

33,649,148

28,756,433

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

19

33,648,148

28,755,433

SHAREHOLDERS' FUNDS

33,649,148

28,756,433

The financial statements were approved by the director and authorised for issue on 26 August 2026 and were signed by:

P A Willes - Director

Cash flows from operating activities

Cash generated from operations

1

3,030,766

220,537

Interest paid

(10,158

)

(19,036

)

Interest element of hire purchase payments paid

(75

)

-

Tax paid

(961,391

)

61,833

Net cash from operating activities

2,059,142

263,334

Cash flows from investing activities

Purchase of tangible fixed assets

(42,237,974

)

(3,651,286

)

Sale of tangible fixed assets

602,015

5,151,190

Sale of fixed asset investments

-

11,525,709

Loans made in year

(1,500,000

)

(879,832

)

Loan repayments in year

1,761,137

1,767,423

Interest received

529,938

288,869

Dividends received

-

567,592

Net cash from investing activities

(40,844,884

)

14,769,665

Cash flows from financing activities

New loans in year

21,233,120

215,495

Loan repayments in year

(2,411,379

)

(6,882,960

)

Capital repayments in year

(69,900

)

-

Net cash from financing activities

18,751,841

(6,667,465

)

(Decrease)/increase in cash and cash equivalents

(20,033,901

)

8,365,534

Cash and cash equivalents at beginning of year

2

12,696,212

4,330,678

Cash and cash equivalents at end of year

2

(7,337,689

)

12,696,212

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

30.11.25

30.11.24

£

£

Profit before taxation

6,551,896

6,363,065

Depreciation charges

1,119,121

1,154,591

Profit on disposal of fixed assets

(106,011

)

(2,874,456

)

Government grants

(5,309

)

10,762

Finance costs

154,532

8,370

Finance income

(453,873

)

(901,333

)

7,260,356

3,760,999

(Increase)/decrease in stocks

(2,403,440

)

508,504

Increase in trade and other debtors

(3,491,679

)

(3,912,377

)

Increase/(decrease) in trade and other creditors

1,665,529

(136,589

)

Cash generated from operations

3,030,766

220,537

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

19,245

12,696,212

Bank overdrafts

(7,356,934

)

-

(7,337,689

)

12,696,212

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

12,696,212

4,330,678

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

12,696,212

(12,676,967

)

19,245

Bank overdrafts

-

(7,356,934

)

(7,356,934

)

12,696,212

(20,033,901

)

(7,337,689

)

Debt

Finance leases

(139,800

)

69,900

(69,900

)

Debts falling due within 1 year

(145,000

)

125,000

(20,000

)

Debts falling due after 1 year

-

(18,331,997

)

(18,331,997

)

(284,800

)

(18,137,097

)

(18,421,897

)

Total

12,411,412

(38,170,998

)

(25,759,586

)

1.	STATUTORY INFORMATION

Willes Farming Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

4% on cost

Improvements to property

-

4% on cost

Plant and machinery

-

15% on cost

Dairy Herd

-

not provided

Buildings included in freehold property are depreciated at 4% on cost. Freehold land is not depreciated.

The dairy herds are valued at the lower of cost and net realisable value.

Stocks

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

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.

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

Fixed asset investments

Unlisted Investments

The company has made investments in companies in which it has a participating interest but no overall control. These investments comprise investment in the share capital of the relevant company.

In accordance with the Financial Reporting Standard these investments are carried on the statement of financial position at cost together with additional information by way of a note to the accounts.

Government grants

The government grants relate to expenditure on fixed assets and cost of living support payments. The company's policy is to treat capital grants as deferred income and they are then credited to the profit and loss account over the expected useful life of the asset. The basis of calculating the amounts to be credited to the profit and loss account is consistent with the depreciation policy applied to the asset. Revenue grants are treated as income and are credited to the profit and loss account as they are received.

3.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

2,876,971

2,782,222

Social security costs

207,395

158,029

Other pension costs

154,550

212,321

3,238,916

3,152,572

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

30.11.25

30.11.24

Farm workers

51

52

Directors

1

2

52

54

30.11.25

30.11.24

£

£

Directors' remuneration

27,391

34,662

Directors' pension contributions to money purchase schemes

120,000

180,073

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

3

4.	OPERATING PROFIT

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

30.11.25

30.11.24

£

£

Hire of plant and machinery

183,123

151,460

Other operating leases - rent

67,342

68,461

Depreciation - owned assets

1,072,366

1,107,836

Depreciation - assets on hire purchase contracts

46,755

46,755

Profit on disposal of fixed assets

(106,011

)

(2,874,456

)

Audit fee

25,650

25,450

Foreign exchange differences

(622

)

(1,096

)

Accountancy and tax services provided by Auditors Firm

17,410

17,186

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Bank interest

11,570

631

Trade Interest

-

205

Interest and penalty re late

payment of VAT

5,247

-

Loan

137,640

7,534

Hire purchase

75

-

154,532

8,370

6.

TAXATION

Analysis of the tax charge

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

30.11.25

30.11.24

£

£

Current tax:

UK corporation tax

1,424,305

459,382

Deferred tax

234,876

52,335

Tax on profit

1,659,181

511,717

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:

30.11.25

30.11.24

£

£

Profit before tax

6,551,896

6,363,065

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

1,637,974

1,590,766

Effects of:

Expenses not deductible for tax purposes

18,396

177

Income not taxable for tax purposes

(31,298

)

(793,407

)

Capital allowances in excess of depreciation

(200,767

)

(147,810

)

Utilisation of tax losses

-

(835

)

Adjustments to previous periods in respect of research and development tax relief

-

(189,509

)

Deferred tax movement re freehold property

(2,677

)

(2,093

)

Deferred tax movement re capital allowances

206,255

57,119

Deferred tax movement re stocks

29,971

-

Deferred tax movement re Government grants

1,327

(2,691

)

Total tax charge

1,659,181

511,717

7.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Dairy

property

property

machinery

Herd

Totals

£

£

£

£

£

COST

At 1 December 2024

3,273,766

424,257

8,715,632

-

12,413,655

Additions

33,405,465

-

2,434,409

7,009,100

42,848,974

Disposals

-

-

(737,380

)

-

(737,380

)

At 30 November 2025

36,679,231

424,257

10,412,661

7,009,100

54,525,249

DEPRECIATION

At 1 December 2024

8,372

235,478

4,408,837

-

4,652,687

Charge for year

10,706

16,970

1,091,445

-

1,119,121

Eliminated on disposal

-

-

(241,376

)

-

(241,376

)

At 30 November 2025

19,078

252,448

5,258,906

-

5,530,432

NET BOOK VALUE

At 30 November 2025

36,660,153

171,809

5,153,755

7,009,100

48,994,817

At 30 November 2024

3,265,394

188,779

4,306,795

-

7,760,968

Included in cost of land and buildings is freehold land of £ 32,201,279 (2024 - £ 2,389,997 ) which is not depreciated.