Registered number: 11036457
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his strategic report of the Group for the period ended 31 December 2025.
The principal activity of the Group in the period under review was that of a specialist soft fruit grower. The Company's principal activity is that of a holding company for The New Forest Fruit Company Limited.
The principal activity of the Group in the period under review was that of a specialist soft fruit grower. The Company's principal activity is that of a holding company for The New Forest Fruit Company Limited.
Turnover increased to £27.7m in 2025 from £23.1 million in 2024. This is a year-on-year increase of 20% as a result of improved yields and growing techniques. Asparagus production continues to expand, with sales increasing by 39% in 2025.
An operating profit of £3.4 million is seen in 2025 (£2.5m in 2024). This represents a careful control of labour and direct costs to maintain year on year gross margin as turnover has increased.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are very aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
The Group's net asset position has increased from £10.9M to £12.9M.
An operating profit of £3.4 million is seen in 2025 (£2.5m in 2024). This represents a careful control of labour and direct costs to maintain year on year gross margin as turnover has increased.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are very aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
The Group's net asset position has increased from £10.9M to £12.9M.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Weather and Climate
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. This is seen from the effect of the weather on the 2023 turnover from which the business has recovered in 2024 and 2025.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
The business is also at risk to changes to our climate as prolonged hot weather and draught become more prevalent. This is expected to increase the requirement for water over coming years, particularly as fruit production volumes have also increased. The directors are therefore investigating options to increase water security including constructing new reservoirs and boreholes.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
Labour Costs
A recurring challenge for the industry is the increase in labour rate. The minimum wage increased to £12.21 and further conditions relating to workers’ hours and pay are often imposed by supermarkets and the Home Office.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. We continue to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. We constantly scrutinise activities & processes to find savings. We measure all tasks, monitor, and perform detailed analysis of the data available to us.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. We were reassured by the government’s announcement in 2024 that this scheme will continue until at least 2029. We continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work.
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but the average rate in 2025 was comparable to 2024. The company monitors the euro exchange rate regularly and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. This is seen from the effect of the weather on the 2023 turnover from which the business has recovered in 2024 and 2025.
It is difficult to eliminate the risk of a poor harvest due to poor weather and lack of sunshine however measures are being taken by the company to improve efficiencies and workforce management to keep labour costs to a minimum when harvests are lower than expected.
The business is also at risk to changes to our climate as prolonged hot weather and draught become more prevalent. This is expected to increase the requirement for water over coming years, particularly as fruit production volumes have also increased. The directors are therefore investigating options to increase water security including constructing new reservoirs and boreholes.
Storm damage also presents a risk to polytunnels which can cause loss of crops and destruction of company assets. Over the years we have invested in strengthening our polytunnels and have been successful in obtaining insurance. Whilst this cannot eliminate the risk a major storm presents; it does afford us some protection from the catastrophic effects of extreme weather systems.
Labour Costs
A recurring challenge for the industry is the increase in labour rate. The minimum wage increased to £12.21 and further conditions relating to workers’ hours and pay are often imposed by supermarkets and the Home Office.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. We continue to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. We constantly scrutinise activities & processes to find savings. We measure all tasks, monitor, and perform detailed analysis of the data available to us.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. We were reassured by the government’s announcement in 2024 that this scheme will continue until at least 2029. We continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work.
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but the average rate in 2025 was comparable to 2024. The company monitors the euro exchange rate regularly and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
During 2025 we continued to strengthen our management team to build upon our production efficiency gains in 2024.
We have continued to invest in our worker accommodation in 2025 to continue improving the living standards for our workforce. We have also recruited since the yearend to strengthen our accommodation management team.
We have also continued to utilise robots for UV treatment of crops which is at a commercial level of development. This reduces our dependency on a labour force that is increasing in cost.
The business strives to innovate wherever possible with developments continually sought throughout the farm. This year saw continued developments in grape and asparagus production.
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing timely management information that is used to monitor performance against budget and previous years and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to management staff on a weekly basis.
The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, we focus strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed quarterly. Individual managers receive expenditure reports for their relevant areas as required. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.
We have continued to invest in our worker accommodation in 2025 to continue improving the living standards for our workforce. We have also recruited since the yearend to strengthen our accommodation management team.
We have also continued to utilise robots for UV treatment of crops which is at a commercial level of development. This reduces our dependency on a labour force that is increasing in cost.
The business strives to innovate wherever possible with developments continually sought throughout the farm. This year saw continued developments in grape and asparagus production.
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing timely management information that is used to monitor performance against budget and previous years and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to management staff on a weekly basis.
The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, we focus strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed quarterly. Individual managers receive expenditure reports for their relevant areas as required. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Director presents his report and the financial statements for the year ended 31 December 2025.
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £2,044,965 (2024 -£1,492,795).
The total distribution of dividends for the year ended 31 December 2025 was £25,200 (2024 - £116,200).
The Director who served during the year was:
The commitment and enthusiasm of senior and middle management is excellent, as witnessed by longevity of service. We have added to the experience of our management team with targeted external recruitment in the year.
Regarding our general staff relations, we take all our statutory responsibilities very seriously and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have 2 dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.
Regarding our general staff relations, we take all our statutory responsibilities very seriously and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have 2 dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group and Company have chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Strategic report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The director is are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The director is are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company and Group's auditors are
unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.
• so far as the director is aware, there is no relevant audit information of which the Company and Group's auditors are
unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.
Details of significant events occurring after the reporting date are set out in note 33.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED
We have audited the financial statements of Booth Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the Parent 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent purchase ledger;
°Manipulation of amounts subject to significant judgments or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
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