ACCOUNTS - Final Accounts preparation

Registered number: 09266719

FARMER J LIMITED

AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

FARMER J LIMITED

COMPANY INFORMATION

Directors	J Recanati
	L Y Recanati
	Y Tal
	D J Connell
	S M Veale
	M C B Thorne
	A A Recanati


Registered number	09266719


Registered office	3rd Floor
	The Coade
	98 Vauxhall Walk
	London
	SE11 5EL


Independent auditors	Wellers Limited
	Accountants & Statutory Auditors
	3rd Floor, The Coade
	98 Vauxhall Walk
	London
	SE11 5EL

FARMER J LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 5
Independent auditors' report	6 - 10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12 - 13
Company balance sheet	14 - 15
Consolidated statement of changes in equity	16
Company statement of changes in equity	17
Consolidated statement of cash flows	18 - 19
Notes to the financial statements	20 - 51

FARMER J LIMITED

GROUP STRATEGIC REPORT

FOR THE PERIOD ENDED 28 DECEMBER 2025

Introduction

The directors present their strategic report for the 52 week period ending 28 December 2025.

Business review

Farmer J is a premium fast-casual restaurant group operating in the UK, with a focus on providing freshly prepared, seasonal and balanced meals. The business is centred around our signature "Fieldtrays," designed to offer high-quality food served quickly, at an accessible price point.

Our strategy is built on three core pillars:
• Growth of our restaurant portfolio in high-footfall urban locations.
• Commitment to fresh, responsibly sourced ingredients, working with trusted suppliers across the UK.
• Focus on customer experience, blending convenience with quality and consistency.

The Group continues to strengthen its presence in London and surrounding areas, targeting locations that benefit from high density of office workers, commuters and local residents.

Business Model
Farmer J generates revenue through direct sales in restaurants and delivery channels. Our business model is underpinned by:
• A centralised kitchen and supply chain, ensuring quality control and efficiency.
• Strong brand positioning in the premium fast-casual sector, appealing to health-conscious consumers.
• Multi-channel sales including eat-in, takeaway and delivery partnerships.

Review of the Year
The Group has delivered another year of strong growth, with revenue increasing circa 50% compared with the prior year, reflecting both new restaurant openings and continued like-for-like sales growth.
Highlights included:
• Opening of four new restaurants, bringing the total estate to seventeen sites by the period end.
• Continued investment in digital ordering platforms, enhancing customer convenience.
• Strong demand across delivery channels, which now account for circa 25% of sales.

The Group continued to invest in its people, systems, and infrastructure to support future expansion. During the year, the business strengthened its central support functions and progressed its international growth strategy, culminating in the opening of its first restaurant in New York shortly after the year end.

The business has also taken steps to manage inflationary pressures, particularly food and energy costs, through supplier negotiations, menu optimisation and operational efficiencies.

During the year we had a significant funding round supported by existing and new investors, which ensures we are sufficiently capitalised to deliver our ambitious growth plans.

Page 1

FARMER J LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

Principal risks and uncertainties

The Group faces risks and uncertainties which could affect future performance, including:

• Consumer demand risk: discretionary spending is sensitive to macroeconomic conditions and cost-of-living pressures.
• Supply chain and inflation risk: fluctuations in food, labour and energy costs may impact margins.
• Operational risk: ensuring consistent quality and service standards across a growing estate.
• Regulatory risk: compliance with food safety, employment and environmental legislation.

Mitigating actions include diversified sourcing arrangements, continuous menu engineering, rigorous training programmes and strong financial controls.

Financial key performance indicators

The directors monitor sales and profitability of the Company which are shown on the face of the consolidated statement of income and retained earnings. The directors also monitor non-financial items. Key Performance Indicators (KPIs) monitored by the Board include:

• Like-for-like sales growth
• Restaurant contribution margin
• Customer satisfaction scores
• Employee retention and engagement levels

The Directors receive regular updates on progress against key performance indicators.

Directors’ statement of compliance with duty to promote the success of the Company

The Directors of Farmer J Limited are mindful of their duty under section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to:

- the likely consequences of any decision in the long term;
- the interests of the Company’s employees;
- the need to foster business relationships with suppliers, customers and others;
- the impact of the Company’s operations on the community and the environment;
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly between members of the Company.

This report was approved by the board and signed on its behalf.

................................................

J Recanati

Director

Date: 28 September 2026

Page 2

FARMER J LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 28 DECEMBER 2025

The directors present their report and the financial statements for the period ended 28 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.

Principal activity

The principal activity of the company continued to be that of catering activities.

Results and dividends

2025 was a strong year for the business, as we saw sales grow by circa 50% and opened four new restaurants in the year with our first site in the US opening in New York just after year-end.

After accounting for pre-opening costs, exceptional costs, depreciation, amortisation and interest costs, the loss for the period, after taxation, amounted to £1,460,921 (2024 - loss £682,082).

Page 3

FARMER J LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

Directors

The directors who served during the period were:

J Recanati, Chief Executive Officer

L Y Recanati, Non-Executive Director

Y Tal, Non-Executive Director

D J Connell, Non-Executive Director

S M Veale, Non-Executive Director

M C B Thorne, Chief Financial Officer

A A Recanati, Chief Marketing Officer

Political contributions

The Company made no political donations or contributions during the year (2024: £nil).

Future Developments

We opened our first site in New York, USA in January 2026 and we have opened a further three sites in 2026 in London which opened in January, June and August. We expect to open a further site in London before the end of the year as well as start building another site in London which will open early next year.

The business continues to develop the site pipeline and expects to roll out at least a further 5 sites in the UK in 2027 as well as an additional two sites in the US. After the success of our first site in New York, we will be looking at expanding our US platform.

Engagement with employees

The Group recognises that the dedication and engagement of its employees are critical to its success. Regular communication, training, and development programmes are in place to support staff across all restaurants and head office functions. The Group continues to invest in leadership development and wellbeing initiatives.

Engagement with suppliers, customers and others

The Directors value strong relationships with suppliers and customers, and recognise their importance to the long-term success of the business. The Group maintains regular engagement with key stakeholders, ensuring open communication and alignment with its sustainability and quality commitments.

Going Concern

The Directors have reviewed forecasts and projections, taking account of current trading performance and the principal risks and uncertainties facing the business. Based on this review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements are prepared on a going concern basis.

Page 4

FARMER J LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

Disclosure of information to auditors

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 the 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 the Group's auditors are aware of that information.

Auditors

The auditors, Wellers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

J Recanati

Director

Date: 28 September 2026

Page 5

FARMER J LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED

Opinion

We have audited the financial statements of Farmer J Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 28 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, 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).

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 28 December 2025 and of the Group's loss for the period 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 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.

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

Page 6

FARMER J LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.

Opinion 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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the 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 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 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 and returns; or

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

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

Page 7

FARMER J LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 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's and the 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.

Page 8

FARMER J LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)

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 an Auditors' 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:

We obtained an understanding of the key laws and regulations that are applicable to the company. We
determined that the most significant laws and regulations in the context of the financial statements included but were not limited to the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and
relevant tax legislation.

We also assessed which areas of the financial statements are more susceptible to misstatement. We
considered the opportunities and incentives that may exist within the organisation for fraud, and identified the
greatest potential for fraud in revenue recognition, particularly in respect of any manual adjustments made to
revenue outside of the day to day recording of transaction and also the potential for off balance sheet items to be considered on balance sheet. We are also mandated to perform specific procedures under ISAs (UK) to respond to the risk of management override.

The primary responsibility for the prevention and detection of fraud and irregularities rests with those charged
with governance of the company and management. We are not responsible for preventing irregularities. Our
approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:

• 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 the laws and regulations applicable to the company through discussion with directors and
other management, and from our commercial knowledge and experience;
• Identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances 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 regarding any instances of known or suspected fraud or non-
compliance with laws and regulations, as well as any actual or potential litigation and claims;
• Gaining an understanding of the design and implementation of the processes and controls in place
within the company which are designed to prevent, detect or correct fraud or error within the financial
statements.

Page 9

FARMER J LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FARMER J LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

• Reviewed correspondence with legal and regulatory bodies where applicable;
• Performed analytical procedures to identify any unusual or unexpected relationships;
• Reviewed the detail of certain nominal accounts for indications of management override;;
• Identified and tested journal entries which we considered to be unusual and may be indicative of bias on
the part of management or those charged with governance, investigating the rationale behind significant
or unusual transactions;
• Reviewed the minutes of meetings of management and those charged with governance;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• We agreed the financial statements disclosures to underlying supporting documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including 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 Auditors' report.

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 an Auditors' 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.

Mr Matthew Wyatt (Senior statutory auditor)

for and on behalf of

Wellers Limited

Accountants

Statutory Auditors

3rd Floor, The Coade

98 Vauxhall Walk

London

SE11 5EL

28 September 2026

Page 10

FARMER J LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 28 DECEMBER 2025

	28 December	29 December
	2025	2024
Note	£	£


Turnover	4	41,142,120	27,910,722
Cost of sales		(15,097,784)	(9,995,773)
Gross profit		26,044,336	17,914,949
Administrative expenses		(27,411,943)	(17,997,855)
Exceptional costs		(1,233,881)	(466,682)
Operating loss	5	(2,601,488)	(549,588)
Interest receivable and similar income	9	83,794	106,818
Interest payable and similar expenses	10	(81,798)	(51,997)
Loss before taxation		(2,599,492)	(494,767)
Tax on loss	11	1,045,206	(377,925)
Loss for the financial period		(1,554,286)	(872,692)


Other comprehensive income	93,365	190,610
Other comprehensive income for the period	93,365	190,610
Total comprehensive loss for the period	(1,460,921)	(682,082)

(Loss) for the period attributable to:
Owners of the Parent Company	(1,554,286)	(872,692)
	(1,554,286)	(872,692)

Total comprehensive income for the period attributable to:
Owners of the Parent Company	(1,460,921)	(682,082)
	(1,460,921)	(682,082)

The notes on pages 20 to 51 form part of these financial statements.

Page 11

FARMER J LIMITED

REGISTERED NUMBER: 09266719

CONSOLIDATED BALANCE SHEET

AS AT 28 DECEMBER 2025

	28 December	29 December
	2025	2024
Note	£	£

Fixed assets
Intangible assets	14		299,617		107,522
Tangible assets	15		15,081,407		8,320,024
			15,381,024		8,427,546
Current assets
Stocks	17	142,042		124,770
Debtors: amounts falling due after more than one year	18	731,835		651,952
Debtors: amounts falling due within one year	18	1,375,463		856,872
Cash at bank and in hand	19	5,497,462		2,874,978
		7,746,802		4,508,572
Creditors: amounts falling due within one year	20	(4,628,066)		(4,698,356)
Net current assets/(liabilities)			3,118,736		(189,784)
Total assets less current liabilities			18,499,760		8,237,762
Creditors: amounts falling due after more than one year	21		(1,384,137)		(774,369)
Provisions for liabilities
Deferred taxation	24	-		(1,045,207)
			-		(1,045,207)
Net assets			17,115,623		6,418,186
Net assets			17,115,623		6,418,186

Capital and reserves
Called up share capital	25	923	708
Share premium account	26	26,830,691	14,672,548
Other reserves	26	283,975	190,610
Profit and loss account	26	(9,999,966)	(8,445,680)
Equity attributable to owners of the Parent Company		17,115,623	6,418,186
		17,115,623	6,418,186

Page 12

FARMER J LIMITED

REGISTERED NUMBER: 09266719

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 28 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J Recanati

Director

Date: 28 September 2026

The notes on pages 20 to 51 form part of these financial statements.

Page 13

FARMER J LIMITED

REGISTERED NUMBER: 09266719

COMPANY BALANCE SHEET

AS AT 28 DECEMBER 2025

	28 December	29 December
	2025	2024
Note	£	£

Fixed assets
Intangible assets	14		271,452		107,522
Tangible assets	15		12,782,931		8,320,023
Investments	16		95		18
			13,054,478		8,427,563
Current assets
Stocks	17	142,042		124,770
Debtors: amounts falling due after more than one year	18	663,750		588,750
Debtors: amounts falling due within one year	18	9,321,244		3,158,107
Cash at bank and in hand	19	5,005,836		2,872,229
		15,132,872		6,743,856
Creditors: amounts falling due within one year	20	(8,357,208)		(6,745,669)
Net current assets/(liabilities)			6,775,664		(1,813)
Total assets less current liabilities			19,830,142		8,425,750

Creditors: amounts falling due after more than one year	21		(1,384,137)		(774,369)
Provisions for liabilities
Deferred taxation	24	-		(1,045,207)
			-		(1,045,207)
Net assets			18,446,005		6,606,174

Capital and reserves
Called up share capital	25		923		708
Share premium account	26		26,830,691		14,672,548
Other reserves	26		283,975		190,610
Profit and loss account brought forward		(8,257,416)		(7,399,053)
Loss for the period		(412,168)		(858,639)
Profit and loss account carried forward			(8,669,584)		(8,257,692)
			18,446,005		6,606,174

Page 14

FARMER J LIMITED

REGISTERED NUMBER: 09266719

COMPANY BALANCE SHEET (CONTINUED)

AS AT 28 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J Recanati

Director

Date: 28 September 2026

The notes on pages 20 to 51 form part of these financial statements.

Page 15

FARMER J LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 28 DECEMBER 2025

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company
	£	£	£	£	£
At 30 December 2024	708	14,672,548	190,610	(8,445,680)	6,418,186
Comprehensive income for the period
Loss for the period	-	-	-	(1,554,286)	(1,554,286)
Other movement	-	-	93,365	-	93,365
Total comprehensive income for the period	-	-	93,365	(1,554,286)	(1,460,921)
Contributions by and distributions to owners
Shares issued during the period	214	12,158,143	-	-	12,158,357
Total transactions with owners	214	12,158,143	-	-	12,158,357
At 28 December 2025	922	26,830,691	283,975	(9,999,966)	17,115,622

					Total equity
					£
At 30 December 2024					6,418,186
Comprehensive income for the period
Loss for the period					(1,554,286)
Other movement					93,365
Total comprehensive income for the period					(1,460,921)
Contributions by and distributions to owners
Shares issued during the period					12,158,357
Total transactions with owners					12,158,357
At 28 December 2025					17,115,622

The notes on pages 20 to 51 form part of these financial statements.

Page 16

FARMER J LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 28 DECEMBER 2025

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 30 December 2024	708	14,672,548	190,610	(8,257,416)	6,606,450
Comprehensive income for the period
Loss for the period	-	-	-	(412,168)	(412,168)
Other movement	-	-	93,365	-	93,365
Total comprehensive income for the period	-	-	93,365	(412,168)	(318,803)
Contributions by and distributions to owners
Shares issued during the period	214	12,158,143	-	-	12,158,357
Total transactions with owners	214	12,158,143	-	-	12,158,357
At 28 December 2025	922	26,830,691	283,975	(8,669,584)	18,446,004

The notes on pages 20 to 51 form part of these financial statements.

Page 17

FARMER J LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 28 DECEMBER 2025

			28 December	29 December
			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial period	(1,554,286)	(872,692)
Adjustments for:
Amortisation of intangible assets	38,948	25,621
Depreciation of tangible assets	1,706,302	975,860
Loss on disposal of tangible assets	-	16,307
Interest paid	81,798	51,997
Interest received	(83,794)	(106,818)
Taxation charge	(1,045,206)	377,925
(Increase) in stocks	(17,272)	(24,316)
(Increase) in debtors	(698,964)	(559,365)
Decrease/(increase) in amounts owed by groups	100,490	(100,490)
Increase in creditors	665,856	1,514,343
(Decrease)/increase in amounts owed to groups	(13,566)	14,868
Share based payment	93,365	190,610
Net cash generated from operating activities	(726,329)	1,503,850

Cash flows from investing activities
Purchase of intangible fixed assets	(231,043)	(60,357)
Purchase of tangible fixed assets	(8,467,684)	(4,574,651)
Sale of tangible fixed assets	-	273
Interest received	83,794	106,818
HP interest paid	(38,839)	(51,997)
Net cash from investing activities	(8,653,772)	(4,579,914)
Cash flows from financing activities
Issue of ordinary shares	12,158,358	5,499,832
Repayment of loans	(10,397)	(9,968)
Repayment of other loans	(3,131)	(5,053)
Repayment of/new finance leases	(99,286)	(56,839)
Interest paid	(42,959)	-
Net cash used in financing activities	12,002,585	5,427,972
Net increase in cash and cash equivalents	2,622,484	2,351,908
Cash and cash equivalents at beginning of period	2,874,956	523,048

Page 18

FARMER J LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

		28 December	29 December
		2025	2024
		£	£

Cash and cash equivalents at the end of period	5,497,440	2,874,956

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	5,497,462	2,874,978
Bank overdrafts	(22)	(22)
	5,497,440	2,874,956

The notes on pages 20 to 51 form part of these financial statements.

Page 19

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

1.	General information

Farmer J Limited is a limited company by shares, incorporated in the United Kingdom under the Companies Act. The registered office address is 3rd Floor, The Coade, 98 Vauxhall Walk, SE11 5EL.

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 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 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.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

∙No Statement of cash flows has been presented for the parent Company;

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

The Group recorded a loss of £1,460,921 (2024: £682,082 loss) for the period ended 28 December 2025 and had net assets of £17,115,623 (2024: £6,418,186) at the balance sheet date.

The Group continues to meet its day to day working requirements from loans leveraged by the company and to associated business interests. The Group is therefore dependent upon repayment of those loans to continue as a going concern.

The directors are satisfied that they can continue to finance the operations of the business in this manner and enable the company to achieve profitability. Accordingly, the directors consider it appropriate to prepare these accounts on a going concern basis.

2.5

Foreign currency translation

Functional and presentation currency

The Company'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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of food and beverages is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.7

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 22

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. 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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.14

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 23

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.15

Current and deferred taxation

The tax expense for the period 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.

2.16

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.17

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.18

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 24

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.18

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Short-term leasehold property	-		Over 10-15 years
Plant and machinery	-	25%	Reducing balance
Motor vehicles	-	33%	Straight line
Fixtures and fittings	-	25%	Reducing balance
Office equipment	-	25%	Reducing balance
Computer equipment	-	25%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.19

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.20

Stocks

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.

2.21

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.22

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.

Page 25

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.23

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.24

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.25

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 26

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.25

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.26

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign exchange. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period.

However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation useful life of fixed assets, and accruals and prepayments in relation to rent and rates.

Page 27

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

4.	Turnover
		28 December	29 December
		2025	2024
		£	£

Sale of food and beverages	41,142,120	27,910,722
	41,142,120	27,910,722

Analysis of turnover by country of destination:

					28 December	29 December
					2025	2024
					£	£

United Kingdom	41,142,120	27,910,722
	41,142,120	27,910,722

5.	Operating loss
	The operating loss is stated after charging:
		28 December	29 December
		2025	2024
		£	£

	Exchange differences	120,619	(41,557)
	Other operating lease rentals	3,106,710	1,935,772

6.	Auditors' remuneration
	During the period, the Group obtained the following services from the Company's auditors:
		28 December	29 December
		2025	2024
		£	£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

23,500

19,600

Page 28

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group 28 December	Company 28 December
		2025	2025
		£	£


Wages and salaries	11,349,579	11,116,851
Social security costs	1,276,162	1,259,289
Cost of defined contribution scheme	134,221	134,221
	12,759,962	12,510,361

The average monthly number of employees, including the directors, during the period was as follows:

	Group	Group	Company	Company
	28 December	29 December	28 December	29 December
	2025	2024	2025	2024
	No.	No.	No.	No.

Monthly	320	207	320	207
Weekly	86	58	86	58

	406	265	406	265

Page 29

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

8.	Directors' remuneration
		28 December	29 December
		2025	2024
		£	£

Directors' emoluments	647,975	423,901
Group contributions to defined contribution pension schemes	3,963	2,642
	651,938	426,543

	During the period retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £264,120 (2024 - £240,312).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).

9.	Interest receivable
		28 December	29 December
		2025	2024
		£	£

	Bank interest receivable	83,794	106,818
		83,794	106,818

10.	Interest payable and similar expenses
		28 December	29 December
		2025	2024
		£	£

Bank interest payable	42,959	-
Finance leases and hire purchase contracts	38,839	51,997
	81,798	51,997

Page 30

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

11.	Taxation

		28 December	29 December
		2025	2024
		£	£



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(1,045,206)	377,925
Total deferred tax	(1,045,206)	377,925


	Tax on loss	(1,045,206)	377,925

Page 31

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

11.Taxation (continued)

Factors affecting tax charge for the period
The tax assessed for the period is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
	28 December	29 December
	2025	2024
	£	£

Loss on ordinary activities before tax

(2,599,492)

(494,767)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(649,873)	(123,692)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	9,737	-
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	25,181	45,776
Capital allowances for period in excess of depreciation	(39,289)	(124,514)
Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax	2,634	-
Other timing differences leading to an increase (decrease) in taxation	(1,045,206)	377,925
Unrelieved tax losses carried forward	83,111	202,430
Unrelieved loss on foreign subsidiaries	285,530	-
Other tax charge (relief) on exceptional items	282,969	-
Total tax charge for the period	(1,045,206)	377,925

12.	Exceptional items
		28 December	29 December
		2025	2024
		£	£

Expansion costs	44,268	22,186
Raising capital	1,131,877	417,647
Other sundry exceptional	57,736	26,849
	1,233,881	466,682

Page 32

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

13.	Parent company profit for the year

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 loss after tax of the parent Company for the period was £412,168 (2024 - loss £858,639).

14.	Intangible assets
	Group

	Develop-ment expenditure	Computer software	Total
	£	£	£
Cost
At 30 December 2024	166,408	2,705	169,113
Additions	-	28,165	28,165
Additions - internal	202,878	-	202,878
At 28 December 2025	369,286	30,870	400,156
Amortisation
At 30 December 2024	60,850	741	61,591
Charge for the period on owned assets	38,948	-	38,948
At 28 December 2025	99,798	741	100,539
Net book value
At 28 December 2025	269,488	30,129	299,617

Page 33

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

14.Intangible assets (continued)

	Company

		Develop-ment expenditure
		£
	Cost
	At 30 December 2024	168,372
	Additions - internal	202,878
	At 28 December 2025	371,250
	Amortisation
	At 30 December 2024	60,850
	Charge for the year	38,948
	At 28 December 2025	99,798
	Net book value
	At 28 December 2025	271,452

Page 34

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

15.	Tangible fixed assets
	Group

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment
	£	£	£	£	£
Cost or valuation
At 30 December 2024	6,725,022	1,896,845	643	2,203,151	573,293
Additions	6,065,412	521,965	-	1,585,635	294,672
At 28 December 2025	12,790,434	2,418,810	643	3,788,786	867,965
Depreciation
At 30 December 2024	1,310,168	881,173	625	636,979	249,984
Charge for the period on owned assets	704,297	300,973	18	531,308	169,706
At 28 December 2025	2,014,465	1,182,146	643	1,168,287	419,690
Net book value
At 28 December 2025	10,775,969	1,236,664	-	2,620,499	448,275

Page 35

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

15.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 30 December 2024	11,398,954
	Additions	8,467,684
	At 28 December 2025	19,866,638
	Depreciation
	At 30 December 2024	3,078,929
	Charge for the period on owned assets	1,706,302
	At 28 December 2025	4,785,231
	Net book value
	At 28 December 2025	15,081,407

The net book value of land and buildings may be further analysed as follows:
	28 December	29 December
	2025	2024
	£	£

Short-term leasehold property	10,775,969	5,414,854
	10,775,969	5,414,854

Page 36

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

15.Tangible fixed assets (continued)

	Company

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment
	£	£	£	£	£
Cost or valuation
At 30 December 2024	5,983,871	1,276,753	643	2,004,346	509,136
Additions	4,000,143	513,508	-	1,396,982	258,576
At 28 December 2025	9,984,014	1,790,261	643	3,401,328	767,712
Depreciation
At 30 December 2024	569,017	261,081	625	438,174	185,828
Charge for the period on owned assets	704,297	300,973	18	531,308	169,706
At 28 December 2025	1,273,314	562,054	643	969,482	355,534
Net book value
At 28 December 2025	8,710,700	1,228,207	-	2,431,846	412,178

Page 37

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

15.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 30 December 2024	9,774,749
	Additions	6,169,209
	At 28 December 2025	15,943,958
	Depreciation
	At 30 December 2024	1,454,725
	Charge for the period on owned assets	1,706,302
	At 28 December 2025	3,161,027
	Net book value
	At 28 December 2025	12,782,931

The net book value of land and buildings may be further analysed as follows:
	28 December	29 December
	2025	2024
	£	£

Short leasehold	8,710,700	5,414,854
	8,710,700	5,414,854

Page 38

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 30 December 2024	18
	Additions	77
	At 28 December 2025	95

Page 39

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Farmer J (Canary Wharf) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Finsbury Square) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Monument) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Jubilee Place) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Leadenhall) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (London Bridge) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Paternoster Square) Ltd	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Regent Street) Ltd	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Fenchurch Street) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Holborn) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Strand) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Orchard Place) Ltd	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Piccadilly) Ltd	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Ludgate) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Hammersmith) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Bloomsbury) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Thayer St) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Farringdon) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (TCR) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Coleman St) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Old Broad St) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J US Holdco Inc	251 Little Falls Drive, Wilmington, New Castle, Delaware, 19808	Common Stock	100%
Farmer J NY LLC	251 Little Falls Drive, Wilmington, New Castle, Delaware, 19808		100%

Page 40

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Subsidiary undertakings (continued)

Name

Registered office

Class of shares

Holding

Farmer J 31 West 52nd Street LLC	251 Little Falls Drive, Wilmington, New Castle, Delaware, 19808		100%
Farmer J (Strand) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%
Farmer J (Ludgate) Limited	3rd Floor, The Coade, London, SE11 5EL	Ordinary	100%

17.	Stocks
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Finished goods and goods for resale	142,042	124,770	142,042	124,770
	142,042	124,770	142,042	124,770

The difference between purchase price or production cost of stocks and their replacement cost is not material.

18.	Debtors
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Other debtors	731,835	651,952	663,750	588,750
	731,835	651,952	663,750	588,750

Group 28 December	Group 29 December	Company 28 December	Company 29 December
2025	2024	2025	2024
£	£	£	£

Due within one year
Amounts owed by group undertakings	-	100,490	8,078,177	2,398,689
Other debtors	168,027	77,950	156,029	77,950
Prepayments and accrued income	1,207,436	678,432	1,087,038	681,468

Page 41

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

18.Debtors (continued)

		1,375,463	856,872	9,321,244	3,158,107

19.	Cash and cash equivalents
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	5,497,462	2,874,978	5,005,836	2,872,229
Less: bank overdrafts	(22)	(22)	-	-
	5,497,440	2,874,956	5,005,836	2,872,229

Page 42

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

20.	Creditors: Amounts falling due within one year
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	22	22	-	-
Bank loans	4,416	10,397	4,416	10,397
Other loans	49,369	52,500	49,369	52,500
Trade creditors	1,480,010	1,925,567	1,177,934	1,928,219
Amounts owed to group undertakings	1,294	14,860	3,842,139	2,595,609
Other taxation and social security	717,607	470,096	1,161,321	285,586
Obligations under finance lease and hire purchase contracts	113,585	97,446	113,585	97,446
Other creditors	394,646	67,005	350,499	66,428
Accruals and deferred income	1,867,117	2,060,463	1,657,945	1,709,484
	4,628,066	4,698,356	8,357,208	6,745,669

The following liabilities were secured:
	Group 28 December	Company 28 December
	2025	2025
	£	£

	Net obligations under finance leases and hire purchase contracts	217,170	217,170
		217,170	217,170

Details of security provided:

The liabilties detailed in the table above are secured by a debenture in favour of Aurora Leasing Ltd, incorporating a floating charge over all the property and undertaking of the Company, together with a negative pledge, registered on 15 September 2022.

The Company has also granted a fixed charge over certain cash deposits (registered 24 April 2025) and a fixed and floating charge over its leasehold properties at Canary Wharf and over all the property and undertaking of the Company (registered 28 April 2025), in favour of HSBC UK Bank plc, each incorporating a negative pledge.

Page 43

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

21.	Creditors: Amounts falling due after more than one year
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Bank loans	-	4,416	-	4,416
Net obligations under finance leases and hire purchase contracts	103,585	219,011	103,585	219,011
Accruals and deferred income	1,280,552	550,942	1,280,552	550,942
	1,384,137	774,369	1,384,137	774,369

Included within accruals falling due after more than one year are amounts payable wholly or in part after more than five years of £827,432 (2024: £298,300), which relates to deferred income arising from a rent-free lease incentive.

22.	Loans
	Analysis of the maturity of loans is given below:
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	4,416	10,397	4,416	10,397
Other loans	49,369	52,500	49,369	52,500
	53,785	62,897	53,785	62,897
Amounts falling due 1-2 years
Bank loans	-	4,416	-	4,416
	-	4,416	-	4,416
Amounts falling due 2-5 years

	53,785	67,313	53,785	67,313

Page 44

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

23.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group 28 December	Group 29 December	Company 28 December	Company 29 December
		2025	2024	2025	2024
		£	£	£	£

Within one year	113,585	97,446	113,585	97,446
Between 1-5 years	103,585	219,011	103,585	219,011
	217,170	316,457	217,170	316,457

Page 45

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

24.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(1,045,206)	(667,282)
Charged to profit or loss	1,045,206	(377,925)
At end of year	-	(1,045,207)

Company

	2025	2024
	£	£

At beginning of year	(1,045,206)	(510,391)
Charged to profit or loss	1,045,206	(534,816)
At end of year	-	(1,045,207)

The deferred taxation balance is made up as follows:
	Group 28 December	Group 29 December	Company 28 December	Company 29 December
	2025	2024	2025	2024
	£	£	£	£

Accelerated capital allowances	(675,450)	(1,045,206)	(675,450)	(1,045,206)
Tax losses carried forward	675,450	-	675,450	-
	-	(1,045,206)	-	(1,045,206)

Page 46

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

25.	Share capital
		28 December	29 December
		2025	2024
		£	£

Allotted, called up and fully paid

48,090 (2024 - 50,145) Ordinary shares of £0.01 each	480.90	501.45
599 (2024 - 599) B1 shares of £0.01 each	5.99	5.99
3,130 (2024 - 3,130) B2 shares of £0.01 each	31.30	31.30
3,345 (2024 - 3,345) B3 shares of £0.01 each	33.45	33.45
1,110 (2024 - 1,110) C shares of £0.01 each	11.10	11.10
12,509 (2024 - 12,509) D shares of £0.01 each	125.09	125.09
18,704 (2024 - ) E shares of £0.01 each	187.04	-
3,771 (2024 - ) G1 shares of £0.01 each	37.71	-
1,027 (2024 - ) G2 shares of £0.01 each	10.27	-

	922.85	708.38

During the period:
1,027 G2 shares of £0.01 each were issued at a premium of £2.26 per share
3,771 G1 shares of £0.01 each were issued at a premium of £5.83 per share
16,649 E shares of £0.01 each were issued at a premium of £729.75 per share
2,055 Ordinary shares of £0.01 each were redesignated to E shares of £0.01 each

The rights, preferences and restrictions attaching to each class of share, as set out in the Articles of Association, are summarised below.

The Ordinary shares, D shares and E shares each carry one vote per share and rank pari passu in respect of dividends, participating pro rata to their holdings. The B shares, C shares and G shares carry no voting rights and, taken together as a single class, are entitled to a dividend of £1.00 in aggregate only.

On a return of capital, the surplus assets are applied in the order of priority set out in the Articles of Association: the C shares are entitled to £1.00 in aggregate (or, above a specified threshold, to 6% of the surplus in priority to all other classes); the E shares and then the D shares are entitled to the return of their respective issue prices; the Ordinary shares and B shares then participate, with the B shares and G shares participating only above specified hurdle values; and the balance is distributed among the Ordinary, B, D, E and G shares pro rata.

The D shares and E shares are convertible into Ordinary shares. None of the shares are redeemable.

Page 47

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

26.

Reserves

Share premium account

Includes any premiums received on issue of share capital.

Other reserves

The company ‘other reserves’ comprise the share based payment reserve as shown below.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses.

Page 48

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

27.	Share-based payments
	Farmer J Limited operates an equity-settled share based remuneration scheme for employees and directors. The share options have the following performance conditions: - each option granted is based upon the individual performance of the employee and length of service; - the vesting period for share options granted is typically 5 years. 1,744 share options had fully vested as at the balance sheet date. A pro-rata calculation of the options with respect to their vesting dates were made for the period in question to determine the charge for the year. The total number of share options in the pool as at 28 December 2025 was 4,313. The Black-Scholes option pricing model was used to value the share-based payment awards as it was considered that this approach would result in materially accurate estimate of the fair value options granted. The total expense recognised in the profit or loss for the year in respect of share based payments is £93,365 (2024: £190,610). The total share based payment reserve is £283,975 (2024: £190,610).
		28 December	28 December	29 December	29 December
		Weighted average exercise price (pence) 2025	Number 2025	Weighted average exercise price (pence) 2024	Number 2024

Outstanding at the beginning of the year	116.91	4,361	116.91	4,361
Forfeited during the year	119.19	(48)		-
Outstanding at the end of the year	116.45	4,313	116.91	4,361

					28 December	29 December
					2025	2024

Exercise price (pence)	133.70	133.70
Weighted average contractual life (days)	1825	1825
Expected volatility	50%	50%
Expected dividend growth rate	0%	0%
Risk-free interest rate	4.55%	4.55%

Page 49

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

28.	Contingent liabilities

A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the Directors do not expect these to represent significant costs to the company.

29.	Pension commitments

The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £134,221 (2024: £95,701). Contributions totaling £24,671 (2024: £2,671) were payable to the fund at the balance sheet date and are included in creditors.

30.	Commitments under operating leases
	At 28 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 28 December	Group 29 December
		2025	2024
		£	£

Not later than 1 year	2,690,915	1,988,832
Later than 1 year and not later than 5 years	10,783,660	7,841,577
Later than 5 years	20,854,038	17,229,120
	34,328,613	27,059,529

31.	Related party transactions
	In accordance with FRS 102 paragraph 33.1A, the group has not disclosed transactions or balances between group entities as these have been eliminated in full on consolidation. At the period end £52,500 (2024 - £52,500) was owed to Yaron Tal an director of Farmer J Limited. Interest is accruing at a rate of 1% per annum and the loan is repayable upon demand.

32.	Post balance sheet events

Subsequent to the year end, the company has signed leases on two additional trading sites. The site in Strand, London, opened and commenced trading on 1st July 2026 and the other site Ludgate Circus, London is in construction.

The site in New York opened and the US trading commenced on 15th January 2026.

Page 50

FARMER J LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

33.	Controlling party

The ultimate controlling party is J Recanati, by virtue of his significant control and influence over the business.

Page 51