REGISTERED NUMBER: 00568996 (England and Wales)

STAPLES BROTHERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

9

Income Statement

11

Other Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Statement of Cash Flows

16

Notes to the Financial Statements

18

DIRECTORS:

V Read

G Read

B Jobling-Purser

SECRETARY:

G Read

REGISTERED OFFICE:

Station Farm

Station Road

Sibsey

Boston

Lincolnshire

PE22 0SE

REGISTERED NUMBER:

00568996 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicola Michelle Lenton FCCA

AUDITORS:

Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

The directors present their strategic report for the year ended 5 April 2026.

The principal activity of the company was farming.

REVIEW OF BUSINESS

The results for the year ended 05 April 2026, and the financial position of the company at 05 April 2026, are as shown on the financial statements.

Given the non-complex nature of the company and its business, this review is considered to be balanced and comprehensive, having regard to the size of the company. The review also considers any risks or uncertainties faced by the company.

The financial statements include restatements for the previous year ended 05 April 2025 - as detailed in note 7.

The directors are satisfied with the results for the year.

Turnover for the year totalled £80.4m compared with £75.2m for the previous year (after restatement).

Net profit for the year, after Corporation Tax, was £16.7m compared to £17m for the year ended 05 April 2025 (after restatement).

There were no dividends voted in the year (dividends of £9.6m were voted in the previous year).

However a distribution in specie was made in the year, as detailed in the Report of the Directors.

The company continues to develop and invest in the latest equipment and cutting-edge technology to deliver optimal efficiency and productivity and mitigate industry risks, Total capital spend in the year on plant, machinery and vehicles amounted to £12.5m.

NEW PARENT COMPANY

On 17 November 2025 Vectis Bidco Limited acquired the full issued share capital of the company from the previous parent company, S Farms Limited.

KEY PERFORMANCE INDICATORS

The key financial performance indicators are as follows:

- The gross profit percentage achieved in the year was 37.9% compared to 42.8% in the year to 05 April 2025 (after restatement).

- The net profit percentage achieved in the year was 26.3% compared to 31.6% in the previous year (after restatement).

- The net return on equity for the year was 25.7% compared to 33.9% for the year ended 05 April 2025 (after restatement).

OUTLOOK

The directors believe that the company's balance sheet provides a strong capital base for further sustainable growth alongside long-term security.

PRINCIPAL RISKS AND UNCERTAINTIES

Given the nature of the company's activities the unpredictability of the UK climate will always prove to be challenging. The company meets this risk by implementing procedures to minimise uncertainty and impact on the business through extensive research, crop planning and management, and relevant investment in all areas.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the directors of the company to act in a way they consider, in good faith, would be most likely to 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 long-term;

- the interest of the company's employees;

- the need to foster the company's 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 as between members of the company.

Promoting the company's success for its members and long term strategy

Staples Brothers Limited has been managed by the directors, Vernon and George Read, for over thirty years. During the year, following the acquisition by the new parent company, Vectis Bidco Limited, Ben Jobling-Purser was appointed as a director.

Strategic decisions are based on long-term objectives. The long term strategy is investment in the very latest technology and equipment. The company is proud to have created a unique integrated production system delivering the highest efficiency and lowest risk in the industry.

The company always looks to the future in pioneering product development, meeting customer needs through consumer and market insight.

The directors are minded to always act in good faith to promote the success of the company and to act fairly in respect of (and for the benefit of) the shareholders of the company.

Employees

The only paid employees of the company are the Directors following the change in the parent company ownership, no other employees are directly employed by the company.

Our customers and suppliers

The directors and senior management of the associated company, Staples (Vegetables) Limited, oversee the relationships with key suppliers and customers.

The company's main customer is the associated company, Staples (Vegetables) Limited, who supply predominantly to the major UK supermarkets. Key to these relationships is quality of product, service and availability to meet demand throughout the year.

The company views the relationship with its suppliers as vital to the on-going success of the company. The company always seeks to be transparent and fair with suppliers and build loyal and stable working relationships. There are many businesses, both locally and nationally, that have had a mutually beneficial working relationship with the company for more than 30 years.

Our community and the environment

The company is based in Lincolnshire with additional farms on the Isle of Wight. The company has supported many local and community projects in recent years and it has a significant visible presence in the area.

The company, alongside the associated company, Staples (Vegetables) Limited, has a policy for sustainable food and farming as evidenced through its membership of many environmental and ethical assurance schemes. The policy links the environment and farming with a focus on soil management, crop health and protection, recycling, energy efficiency, water management, landscape and nature conservation and on community engagement.

The company provides the associated company, Staples (Vegetables) Limited, with site electricity via an anaerobic digester plant at both the Wrangle and Sibsey processing sites. The plant is run on out-of-specification vegetables and maize silage. The companies are self-sufficient in generating their own electricity.

High standards of business conduct

The directors operate the business in a responsible manner, with regard to maintaining high standards of business conduct, reputation and governance that is expected given the size of the company.

FINANCIAL INSTRUMENTS, RISKS AND THEIR MANAGEMENT

The company's principal financial instruments comprise trade debtors, bank account, trade creditors and finance agreements. The main purpose of these instruments is to finance the operations of the company.

Trade debtors are mainly with the associated company Staples (Vegetables) Limited. Trade debtors are managed for credit and cash flow risk by establishing credit limits and regular monitoring of amounts outstanding for age and limits. Trade debtors included in the balance sheet are net of allowances for bad or doubtful debts.

Bank liquidity risk is managed by real-time record keeping to ensure limits are not exceeded.

Trade creditors liquidity risk is managed through the use of the financial instruments to ensure there are sufficient funds available to meet amounts falling due.

The company uses finance agreements to fund large fixed asset acquisition. The liquidity risk in respect of these agreements is managed by ensuring that there are sufficient funds available to meet the repayments when due.

The directors consider that adequate finance is in place to take advantage of any business opportunities that may arise and consider that the company is in a strong position with regard to market share.

FUTURE DEVELOPMENTS

The company will continue with its successful on-going strategy of investment in the most innovative and leading-edge farming techniques and machinery.

.

ON BEHALF OF THE BOARD:

V Read - Director

1 October 2026

The directors present their report with the financial statements of the company for the year ended 5 April 2026.

DIVIDENDS

On 10 October 2025 the company transferred land and buildings to the parent company, S Farms Limited, via a distribution in specie.

The total value of the distribution, based on the book value of the assets transferred, was £1,905,401.

No other dividends were voted in the year.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 6 April 2025 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

B Jobling-Purser - appointed 14.11.2025

The directors shown below were in office at 5 April 2026 but did not hold any interest in the 'A' Ordinary shares of £1 each at 6 April 2025 (or date of appointment if later) or 5 April 2026.

V Read

G Read

B Jobling-Purser

STREAMLINED ENERGY AND CARBON REPORTING

Introduction

Staples Brothers Limited and Staples (Vegetables) Limited are associated companies and are the trading operations of a Lincolnshire farming and fresh produce business known as Staples Vegetables. The two companies farm, pack and distribute as a single operation and this report is presented as a combined disclosure appearing in each set of accounts.

Commitment to achieving Net Zero

Staples Brothers Limited and Staples (Vegetables) Limited are committed to achieving Net Zero emissions by 2050.

The two companies farm some 24,000 acres, of which 9,585 hectares were cropped during the year. They operate two anaerobic digestion plants which generated 55,907,319 kilowatt hours during the year, seventeen times the electricity purchased.

Reporting Boundary and Methodology

The boundary is drawn on the operational control approach and covers every facility and activity under the operational control of both companies within the United Kingdom, being twenty one electricity supplies across nineteen locations. Because the two companies operate as one business and the energy records are held at group level, a single combined disclosure is presented in each set of accounts.

Emissions have been calculated in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and using the United Kingdom Government greenhouse gas conversion factors for company reporting 2025. Land based emissions apply IPCC Tier 1 methodology. Energy is expressed on a gross calorific value basis. Scope 2 is reported on the location based method; no site holds a renewable tariff and no certificates are held, so no market based figure arises

Baseline Emissions Footprint

Baseline emissions are a record of the greenhouse gases that have been produced in the past and were produced prior to the introduction of any strategies to reduce emissions. Baseline emissions are the reference point against which emissions reduction can be measured.

Baseline year: 2025-26

Additional details relating to the baseline emissions calculations:

2025-26 is the first year assessed from activity data rather than summary totals, and the first in which refrigerants, biogas combustion, both compressed natural gas streams, land based emissions and business travel are separately quantified. Earlier disclosures (within consolidated group accounts) rested on a narrower measurement basis and are not comparable, so they are not carried as comparatives.

Emissions

Total (tCO2e)

Scope 1

27,193.791

Scope 2 (Location based)

572.294

Scope 3 (Included Sources)

4,225.873

Total Emissions

31,991.958

The total is built on the location based Scope 2 figure, no market based figure being applicable. Scope 3 (Included Sources) covers two categories. Category 3, fuel and energy related activities, and category 6, business travel in vehicles owned by employees. Category 6 is the element required to be disclosed; category 3 is reported voluntarily.

Biogenic carbon dioxide of 26,033.443 tonnes arising from the combustion of biogas, and indirect nitrous oxide of 3,738.417 tCO2e arising beyond the farm boundary, are disclosed separately and form no part of any total. Of the biogenic carbon dioxide, 4,935.31 tonnes is captured and sold as a food grade product.

Current Emissions Reporting

Reporting year: 2025-26 being 01 April 2025 to 31 March 2026

Emissions

Total (tCO2e)

Scope 1

27,193.791

Scope 2 (location based)

572.294

Scope 3 (Included Sources)

4,225.873

Total Emissions

31,991.958

The reporting year is also the baseline year, this being the first inventory prepared on this basis.

Energy and intensity

2025-26

Total energy use (kWh)

205,014,466

Scope 1 energy use (kWh)

201,755,720

Scope 2 energy use (kWh)

3,223,302

Scope 3 energy use (kWh)

25,444

tCO2e per full time employee

31.99

tCO2e per £100,000 of turnover

16.83

Emissions Reduction Targets

In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets. We project that carbon emissions will decrease over the next twenty four years to net zero by 2050, against a baseline of 31,991.958 tCO2e recorded for 2025-26. This requires a reduction of between ten and fifteen per cent each year, and between 92 and 98 per cent in total, with any residual balance neutralised through permanent removals.

By 2030 the target is a reduction of 34 to 48 per cent, giving 16,695 to 20,995 tC02e. By 2035 the target is 61 to 77 per cent, giving 7,408 to 12,392. By 2040 the target is 77 to 90 per cent, giving 3,286 to 7,317.

The baseline exceeds earlier disclosures because several sources previously not quantified, being land based emissions, refrigerants and business travel, are now fully measured. That rise reflects wider measurement coverage rather than higher activity, and the baseline is held fixed at 2025-26. These targets will be revisited once the remaining Scope 3 categories are assessed, at which point the baseline will be restated and the trajectory recalculated against it.

Carbon Reduction Projects

Completed carbon reduction initiatives

The first anaerobic digestion plant at Wrangle was commissioned in 2010 and opened in 2011 as the first such project funded through the Government's Environmental Transformation Fund to become operational. A second plant of similar size followed at Sibsey. Together they generated 55,907,319 kilowatt hours during the year and exported 27,179,612 to the grid, against purchases of 3,233,302. Had the grid supplied the same electricity, it would have carried approximately 9,896 tCO2e.

The anaerobic digestion plants also produce biomethane, of which 356,663 kilogrammes fuelled the group's own heavy goods vehicles during the year, displacing roughly two and a half million litres of diesel. Food grade carbon dioxide is captured at the upgraders rather than vented, 4,935.31 tonnes being separated and sold as a product.

Crop trimmings return to the digesters as feedstock, and the residue and liquid digestate return to the land as fertiliser, displacing synthetic nitrogen. Wastewater is recovered, filtered and returned to the production process. The business farms to the LEAF Marque standard and holds Red Tractor certification.

Four electric road vehicles were recorded in the year to 31 March 2025; sixty-nine of two hundred and thirty-six are now electric, including forty-nine minibuses, together with sixty five of seventy-two forklift trucks. All charge on site. Real time driver monitoring operates across the heavy goods fleet, larger trailers have reduced vehicle movements, and maintenance is delivered in house under DVSA Earned Recognition. A 339 kilowatt solar array at Sycamore House generates electricity consumed entirely on site.

In the future we hope to implement further measures such as

Recording fuel consumption by machine rather than by delivery to tank, so that the least efficient agricultural machines can be identified.

Precision nitrogen application, soil testing and further substitution of digestate for synthetic fertiliser.

Reviewing the commercial position on the green gas and renewable transport fuel certificates associated with the compressed natural gas used in the heavy goods fleet, the retention of which would reduce the fleet figure by approximately 917 tCO2e.

Leak detection and the specification of lower global warming potential refrigerants as cold storage equipment is renewed.

Continued electrification of the road fleet, and of agricultural machinery as suitable equipment becomes commercially available.

Directors Declaration and Approval

This energy and carbon disclosure has been completed in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, and the associated Environmental Reporting Guidelines issued by the Department for Environment, Food and Rural Affairs.

Emissions have been reported and recorded in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and use the United Kingdom Government greenhouse gas conversion factors for company reporting for the year concerned.

Scope 1 and Scope 2 emissions, United Kingdom energy use and the emissions intensity ratios have been reported in accordance with the requirements of Streamlined Energy and Carbon Reporting, together with business travel in rental cars or vehicles owned by employees where the company is responsible for purchasing the fuel, being the element of Scope 3 the Regulations require. Any further Scope 3 categories shown in this report have been reported voluntarily in accordance with the Corporate Value Chain (Scope 3) Standard, and are not a requirement of the Regulations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

V Read - Director

1 October 2026

Opinion

We have audited the financial statements of Staples Brothers Limited (the 'company') for the year ended 5 April 2026 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 5 April 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we have enquired of those charged with governance around actual and potential litigation and claims.

- we have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- we have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

- we have audited the risk of management override of controls including review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

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

Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

for and on behalf of Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

1 October 2026

TURNOVER

80,436,422

75,222,820

Cost of sales

(49,980,099

)

(43,055,057

)

GROSS PROFIT

30,456,323

32,167,763

Administrative expenses

(10,570,224

)

(8,921,307

)

19,886,099

23,246,456

Other operating income

1,873,534

855,607

OPERATING PROFIT

3

21,759,633

24,102,063

Interest receivable and similar income

-

55,901

21,759,633

24,157,964

Interest payable and similar expenses

4

(636,864

)

(356,380

)

PROFIT BEFORE TAXATION

21,122,769

23,801,584

Tax on profit

5

(4,471,671

)

(6,792,809

)

PROFIT FOR THE FINANCIAL YEAR

16,651,098

17,008,775

PROFIT FOR THE YEAR

16,651,098

17,008,775

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

16,651,098

17,008,775

FIXED ASSETS

Intangible assets

8

400

600

Tangible assets

9

59,998,713

53,748,107

Investments

10

240

240

59,999,353

53,748,947

CURRENT ASSETS

Stocks

11

18,954,313

16,545,908

Debtors

12

13,514,164

17,563,243

Cash at bank

2,761,186

29,169

35,229,663

34,138,320

CREDITORS

Amounts falling due within one year

13

13,543,542

27,864,292

NET CURRENT ASSETS

21,686,121

6,274,028

TOTAL ASSETS LESS CURRENT LIABILITIES

81,685,474

60,022,975

CREDITORS

Amounts falling due after more than one year

14

(8,630,872

)

(1,468,682

)

PROVISIONS FOR LIABILITIES

18

(8,145,309

)

(8,390,697

)

NET ASSETS

64,909,293

50,163,596

CAPITAL AND RESERVES

Called up share capital

19

60,004

60,004

Retained earnings

20

64,849,289

50,103,592

SHAREHOLDERS' FUNDS

64,909,293

50,163,596

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2026 and were signed on its behalf by:

V Read - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 6 April 2024

60,004

42,745,860

42,805,864

Changes in equity

Dividends

-

(9,651,043

)

(9,651,043

)

Total comprehensive income

-

17,008,775

17,008,775

Balance at 5 April 2025

60,004

50,103,592

50,163,596

Changes in equity

Dividends

-

(1,905,401

)

(1,905,401

)

Total comprehensive income

-

16,651,098

16,651,098

Balance at 5 April 2026

60,004

64,849,289

64,909,293

Cash flows from operating activities

Cash generated from operations

1

31,082,369

18,516,148

Interest paid

(636,864

)

(356,380

)

Tax paid

(5,230,771

)

(6,866,811

)

Net cash from operating activities

25,214,734

11,292,957

Cash flows from investing activities

Purchase of tangible fixed assets

(1,245,830

)

(14,186,767

)

Sale of tangible fixed assets

2,376,901

332,000

Interest received

-

55,901

Net cash from investing activities

1,131,071

(13,798,866

)

Cash flows from financing activities

Capital repayments in year

(4,120,623

)

(3,130,390

)

Amount introduced by directors

45

-

Amount withdrawn by directors

(1,991

)

(45

)

Equity dividends paid

(1,905,401

)

(9,651,043

)

Net cash from financing activities

(6,027,970

)

(12,781,478

)

Increase/(decrease) in cash and cash equivalents

20,317,835

(15,287,387

)

Cash and cash equivalents at beginning of year

2

(17,558,028

)

(2,270,641

)

Effect of foreign exchange rate changes

1,379

-

Cash and cash equivalents at end of year

2

2,761,186

(17,558,028

)

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

2026

2025

as restated

£

£

Profit before taxation

21,122,769

23,801,584

Depreciation charges

6,435,129

4,806,088

(Profit)/loss on disposal of fixed assets

(188,932

)

57,179

Gain on foreign exchange

(1,379

)

-

Finance costs

636,864

356,380

Finance income

-

(55,901

)

28,004,451

28,965,330

Increase in stocks

(2,408,405

)

(4,572,012

)

Decrease/(increase) in trade and other debtors

4,562,791

(8,058,796

)

Increase in trade and other creditors

923,532

2,181,626

Cash generated from operations

31,082,369

18,516,148

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 5 April 2026

5.4.26

6.4.25

£

£

Cash and cash equivalents

2,761,186

29,169

Bank overdrafts

-

(17,587,197

)

2,761,186

(17,558,028

)

Year ended 5 April 2025

5.4.25

6.4.24

as restated

£

£

Cash and cash equivalents

29,169

92,477

Bank overdrafts

(17,587,197

)

(2,363,118

)

(17,558,028

)

(2,270,641

)

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 6.4.25

Cash flow

changes

At 5.4.26

£

£

£

£

Net cash

Cash at bank

29,169

2,732,017

-

2,761,186

Bank overdrafts

(17,587,197

)

17,587,197

-

-

(17,558,028

)

20,319,214

-

2,761,186

Debt

Finance leases

(2,703,019

)

4,120,623

(13,627,674

)

(12,210,070

)

(2,703,019

)

4,120,623

(13,627,674

)

(12,210,070

)

Total

(20,261,047

)

24,439,837

(13,627,674

)

(9,448,884

)

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

12.5% on reducing balance, 5% on reducing balance and Nil

Farm fixtures

-

25% on reducing balance

Plant and machinery

-

35% on reducing balance, 25% on reducing balance, 20% on reducing balance, 12.5% on reducing balance, 5% on reducing balance and Straight line over 10 years

Motor vehicles and trailers

-

25% on reducing balance

Tractors and harvesters

-

25% on reducing balance, 20% on reducing balance and 12.5% on reducing balance

Government grants

Grants receivable in respect of tangible fixed assets are treated as deferred income which is credited to the profit and loss account over the estimated economic lives of the related assets. Grants receivable in respect of profit and loss expenditure are credited to the expenditure heading concerned in the year of receipt.

Valuation and other stocks

The valuation of farm stock and tenantright was carried out by independent valuers Martin Wright Surveyors Limited, The Orchard Rooms, Frith Bank, Boston and is in accordance with FRS 102.

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

Financial instruments

Financial instruments are recognised on the balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, including debtors and creditors with no stated interest rate, and debtors and creditors within one year, are recorded at the transaction price. Financial assets, other than those held at fair value, are assessed for indicators of impairment at each reporting end date. Any losses arising from impairment are recognised in the income statement.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Trade creditors, recognised at the transaction price, are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.