REGISTERED NUMBER: 11103640 (England and Wales)

Stanberry Family Investment Company

Limited

and its subsidiaries

(formerly Tulipland Potatoes Holdings

Limited and its subsidiaries)

Group Strategic Report, Directors' Report and

Audited

Consolidated Financial Statements

for the Year Ended 31 March 2026

Page

Company information

1

Group strategic report

2

Directors' report

4

Report of the independent auditors

6

Consolidated statement of comprehensive income

10

Consolidated statement of financial position

11

Company statement of financial position

12

Consolidated statement of changes in equity

13

Company statement of changes in equity

14

Consolidated statement of cash flows

15

Notes to the consolidated statement of cash flows

16

Notes to the consolidated financial statements

18

Directors:

Miss J M Stanberry

Miss M Stanberry

Registered office:

Bank House

Broad street

Spalding

Lincolnshire

PE11 1TB

Business address:

Westlyn

Fengate

Moulton Chapel

Spalding

Lincolnshire

PE12 0XL

Registered number:

11103640 (England and Wales)

Auditors:

Sumer Auditco Limited

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

Review of business

The group's principal activity is the supply of fresh potatoes to retailers, wholesalers, processors and food service providers.

The season started off with prices significantly lower than expected due to a high yield despite a spell of drought, as a result turnover decreased.

Forecasting in the fresh produce industry can be notoriously challenging, especially when trying to factor in the impact of changing weather patterns.

Our continued understanding, of the marketplace through the knowledge of key staff along with procuring quality product at a realistic price has enabled Tulipland Potatoes to offer fixed prices and supply with confidence, for one, three and indeed six months, as the market is dictating. We continue to develop and maintain strong relationships with customers and suppliers who we have dealt with for many years.

Principal risks and uncertainties

The groups's risk management process seeks to facilitate the early identification, evaluation and management of any significant operational risks facing the business to ensure adequate internal controls are in place to mitigate these risks. The key risks are reviewed annually by senior management.

Tulipland Potatoes Holdings Limited & it's subsidiaries have a strong cash flow position which has allowed it to procure potatoes, giving farmers and other suppliers confidence that they will be paid. Debtors are monitored, monies chased regularly and payment patterns analysed.

Overheads continued to be closely monitored, especially as utility bills, insurance and wages all continue to increase.

Competition

The business operates in a highly competitive market. This could result in us not meeting all our customers' expectations. In order to mitigate this risk our senior managers and factory staff work closely with customers to ensure that all deliveries are made to their expectations and timescales, and that quality and price requirements are met.

Expenditure

The group has had a number of years of capital expenditure predominantly to automate and keep packing costs to a manageable rate. Although, with factory floorspace now fully utilised it is virtually impossible to continue this trend and the company has recently concentrated on repairs, renewals and servicing as its priority in order to maintain its long-term operational capacity.

Crop traceability

The work involved in traceability etc continues to increase, as customers place more and more emphasis on full traceability of their products. This increased workload, involving significant technical data analysis, continues to be actively monitored by the company's dedicated members of staff and overviewed on a regular basis by the company's senior management to ensure the company is being as pro-active as possible in this area.

The company continues to retain is AA+ grade BRCGS Food Safety accreditation.

The impact of the company’s operations on the community and the environment

We operate within the agriculture sector so fully understand that it is important for the long-term future of our business that we protect and enhance our environment.

Our packhouse draws a large portion of its energy requirements from the solar panels on the roof. The rest of the electricity the company uses comes from a company which specialises in the supply of green electricity.

As a family business we've always believes in engaging heavily with the local community and our charitable donations are a testament to this. We support two local charities with regular donations.

Employees and staff welfare

One of the greatest assets of the business continues to be its staff and the continuity of key colleagues, the company recognises this contribution in terms of staff welfare, training and benefits. Staff training is reviewed regularly, enabling key staff to have the knowledge to manage production and all aspects of onsite procedures, safety and cost efficiently. Long serving members of staff remain the backbone of the group.

Looking forward we believe Tulipland Potatoes Holdings Limited and its subsidiaries is in a strong position to trade in any price structured market and its customer base is varied as is its supply base.

All aspects of the group look positive.

On behalf of the board:

Miss J M Stanberry - Director

24 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

Dividends

Interim dividends totalling £675,000 were paid during the year. No final dividend is to be paid.

The total distribution of dividends for the year ending 31 March 2026 will be £675,000.

Directors

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Miss J M Stanberry

Miss M Stanberry

Statement of directors' responsibilities

The directors are responsible for preparing the Group strategic report, the Directors' report 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 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 and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:

Miss J M Stanberry - Director

24 September 2026

Qualified Opinion

We have audited the financial statements of Stanberry Family Investment Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated 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, except for the possible effects on the corresponding figures of matters described in the Basis for qualified opinion paragraph, the financial statements:

- give a true and fair view, of the state of the Group's and parent company's affairs as at 31 March 2026 and of the group's profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice seen as at the date the original financial statements were approved;

and

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

Basis for qualified opinion

The group's financial statements were not required to be audited for the year end 31 March 2024 and as such we did not attend the stock count and audit stock at 31 March 2024 and thus did not observe the counting of physical inventories at the end of that year. On our appointment as auditor for the year ended 31 March 2025 we were unable to satisfy ourselves by alternative means concerning only the existence and condition of stock of £251,509 held at 31 March 2024. Consequently, we were unable to determine whether any adjustment to this amount at 31 March 2024 was necessary or whether there was any consequential effect on the prior year cost of sales for the year ended 31 March 2025.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified opinion.

Our audit opinion on the financial statements for the period ended 31 March 2025 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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 and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Directors' report, 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to inventory held at 31 March 2024 and its impact on the corresponding figures for the year ended 31 March 2025, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- 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.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page four, 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 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.

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:

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 discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including such as the Companies Act 2006 and taxation legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- 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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hannah Butcher (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

30 September 2026

Turnover

12,614,540

17,868,237

Cost of sales

7,845,882

14,163,199

Gross profit

4,768,658

3,705,038

Administrative expenses

2,813,639

1,660,498

1,955,019

2,044,540

Other operating income

3,937

4,327

Operating profit

5

1,958,956

2,048,867

Interest receivable and similar income

117,872

100,009

2,076,828

2,148,876

Gain/loss on revaluation of assets

179,979

-

2,256,807

2,148,876

Interest payable and similar expenses

6

8,522

3,770

Profit before taxation

2,248,285

2,145,106

Tax on profit

7

573,942

585,094

Profit for the financial year

1,674,343

1,560,012

Other comprehensive income

-

-

Total comprehensive income for the year

1,674,343

1,560,012

Profit attributable to:

Owners of the parent

1,674,343

1,560,012

Total comprehensive income attributable to:

Owners of the parent

1,674,343

1,560,012

Fixed assets

Tangible assets

11

901,750

881,111

Investments

12

-

-

Investment property

13

130,000

253,673

1,031,750

1,134,784

Current assets

Stocks

14

103,560

267,800

Debtors

15

1,537,545

2,022,487

Investments

16

6,278,881

5,926,214

Cash at bank

1,519,287

923,548

9,439,273

9,140,049

Creditors

Amounts falling due within one year

17

934,255

1,780,373

Net current assets

8,505,018

7,359,676

Total assets less current liabilities

9,536,768

8,494,460

Provisions for liabilities

19

156,241

113,276

Net assets

9,380,527

8,381,184

Capital and reserves

Called up share capital

20

250

250

Non-distributable reserve

21

181,991

47,006

Retained earnings

21

9,198,286

8,333,928

Shareholders' funds

9,380,527

8,381,184

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2026 and were signed on its behalf by:

Miss J M Stanberry - Director

Fixed assets

Tangible assets

11

-

-

Investments

12

100

100

Investment property

13

-

-

100

100

Current assets

Debtors

15

810

810

Net current assets

810

810

Total assets less current liabilities

910

910

Capital and reserves

Called up share capital

20

250

250

Retained earnings

21

660

660

Shareholders' funds

910

910

Company's profit for the financial year

675,000

176,000

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2026 and were signed on its behalf by:

Miss J M Stanberry - Director

Miss M Stanberry - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

250

6,992,486

4,436

6,997,172

Changes in equity

Profit for the year

-

1,560,012

-

1,560,012

Other comprehensive income

-

(42,570

)

42,570

-

Total comprehensive income

-

1,517,442

42,570

1,560,012

Dividends

-

(176,000

)

-

(176,000

)

Balance at 31 March 2025

250

8,333,928

47,006

8,381,184

Changes in equity

Profit for the year

-

1,674,343

-

1,674,343

Other comprehensive income

-

(134,985

)

134,985

-

Total comprehensive income

-

1,539,358

134,985

1,674,343

Dividends

-

(675,000

)

-

(675,000

)

Balance at 31 March 2026

250

9,198,286

181,991

9,380,527

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

250

660

910

Changes in equity

Dividends

-

(176,000

)

(176,000

)

Total comprehensive income

-

176,000

176,000

Balance at 31 March 2025

250

660

910

Changes in equity

Dividends

-

(675,000

)

(675,000

)

Total comprehensive income

-

675,000

675,000

Balance at 31 March 2026

250

660

910

Cash flows from operating activities

Cash generated from operations

1

2,260,369

1,849,920

Interest paid

(8,522

)

(3,770

)

Tax paid

(940,202

)

(318,089

)

Net cash from operating activities

1,311,645

1,528,061

Cash flows from investing activities

Purchase of tangible fixed assets

(136,269

)

(70,764

)

Purchase of current asset investments

(2,922,553

)

(2,863,539

)

Purchase of investment property

8,633

(262,306

)

Sale of tangible fixed assets

13,795

-

Sale of current asset investments

2,863,539

2,018,666

Interest received

131,949

102,154

Net cash from investing activities

(40,906

)

(1,075,789

)

Cash flows from financing activities

Amount introduced by directors

-

10,000

Equity dividends paid

(675,000

)

(176,000

)

Net cash from financing activities

(675,000

)

(166,000

)

Increase in cash and cash equivalents

595,739

286,272

Cash and cash equivalents at beginning of year

2

923,548

637,276

Cash and cash equivalents at end of year

2

1,519,287

923,548

1.	Reconciliation of profit before taxation to cash generated from operations

2026

2025

as

restated

£

£

Profit before taxation

2,248,285

2,145,106

Depreciation charges

111,467

132,132

Loss on disposal of fixed assets

367

3,020

Gain on revaluation of fixed assets

(179,979

)

(58,239

)

Finance costs

8,522

3,770

Finance income

(117,872

)

(100,009

)

2,070,790

2,125,780

Decrease/(increase) in stocks

164,240

(16,291

)

Decrease/(increase) in trade and other debtors

462,232

(107,227

)

Decrease in trade and other creditors

(436,893

)

(152,342

)

Cash generated from operations

2,260,369

1,849,920

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 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

1,519,287

923,548

Year ended 31 March 2025

31.3.25

1.4.24

as restated

£

£

Cash and cash equivalents

923,548

637,276

3.	Analysis of changes in net funds

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

923,548

595,739

1,519,287

923,548

595,739

1,519,287

Liquid resources

Current asset

investments

5,926,214

59,014

293,653

6,278,881

5,926,214

59,014

293,653

6,278,881

Total

6,849,762

654,753

293,653

7,798,168

1.	Statutory information

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

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the process of applying the entity’s accounting policies, management has not made any judgements that have a significant effect on the amounts recognised in the financial statements.

Management has also assessed that there are no key sources of estimation uncertainty that could result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.