Company No: 12895499 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	12,112		573
Investment property	4	2,415,000		2,250,000
		2,427,112		2,250,573
Current assets
Stocks		1,330,575		1,215,851
Debtors	5	300,355		288,070
Cash at bank and in hand		104,086		143,672
		1,735,016		1,647,593
Creditors: amounts falling due within one year	6	( 689,865)		( 1,226,701)
Net current assets		1,045,151		420,892
Total assets less current liabilities		3,472,263		2,671,465
Creditors: amounts falling due after more than one year	7	( 2,244,212)		( 1,364,346)
Provision for liabilities		( 372,033)		( 391,800)
Net assets		856,018		915,319
Capital and reserves
Called-up share capital	8	1		1
Fair value reserve		1,164,870		1,089,941
Profit and loss account		( 308,853 )		( 174,623 )
Total shareholder's funds		856,018		915,319

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Moorhaven Agricultural Limited (registered number: 12895499) were approved and authorised for issue by the Board of Directors on 02 October 2026. They were signed on its behalf by:

Ms A J Peacock Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Moorhaven Agricultural Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Pottery, Moorhaven Village, Ivybridge, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue from rental income is recognised in the period to which occupancy occurred. Revenue from land and property development is recognised on exchange of contracts.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on reducing balance basis over its expected useful life.

Plant and machinery

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2025	685		685
Additions	13,370		13,370
At 31 March 2026	14,055		14,055
Accumulated depreciation
At 01 April 2025	112		112
Charge for the financial year	1,831		1,831
At 31 March 2026	1,943		1,943
Net book value
At 31 March 2026	12,112		12,112
At 31 March 2025	573		573

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	2,250,000
Additions	65,095
Fair value movement	99,905
As at 31 March 2026	2,415,000

The investment property was valued by the directors at the date of the financial statements.

5. Debtors

	2026		2025
	£		£
Trade debtors	32,489		0
Amounts owed by Group undertakings	174,067		89,641
Prepayments and accrued income	56,360		0
VAT recoverable	27,439		25,429
Other debtors	10,000		173,000
	300,355		288,070

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	63,051		0
Trade creditors	70,239		10,340
Amounts owed to Parent undertakings	243,947		1,179,136
Accruals and deferred income	290,528		4,300
Other creditors	22,100		32,925
	689,865		1,226,701

Bank loans are secured by way of a property charge over the poultry farm, together with a first‑ranking debenture over the company’s assets. The loans are further supported by a corporate guarantee from the parent company and personal guarantees from the directors totalling £150,000.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	1,299,256		0
Other loans (secured)	944,956		1,364,346
	2,244,212		1,364,346

Bank loans are secured by way of a property charge over the poultry farm, together with a first‑ranking debenture over the company’s assets. The loans are further supported by a corporate guarantee from the parent company and personal guarantees from the directors totalling £150,000.

Other loans are secured by a first legal charge over the properties to which they relate.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

9. Related party transactions

As the Company is a wholly owned subsidiary of Moorhaven Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.