REGISTERED NUMBER: 02071756 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2026

for

Clive Soanes (Broilers) Ltd.

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

A M Soanes

C L Wright

REGISTERED OFFICE:

Church Hill Farm

Middleton On The Wolds

Driffield

East Yorkshire

YO25 9UG

REGISTERED NUMBER:

02071756 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

Barclays Bank PLC

Leicester

Leicestershire

LE87 2BB

The directors present their strategic report for the year ended 31st March 2026.

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of poultry farming.

The key financial highlights are as follows:

Year ended

Year ended

Year ended

31/3/26

31/3/25

31/3/24

£

£

£

Turnover

12,582,688

12,326,599

12,113,631

Turnover growth

2.08%

1.76%

0.08%

Gross profit

2,779,620

1,941,344

1,099,573

Gross profit margin

22.09%

15.75%

9.07%

Net profit/(Loss) before tax

2,303,997

1,303,193

442,692

Net profit before tax margin

18.31%

10.57%

3.65%

The UK broiler market continued to perform strongly during 2025/26, with sustained demand for poultry products. This followed the wider industry shift introduced in 2024/25, where many producers adopted reduced stocking densities in response to evolving customer and welfare expectations.

Clive Soanes Broilers has operated a proportion of its production at reduced stocking densities for several years and intends to continue this approach. A full transition will be guided by customer requirements and remains under active review.

Live bird prices remained stable over the year; however, global events created significant volatility in utilities and commodity markets. Gas prices fluctuated sharply towards the end of the financial period and feed costs began to rise due to geopolitical tensions, including the conflict involving Iran, and downgraded global wheat forecasts linked to both war related disruption and adverse weather conditions.

To mitigate risk, the business secured a percentage of forward purchases of wheat and soya. Production costs across the estate remain under pressure and are being monitored closely, with regular reviews to maintain financial resilience.

Farm performance improved notably during 2025/26, with gains across most key indicators. Average bird placements remained consistent, while total liveweight increased by 2.6%, reflecting stronger crop performance and improved growth rates.

Bird performance continued to strengthen, with higher daily liveweight gains and increased final weights achieved despite a slightly shorter growing cycle. These improvements were supported by enhanced environmental controls and ongoing investment in shed infrastructure.

Feed efficiency also improved, with a reduction in FCR and a fall in average feed cost per tonne. Feed usage increased in line with higher output.

The refurbishment of older sheds progressed during the year, with two further sheds fully upgraded. These refurbishments included new ventilation systems and high pressure misting installations. The Company also secured funding through the RPA Animal Health and Welfare Grant scheme, enabling upgrades at an additional site, including new computer control panels, misting systems, and broiler perches.

In late 2025, archaeological works commenced ahead of the construction of two new broiler sheds on an existing site. These are scheduled for completion by September 2026 and reflect the Company's continued commitment to supporting the supply requirements of Soanes Poultry Ltd. The ability to expand further remains constrained by the limited availability of suitable sites and the lengthy planning process.

Avian Influenza (AI) and other endemic diseases continued to pose significant operational risks. During the year, one of the Company's sites fell within an AI protection zone for the first time in many years. This created substantial operational challenges during depletion and processing and had a material financial impact while restrictions remained in place.

The business remains committed to continuous improvement in technical performance and welfare standards across all farms. A strong culture of best practice is embedded throughout the organisation, with every employee taking responsibility for maintaining high standards of health, safety, and welfare.

Clive Soanes Broilers benefits from its position within a fully integrated, family owned group. Nearly all aspects of rearing, processing, and ancillary services are managed in house, providing stability, efficiency, and close control over quality. Competitive salary and welfare packages, combined with a strong support structure, continue to attract and retain high quality farm management personnel.

PRINCIPAL RISKS AND UNCERTAINTIES

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

Price risk

The company is a poultry farming business. The prices of such products tend to reduce on account of pricing pressure and competition. This risk is managed by maintaining adequate levels of stock and by monitoring the market continuously.

Foreign exchange risk

The company does not deal in any foreign currencies.

Credit risk

The company's only customer is Soanes Poultry Limited which is an associated company of Clive Soanes (Broilers) Limited. Amounts outstanding for both time and credit limits are regularly monitored.

Liquidity risk

The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

FUTURE DEVELOPMENTS

Clive Soanes Broilers has continued its programme of investment in the refurbishment of older poultry sheds, with a further two sheds upgraded during 2025/26. The refurbishment works included the installation of new ventilation systems, strengthening of shed wall structures, replacement roofing, high-pressure misting systems, and new drinker lines. These improvements will enhance bird welfare, operational efficiency, and environmental control across the facilities.

Further investment has been made in expanding capacity through the construction of two additional poultry sheds at one of the Company's existing broiler farms. Groundworks commenced in April 2026, with completion scheduled for September 2026.

To secure a construction slot for these new sheds during 2026, the ongoing refurbishment programme for older sheds has been deferred. As a result, two additional sheds are now scheduled for refurbishment during the first half of 2027.

Following the refusal of planning permission for a farm manager's dwelling at the site being expanded, the decision was taken to purchase a property in close proximity to the farm. Although a suitable dwelling was initially identified, the purchase did not proceed to completion. The business is therefore actively seeking an alternative property to support the operational requirements of the site.

The successful award of an RPA Animal Welfare and Health Grant has enabled the upgrade of control units at another broiler farm. Together with the installation of new perches and a high-pressure misting system, these improvements will further support animal welfare standards and help mitigate the challenges associated with increasingly variable weather conditions across the UK.

With Soanes Poultry Ltd set to increase processing capacity following the installation of a new refrigeration plant, additional broiler production will be required to meet future demand. Clive Soanes Broilers is therefore evaluating a range of growth opportunities, including the acquisition of additional sites, securing planning consent for further expansion at existing farms, and developing additional contract grower partnerships.

ON BEHALF OF THE BOARD:

A M Soanes - Director

28th September 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2026.

RESEARCH AND DEVELOPMENT

Research and development remains central to the Company's long term strategy. During 2025/26, the principal trial focused on the second stage introduction of field beans to reduce reliance on soya within the feed ration. Early results are encouraging, and further work will assess the long term sustainability of incorporating field beans, including availability and pricing considerations.

FUTURE DEVELOPMENTS

These details have been provided in the company's strategic report.

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

A M Soanes

C L Wright

Other changes in directors holding office are as follows:

M E Soanes - resigned 11th November 2025

FINANCIAL INSTRUMENTS

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

REVENUE MAINTENANCE

The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which,over the life cycle of the products, can contribute to the future profits of the business.

RISKS AND UNCERTAINTIES

These details have been provided in the company's strategic report.

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). 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;

-	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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M Soanes - Director

28th September 2026

Opinion

We have audited the financial statements of Clive Soanes (Broilers) Ltd. (the 'company') for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st March 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, 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:

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 farming industry;

- 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 the Companies Act 2006, taxation legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;

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

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- 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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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 informed 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.

Alan Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

29th September 2026

TURNOVER

3

12,582,688

12,326,599

Cost of sales

9,803,068

10,385,255

GROSS PROFIT

2,779,620

1,941,344

Administrative expenses

938,705

873,130

1,840,915

1,068,214

Other operating income

4

548,297

428,396

OPERATING PROFIT

6

2,389,212

1,496,610

Interest receivable and similar income

53,847

10,304

2,443,059

1,506,914

Interest payable and similar expenses

8

139,062

203,721

PROFIT BEFORE TAXATION

2,303,997

1,303,193

Tax on profit

9

615,300

229,557

PROFIT FOR THE FINANCIAL YEAR

1,688,697

1,073,636

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,688,697

1,073,636

FIXED ASSETS

Tangible assets

10

5,821,699

5,425,940

CURRENT ASSETS

Stocks

11

830,592

516,747

Debtors

12

1,092,440

1,710,046

Cash at bank

3,622,451

1,561,534

5,545,483

3,788,327

CREDITORS

Amounts falling due within one year

13

2,764,939

1,819,569

NET CURRENT ASSETS

2,780,544

1,968,758

TOTAL ASSETS LESS CURRENT LIABILITIES

8,602,243

7,394,698

CREDITORS

Amounts falling due after more than one year

14

(1,861,509

)

(2,359,913

)

PROVISIONS FOR LIABILITIES

18

(485,757

)

(468,505

)

NET ASSETS

6,254,977

4,566,280

CAPITAL AND RESERVES

Called up share capital

19

1,100

1,100

Retained earnings

6,253,877

4,565,180

SHAREHOLDERS' FUNDS

6,254,977

4,566,280

The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2026 and were signed on its behalf by:

A M Soanes - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2024

1,100

3,491,544

3,492,644

Changes in equity

Total comprehensive income

-

1,073,636

1,073,636

Balance at 31st March 2025

1,100

4,565,180

4,566,280

Changes in equity

Total comprehensive income

-

1,688,697

1,688,697

Balance at 31st March 2026

1,100

6,253,877

6,254,977

Cash flows from operating activities

Cash generated from operations

1

3,594,411

2,081,075

Interest paid

(139,062

)

(203,721

)

Tax paid

(238,029

)

-

Taxation refund

-

(40,288

)

Net cash from operating activities

3,217,320

1,837,066

Cash flows from investing activities

Purchase of tangible fixed assets

(760,241

)

(202,884

)

Sale of tangible fixed assets

6,500

31,003

Government grants received

21,946

-

Interest received

53,847

10,304

Net cash from investing activities

(677,948

)

(161,577

)

Cash flows from financing activities

New loans in year

-

1,580,000

Loan repayments in year

(452,168

)

(1,978,389

)

Capital repayments in year

(26,287

)

-

New hire purchase agreements in the year

-

42,530

Net cash from financing activities

(478,455

)

(355,859

)

Increase in cash and cash equivalents

2,060,917

1,319,630

Cash and cash equivalents at beginning of year

2

1,561,534

241,904

Cash and cash equivalents at end of year

2

3,622,451

1,561,534

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

2026

2025

£

£

Profit before taxation

2,303,997

1,303,193

Depreciation charges

359,251

338,927

Profit on disposal of fixed assets

(1,269

)

(14,188

)

Government grants

(3,271

)

(449

)

Finance costs

139,062

203,721

Finance income

(53,847

)

(10,304

)

2,743,923

1,820,900

Increase in stocks

(313,845

)

(77,603

)

Decrease in trade and other debtors

617,606

809,074

Increase/(decrease) in trade and other creditors

546,727

(471,296

)

Cash generated from operations

3,594,411

2,081,075

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

3,622,451

1,561,534

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,561,534

241,904

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/25

Cash flow

At 31/3/26

£

£

£

Net cash

Cash at bank

1,561,534

2,060,917

3,622,451

1,561,534

2,060,917

3,622,451

Debt

Finance leases

(42,530

)

26,287

(16,243

)

Debts falling due within 1 year

(196,514

)

(29,992

)

(226,506

)

Debts falling due after 1 year

(2,343,669

)

482,160

(1,861,509

)

(2,582,713

)

478,455

(2,104,258

)

Total

(1,021,179

)

2,539,372

1,518,193

1.	STATUTORY INFORMATION

Clive Soanes (Broilers) Ltd. 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 Company Information page.

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

2.	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.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, such as including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are as follows:

Useful life and residual values

Estimations in residual values and useful lives of tangible and intangible assets are assessed annually. Judgement has been made in estimating the useful lives of the asset categories aligned to the company's depreciation and write-off policies.

Impairment of Assets

The company assesses the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. This assessment requires management to make judgements about the recoverable amount of the assets, which is the higher of the asset's fair value less costs of disposal and its value in use. In making these judgements, management considers various factors, including any changes in market conditions that may affect the asset's value. These judgements are based on historical experience and other factors that are believed to be reasonable under the circumstances. Any changes in these assumptions or estimates could result in a material adjustment to the carrying amount of the assets within the next financial year.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

-

4% on cost

Long leasehold

-

4% on cost

Plant and machinery

-

10% on cost and 4% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. Biological assets comprises meat producing poultry which are valued at cost until the commencement of the thinning period during which the value is adjusted to reflect the realisable live-weight price.

In measuring the fair value of poultry, various management estimates and judgements are required:

- Estimates and judgements in determining the fair value of poultry relate to market prices, average lifecycle

growth and laying profile; and

- Market prices for poultry are based on the Company's knowledge of a limited market for poultry transactions at various points of the consumable and bearer assets' lifecycle.

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

Going concern

The Directors have assessed the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. Based on this assessment, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Clive Soanes Broilers Ltd continues to operate from a strong position within the UK poultry sector, producing premium quality birds to award winning standards. All birds are processed exclusively by our sister company, Soanes Poultry Ltd, under a fully integrated supply chain model. This structure provides stability and operational alignment across both businesses, ensuring a secure, transparent, and sustainable supply chain for customers. Demand for high quality, locally produced poultry has remained robust throughout the year, and the Directors expect this to continue.

The Company has a clear and disciplined capital investment programme designed to enhance the long term value of the farming estate and improve operational efficiency. These investments are phased and fully aligned with the Company's cash generation profile.

As part of the going concern assessment, the Directors have reviewed detailed cash flow forecasts, including stress tested scenarios reflecting potential downside risks such as increased input costs, reduced crop performance due to weather variability, and changes in market demand. The forecasts demonstrate that the Company maintains adequate liquidity and headroom throughout the assessment period. The Company benefits from stable and predictable demand through its integrated relationship with Soanes Poultry Ltd, providing a high degree of visibility over future production volumes.

The Directors have also considered the Company's financial position, including available cash resources and banking facilities. No material uncertainties have been identified that would cast significant doubt on the Company's ability to continue as a going concern.

Accordingly, the Directors are satisfied that the Company has sufficient resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing these financial statements.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	OTHER OPERATING INCOME

2026

2025

£

£

Electricity generation

51,800

55,457

Renewable heat incentives

331,581

365,740

Other income

573

6,750

R&D expenditure credit

161,072

-

Government grants

3,271

449

548,297

428,396

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

521,759

438,039

Social security costs

71,655

50,377

Other pension costs

8,587

7,514

602,001

495,930

The average number of employees during the year was as follows:

2026

2025

Operational

9

9

2026

2025

£

£

Directors' remuneration

79,131

51,837

The directors remuneration is recharged and paid out of related party company Soanes Poultry Ltd.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

53,914

44,346

Depreciation - owned assets

355,032

338,928

Depreciation - assets on hire purchase contracts

4,219

-

Profit on disposal of fixed assets

(1,269

)

(14,188

)

7.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

7,500

7,000

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank loan and overdraft interest

139,062

187,055

Interest on other loans

-

16,666

139,062

203,721