REGISTERED NUMBER: 00228813 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

BIRDSALL ESTATES COMPANY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

The Lord Middleton

B T J Stevens

The Hon J W M Willoughby

G C N Lane Fox

H M C Coghill

SECRETARY:

The Lord Middleton

REGISTERED OFFICE:

The Estate Office

Birdsall

Malton

North Yorkshire

YO17 9NU

REGISTERED NUMBER:

00228813 (England and Wales)

SOLICITORS:

Wrigleys Solicitors LLP

3rd Floor

3 Wellington Place

Leeds

LS1 4AP

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

18,947,366

19,359,166

Investments

6

1,186,645

949,924

Investment property

7

41,371,565

41,371,565

61,505,576

61,680,655

CURRENT ASSETS

Inventories

4,497,072

4,376,591

Debtors

8

811,265

663,943

Cash at bank and in hand

485,909

937,969

5,794,246

5,978,503

CREDITORS

Amounts falling due within one year

9

1,495,698

1,767,676

NET CURRENT ASSETS

4,298,548

4,210,827

TOTAL ASSETS LESS CURRENT LIABILITIES

65,804,124

65,891,482

CREDITORS

Amounts falling due after more than one year

10

(4,701,376

)

(4,733,458

)

PROVISIONS FOR LIABILITIES

(10,520,990

)

(10,539,964

)

NET ASSETS

50,581,758

50,618,060

CAPITAL AND RESERVES

Called up share capital

14

76,000

76,000

Revaluation reserve

15

9,559,366

9,559,366

Retained earnings

40,946,392

40,982,694

SHAREHOLDERS' FUNDS

50,581,758

50,618,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 October 2026 and were signed on its behalf by:

The Lord Middleton - Director

1.	STATUTORY INFORMATION

Birdsall Estates 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 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about The Birdsall Estates Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements as it only has one dormant immaterial subsidiary.

Significant judgements and estimates

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies

Management have estimated the fair value of investment properties by reference to the latest available independent valuation report prepared by RICS qualified valuers. Management consider this report to be indicative of fair values of investment properties as at the date of these financial statements. Where vacant possession of property has been obtained between the date of the independent valuation and the date of these financial statements, the fair value has been reviewed with reference to relevant information and fair value adjustments have been reported as appropriate.

Critical accounting estimates and assumptions

Useful economic lives and residual values of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The assumptions used regarding useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates, based on market conditions and the physical condition of the assets.

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover represents amounts receivable for farming operations, rental income, game operations, wedding venue services and associated accommodation. Revenue from farming operations represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sales of goods are recognised when the company has delivered product to the customer, the customer has accepted the product, and collection of the related receivable is reasonably assured. Rental income is recognised on a monthly basis in accordance with the rental agreements in place. Income arising from game operations, hosting of weddings and provision of associated accommodation is recognised at the point at which the events take place and accommodation is provided.

Intangible assets

Intangible assets, being Entitlements to Basic Payment Scheme, are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Freehold land is stated at cost and is not depreciated.Where tangible fixed assets are reclassified to investment property, a revaluation adjustment is recognised at the date of reclassification to restate the relevant assets at the directors' estimate of fair value at the point of reclassification. Any revaluation gain is recognised in the revaluation reserve and the fair value is then transferred immediately to investment properties. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Freehold land

Not provided

Freehold property

Over 50 years

Plant & machinery and Motor vehicles

25% reducing balance

Chattels

Not provided

Where the above categories include assets in the course of construction at the date of these financial statements, depreciation is not provided in respect of these assets. Further detail is provided in the Property, Plant and Equipment note.

The chattels are of an antique nature and as such the directors anticipate that, for the foreseeable future, their estimated residual value will not be less than the book value shown in these accounts.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is stated at its fair value at each reporting date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stock of biological assets, being cultivation & produce in hand and livestock, are held under the cost model as permitted under s34 of FRS 102. Cost consists of costs of production together with directly associated overheads.

Neither cultivations nor livestock are depreciated. This is because cultivations are typically sold within one year of harvest and so the directors consider any depreciation to be insignificant to report. Livestock is not depreciated as the vast majority of livestock are born from existing livestock held by the company, meaning any depreciable original acquisition cost of livestock is minimal.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Listed investments are recognised at fair value. Gains and losses arising from changes in the fair value of listed investments are included in profit or loss for the period in which they arise.

Unlisted investments are initially stated at cost. Provision is made against any permanent diminution in the value of unlisted investments.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a reducing balance basis. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company and is separately disclosed in the notes to the financial statements. Any outstanding contributions at the balance sheet date are disclosed in debtors or creditors.

Going concern

The company has positive net current assets and as of the date of approval of these financial statements, the directors consider the company to have adequate banking facilities. As such, considering the financial resources and commitments of the company, the directors conclude that the company has sufficient resources available to meet all reasonable liabilities of the company as they fall due for a period of 12 months from the date of approval of these financial statements. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2025 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2025

and 31 March 2026

703,954

AMORTISATION

At 1 April 2025

and 31 March 2026

703,954

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

-

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

property

machinery

Chattels

Totals

£

£

£

£

COST

At 1 April 2025

12,606,921

8,094,361

4,330,505

25,031,787

Additions

-

524,284

-

524,284

Disposals

-

(119,750

)

-

(119,750

)

At 31 March 2026

12,606,921

8,498,895

4,330,505

25,436,321

DEPRECIATION

At 1 April 2025

857,850

4,814,771

-

5,672,621

Charge for year

44,464

872,560

-

917,024

Eliminated on disposal

-

(100,690

)

-

(100,690

)

At 31 March 2026

902,314

5,586,641

-

6,488,955

NET BOOK VALUE

At 31 March 2026

11,704,607

2,912,254

4,330,505

18,947,366

At 31 March 2025

11,749,071

3,279,590

4,330,505

19,359,166

Freehold property is held at historic cost unless it has previously been reclassified from investment property, in which case it is held at deemed cost, taken to be equal to the directors' estimate of fair value at the point of reclassification. Revaluation gains on freehold property reported in the period covered by these financial statements relate to properties reclassified to investment property in the period. At point of reclassification, a revaluation adjustment is recognised to restate affected properties at the directors' estimate of fair value. This value is then immediately reclassified to investment properties.

The net book value of property, plant and equipment includes £ 723,896 (2025 - £ 1,362,296 ) in respect of assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 April 2025

100

1,064,824

1,064,924

Additions

-

109,116

109,116

Disposals

-

(93,442

)

(93,442

)

Revaluations

-

221,047

221,047

At 31 March 2026

100

1,301,545

1,301,645

PROVISIONS

At 1 April 2025

and 31 March 2026

-

115,000

115,000

NET BOOK VALUE

At 31 March 2026

100

1,186,545

1,186,645

At 31 March 2025

100

949,824

949,924

Cost or valuation at 31 March 2026 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2026

-

1,163,989

1,163,989

Cost

100

137,556

137,656

100

1,301,545

1,301,645

Listed investments are held at fair value by reference to market valuations at the reporting date by the company's brokers.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

41,371,565

NET BOOK VALUE

At 31 March 2026

41,371,565

At 31 March 2025

41,371,565

The fair value of the company's investment property at the date of these financial statements has been estimated by the directors of the company, by reference to market evidence and a recent third party valuation by RICS-qualified surveyors.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2026

41,371,565

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

384,381

215,480

Other debtors

426,884

448,463

811,265

663,943

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Hire purchase contracts (see note 12)

203,039

339,812

Trade creditors

544,795

356,238

Taxation and social security

33,001

44,586

Other creditors

714,863

1,027,040

1,495,698

1,767,676

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans (see note 11)

4,522,850

4,512,500

Hire purchase contracts (see note 12)

133,026

210,014

Other creditors

45,500

10,944

4,701,376

4,733,458

11.

LOANS

An analysis of the maturity of loans is given below:

2026

2025

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

4,522,850

-

Amounts falling due between two and five years:

Bank loans

-

4,512,500

Bank borrowings include term loans totalling £4,522,850 which bear interest at a mix of fixed and variable rates.

12.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2026

2025

£

£

Net obligations repayable:

Within one year

203,039

339,812

Between one and five years

133,026

210,014

336,065

549,826

Non-cancellable

operating leases

2026

2025

£

£

Within one year

1,560

1,560

Between one and five years

-

1,560

1,560

3,120

Minimum lease revenue falls due as follows:

Non-cancellable operating lease revenue arising from letting of property

2026

2025

£

£

Within one year

995,468

1,071,471

Between one and five years

398,044

757,046

In more than five years

110,000

132,000

1,503,512

1,960,517

13.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

4,522,850

4,512,500

Hire purchase contracts

336,065

549,825

4,858,915

5,062,325

Bank loans are secured by a legal charge over certain freehold property as well as fixed floating charges over all assets of the company. Hire purchase contracts are secured against the assets to which they relate.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

76,000

Ordinary

£1

76,000

76,000

Shares carry equal voting rights and each share also ranks equally with regard to dividend payments or any other distribution including a distribution arising from the winding up of the company.

15.

RESERVES

Revaluation

reserve

£

At 1 April 2025

and 31 March 2026

9,559,366

Retained earnings records retained earnings and accumulated losses.

The revaluation reserve records non-distributable reserves relating to properties reclassified between property, plant and equipment and investment property, being the difference between fair value at point of reclassification and original cost, less any relevant deferred tax provision at the point of reclassification. Transfers between reserves in the year relate to the historic fair value gains, net of deferred tax provision, of properties reclassified from investment properties to property, plant and equipment.

16.	PENSION COMMITMENTS

Pension costs recorded represent contributions payable by the company to the scheme. The balance outstanding at the year end was £9,228 (2025 - £8,575).

17.	CAPITAL COMMITMENTS

2026

2025

£

£

Contracted but not provided for in the

financial statements

708,000

-

18.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the year a charitable donation of £10,000 (2025 - £10,000) was made to a trust which holds 22,350 ordinary £1 shares in the company.

Entities over which the entity has control, joint control or significant influence

2026

2025

£

£

Purchases

-

575,000

Amount due to related party

425,130

746,358

Key management personnel of the entity

2026

2025

£

£

Sales

56,536

36,168

Purchases

6,950

16,480

Amount due to related party

14,560

2,714

Balances outstanding at the date of these financial statements relate to directors and a woodlands estate operated by a director.

Other related parties

2026

2025

£

£

Sales

48,008

44,694

Purchases

136,523

85,927

Rents receivable

27,483

25,617

Amount due from related party

1,974

835

The above transactions were with a partnership, in which one of the directors is a partner.