The directors present the strategic report for the period ended 31 October 2025.

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

On 25 October 2024 the pig activity was transferred to the holding company, as part of a bigger reconstruction ultimately ending with the livestock trade moving out of the group. The company continues operating with its arable farming trade.

Key performance indicators

We undertake the comparison of key performance indicators as part of our internal management procedures. Each individual farm is monitored comparing pig movements, sales and profits. The methods used in the farms that excel are then used to enhance the performance of the other farms.

The key performance data in relation to pig breeding, excluding fuel costs, the company's principal activity is as follows:

The key performance data in respect of arable farming is:

As for many businesses of our size within the pig breeding industry we are faced with many risks.

Feed prices

Prices are subject to fluctuations which are beyond the company's control. The company seeks to minimise the impact of the fluctuations by managing the best use of its resources to ensure that the correct type of feed is reaching animals at the appropriate stage of growth.

The company's arable trade is subject to the same market fluctuations which control the price the company receives for its products and the inputs, such as seed, fertilisers and chemicals.

Food standards regulation

The company invests in compliance and has strict policies to ensure it adheres diligently to the required standards. Effective communication within the company is essential to ensure that the comprehensive policies are implemented by its site teams. This applies to both arable and livestock farming.

Competition from abroad

The company manages this risk by managing its efficiency and maintaining strong relationships with its customers.

Pandemic disease for livestock

The company's pig production is spread across a number of sites so that risks of infection are limited in the event of a UK outbreak.

Recruitment and retention of workforce

The company invests in competitive salary and training packages to attract and retain the best staff.

Section 172 of the Companies Act 2006 states that a director of a company must act in a way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a.     The likely consequences of any decision in the long term;

b.     The interests of the company's employees;

c.     The need to foster the company's business relationships with suppliers, customers and others;

d.     The impact of the company's operations on the community and the environment;

e.     The desirability of the company's maintaining a reputation for higher standards of business conduct; and

f.     The need to act fairly as between members of the company.

The directors continually assess current performance and the opportunities for business in the future. Long term plans are developed to ensure that the company is moving in the right direction.

The directors understand that the company's long-term growth and success are dependent on successful engagement with stakeholders and value interaction to ensure that stakeholders' views are considered in the decision making process.

On behalf of the board

The directors are responsible for preparing the annual 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). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 present their annual report and financial statements for the period ended 31 October 2025.

The principal activity of the company was pig rearing for the food industry until 25 October 2024 changing to arable farming from that date to the period end.

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £Nil (2024 - £8,000). The directors do not recommend payment of a final dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The company's bank position is monitored by the Board to ensure that the company has sufficient resources to meet its daily needs as well as the funds required for capital investment.

The Board manages the company's exposure to interest rate risk. The company's borrowings are secured on its property, allowing the company to achieve lower interest rates than unsecured borrowing.

Sales are all made on credit terms, the majority of which are settled within 30 days. The incidence of bad debts is low.

The company had a commitment to its research programme into pig feed development and negation of antibiotics, following the disposal of the pig trade in the year, the research and development programme has now ceased within this company.

The directors have regular contact with customers and suppliers to share future plans, and gain feedback on the working relationships and what, if anything, can be improved. The management hold regular management meetings with staff to share ideas and promote engagement.

Subsequent to the period end, the the company carried out a reconstruction and transferred out its holdings in freehold property to fellow group companies.

The company retains an interest in property held under operating lease and continues to farm that land.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting (2024 - 2023 factors).

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

The directors are investigating means of improving energy efficiency and cutting carbon emissions, in particular the directors wish to promote eating locally sourced meat thereby decreasing food mileage. Feed troughs were been installed for the pigs to cut down food waste and the company has policies to promote the updating of company vehicles to more fuel efficient and environmentally friendly models, wherever practical. All the company's new machinery is Euro VI compliant.

The company has installed ground source heat pumps for its head office and uses LED lighting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Peddars Farms Limited (the 'company') for the period ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 October 2025 and of its profit for the period 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 Auditor's 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

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

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:

• 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We have considered the field in which the company operates and identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we have considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including employment law, health and safety regulation and other legislation specific to the industry in which the company operates (including animal welfare legislation).

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included:

- Discussions with management, including those charged with governance, regarding any known or suspected instances of non-compliance with laws and regulation and actual and potential litigation and claims.

- Reviewing legal and professional fees to identify any matters where the company engaged lawyers during the year.

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

- Challenging assumptions and judgements made by management in their significant accounting estimates, particularly around year end livestock values.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves deliberate concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors have reviewed the loans made to related parties and considered whether the balances at the year end are recoverable. In doing so, the directors have taken into account the ability of the debtors to pay, future plans and other available information.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company rears livestock, which will be at various stages of growth, and it is not necessarily easy to accurately ascertain the cost of each individual pig held at the reporting date. Instead the directors have estimated the cost of the pigs using the method set out in the accounting policy. The valuation method requires the directors to estimate the margin that will be made on the pigs. This varies from period to period depending on the market value of pigs, feed prices and other costs of raising pigs.

Peddars Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4b Church Street, DISS, Norfolk, IP22 4DD.

The company changed its name from Peddars Pigs Limited on 29 October 2024.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements present information about the company and not its group. The company is exempt from preparing consolidated accounts because the company and its group are included in the consolidated accounts of a UK parent and all the requirements set out in s.400 of the Companies Act are met.

These financial statements are prepared on the going concern basis. true

The directors have considered the company's position at the time of signing the financial statements and have taken account of the most recent management information, including forecasts for the remainder of the current financial year and access to borrowings.

The directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

The directors changed the company's financial reporting period to 31 October 2025 in order to align with the rest of its new group. The figures for the current period cover 17 months and those of the comparatives 12 months and therefore they are not entirely comparable.

Turnover predominantly represents the sales of pigs at market rates, exclusive of VAT. Sales are recognised when the pigs are delivered.

Other sales include income from agricultural farming activities that are included when the company has rights to the income, valued at market rate and exclusive of VAT. Income from the Rural Payments Agency is included at amounts due for the period.

All other income is recognised when received or when the company is due economic benefits, whichever is the earlier.

Research expenditure is written off against profits in the year in which it is incurred.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Assets held under finance leases are depreciated over the period of the lease.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at costs less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Listed investments are held at fair value at the reporting period end date. Changes in fair value are recognised in the statement of comprehensive income.

Other fixed asset investments are held at cost less a provision for any impairments.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are valued at cost, which is determined as follows:

The company's biological assets consist of pigs in the form of breeding sows and boars, along with their progeny at various stages throughout the growing cycle up to finished pigs for slaughter. In addition the company has growing and harvested crops. All biological assets are treated as current assets within stock and are valued under the cost model.

Valuation of pigs

The cost of finished pigs is estimated using the market value at the reporting date less the margin for the year (2024 - 15%). Other pigs are stratified according to size, age, gender and weight and then valued accordingly by their proportion of the value of finished pigs.

Feed and other pig related supplies are valued at actual cost on a first in first out basis.

Crop valuation

Crops are valued as the accumulation of costs incurred in the year in relation to the next harvest, with provision for permanent falls in the market price of the grown commodities, should this fall below cost.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

The current tax for the previous year of £701,346 relates to a loss generated by Research and Development tax relief, which has been surrendered for a payable credit.

On 25 October 2024 the company transferred the assets and liabilities from its livestock business to the parent company Porcus Farms Limited in the form of a distribution in specie. The transaction was part of a bigger reconstruction to separate out the livestock business from the arable so that the livestock business could be transferred outside of the group.

The net carrying value of land and buildings includes the following freehold land which is not depreciated:

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Freehold land and buildings with a carrying amount of £12,780,641 were pledged to secure borrowings of the company. The bank released the charge over the assets on the repayment of the bank loans during the period.

Investment property comprises a residential flat. The fair value of the investment property at £125,000 has been arrived at on the basis of a valuation carried out on 14 February 2024 by Durrants Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider the movement in valuation immaterial to reflect in the carrying value in the financial statements.

The carrying value of land and buildings comprises:

Details of the company's subsidiaries at 31 October 2025 are as follows:

Until the loans were repaid in February 2025, HSBC UK Bank Plc held security by way of a debenture incorporating a fixed and floating charge over the company undertaking and assets, including uncalled capital. Specifically, HSBC UK Bank Plc held a legal charge over freehold property as set out in note 12.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Leases are secured on the assets concerned.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HSBC Bank plc hold a guarantee and a debenture over the company's assets in respect of a bank loan provided to Peddars Holdings Limited, a company controlled by the directors. At 31 October 2025 the balance on the loan was £3,512,942 (At 31 May 2024: £3,763,792).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Subsequent to the year end, the company carried out a reconstruction and transferred out its holdings in freehold property to new companies within the existing group.

The company retains an interest in property held under operating lease and continues to farm that land.

The remuneration of key management personnel is as follows.

During the period the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

Amounts due from key management personnel and other related parties are non-secured, interest free and have no fixed repayment terms.

Dividends totalling £0 (2024 - £8,000) were paid in the period in respect of shares held by the company's directors.

The directors loan are unsecured, interest-free and are repayable on demand.

The parent company is Porcus Farms Limited, with a registered office of 4B Church Street, Diss, IP22 4DD.

The company, and its group, are included in the consolidated accounts of Porcus Farms Limited, which are available form The Mill, Mill Road, Long Stratton, Norwich, NR15 2RU.