REGISTERED NUMBER: 00633546 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 28 February 2025

for

Corbett Farms Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mrs P Corbett

R G U Corbett

Mrs P A Corbett

Mrs S C Hudson

SECRETARY:

R G U Corbett

REGISTERED OFFICE:

Ox House

Shobdon

Leominster

Herefordshire

HR6 9LT

REGISTERED NUMBER:

00633546 (England and Wales)

AUDITORS:

A D Accounts Limited (Statutory Auditors)

Rural Enterprise Centre

Vincent Carey Road

Rotherwas

Hereford

Herefordshire

HR2 6FE

The directors present their strategic report of the company and the group for the year ended 28 February 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year 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.

As a farming business largely based in poultry. The group's main activities were organised in the following enterprises:-

Poultry

Cereals and Crops

Apples and Blackcurrants

Sundry other income largely arising from agricultural activities and assets

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

The turnover of the group by departments was as follows:

2025

2024

£   's

£   's

Poultry (including Poultry Unit Rent and Management)

11,862

11,902

Cereals and Crops

518

364

Apples and Blackcurrants

527

420

Miscellaneous sales

202

72

13,109

12,758

Overall operating profit has increased to £1,907,003 (14.5%) from £1,599,652 (12.5% 2024) . Profit before tax has increased to £1,873,813 (£1,546,385 - 2024). Return on capital employed has increased to 8.8% (8.5% 2024).

PRINCIPAL RISKS AND UNCERTAINTIES

With the ongoing consequence of general current economy and political uncertainties and risks in mind, we are aware any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:

R G U Corbett - Director

23 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2025.

DIVIDENDS

£600,000 of dividends were voted during the year ended 28th February 2025.

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 1 March 2024 to the date of this report.

Mrs P Corbett

R G U Corbett

Mrs P A Corbett

Mrs S C Hudson

Other changes in directors holding office are as follows:

R S Gwilliam - deceased 24 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that 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 group's auditors are aware of that information.

AUDITORS

The auditors, A D Accounts Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R G U Corbett - Director

23 September 2025

Opinion

We have audited the financial statements of Corbett Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 28 February 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risk 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 audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- Specific laws and regulations applicable to the group were identified through discussions with the Managing Director, and from our knowledge and experience of the agricultural industry.

- We focused on specific laws and regulations which we considered may have a direct material affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation.

- We assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal documentation.

- 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 group'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.

-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 the accounting estimates were indicative of potential bias.

- Investigated the rationale behind significant and 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 disclosure to underlying supporting documentation.

- Enquiring of management as to actual and potential litigation and claims.

- 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 audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of the 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.

Responsibility for the prevention of irregularities, including fraud, rests with the directors

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.

Mr Allan James Davies (FCCA) (Senior Statutory Auditor)

for and on behalf of A D Accounts Limited (Statutory Auditors)

Rural Enterprise Centre

Vincent Carey Road

Rotherwas

Hereford

Herefordshire

HR2 6FE

24 September 2025

TURNOVER

13,109,382

12,758,285

Cost of sales

(10,232,516

)

(10,119,935

)

GROSS PROFIT

2,876,866

2,638,350

Administrative expenses

(1,473,199

)

(1,530,677

)

1,403,667

1,107,673

Other operating income

503,426

491,889

OPERATING PROFIT

5

1,907,093

1,599,562

Interest receivable and similar income

57,545

49,511

1,964,638

1,649,073

Interest payable and similar expenses

6

(90,735

)

(102,778

)

PROFIT BEFORE TAXATION

1,873,903

1,546,295

Tax on profit

7

(484,751

)

(660,572

)

PROFIT FOR THE FINANCIAL YEAR

1,389,152

885,723

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,389,152

885,723

Profit attributable to:

Owners of the parent

1,389,152

885,723

Total comprehensive income attributable to:

Owners of the parent

1,389,152

885,723

FIXED ASSETS

Tangible assets

10

7,263,784

7,605,746

Investments

11

401,081

401,061

7,664,865

8,006,807

CURRENT ASSETS

Stocks

12

1,856,536

2,271,691

Debtors

13

2,232,754

1,773,360

Cash at bank and in hand

2,694,597

1,909,518

6,783,887

5,954,569

CREDITORS

Amounts falling due within one year

14

(1,624,657

)

(1,692,733

)

NET CURRENT ASSETS

5,159,230

4,261,836

TOTAL ASSETS LESS CURRENT LIABILITIES

12,824,095

12,268,643

CREDITORS

Amounts falling due after more than one year

15

(1,048,209

)

(1,228,148

)

PROVISIONS FOR LIABILITIES

19

(601,239

)

(655,000

)

NET ASSETS

11,174,647

10,385,495

CAPITAL AND RESERVES

Called up share capital

20

40,539

40,539

Share premium

21

58,565

58,565

Capital redemption reserve

21

37,470

37,470

Retained earnings

21

11,038,073

10,248,921

SHAREHOLDERS' FUNDS

11,174,647

10,385,495

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

R G U Corbett - Director

FIXED ASSETS

Tangible assets

10

7,170,829

7,605,746

Investments

11

402,171

401,151

7,573,000

8,006,897

CURRENT ASSETS

Stocks

12

190,606

2,271,691

Debtors

13

4,383,213

1,923,360

Cash at bank and in hand

1,182,523

1,759,518

5,756,342

5,954,569

CREDITORS

Amounts falling due within one year

14

(1,129,949

)

(1,692,823

)

NET CURRENT ASSETS

4,626,393

4,261,746

TOTAL ASSETS LESS CURRENT LIABILITIES

12,199,393

12,268,643

CREDITORS

Amounts falling due after more than one year

15

(1,048,209

)

(1,228,148

)

PROVISIONS FOR LIABILITIES

19

(578,000

)

(655,000

)

NET ASSETS

10,573,184

10,385,495

CAPITAL AND RESERVES

Called up share capital

20

40,539

40,539

Share premium

21

58,565

58,565

Capital redemption reserve

21

37,470

37,470

Retained earnings

21

10,436,610

10,248,921

SHAREHOLDERS' FUNDS

10,573,184

10,385,495

Company's profit for the financial year

787,689

885,723

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

R G U Corbett - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 March 2023

40,539

9,663,198

58,565

37,470

9,799,772

Changes in equity

Dividends

-

(300,000

)

-

-

(300,000

)

Total comprehensive income

-

885,723

-

-

885,723

Balance at 29 February 2024

40,539

10,248,921

58,565

37,470

10,385,495

Changes in equity

Dividends

-

(600,000

)

-

-

(600,000

)

Total comprehensive income

-

1,389,152

-

-

1,389,152

Balance at 28 February 2025

40,539

11,038,073

58,565

37,470

11,174,647

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 March 2023

40,539

9,663,198

58,565

37,470

9,799,772

Changes in equity

Dividends

-

(300,000

)

-

-

(300,000

)

Total comprehensive income

-

885,723

-

-

885,723

Balance at 29 February 2024

40,539

10,248,921

58,565

37,470

10,385,495

Changes in equity

Dividends

-

(600,000

)

-

-

(600,000

)

Total comprehensive income

-

787,689

-

-

787,689

Balance at 28 February 2025

40,539

10,436,610

58,565

37,470

10,573,184

Cash flows from operating activities

Cash generated from operations

1

2,420,514

2,552,763

Interest paid

(83,648

)

(95,228

)

Interest element of hire purchase payments paid

(7,087

)

(7,550

)

Tax paid

(444,041

)

(167,236

)

Net cash from operating activities

1,885,738

2,282,749

Cash flows from investing activities

Purchase of tangible fixed assets

(331,228

)

(760,995

)

Purchase of fixed asset investments

(20

)

-

Sale of tangible fixed assets

74,184

76,631

Sale of fixed asset investments

-

90

Interest received

57,545

49,511

Net cash from investing activities

(199,519

)

(634,763

)

Cash flows from financing activities

Loan repayments in year

(161,409

)

(188,053

)

Capital repayments in year

(36,042

)

136,159

Amount introduced by directors

370,266

374,399

Amount withdrawn by directors

(473,955

)

(478,713

)

Equity dividends paid

(600,000

)

(300,000

)

Net cash from financing activities

(901,140

)

(456,208

)

Increase in cash and cash equivalents

785,079

1,191,778

Cash and cash equivalents at beginning of year

2

1,909,518

717,740

Cash and cash equivalents at end of year

2

2,694,597

1,909,518

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

2025

2024

£

£

Profit before taxation

1,873,903

1,546,295

Depreciation charges

618,393

636,046

(Profit)/loss on disposal of fixed assets

(19,987

)

277,659

Finance costs

90,735

102,778

Finance income

(57,545

)

(49,511

)

2,505,499

2,513,267

Decrease in stocks

415,155

39,562

(Increase)/decrease in trade and other debtors

(355,793

)

502,055

Decrease in trade and other creditors

(144,347

)

(502,121

)

Cash generated from operations

2,420,514

2,552,763

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 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

2,694,597

1,909,518

Year ended 29 February 2024

29.2.24

1.3.23

£

£

Cash and cash equivalents

1,909,518

717,740

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank and in hand

1,909,518

785,079

2,694,597

1,909,518

785,079

2,694,597

Debt

Finance leases

(136,159

)

36,042

(100,117

)

Debts falling due within 1 year

(153,878

)

27,478

(126,400

)

Debts falling due after 1 year

(1,147,133

)

133,931

(1,013,202

)

(1,437,170

)

197,451

(1,239,719

)

Total

472,348

982,530

1,454,878

1.	STATUTORY INFORMATION

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. All intra-group transactions, balances and unrealised gains on transactions between the group companies are eliminated on consolidation.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Investments in subsidiaries

Investment in subsidiaries undertakings are recognised at cost.

Turnover

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

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years

Improvements to property

-

Straight line over 16 years

Plant and machinery

-

10% on reducing balance, 10% on cost and Straight line over 5 to 10 years

Motor vehicles

-

Straight line over 5 to 10 years

Government grants

Grants that are received in respect of expenses already incurred by the entity are recognised in profit and loss in the period in which the grant becomes receivable.