REGISTERED NUMBER: 04635359 (England and Wales)

B. Dugdale & Son Limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 April 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

SB Dugdale

JR Dugdale

MR Dugdale

HL O'Hare

HM Evans

REGISTERED OFFICE:

Bellman Mill

Salthill

CLITHEROE

Lancashire

BB7 1QW

REGISTERED NUMBER:

04635359 (England and Wales)

AUDITORS:

McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

B. Dugdale & Son Limited is the ultimate parent undertaking for the main trading subsidiary, Dugdale Nutrition Limited, plus other subsidiary undertakings. B. Dugdale & Son Limited's principal activity is being a holding company owning the land and buildings from which Dugdale Nutrition Limited undertakes the trade of manufacturing and retailing of animal feedstuffs.

REVIEW OF BUSINESS

On the 29th of October 2024, B. Dugdale & Son Limited acquired 100% of the share capital of RBC Agri Limited. For several years, we have supplied RBC’s customer base with agricultural feed and we will continue to do so. In addition, this acquisition further broadens our Group’s product range by adding in a high end grass seed proposition which we plan on continuing to grow to existing RBC customers and expanding further to new customers across our Group.

Following the dramatic effects of the outbreak of war in Ukraine on the raw material markets, this trading year saw the markets gradually slide to more normal pre-war levels. Milk prices have firmed throughout the trading year and coupled with a positive milk price / feed price ratio has encouraged dairy farmers to spend and chase milk yield. Beef enjoyed a year of record prices and corresponding high prices for cull cows has helped encourage feed consumption. Despite a reduction in overall sheep numbers due to economic and environmental scheme pressures, high finished lamb and cull ewe prices have kept demand for sheep and lamb feeds high. This positivity in the milk, lamb and beef markets has led the 2024/25 trading year being a record in terms of sale volumes.

Set against a background of record sales of £83.4m (2024: 80.3m) and continued significant reinvestment in the business, the Group has delivered a profit before taxation of £1,395,444 (2024: £860,524).

The Group's commitment to delivering outstanding customer service and products necessitates a continual plan of capital investment. Delivering record volumes has seen further additions and replacements in our fleet. A further expansion of our 7 days a week, 363 days a year feed delivery service has also led to a significant increase in our driver team as we continue to build our own fleet capacity, reducing our reliance on contractors. Large-scale plant investments are in the pipeline for the next trading year which will lead to increased efficiency and extra capacity.

KEY PERFORMANCE INDICATORS

2025

2024

Gross profit margin

16.3%

14.8%

Operating profit margin

1.8%

1.2%

Return on capital employed (profit after tax / shareholders funds)

6.1%

3.6%

Capital investment (both acquisitions and new plant and vehicles etc.)

£4.1m

£2.8m

PRINCIPAL RISKS AND UNCERTAINTIES

This next year will continue to be challenging and we are likely to see a number of customers exit the industry, but the directors view is that we are well placed to meet these challenges and deliver another strong year.

SECTION 172(1) STATEMENT

In governing the Group on behalf of its shareholders and discharging their duties under section 172, the board has had regard to the factors set out in section 172 (see below) and other factors which the board considers appropriate.

Matters identified that may affect the Group and company's performance in the long term are set out in the principal risks disclosed in the strategic report below.

The Group and company has engaged with key stakeholders and the outcome from such engagement has been considered by the directors during the decision-making process where appropriate.

SECTION 172 FACTORS

Section 172 requires a director of a company must act in the way he 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 long-term consequences of the decision;

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 desire to maintain the company's reputation for high standards of business conduct; and

f)

The need to act fairly between members of the company.

Shareholder and long term strategy

As the parent company of Dugdale Nutrition Limited, a leading supplier of animal feedstuffs throughout the north of England, the directors have to consider the Group as a whole in the discharge of their duties. The directors have monthly review meetings with the board of Dugdale Nutrition Limited to review the performance of the Group. They hold quarterly meetings with they management of RBC Argri Limited to discuss performance and improvements.

The board looks to all directors and senior management in the Group for initiatives and guidance and takes these into account in its decision making processes and to identify matters which may have an impact on any proposed decision including, where relevant, section 172 factors as outlined above.

Any key investment decisions are made with the involvement of the directors of Dugdale Nutrition Limited. Long term investments are based on strategic decisions to underpin the growth of the Group as a whole. This has proven to have been very successful in recent years enabling steady growth. The Group continues to review capacity and investment decisions are based largely on ensuring Dugdale Nutrition Limited can fulfil its customer's needs.

Customers

The board give their full support to the whole Dugdale Nutrition Limited employee team to ensure they deliver the best customer business relationship they can. The recognises the importance of behaving responsibly in treating all its customers fairly.

Communities

Through Dugdale Nutrition Limited, the Group seeks to support the community areas in which it trades. This includes supporting the Air Ambulance, the Field Nurse charity and McMillan Cancer coffee mornings among others.

Employees

The Group's employees are fundamental to the delivery of its' strategy and sustainability. The Group aims to be a responsible employer and is committed to enabling its people to achieve by maintaining its policy of training and career development.

Suppliers

The Group assess its supplier relationships across a number of key risk areas to ensure critical and high dependency suppliers remain aligned to the Group's values. Regular supplier meetings take place across the Group.

Results, business review and future developments

Throughout the year the directors monitor the performance of the Group as a whole against the Group's strategy and targets. In line with these, the key decisions taken across the Group during the financial year were;

- acquisition of RBC Agri Limited at a cost of £2.4m, to add an additional product range, and consolidating the customer base;

- the capital spend of £1.6m to further invest in quality new assets to improve our products and delivery;

- liaising with both customers and suppliers to try as far as possible to be fair in our trade dealings as the price of raw materials, animal feeds and farming produce fluctuates back and forth, largely due to factors out of all our control.

ON BEHALF OF THE BOARD:

MR Dugdale - Director

8 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture and distribution of animal foods.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 will be £70,950 (2024: £70,950).

FUTURE DEVELOPMENTS

The group will look to continue to develop its direct-to-the-market sales team and to forge longstanding relationships with existing and new wholesale customers. The group will also look to explore further opportunities to develop its offering to its core customer base of Dairy, Beef and Sheep farmers.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

SB Dugdale

JR Dugdale

MR Dugdale

HL O'Hare

HM Evans

STREAMLINED ENERGY AND CARBON REPORTING

B.Dugdale & Son Limited's greenhouse gas emissions, reportable under the Streamlined Energy and Carbon Reporting (SECR) for the period 1 May 2024 to 30 April 2025 were 5,368 tonnes CO2e (2024: 5,116). These include the emissions associated with electricity, kerosene and business travel in company and private vehicles by employees. In accordance with the legislation an intensity ratio has been calculated, and for B.Dugdale & Son Limited, this is 68.88 tonnes CO2e per £m revenue on a comparable basis, and 64.73 including the emissions and revenue of RBC Agri Limited since acquisition (2024: 63.65).

Greenhouse gas emissions

Greenhouse gas emissions for the year 2024/25 expressed in tonnes CO2e ("tCO2e") totalled 5,368 (100%) on revenues of £83.4m equating to an Intensity ratio (tCO2e per £m of revenue) of 64.73. This can be broken down as:

2025

2024

Electricity

2,112 (39%

)

2,068 (41%

)

Kerosene

408 (8%

)

323 (6%

)

Transport

2,848 (53%

)

2,725 (53%

)

The breakdown of greenhouse gas emissions by scope for the year 2024/25 expressed in tonnes CO2e were:

2025

2024

Scope 1- Transport

2,848 (53%

)

2,725 (53%

)

Scope 2- Electricity & Kerosene

2,520 (47%

)

2,391 (47%

)

Energy consumption

Energy consumption by year

2025

2024

Electricity, kWh

9,948,972 (43%

)

9,741,761 (44%

)

Kerosene, KWh

1,575,529 (6%

)

1,248,272 (5%

)

Transport fuel, kWh

11,791,469 (51%

)

11,279,906 (51%

)

Total Energy Consumption (kWh)

23,315,970 (100%

)

22,269,939 (100%

)

Boundary, methodology and exclusions

An 'operational control' approach has been used to define the Greenhouse Gas emissions boundary. This approach captures emissions associated with the operation of all buildings such as warehouses, offices, and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019. Emissions have been calculated using the latest conversion factors provided by the UK Government. There are no material omissions from the mandatory reporting scope. The reporting period is 1 May 2024 to 30 April 2025, as per the financial accounts.

Energy efficiency initiatives

The company has been pro-active in the 2024/25 reporting period and we have set out the following energy efficiency initiatives:

Move towards better more efficient motors in our mills,

Move towards more efficient vehicles of which all are Euro 6,

More meetings held on Microsoft Teams to prevent unnecessary travel.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

MR Dugdale - Director

8 September 2025

Opinion

We have audited the financial statements of B. Dugdale & Son Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, 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 30 April 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 six, 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 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 sector;

-

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; and

-

tested journal entries to identify 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 including the Health and Safety Executive, 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 management and the inspection of regulatory and legal correspondence, if any.

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.

Andrea Gerring FCA (Senior Statutory Auditor)

for and on behalf of McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

8 September 2025

TURNOVER

83,357,429

80,373,118

Cost of sales

69,763,916

68,499,161

GROSS PROFIT

13,593,513

11,873,957

Distribution costs

7,243,385

7,144,159

Administrative expenses

4,813,688

3,756,621

12,057,073

10,900,780

OPERATING PROFIT

4

1,536,440

973,177

Income from fixed asset investments

762

508

Interest receivable and similar income

2,914

-

3,676

508

1,540,116

973,685

Interest payable and similar expenses

5

144,672

113,161

PROFIT BEFORE TAXATION

1,395,444

860,524

Tax on profit

6

429,962

320,148

PROFIT FOR THE FINANCIAL YEAR

965,482

540,376

Profit attributable to:

Owners of the parent

965,482

540,376

PROFIT FOR THE YEAR

965,482

540,376

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

965,482

540,376

Total comprehensive income attributable to:

Owners of the parent

965,482

540,376

FIXED ASSETS

Intangible assets

9

1,485,238

1,204,269

Tangible assets

10

11,280,769

11,085,574

Investments

11

76,611

76,611

12,842,618

12,366,454

CURRENT ASSETS

Stocks

12

2,573,722

2,006,590

Debtors

13

11,774,343

8,858,618

Cash at bank

780,152

156,443

15,128,217

11,021,651

CREDITORS

Amounts falling due within one year

14

8,219,026

5,758,644

NET CURRENT ASSETS

6,909,191

5,263,007

TOTAL ASSETS LESS CURRENT LIABILITIES

19,751,809

17,629,461

CREDITORS

Amounts falling due after more than one year

15

(2,034,045

)

(865,906

)

PROVISIONS FOR LIABILITIES

18

(1,772,601

)

(1,712,924

)

NET ASSETS

15,945,163

15,050,631

CAPITAL AND RESERVES

Called up share capital

19

28,380

28,380

Revaluation reserve

20

377,960

377,960

Capital redemption reserve

20

36,000

36,000

Retained earnings

20

15,502,823

14,608,291

SHAREHOLDERS' FUNDS

15,945,163

15,050,631

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

MR Dugdale - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

3,786,825

3,432,452

Investments

11

7,505,648

5,078,498

11,292,473

8,510,950

CURRENT ASSETS

Debtors

13

6,484,828

6,349,043

CREDITORS

Amounts falling due within one year

14

560,127

11,315

NET CURRENT ASSETS

5,924,701

6,337,728

TOTAL ASSETS LESS CURRENT LIABILITIES

17,217,174

14,848,678

CREDITORS

Amounts falling due after more than one year

15

(1,333,320

)

-

PROVISIONS FOR LIABILITIES

18

(156,973

)

(146,131

)

NET ASSETS

15,726,881

14,702,547

CAPITAL AND RESERVES

Called up share capital

19

28,380

28,380

Revaluation reserve

20

377,960

377,960

Retained earnings

20

15,320,541

14,296,207

SHAREHOLDERS' FUNDS

15,726,881

14,702,547

Company's profit for the financial year

1,095,284

638,166

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

MR Dugdale - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

28,380

14,138,865

377,960

36,000

14,581,205

Changes in equity

Dividends

-

(70,950

)

-

-

(70,950

)

Total comprehensive income

-

540,376

-

-

540,376

Balance at 30 April 2024

28,380

14,608,291

377,960

36,000

15,050,631

Changes in equity

Dividends

-

(70,950

)

-

-

(70,950

)

Total comprehensive income

-

965,482

-

-

965,482

Balance at 30 April 2025

28,380

15,502,823

377,960

36,000

15,945,163

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 May 2023

28,380

13,728,991

377,960

14,135,331

Changes in equity

Dividends

-

(70,950

)

-

(70,950

)

Total comprehensive income

-

638,166

-

638,166

Balance at 30 April 2024

28,380

14,296,207

377,960

14,702,547

Changes in equity

Dividends

-

(70,950

)

-

(70,950

)

Total comprehensive income

-

1,095,284

-

1,095,284

Balance at 30 April 2025

28,380

15,320,541

377,960

15,726,881

Cash flows from operating activities

Cash generated from operations

1

2,261,498

3,024,368

Interest paid

(26,936

)

(49,249

)

Interest element of hire purchase payments paid

(117,736

)

(63,912

)

Tax paid

-

(125,043

)

Net cash from operating activities

2,116,826

2,786,164

Cash flows from investing activities

Purchase of tangible fixed assets

(787,786

)

(1,519,895

)

Sale of tangible fixed assets

197,390

269,550

Purchase of RBC Agri Ltd subsidiary

(693,817

)

-

Net cash funds acquired with subsidiary

607,647

-

Interest received

2,914

-

Dividends received

762

508

Net cash from investing activities

(672,890

)

(1,249,837

)

Cash flows from financing activities

HP capital repayments in year

(749,277

)

(357,666

)

Equity dividends paid

(70,950

)

(70,950

)

Net cash from financing activities

(820,227

)

(428,616

)

Increase in cash and cash equivalents

623,709

1,107,711

Cash and cash equivalents at beginning of year

2

156,443

(951,268

)

Cash and cash equivalents at end of year

2

780,152

156,443

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

2025

2024

£

£

Profit before taxation

1,395,444

860,524

Depreciation charges

1,932,813

1,640,183

Loss/(profit) on disposal of fixed assets

22,615

(44,362

)

Finance costs

144,672

113,161

Finance income

(3,676

)

(508

)

3,491,868

2,568,998

(Increase)/decrease in stocks

(386,284

)

926,557

(Increase)/decrease in trade and other debtors

(1,678,977

)

1,658,676

Increase/(decrease) in trade and other creditors

834,891

(2,129,863

)

Cash generated from operations

2,261,498

3,024,368

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 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

780,152

156,443

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

156,443

-

Bank overdrafts

-

(951,268

)

156,443

(951,268

)