REGISTERED NUMBER: 00539028 (England and Wales)

J W GRANT CO

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mrs J Grant

A J Grant

T A Grant

W J Grant

REGISTERED OFFICE:

Fold Hill

Old Leake

Boston

Lincolnshire

PE22 9PJ

REGISTERED NUMBER:

00539028 (England and Wales)

AUDITORS:

Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The principal activities of the group in the year under review were those of farming and the manufacture of dog biscuits and the marketing thereof to the retail trade.

REVIEW OF BUSINESS

The directors report a profit for the financial period with an operating profit of £3,450,283 (2023 Profit : £1,1156,887).

During 2024 the pet food business saw another strong recovery in turnover of 7%, following the negative impacts created by the iniquitous and unsubstantiated feline pancytopenia cat food recall which effected Fold Hill Foods in 2021. This improvement has been as a result of improving the customer and product mix with the business focusing on products and sectors where the company has an advantage.

The company continues to develop its product and customer base with the objective of generating additional turnover and sustainable profitability.

In the farming business the adoption of a new business model last year, involving share farm agreements with J E G Farms Ltd and A J Grant Ltd, has resulted in higher profits.

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in a challenging economic climate with significant fluctuation in commodity prices. The crop output from the farming undertaken is dependant on many factors such as weather, crop rotation and the quality of the land available. As such the management of the company's business and the execution of the group's strategies are subject to a number of risks:

- the volatility of raw material and commodity prices;

- the weather, availability of land,crop rotational plans;

- the pressures on labour costs;

- the requirement to constantly upgrade equipment and invest in new equipment as new products are developed:

- the reliance on a few key customers to generate the current level of turnover.

The pet food manufacturing strategy is to continue to develop and diversify the product range and invest in plant and equipment, production planning and scheduling software and processes and engineers.

The farming business has adopted a new approach to mitigating these risks by entering into share farm agreements with JEG Farms Ltd and A J Grant Ltd. This reduces the risk to J W Grant Co as the usual risks relating to the farming industry are largely devolved to the other companies.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group uses various financial instruments including cash, hire purchase agreements and items such as trade debtors and trade creditors that arise directly from its operations, the main purpose of which is to ensure liquidity for the group's activities. Certain overseas suppliers are paid in foreign currency. Forward currency contract derivatives may be taken out from time to time to hedge against the cash flow risk.These financial instruments expose the group to a number of financial risks, as set out below along with the means in which the group manages its exposures in these areas.

Interest rate and liquidity risks

The group finances its activities largely through working capital management and bank borrowings are not currently a highly significant part of the group's funds. The group has also acquired a limited number of fixed assets using hire purchase facilities, but at known interset rates at the inception of the contract.

Credit risk

The group's main financial assets are cash and trade debtors. The main credit risk is linked to trade debtors, albeit, this is mitigated as the customers tend to be "blue chip". Risk is minimised through the use of credit agencies, trade references and general experience of the industry. A proactive approach to debt collection is adopted with the accounts processed regularly for obtaining payments, with collection history, and credit limits being reviewed on an ongoing basis.

KEY PERFORMANCE INDICATORS

We consider the key performance indicators to be measured by both turnover and operating profit, both of which have increased in the year.

ON BEHALF OF THE BOARD:

A J Grant - Director

26 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 January 2024 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

J J Grant - resigned 31.10.2024

The beneficial interests of the directors holding office at 31 December 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.24

1.1.24

"A" ordinary shares of £1 each

Mrs J Grant

2,100

2,100

A J Grant

105

105

T A Grant

-

-

W J Grant

-

-

Preference shares of £1 each

Mrs J Grant

-

225,000

A J Grant

-

-

T A Grant

-

-

W J Grant

-

-

Redeemable Preference Shares 2020 shares of £1 each

Mrs J Grant

150,000

150,000

A J Grant

-

-

T A Grant

-

-

W J Grant

-

-

These directors did not hold any beneficial interests in the "B" ordinary shares of £1 each.

These directors did not hold any non-beneficial interests in any of the shares of the company.

The estate of Mr J E Grant and Mr A J Grant have an interest in shares as beneficiaries of a Trust which holds shares in J W Grant (Co).

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, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Grant - Director

26 September 2025

Opinion

We have audited the financial statements of J W Grant Co (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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 31 December 2024 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 five, 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:

We have enquired of those charged with governance around actual and potential litigation and claims.

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

- Enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

-Audited the risk of management override of controls including review of journal entries and large or unusual transaction, evaluating the business rationale of any significant transactions outside the course of business.

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.

Mrs Nicola Michelle Lenton F.C.C.A. (Senior Statutory Auditor)

for and on behalf of Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

26 September 2025

TURNOVER

44,456,961

42,189,480

Cost of sales

(35,579,817

)

(36,403,049

)

GROSS PROFIT

8,877,144

5,786,431

Distribution costs

(2,219,544

)

(2,054,023

)

Administrative expenses

(3,717,937

)

(3,111,702

)

2,939,663

620,706

Other operating income

510,620

536,181

OPERATING PROFIT

3

3,450,283

1,156,887

Interest receivable and similar income

18,058

104

3,468,341

1,156,991

Interest payable and similar expenses

4

(18,621

)

(30,861

)

PROFIT BEFORE TAXATION

3,449,720

1,126,130

Tax on profit

5

(56,179

)

94,559

PROFIT FOR THE FINANCIAL YEAR

3,393,541

1,220,689

Profit attributable to:

Owners of the parent

2,865,622

1,098,799

Non-controlling interests

527,919

121,890

3,393,541

1,220,689

PROFIT FOR THE YEAR

3,393,541

1,220,689

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,393,541

1,220,689

Total comprehensive income attributable to:

Owners of the parent

2,865,622

1,098,799

Non-controlling interests

527,919

121,890

3,393,541

1,220,689

FIXED ASSETS

Intangible assets

7

247,657

249,358

Tangible assets

8

9,182,210

9,520,698

Investments

9

6

380

9,429,873

9,770,436

CURRENT ASSETS

Stocks

10

4,056,505

4,882,095

Debtors

11

11,721,855

9,730,722

Cash at bank and in hand

3,187,395

1,976,572

18,965,755

16,589,389

CREDITORS

Amounts falling due within one year

12

6,660,492

7,547,609

NET CURRENT ASSETS

12,305,263

9,041,780

TOTAL ASSETS LESS CURRENT LIABILITIES

21,735,136

18,812,216

CREDITORS

Amounts falling due after more than one year

13

(650,000

)

(1,125,000

)

PROVISIONS FOR LIABILITIES

16

(57,587

)

(1,850

)

ACCRUALS AND DEFERRED INCOME

17

(230,054

)

(281,411

)

NET ASSETS

20,797,495

17,403,955

CAPITAL AND RESERVES

Called up share capital

18

26,250

26,250

Capital reserves

19

56,292

56,292

Retained earnings

19

19,931,849

17,066,227

SHAREHOLDERS' FUNDS

20,014,391

17,148,769

NON-CONTROLLING INTERESTS

20

783,104

255,186

TOTAL EQUITY

20,797,495

17,403,955

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A J Grant - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

4,109,076

4,331,306

Investments

9

3,861

11,729

4,112,937

4,343,035

CURRENT ASSETS

Stocks

10

203,188

143,215

Debtors

11

1,875,159

3,355,534

Cash at bank and in hand

1,758,844

888,545

3,837,191

4,387,294

CREDITORS

Amounts falling due within one year

12

2,986,360

4,058,489

NET CURRENT ASSETS

850,831

328,805

TOTAL ASSETS LESS CURRENT LIABILITIES

4,963,768

4,671,840

CREDITORS

Amounts falling due after more than one year

13

(650,000

)

(1,125,000

)

PROVISIONS FOR LIABILITIES

16

(20,478

)

-

NET ASSETS

4,293,290

3,546,840

CAPITAL AND RESERVES

Called up share capital

18

26,250

26,250

Capital reserves

19

56,292

56,292

Retained earnings

19

4,210,748

3,464,298

SHAREHOLDERS' FUNDS

4,293,290

3,546,840

Company's profit for the financial year

746,450

611,241

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

A J Grant - Director

Called up

share

Retained

Capital

capital

earnings

reserves

£

£

£

Balance at 1 January 2023

26,250

15,967,428

56,292

Changes in equity

Total comprehensive income

-

1,098,799

-

Balance at 31 December 2023

26,250

17,066,227

56,292

Changes in equity

Total comprehensive income

-

2,865,622

-

Balance at 31 December 2024

26,250

19,931,849

56,292

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

16,049,970

133,296

16,183,266

Changes in equity

Total comprehensive income

1,098,799

121,890

1,220,689

Balance at 31 December 2023

17,148,769

255,186

17,403,955

Changes in equity

Total comprehensive income

2,865,622

527,919

3,393,541

Balance at 31 December 2024

20,014,391

783,105

20,797,496

Called up

share

Retained

Capital

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

26,250

2,853,057

56,292

2,935,599

Changes in equity

Total comprehensive income

-

611,241

-

611,241

Balance at 31 December 2023

26,250

3,464,298

56,292

3,546,840

Changes in equity

Total comprehensive income

-

746,450

-

746,450

Balance at 31 December 2024

26,250

4,210,748

56,292

4,293,290

Cash flows from operating activities

Cash generated from operations

1

1,141,994

1,241,776

Interest paid

(18,621

)

(30,861

)

Tax paid

-

95,326

Net cash from operating activities

1,123,373

1,306,241

Cash flows from investing activities

Purchase of tangible fixed assets

(623,391

)

(803,154

)

Sale of tangible fixed assets

917,409

10,501

Sale of fixed asset investments

374

-

Interest received

18,058

104

Net cash from investing activities

312,450

(792,549

)

Cash flows from financing activities

Loan repayments in year

-

(36,995

)

Preference share issue

(225,000

)

-

Net cash from financing activities

(225,000

)

(36,995

)

Increase in cash and cash equivalents

1,210,823

476,697

Cash and cash equivalents at beginning of year

2

1,976,572

1,499,875

Cash and cash equivalents at end of year

2

3,187,395

1,976,572

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

2024

2023

£

£

Profit before taxation

3,449,720

1,126,130

Depreciation charges

818,261

834,559

(Profit)/loss on disposal of fixed assets

(772,091

)

19,816

Finance costs

18,621

30,861

Finance income

(18,058

)

(104

)

3,496,453

2,011,262

Decrease in stocks

825,590

597,017

Increase in trade and other debtors

(1,991,133

)

(2,001,218

)

(Decrease)/increase in trade and other creditors

(1,188,916

)

634,715

Cash generated from operations

1,141,994

1,241,776

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 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,187,395

1,976,572

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,976,572

1,499,875