Lily Group Holdings Limited

	Page
Company Information	1
Strategic Report	2
Director's Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11—12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Consolidated Statement of Cash Flows	16
Company Statement of Cash Flows	17
Notes to the Company Statement of Cash Flows	18
Notes to the Financial Statements	19—29

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Strategic Report

For The Year Ended 31 December 2024

Strategic Report

The director presents his strategic report for the year ended 31 December 2024.

Principal Activity

The principal activity continues to be that of a holding company with business activites in grain trading, property investment and development and kitchen design and fitting.

Review of the Business

REVIEW OF THE BUSINESS

The Company was established in 2018, retaining control within the same family of Chilton Grain Limited which was established in 1972.

The results for the year for the main trading company were affected by the backdrop of significant disruption to the global grain market from world events. The Group however retains substantial reserves built up to ensure sufficient capacity to meet its obligations. We are grateful for the continued support of our long-established customers and their trading relationships.

The principal activity of the subsidiary Chilton Grain Limited was that of grain trading, whilst Lily Group Holdings Limited continues to act as a holding company but retains its own business operations with interests in Investment Property and Kitchen Design and Fitting.

KEY PERFORMANCE INDICATORS

The Director views turnover, profit before tax and working capital as the company’s key performance indicators, and these are shown below.

	2024	2023
	£	£
Turnover	10,742,576	15,462,197
Profit before tax	442,596	493,089
Net working capital	3,287,725	2,541,648

Principal Risks and Uncertainties

The company’s activities expose it to the normal financial risks including cash flow, market price, supply and credit risk. In particular the principal risk of its trading subsidiary, is the fluctuation in grain prices caused by weather and global market conditions. Where possible the company mitigates this risk by the buying and selling of grain on the futures market.

Future Developments

The conditions related to the fluctuation in grain prices caused by weather and global market conditions and other normal business risks applicable to the group are considered likely to continue in the medium term. With this in mind the group aims to continue to manage these risks with a view to further improving the financial position of the company. It will do this by continuing to pay down loans and only entering into further long term commitments when it considers the economic conditions make this a viable option to do so.

On behalf of the board

Mr Simon Weir

Director

30th September 2025

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Lily Group Holdings Limited

Company No. 11594211

Director's Report For The Year Ended 31 December 2024

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2024.

Dividends

The value of dividends paid amounted to £NIL .

The director recommended a final dividend of £NIL .

Financial Instruments

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has adequate liquid resources to to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and financial instruments are made through banks and companies which are required to fulfil credit rating criteria approved by the director.

All customers that trade with the company on credit terms, are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis with necessary provision being made for bad and doubtful debts.

Directors

The director who held office during the year were as follows:

Mr Simon Weir

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Lily Group Holdings Limited

Director's Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, GMS FC Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Simon Weir

Director

30th September 2025

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Independent Auditor's Report

to the Members of

Lily Group Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Lily Group Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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

In auditing the financial statements, we have concluded that the director's 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 and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is 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. 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Lily Group Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 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 or returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3—4, the director is 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 director 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 director is responsible for assessing the group and 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.

Auditor's 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 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:

Key parts of the regulatory framework applicable to the company are the Companies Act 2006 and Financial Reporting Standard 102. The audit team gained an understanding of the legistation.

We gained an understanding of how the company is complying with those frameworks by considering the potential for override of those controls or other innapropriate influence over the financial reporting process, understanding the culture of honesty and ethical behaviour within the organisation, and observing whether a strong emphasis is placed on fraud prevention.

We assessed the susceptability of the company's financial statements to material misstatement , by understanding which areas of the business present potential fraud risk, understanding where these risks could present themselves and subsequently identifying controls in place to prevent or detect and correct them.

Based on the understanding gained, we designed audit procedures to identify non-compliance with laws and regulations. The procedures adopted included direct enquiries with those charged with governance, and specific analysis and testing of transactions and balances. The result of these procedures did not identify any such instance of irregularities or fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

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Independent Auditor's Report (continued)

to the Members of

Lily Group Holdings Limited

Christopher Smith (Senior Statutory Auditor)

for and on behalf of GMS FC Ltd , Statutory Auditor

30th September 2025

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Lily Group Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	4	10,742,576	15,462,197
Cost of sales		(9,254,180 )	(13,968,096 )

GROSS PROFIT		1,488,396	1,494,101

Distribution costs		(581,600 )	(661,706 )
Administrative expenses		(480,563 )	(492,154 )
Other operating income		-	-
Profit on revaluation of investments		532	-
Fair value gains on investments		219,274	147,113

OPERATING PROFIT	5	646,039	487,354
Fair value losses on investments		(166,547 )	(35,389 )
Income from other current asset investments		89,898	104,477
Other interest receivable and similar income	10	1,916	16,063
Interest payable and similar charges	11	(118,710 )	(79,416 )

PROFIT BEFORE TAXATION		452,596	493,089
Tax on Profit	12	(145,147 )	(109,492 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		307,449	383,597

The notes on pages 16 to 29 form part of these financial statements.

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Lily Group Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	307,449	383,597
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	307,449	383,597

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Lily Group Holdings Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		860,943		701,634
Investment Properties	14		2,890,800		2,890,800
Investments	15		7,360		6,828

			3,759,103		3,599,262
CURRENT ASSETS
Stocks	16	1,797,245		1,573,458
Debtors	17	5,181,120		1,839,648
Investments	18	1,279,362		1,955,762
Cash at bank and in hand		843,104		1,306,743

		9,100,831		6,675,611
Creditors: Amounts Falling Due Within One Year	19	(5,813,106 )		(4,133,963 )

NET CURRENT ASSETS (LIABILITIES)			3,287,725		2,541,648

TOTAL ASSETS LESS CURRENT LIABILITIES			7,046,828		6,140,910

Creditors: Amounts Falling Due After More Than One Year	20		(1,779,439 )		(1,221,890 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(448,389 )		(407,469 )

NET ASSETS			4,819,000		4,511,551

CAPITAL AND RESERVES
Called up share capital	25		331		331
Share premium account			330,994		330,994
Profit and Loss Account			4,487,675		4,180,226

SHAREHOLDERS' FUNDS			4,819,000		4,511,551

On behalf of the board

Mr Simon Weir

Director

30th September 2025

The notes on pages 16 to 29 form part of these financial statements.

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Lily Group Holdings Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		798,718		606,080
Investment Properties	14		2,890,800		2,890,800
Investments	15		869,916		869,916

			4,559,434		4,366,796
CURRENT ASSETS
Stocks	16	663,889		469,488
Debtors	17	1,193,915		707,835
Investments	18	1,279,362		1,955,762
Cash at bank and in hand		453,106		17,005

		3,590,272		3,150,090
Creditors: Amounts Falling Due Within One Year	19	(2,943,907 )		(2,710,124 )

NET CURRENT ASSETS (LIABILITIES)			646,365		439,966

TOTAL ASSETS LESS CURRENT LIABILITIES			5,205,799		4,806,762

Creditors: Amounts Falling Due After More Than One Year	20		(1,123,801 )		(1,037,948 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	23		(432,833 )		(383,580 )

NET ASSETS			3,649,165		3,385,234

CAPITAL AND RESERVES
Called up share capital	25		331		331
Share premium account			330,994		330,994
Profit and Loss Account			3,317,840		3,053,909

SHAREHOLDERS' FUNDS			3,649,165		3,385,234

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Lily Group Holdings Limited

Company Balance Sheet (continued)

As At 31 December 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 263,931 (2023: £ 321,855 profit).

On behalf of the board

Mr Simon Weir

Director

30th September 2025

The notes on pages 16 to 29 form part of these financial statements.

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Lily Group Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	331	330,994	3,802,629	4,133,954
Profit for the year and total comprehensive income	-	-	383,597	383,597

Dividends paid	-	-	(6,000)	(6,000)

As at 31 December 2023 and 1 January 2024	331	330,994	4,180,226	4,511,551


Profit for the year and total comprehensive income	-	-	307,449	307,449

As at 31 December 2024	331	330,994	4,487,675	4,819,000

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Lily Group Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	331	330,994	2,738,054	3,069,379
Profit for the year and total comprehensive income	-	-	321,855	321,855

Dividends paid	-	-	(6,000)	(6,000)

As at 31 December 2023 and 1 January 2024	331	330,994	3,053,909	3,385,234


Profit for the year and total comprehensive income	-	-	263,931	263,931

As at 31 December 2024	331	330,994	3,317,840	3,649,165

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Lily Group Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(485,244 )	1,198,866
Interest paid		(118,710 )	(79,416 )
Tax paid		(97,427 )	(137,129 )

Net cash (used in)/generated from operating activities		(701,381 )	982,321

Cash flows from investing activities
Purchase of tangible assets		(241,416 )	(111,210 )
Purchase of current asset investments		-	(928,964 )
Proceeds from disposal of current asset investments		676,400	-
Interest received		1,916	16,063
Dividends received		89,898	104,477

Net cash generated from/(used in) investing activities		526,798	(919,634 )

Cash flows from financing activities
Equity dividends paid		-	(6,000 )
Proceeds from new bank borrowings		194,069	-
Repayment of bank borrowings		-	(33,258 )
Repayment of finance leases		(8,615 )	(15,572 )
Amount withdrawn by directors		(77,497)	(77,139)

Net cash generated from/(used in) financing activities		107,957	(131,969 )



Decrease in cash and cash equivalents		(66,626 )	(69,282 )
Cash and cash equivalents at beginning of year	2	909,730	979,012

Cash and cash equivalents at end of year	2	843,104	909,730

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Lily Group Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2024	2023
	£	£
Profit for the financial year	307,449	383,597
Adjustments for:
Tax on profit	145,147	109,492
Interest expense	118,710	79,416
Interest income	(1,916 )	(16,063 )
Income from investments	(89,898)	(104,477)
Depreciation of tangible assets	82,107	68,290
Profit on revaluation of fixed assets	(532)	-
Net fair value losses recognised in profit or loss	-	2,511
Movements in working capital:
Increase in stocks	(223,787 )	(330,942 )
Increase in trade and other debtors	(3,341,472 )	(168,789 )
Increase in trade and other creditors	2,518,948	1,175,831

Net cash (used in)/generated from operations	(485,244 )	1,198,866

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	843,104	1,306,743
Overdraft facilities repayable on demand	-	(397,013 )

Cash and cash equivalents as stated in the Statement of Cash Flows	843,104	909,730

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,306,743	(463,639)	843,104
Overdraft facilities repayable on demand	(397,013)	397,013	-

Cash and cash equivalents	909,730	(66,626)	843,104
Finance leases	(22,342)	8,615	(13,727)
Debts falling due within one year	(271,975 )	(108,216)	(380,191 )
Debts falling due after more than one year	(1,037,948)	(85,853)	(1,123,801)

	(422,535)	(252,080)	(674,615)

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Lily Group Holdings Limited

Company Statement of Cash Flows

For The Year Ended 31 December 2024

Company Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(134,800 )	1,004,926
Interest paid		(99,432 )	(72,754 )
Tax paid		(67,547 )	(47,308 )

Net cash (used in)/generated from operating activities		(301,779 )	884,864

Cash flows from investing activities
Purchase of tangible assets		(224,105 )	(89,461 )
Purchase of current asset investments		-	(928,964 )
Proceeds from disposal of current asset investments		676,400	-
Interest received		1,916	1,418
Dividends received		89,600	104,177

Net cash generated from/(used in) investing activities		543,811	(912,830 )

Cash flows from financing activities
Equity dividends paid		-	(6,000 )
Proceeds from new bank borrowings		194,069	-
Repayment of bank borrowings		-	(33,258 )

Net cash generated from/(used in) financing activities		194,069	(39,258 )



Increase/(decrease) in cash and cash equivalents		436,101	(67,224 )
Cash and cash equivalents at beginning of year	2	17,005	84,229

Cash and cash equivalents at end of year	2	453,106	17,005

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Lily Group Holdings Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2024	2023
	£	£
Profit for the financial year	263,931	321,855
Adjustments for:
Tax on profit	129,963	78,845
Interest expense	99,432	72,754
Interest income	(1,916 )	(1,418 )
Income from investments	(89,600)	(104,177)
Depreciation of tangible assets	31,467	20,402
Movements in working capital:
Increase in stocks	(194,401 )	(169,488 )
Increase in trade and other debtors	(486,080 )	(130,621 )
Increase in trade and other creditors	112,404	916,774

Net cash (used in)/generated from operations	(134,800 )	1,004,926

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	453,106	17,005

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	17,005	436,101	453,106
Debts falling due within one year	(271,975 )	(108,216)	(380,191 )
Debts falling due after more than one year	(1,037,948)	(85,853)	(1,123,801)

	(1,292,918)	242,032	(1,050,886)

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Lily Group Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Lily Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11594211 . The registered office is Great Waldingfield Business Park Tentree Road, Great Waldingfield, Sudbury, Suffolk, CO10 0SD.

2. Statement of Compliance

The 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

3.1. Basis of Preparation of Financial Statements

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

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Page 19

Page 20

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.4. Going Concern Disclosure

The director has reviewed the resources available to the company, including the availability and offer of continued financial support from Chilton Grain Limited, a wholly owned subdidiary and on that basis has concluded that there are no identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

3.5. Turnover

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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	No Depreciation
Plant & Machinery	4% SL, 25% SL & 25% RB

3.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

3.8. Investments

Current asset invesrtments representing shares in listed companies are initially recognised at cost. Subsequently, such investments are measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss.

3.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3.10. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Page 20

Page 21

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.12. Financial Instruments

Financial assets including cash at bank and in hand and trade and other debtors are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities including trade and other creditors as well as bank overdrafts are initially measured at transaction price (including transaction costs) and are subsequently held at amortised cost. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

3.13. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

4. Turnover

Turnover arises entirely in the UK. Analysis of turnover by class of business is as follows:

	2024	2023
	£	£
Grain trading	10,307,995	15,126,286
Kitchen design business	13,555	24,198
Property development business	420,978	311,713
Sundry income	48	-

	10,742,576	15,462,197

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	10,742,576	15,462,197

	10,742,576	15,462,197

Page 21

Page 22

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	82,107	68,290

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the group and company's financial statements	6,000	6,000


Other Services
Taxation compliance service	500	500
Other non-audit services	1,750	1,750

	2,250	2,250

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	224,233	102,738
Social security costs	17,782	23,892
Other pension costs	11,171	11,045

	253,186	137,675

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2024	2023	2024	2023
Office and administration	2	2	1	1
Sales, marketing and distribution	1	1	-	-

	3	3	1	1

9. Director's remuneration

	2024	2023
	£	£
Emoluments	75,000	75,000

Page 22

Page 23

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	1,916	16,063
Dividends from other current asset investments - listed	89,600	104,477
Dividends from other current asset investments - unlisted	298	-

	91,814	120,540



Total interest income on financial assets measured at fair value through profit or loss:	1,916	16,063

11. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	118,710	79,405
Other finance charges	-	11

	118,710	79,416



Total interest expense on financial liabilities measured at fair value through profit or loss:	118,710	79,416

12. Tax on Profit

	Tax Rate		2024	2023
24.9The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	24.9%	23.5%	104,227	90,020
Deferred Tax
Deferred taxation			40,920	18,705
Changes in tax rates			-	7,302
Origination and reversal of timing differences			-	(6,535 )

			40,920	19,472


Total tax charge for the period			145,147	109,492


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			452,596	493,089

Tax on profit at 24.9% (UK standard rate)			112,884	115,979
Goodwill/depreciation not allowed for tax			20,299	16,053
Expenses not deductible for tax purposes			1,128	1,481
Capital allowances			(37,543 )	(27,241 )

...CONTINUED

Page 23

Page 24

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Short term timing differences	40,920	19,472
Revenue exempt from taxation	29,932	8,321
Dividends from companies	(22,473 )	(24,573 )

Total tax charge for the period	145,147	109,492

13. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2024	85,043	838,214	923,257
Additions	95,305	146,111	241,416

As at 31 December 2024	180,348	984,325	1,164,673

Depreciation
As at 1 January 2024	-	221,623	221,623
Provided during the period	-	82,107	82,107

As at 31 December 2024	-	303,730	303,730

Net Book Value
As at 31 December 2024	180,348	680,595	860,943

As at 1 January 2024	85,043	616,591	701,634

Company

	Land & Property
	Freehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2024	85,043	547,805	632,848
Additions	95,305	128,800	224,105

As at 31 December 2024	180,348	676,605	856,953

Depreciation
As at 1 January 2024	-	26,768	26,768
Provided during the period	-	31,467	31,467

As at 31 December 2024	-	58,235	58,235

Net Book Value
As at 31 December 2024	180,348	618,370	798,718

As at 1 January 2024	85,043	521,037	606,080

Page 24

Page 25

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Investment Property

Group

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	2,890,800

Company

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	2,890,800

15. Investments

Group

	Listed
	£
Cost or Valuation
As at 1 January 2024	6,828
Fair value adjustments	532

As at 31 December 2024	7,360

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	7,360

As at 1 January 2024	6,828

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	869,916

As at 31 December 2024	869,916

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	869,916

As at 1 January 2024	869,916

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

Page 25

Page 26

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

16. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Stock	1,563,663	1,350,604	663,889	469,488
Stock - Grain trading	233,582	222,854	-	-

	1,797,245	1,573,458	663,889	469,488

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	420,075	682,756	2,090	2,050
Amounts owed by group undertakings	2,362,308	-	-	-
Other debtors	2,398,737	1,156,892	1,191,825	705,785

	5,181,120	1,839,648	1,193,915	707,835

18. Current Asset Investments

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Listed investments	1,279,362	1,955,762	1,279,362	1,955,762

As on balance sheet date 31st December 2023 current asset investments are made up as follows :

Investment in quoted securities via corporate investment company £1,955,762 (2022: £1,026,798).

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	13,727	8,342	-	-
Trade creditors	1,040,377	1,014,393	83,721	-
Bank loans and overdrafts	380,191	668,988	380,191	271,975
Amounts owed to group undertakings	2,362,308	-	2,362,308	2,280,754
Other creditors	357,554	437,946	217	-
Corporation tax	97,547	90,747	74,030	60,867
Taxation and social security	8,693	6,182	33,990	15,178
Accruals and deferred income	1,552,709	1,907,365	9,450	81,350

	5,813,106	4,133,963	2,943,907	2,710,124

Page 26

Page 27

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	-	14,000	-	-
Trade creditors	655,638	169,942	-	-
Bank loans	1,123,801	1,037,948	1,123,801	1,037,948

	1,779,439	1,221,890	1,123,801	1,037,948

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans	-	108,000	75,573	108,000

Of the creditors the following amounts are secured.

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	-	1,309,922	1,503,992	1,309,922

There is a charge in place held by the company's bankers on all current and future freehold and leasehold property of the company. The freehold property is secured by a first charge over the property owned by the company.

21. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	380,191	271,975	380,191	271,975

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	1,123,801	929,948	1,048,228	929,948

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due after more than five years:
Bank loans	-	108,000	75,573	108,000

Page 27

Page 28

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

22. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	13,727	8,342
Later than one year and not later than five years	-	14,000

	13,727	22,342

	13,727	22,342

23. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other timing differences	448,389	407,469	432,833	383,580

24. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	407,469	407,469
Additions	40,920	40,920

Balance at 31 December 2024	448,389	448,389

Company
	Deferred Tax	Total
	£	£
As at 1 January 2024	383,580	383,580
Additions	49,253	49,253

Balance at 31 December 2024	432,833	432,833

25. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
331,327 Ordinary Shares of £ 0.001 each	331	331

26. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £11,171 (2023: £11,045).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

Page 28

Page 29

Lily Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

27. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	-	6,000

28. Related Party Disclosures

Included in other debtors are loans to the parent of £1,104,306 (2023 - £703,655) to a company in which the sole director is a shareholder. The debt is secured by way of legal charge on the debtor company property.

An interest-free loan from a director of £351,436 (2023 - £428,933) is included within other creditors.

Included in other debtors of the subsidiary company is a loan of £1,121,000 (2023 - £231,000) to a company in which the sole director is a 50% shareholder. The debt is secured by way of legal charge on the debtor company property. The charge was satisfied on 12 May 2025.

Page 29

Director	Mr Simon Weir

Company Number	11594211

Registered Office	Great Waldingfield Business Park Tentree Road
	Great Waldingfield
	Sudbury
	Suffolk
	CO10 0SD

Accountants	GMS FC Limited
	Chartered Certified Accountants
	1 London Road
	Ipswich
	Suffolk
	IP1 2HA