The directors present the strategic report for the year ended 30 March 2025.

Hatfield Trading Limited is the holding company of Simmons (Bakers) Limited - a family run business which has been baking bread in the Hatfield area since 1838 and has 43 shops spread across Hertfordshire and into Bedfordshire. We also supply around 12 wholesale customers across Hertfordshire and operate 1 mobile sandwich van.

Results and performance

The performance of the company during the year has produced encouraging results. The group achieved a turnover of £33,285,834 up 7.1% on the previous year of £31,053,518. Costs were well controlled and monitored resulting in a gross profit of £23,504,622 compared to £21,285,516 last year. At the year end the group was in a good position with a strong balance sheet. During the year we invested over £2.2m in new bakery equipment, vehicles and the fitting out of our shops.

Strategy

We believe the success of the Group is a result of our principle of only using the finest and highest quality ingredients available to make the best possible products available. We recognise that to succeed in today's highly competitive market it is also necessary to provide the customer with a modern, bright, friendly and comfortable environment in which to shop and so have incorporated a complete rebranding of our company image into all new and refurbished shops.

The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. The principal risks and uncertainties we have identified are:

- Compliance with Health and Safety legislation

- Compliance with Food Hygiene legislation

- Compliance with Employment Law legislation

- Increases in the price of raw materials

- Increases in energy costs

- Increased competition coffee shop chains, supermarkets and independents

We have made significant progress in the year in relation to key elements of our strategy. The board monitors the progress of the Group by reference to the following KPIs:

                        2025        2024

Increase in turnover                7.1%        14.3%

Gross profit percentage                70.6%        68.5%

Wage percentage - cost of sales            8.8%        9.7%

Profit before tax percentage            3.2%        13.1%

The UK food to go market is expected to continue to grow during the current year. We believe that we are in a very strong position to capitalise on this growth and are actively looking for new shops as well as continuing with the rebranding of our existing shops, along with monitoring rising costs across the business in areas such as ingredients and energy costs.

The directors, in line with their duties under s172 of the Companies Act 2006, are constantly considering the most likely approach to promote the success of Simmons (Bakers) Limited for the benefit of its shareholders, and in doing so has regard to a range of matters when making decisions for the long term. Key decisions and matters of strategic importance to Simmons (Bakers) Limited are appropriately informed by s172 factors, including:

• The likely consequences of any decision in the long term;

• The interests of the company’s employees;

• The need to foster the company’s business relationships with suppliers, customers and others;

• The impact of the company’s operations of the community and environment;

• The desirability of the company maintaining a reputation for high standards of business conduct; and

• The need to act fairly between members of the company.

Through an open and transparent dialog with key stakeholders, the Directors have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on the strategic ambition and culture.

As part of management’s decision making process, the potential impact of decisions on relevant stakeholders are considered, whilst having regard to a number of broader factors, including the impact of Simmons (Bakers) Limited operations on the community and environment, responsible business practises and the likely consequences of decisions in the long term.

Engagement with employees

Engagement with employees is displayed with the Directors Report under Employee involvement.

Engagement with Suppliers

The Directors recognise that relationships with suppliers are important to Simmons (Bakers) Limited and maintain close working relationships with key suppliers. Where relevant we agree fixed prices over a time frame to ensure ongoing supply at a fair price.

Engagement with customers

The success of the business is underpinned by providing excellent customer service and understanding their needs and requirements. Our staff undergo regular customer service training to ensure high quality customer service, we also utilise a mystery shopper program whereby our shops receive monthly visits at random.

Engagement with communities

As a company we support a local charity by way of donating products for events throughout the year and collecting donations via charity pots in our shops. We also donate products to three local homeless shelters on a weekly basis. We also donate to a number of other small events and charities throughout the year.

Engagement with Government and regulations

Key areas of focus are compliance with laws and regulations, health and safety and product safety. The Directors are updated on legal and regulatory developments and takes these into account when considering future actions.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 March 2025.

The principal activity of the group during the year was that of manufacture and sale of bakery goods and catering.

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

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

The group holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accrual and prepayments) arise directly from the groups operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties fail to perform their obligations under financial instruments.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and view on the company's performance. Regular meetings are held between the management and employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the company's bonus scheme.

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

The UK annual quantity of emissions (in tonnes) of carbon dioxide equivalent resulting from the combustion of gas was 279 Carbon Tonnes (1,522,332 kWh) (2024: 255 Carbon Tonnes - 1,416,066 kWh).

The UK annual quantity of emissions (in tonnes) of carbon dioxide equivalent resulting from the purchase of electricity for own use was 673 Carbon Tonnes (3,803,930 kWh) (2024: 733 Carbon Tonnes - 3,540,059 kWh).

The UK annual quantity of emissions (in tonnes) of carbon dioxide equivalent resulting from fuel for use in owned transport was 189 Carbon Tonnes (717,577 kWh) (2024: 194 Carbon Tonnes - 730,343 kWh).

The group uses a range of methodologies to calculate the above information, including utility bills and carbon trust energy and carbon conversion guidance.

The group engages 711 members of staff (2024: 718 members of staff) and uses 1,141 Carbon Tonnes of energy (2024: 1,182 Carbon Tonnes), equating to 1.61 Carbon Tonnes per member of staff (2024: 1.65 Carbon Tonnes).

The group is committed to improving energy efficiency. We have installed energy efficient light bulbs in all shops and throughout the bakery. We have purchased a number of electric vehicles, and we continue to recycle our food waste with Severn Trent who produce green electricity for the National Grid

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 UK 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 group and company will continue in business.

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

We have audited the financial statements of Hatfield Trading Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 March 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 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

• 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 plant propagation sector and related activities;

• 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 group and company, including the Companies Act 2006, taxation legislation, employment, food hygiene and standards regulations, 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 where available; 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;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or 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 where available;

• enquiring of management as to actual and potential litigation and claims;

• reviewing correspondence with HMRC and the company’s legal advisors where available.

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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,011,341 (2024 - £1,161,435 profit).

Hatfield Trading Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 The Parade, St Albans Road East, Hatfield, Hertfordshire, AL10 0EY.

The group consists of Hatfield Trading Limited and its subsidiary.

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

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

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

The company operates a 4-4-5 calendar meaning that the financial year does not fall on the last day of the month. This financial year end falls on 30 March 2025 (2024: 31 March) following a 52 week year (2024: 52 week year). The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

The directors consider themselves to be the key management personnel and under FRS 102 33.7a have not included the remuneration within the related parties note on the basis that the directors' compensation is already disclosed.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Hatfield Trading Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 30 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The group and company has been able to trade in line with expectations in the period since 30 March 2025 to present and has continued to generate profits and operating cash flows. The group and company has no external debt and has a strong net asset and liquidity base. Even in extreme downside scenarios the Directors have options available to them, including selling the properties, in order to preserve cash flow and allow the business to settle its liabilities as they fall due. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the invoiced amounts of goods sold and services provided after the deduction of trade discounts and value added tax.

Revenue from the sale of goods is recognised as turnover on receipt of cash or card payment.

Wholesale sales are recognised when goods are delivered to customers.

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

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

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

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

Property rented to or occupied by a group entity is accounted for as tangible fixed assets.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

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

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

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

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

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

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

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

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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

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

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

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

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

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

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

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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

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

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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

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

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

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

Depreciation policies have been set according to experience of the useful lives of the assets in each category and are reviewed annually.

An analysis of the group's turnover is as follows:

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

Their aggregate remuneration comprised:

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

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

Investment property comprises of a freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at November 2015 by Wisbey Goodsell Chartered Surveyors, who are not connected with the company, The directors believe the valuation at 2025 is deemed to be equal to that of 2015, taking into account the current market conditions and rental yields at the reporting date.

Fixed asset investments are stated at market value. The historical cost of listed securities as at 30 March 2025 was £7,282,029 (2024: £7,477,001).

Details of the company's subsidiaries at 30 March 2025 are as follows:

The carrying value of land, included in Freehold Property as follows:

The company upon adoption of FRS 102 uplifted Freehold Property to fair value and subsequently used this as deemed cost and followed the provisions of FRS 102 Section 17 Property, plant and equipment and the cost model. The revaluation surplus in relation to this is disclosed in the statement of changes in Equity. If land and buildings were measured under the cost model, the carrying amounts for the group and company would have been £5,912,528 (2024 - £6,063,823), being cost of £7,776,352 (2024 - £7,776,352) and depreciation of £1,863,824 (2024 - £1,712,529).

As permitted, properties held for rental between group companies and mixed-use property where the fair value of the investment component of the property cannot be reliably measured and in connection with the trade are held as tangible fixed assets.

At 30 March 2025 there were outstanding contributions payable of £90,598 (2024 - £137,206). A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The Ordinary shares have voting rights, rights to receive dividends and participate in a distribution, rights to capital on winding up and are not redeemable.

The A Ordinary shares have no voting rights, rights to receive dividends and participate in a distribution, rights to capital on winding up and are not redeemable.

Amounts contracted for but not provided in the financial statements:

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

On 31 March 2025, the group performed a restructuring process whereby Ludwick Group Limited became the parent of the group and acquired the entire share capital of Hatfield Trading Limited. Ludwick Group Limited is under control of the Trustees of various Matthews Family Settlements.

During the year, the company declared dividends totalling £199,227 (2024: £211,310) to shareholders. Amounts of £49 (2024: £131,794) remain payable to shareholders and are included within Creditors.

The group was provided services of £67,946 (2024: £66,135) by a close family member of a director of Simmons (Bakers) Limited. The outstanding creditor amount at the year end was £11,400 (2024: £30,960).

During the year, the group sold 2 motor vehicles to 2 directors for a market value of £20,000.

The company was under the control of Mr I D Matthews and Mrs P A Matthews, directors of the company, and a member of their close family due to the nature of the shares held with voting rights attached to them to 30 March 2025. Post year end, control changed and further details are disclosed in note 24 to the accounts.

There is no debt in the group in the current or previous financial year.