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REGISTERED NUMBER: 11797241 (England and Wales)

| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2025 |

| FOR |

| HUNT HOLDCO LIMITED |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 6 |

Consolidated Income Statement | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 18 |

HUNT HOLDCO LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JANUARY 2025

| DIRECTORS: | Mr T J Hunt

| Mrs F D Hunt

| Mrs S B Clarke

| Mr G T Hunt

| REGISTERED OFFICE: | The Warren

| Martins Lane

| Chilbolton

| Stockbridge

| Hampshire

| SO20 6BL

| REGISTERED NUMBER: | 11797241 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Graham Taylor

| AUDITORS: | Langdowns DFK Limited

| Statutory Auditor

| Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

The directors present their strategic report of the company and the group for the year ended 31st January 2025.

REVIEW OF BUSINESS

The principal activities of the group are; the sale of new and used machinery in the agricultural, professional turf,groundscare, construction and residential markets; providing machinery servicing and repairs; selling of spare parts; and hire of machinery. This is mainly specialising in John Deere products as a group of John Deere dealerships in the UK but in addition to this we supply a range of products from other suppliers to ensure that our customers' business needs are met. We traded throughout the year from the following locations in the South of England; Chilbolton & Blashford in Hampshire, Tilshead in Wiltshire, Ventnor on the Isle of Wight, Nether Stowey & Green Ore in Somerset, and Dorchester in Dorset.

ANALYSIS OF FINANCIAL PERFORMANCE

During the year ended 31st January 2025 the business continued to deliver solid financial performance and strong growth, despite more challenging conditions facing the industry as a whole and the increased cost of finance placing a considerable burden on customers. Whilst the volume of business has contracted, the business has continued to deliver profit, and the foundations for stronger growth have been put in place. Inflation was also a challenge for all businesses in the trading period covered by these accounts and is reflected in the financial performance.

The key financial performance indicators of the group are considered to be turnover, gross profit and net profit.

Group consolidated turnover for the year ended 31st January 2025 was £112,561,549 compared to £126,127,835 for the preceding year. This represents a decrease in turnover of £13,566,286 which equates to 10.8%.

Gross profit for year ended 31st January 2025 was £12,603,390 compared to £14,964,892 for the preceding year.

This represents a decrease in gross profit of £2,361,502 which equates to a decrease in the gross profit margin from 11.9% to 11.2%.

Profit before tax for the year was £1,934,618 compared to £4,340,483 for the preceding year and profit after tax for the year was £1,471,521 compared to £3,208,921 for the preceding year.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks that affect the group are market risk, credit risk, liquidity risk and interest rate risk. The directors continuously aim to minimise the group's exposure to financial risk.

Market risk

This is largely driven by the impact of the weather and other factors that affect our customers' product yields and product prices which in turn impacts upon their spending power. Increasingly, the cost of finance is becoming a consideration for customer purchase decisions. Adverse conditions in the business environment that may impact upon our new machinery sales, would be managed by a steady or increased demand for our service and parts departments as consumers decide to retain their machinery for longer. This provides us with a level of protection against market volatility.

Credit risk

As a group we manage our credit risk through the use of credit checks and credit limits which are carefully monitored.

Liquidity and cashflow risk

By maintaining suitable cash levels and reserves and regular monitoring of cashflow we consider that sufficient measures are in place to manage our liquidity risk.

Interest rate risk

The group uses various stocking facilities and has an overdraft and a bank loan, all of which are variable and linked to the Bank of England Base Rate. The group also has hire purchase liabilities at the year end and the interest rate on these is fixed.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

SECTION 172(1) STATEMENT

The directors of the group, as those of all UK companies, must act in accordance with the duties set out under Chapter 2 of the Companies Act 2006. This includes the provisions set out under Section 172 of the Act which covers the 'Duty to promote the success of the company'.

In summary these require that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term,

(b) the interests of the company's employees,

(c) the need to foster the company's business relationships with suppliers, customers and others,

(d) the impact of the company's operations on the community and the environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the company.

The board of directors of Hunt Holdco Limited consider, both individually and together, that we have acted in a way that we consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out above, in the decisions we have taken in the year ended 31st January 2025.

In this regard we have been working as a board towards achieving a number of strategic aims during the year. These include the development and growth of the business, the alignment of operations within the group in order to achieve synergies in the future and using the combined knowledge of staff within the group to create a successful operation across all depots.

In our decision making process we consider both short term and long term consequences of our actions and ensure that we also take into careful consideration the impact of any decisions on other stakeholders. These include our employees, customers, suppliers and the local community in which we operate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The success of the business has continued to be driven by fostering enduring relationships with its suppliers, customers and others. The board of directors, both individually and collectively, are acutely aware that these relationships are fundamental to the ongoing success of the group and accordingly the impact of any decisions on these stakeholders are always considered as part of any decision making process.

STREAMLINED ENERGY AND CARBON REPORTING

During the year our cumulative consumption of energy and equivalent emissions of greenhouse gases across all depots was as follows;

Annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from:

| 2025 |  |  | 2024 |

Combustion of gas |  | 15 |  |  | 19 |

Consumption of fuel for the purposes of transport |  | 1,276 |  |  | 1,330 |

Purchase of electricity for own use including for transport |  | 81 |  |  | 71 |

Energy consumed from our activities in kWh:

| 2025 |  |  | 2024 |

Combustion of gas |  | 65,209 |  |  | 98,003 |

Consumption of fuel for the purposes of transport |  | 5,320,467 |  |  | 5,409,055 |

Purchase of electricity for own use including for transport |  | 388,923 |  |  | 343,459 |

Data has been collated centrally from utility bills, fuel cards and fuel delivery bills. These have been converted into kWh and tonnes of carbon dioxide equivalent using government published conversion factors.

This usage above equates to 12.18 (2024: 11.27) tonnes of carbon dioxide equivalent per £1m of turnover.

As a group we actively work to improve our energy efficiency. Measures that we have taken include:

- The installation of electric vehicle charging points and a move towards electric vehicles.

- The installation of solar panels on commercial premises to reduce the level of purchased energy.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

EMPLOYEES

During the year we employed an average of 187 staff as shown in note 5 to the financial statements. Staffing levels have been maintained at an appropriate level for the volume of business in the period. Our staff are largely drawn from local areas to our depots and this helps the business to support local communities.

As a board of directors we recognise the risk of losing key staff members and succession plans are in place which are regularly monitored. We undertake regular reviews to build engagement with our staff and identify opportunities for further growth and development of them within the business, as well as providing training to assist them in achieving their goals. Our ongoing staff retention level demonstrates our success in this area.

HEALTH AND SAFETY

We take the health and safety of our employees very seriously and in addition to the work undertaken by an external consultant who is used to ensure compliance with Health and Safety regulations, we believe that there is a culture within the company that promotes safe working. We provide suitable training necessary for our employees to undertake their jobs safely and ensure that appropriate policies and procedures are in place.

THE ENVIRONMENT

The nature of our business means that we are acutely aware of the importance of the environment and accordingly take pride in working to preserve it. John Deere are continually developing new technologies to minimise emissions to reduce the environmental impact of the products it produces and as a group we have also taken steps to start introducing electronic charging points at our depots as well as looking at other initiatives to reduce our environmental impact.

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT

The board of directors regularly explores new opportunities for growth and development of the group. We continuously review our product portfolio and brand offering to broaden our customer base and provide some diversity to our business. This further expands our presence along the south of England.

As a group we also continue to look at further opportunities to advance our technological solutions and improve our business processes to create a business of the modern world.

SUMMARY

At the year end the group was in a strong financial position and has an excellent customer base that we continue to look after carefully. By maintaining careful cost control and monitoring general economic developments we are confident that we can adapt to any challenges that could present themselves in the future.

Having grown the group to a size which makes it well established in the agricultural machinery sector, the management policies that are currently in place should enable the company to deal with risks that it is exposed to and to ensure it maintains a healthy market position in the future.

ON BEHALF OF THE BOARD:

Mr T J Hunt - Director

14th October 2025

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JANUARY 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st January 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31st January 2025 amounted to £352,000.

DIRECTORS

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

Mr T J Hunt

Mrs F D Hunt

Mrs S B Clarke

Mr G T Hunt

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T J Hunt - Director

14th October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HUNT HOLDCO LIMITED

Opinion

We have audited the financial statements of Hunt Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HUNT HOLDCO LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the group based upon our knowledge of the group, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102.

Audit procedures performed by the engagement team in relation to laws and regulations included making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, undertaking a review of the accident logs and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HUNT HOLDCO LIMITED

Use of our report

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

Graham Taylor (Senior Statutory Auditor)

for and on behalf of Langdowns DFK Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

15th October 2025

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 112,561,549 |  | 126,127,835 |  |

Cost of sales | 99,958,159 |  | 111,162,943 |  |

GROSS PROFIT | 12,603,390 |  | 14,964,892 |  |

Administrative expenses | 9,742,614 |  | 9,972,815 |  |

2,860,776 |  | 4,992,077 |  |

Other operating income | - |  | 4,056 |  |

OPERATING PROFIT | 6 | 2,860,776 |  | 4,996,133 |  |

Interest receivable and similar income | 6,742 |  | - |  |

2,867,518 |  | 4,996,133 |  |

Interest payable and similar expenses | 7 | 932,900 |  | 655,650 |  |

PROFIT BEFORE TAXATION | 1,934,618 |  | 4,340,483 |  |

Tax on profit | 8 | 463,097 |  | 1,131,562 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,471,521 |  | 3,208,921 |  |

Profit attributable to:

Owners of the parent | 1,187,855 |  | 2,577,617 |  |

Non-controlling interests | 283,666 |  | 631,304 |  |

1,471,521 |  | 3,208,921 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,471,521 |  | 3,208,921 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,471,521 |  | 3,208,921 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,187,855 |  | 2,577,617 |  |

Non-controlling interests | 283,666 |  | 631,304 |  |

1,471,521 |  | 3,208,921 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED BALANCE SHEET

31ST JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 5,982,893 |  | 5,634,307 |  |

Investments | 13 | - |  | - |  |

5,982,893 |  | 5,634,307 |  |

CURRENT ASSETS

Stocks | 14 | 39,044,264 |  | 47,260,687 |  |

Debtors | 15 | 6,727,640 |  | 11,175,576 |  |

Cash at bank and in hand | 112,941 |  | 116,979 |  |

45,884,845 |  | 58,553,242 |  |

CREDITORS

Amounts falling due within one year | 16 | 25,577,155 |  | 38,297,814 |  |

NET CURRENT ASSETS | 20,307,690 |  | 20,255,428 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 26,290,583 |  | 25,889,735 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (1,055,139 | ) | (1,741,908 | ) |

PROVISIONS FOR LIABILITIES | 21 | (692,204 | ) | (636,108 | ) |

NET ASSETS | 24,543,240 |  | 23,511,719 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 1,600 |  | 1,600 |  |

Other reserves | 23 | 10,018,696 |  | 10,018,696 |  |

Retained earnings | 23 | 9,848,620 |  | 9,012,765 |  |

SHAREHOLDERS' FUNDS | 19,868,916 |  | 19,033,061 |  |

NON-CONTROLLING INTERESTS | 24 | 4,674,324 |  | 4,478,658 |  |

TOTAL EQUITY | 24,543,240 |  | 23,511,719 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14th October 2025 and were signed on its behalf by:

Mr T J Hunt - Director

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

COMPANY BALANCE SHEET

31ST JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 434,912 |  | 447,719 |  |

Investments | 13 | 954 |  | 954 |  |

435,866 |  | 448,673 |  |

CURRENT ASSETS

Debtors | 15 | 710,966 |  | 615,595 |  |

Cash at bank and in hand | 78,901 |  | 78,487 |  |

789,867 |  | 694,082 |  |

CREDITORS

Amounts falling due within one year | 16 | 4,500 |  | 22,315 |  |

NET CURRENT ASSETS | 785,367 |  | 671,767 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,221,233 |  | 1,120,440 |  |

PROVISIONS FOR LIABILITIES | 21 | 47,599 |  | - |  |

NET ASSETS | 1,173,634 |  | 1,120,440 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 1,600 |  | 1,600 |  |

Retained earnings | 23 | 1,172,034 |  | 1,118,840 |  |

SHAREHOLDERS' FUNDS | 1,173,634 |  | 1,120,440 |  |

Company's profit for the financial year | 405,194 |  | 676,400 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14th October 2025 and were signed on its behalf by:

Mr T J Hunt - Director

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST JANUARY 2025

| Called up |

| share |  | Retained |  | Other

| capital |  | earnings |  | reserves

£ | £ | £ |

Balance at 1st February 2023 | 1,600 |  | 7,059,148 |  | 10,018,696 |  |

Changes in equity

Dividends | - |  | (624,000 | ) | - |  |

Total comprehensive income | - |  | 2,577,617 |  | - |  |

Balance at 31st January 2024 | 1,600 |  | 9,012,765 |  | 10,018,696 |  |

Changes in equity

Dividends | - |  | (352,000 | ) | - |  |

Total comprehensive income | - |  | 1,187,855 |  | - |  |

Balance at 31st January 2025 | 1,600 |  | 9,848,620 |  | 10,018,696 |  |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1st February 2023 | 17,079,444 |  | 4,003,354 |  | 21,082,798 |  |

Changes in equity

Dividends | (624,000 | ) | (156,000 | ) | (780,000 | ) |

Total comprehensive income | 2,577,617 |  | 631,304 |  | 3,208,921 |  |

Balance at 31st January 2024 | 19,033,061 |  | 4,478,658 |  | 23,511,719 |  |

Changes in equity

Dividends | (352,000 | ) | (88,000 | ) | (440,000 | ) |

Total comprehensive income | 1,187,855 |  | 283,666 |  | 1,471,521 |  |

Balance at 31st January 2025 | 19,868,916 |  | 4,674,324 |  | 24,543,240 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST JANUARY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st February 2023 | 1,600 |  | 1,066,440 |  | 1,068,040 |  |

Changes in equity

Dividends | - |  | (624,000 | ) | (624,000 | ) |

Total comprehensive income | - |  | 676,400 |  | 676,400 |  |

Balance at 31st January 2024 | 1,600 |  | 1,118,840 |  | 1,120,440 |  |

Changes in equity

Dividends | - |  | (352,000 | ) | (352,000 | ) |

Total comprehensive income | - |  | 405,194 |  | 405,194 |  |

Balance at 31st January 2025 | 1,600 |  | 1,172,034 |  | 1,173,634 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,904,285 |  | (3,030,792 | ) |

Interest paid | (883,569 | ) | (630,240 | ) |

Interest element of hire purchase payments paid | (49,331 | ) | (25,410 | ) |

Tax paid | (750,078 | ) | (1,101,811 | ) |

Net cash from operating activities | 4,221,307 |  | (4,788,253 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (297,255 | ) | (1,144,163 | ) |

Sale of tangible fixed assets | 244,516 |  | 371,601 |  |

Interest received | 6,742 |  | - |  |

Net cash from investing activities | (45,997 | ) | (772,562 | ) |

Cash flows from financing activities

Bank loan advances / repayments in year | (34,446 | ) | (32,714 | ) |

Other loan advances / | (2,103,457 | ) | 3,676,086 |  |

Proceeds from financing fixed assets | 62,678 |  | - |  |

Capital repayments net of finance raised | (614,184 | ) | (271,480 | ) |

Subsidiary dividend to minority interest | (88,000 | ) | (156,000 | ) |

Equity dividends paid | (352,000 | ) | (624,000 | ) |

Net cash from financing activities | (3,129,409 | ) | 2,591,892 |  |

Increase/(decrease) in cash and cash equivalents | 1,045,901 |  | (2,968,923 | ) |

Cash and cash equivalents at beginning of year | 2 | (1,498,148 | ) | 1,470,775 |  |

Cash and cash equivalents at end of year | 2 | (452,247 | ) | (1,498,148 | ) |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,934,618 |  | 4,340,483 |  |

| Depreciation charges | 780,073 |  | 652,222 |  |

| Profit on disposal of fixed assets | (79,839 | ) | (115,022 | ) |

| Finance costs | 932,900 |  | 655,650 |  |

| Finance income | (6,742 | ) | - |  |

3,561,010 |  | 5,533,333 |  |

| Decrease/(increase) in stocks | 8,216,423 |  | (6,417,631 | ) |

| Decrease in trade and other debtors | 4,447,936 |  | 601,754 |  |

| Decrease in trade and other creditors | (10,321,084 | ) | (2,748,248 | ) |

| Cash generated from operations | 5,904,285 |  | (3,030,792 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st January 2025

| 31.1.25 |  | 1.2.24

£ | £ |

| Cash and cash equivalents | 112,941 |  | 116,979 |  |

| Bank overdrafts | (565,188 | ) | (1,615,127 | ) |

(452,247 | ) | (1,498,148 | ) |

| Year ended 31st January 2024

| 31.1.24 |  | 1.2.23

£ | £ |

| Cash and cash equivalents | 116,979 |  | 1,470,775 |  |

| Bank overdrafts | (1,615,127 | ) | - |  |

(1,498,148 | ) | 1,470,775 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.2.24 | Cash flow | changes | At 31.1.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 116,979 |  | (4,038 | ) | 112,941 |  |

| Bank overdrafts | (1,615,127 | ) | 1,049,939 |  | (565,188 | ) |

(1,498,148 | ) | 1,045,901 |  | (452,247 | ) |

| Debt

| Finance leases | (709,621 | ) | 551,506 |  | (996,081 | ) | (1,154,196 | ) |

| Debts falling due

| within 1 year | (12,048,136 | ) | 2,601,919 |  | (1,061,049 | ) | (10,507,266 | ) |

| Debts falling due

| after 1 year | (1,397,639 | ) | - |  | 1,061,049 |  | (336,590 | ) |

(14,155,396 | ) | 3,153,425 |  | (996,081 | ) | (11,998,052 | ) |

| Total | (15,653,544 | ) | 4,199,326 |  | (996,081 | ) | (12,450,299 | ) |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

1. | STATUTORY INFORMATION

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

| The company and the group's principal place of business is the head office at Martins Lane, Chilbolton, Stockbridge, Hampshire, SO20 6BL but as explained in the Strategic Report it also operates from a number of other locations in the South of England.

| The financial statements are presented in pounds sterling, which is also the functional currency of the company.

2. | STATEMENT OF COMPLIANCE

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

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Basis of consolidation

| The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2025.

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

| The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

| The acquisition method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Where merger relief is available, this is applied and accordingly the cost of the business combination is instead measured as the nominal value of the share capital issued in consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

| Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

| Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

| Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The carrying value of stock and the inclusion of any provisions for slow moving or obsolete stock is an area of estimation uncertainty and requires professional judgement. The stock value at the balance sheet date of £39,044,264 is after allowing for slow moving and obsolete stock.

| The group has a specific estimation technique in place to consider obsolete and slow moving stock in connection with parts stock. This considers the length of time that the stock has been held by the company and based on this analysis, the company then applies a percentage reduction to the value of each stock line.

| The group also keep the value of wholegood stock under constant review and if the net realisable value of this stock drops below the original cost then the company make the necessary adjustments to the carrying value.

| The group have established these estimation techniques based on the detailed knowledge and understanding that they have of the industry and the business.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable. The fair value of the consideration received or receivable takes into account the amount of any discounts given by the entity and is stated net of VAT.

| Turnover from the sale of machinery and parts is recognised when the significant risks and rewards of ownership of the goods have passed to the customer, the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover is recognised on repairs and servicing when the relevant activity is complete. Turnover in respect of hire income is recognised on a straight line basis over the term of the hire agreement.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold land & buildings | - | straight line over 50 years

| Leasehold land & buildings | - | Over the remaining term of the lease

| Improvements to property | - | in accordance with the property

| Plant & machinery and motor vehicles | - | 25% on reducing balance and 25% straight line

| All fixed assets are initially recorded at cost or at fair value on acquisition of a subsidiary.

| Fixed assets other than freehold land and buildings are subsequently recorded at cost less depreciation and any impairment. Freehold land and buildings are recorded at depreciated cost or depreciated fair value on acquisition of a subsidiary. No depreciation is charged on freehold land and depreciation is charged on freehold buildings straight line over 50 years.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

| The weighted average cost method is applied for the calculation of cost in relation to parts stock. Provision is made for damaged and obsolete parts stock where appropriate. Provision is made for slow-moving parts stock based upon the period that the stock item has been held and a percentage reduction is applied to the value of each stock line.

| Wholegoods are considered on an individual basis as a result of the customisation and individual specification of each item. Wholegoods stock is written down where its carrying value is higher than the estimated selling price less costs to complete and sell.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| There are no lease incentives in relation to any operating leases in operation during the period.

| Rentals received under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Provisions

| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a reliable estimate can be made.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

4. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of goods | 94,807,651 |  | 109,168,643 |  |

| Rendering of services | 13,039,373 |  | 11,771,602 |  |

| Hire of goods | 2,331,935 |  | 2,135,392 |  |

| Other revenue | 2,382,590 |  | 3,052,198 |  |

112,561,549 |  | 126,127,835 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 7,967,600 |  | 8,221,282 |  |

| Social security costs | 888,188 |  | 909,486 |  |

| Other pension costs | 227,822 |  | 335,375 |  |

9,083,610 |  | 9,466,143 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Sales | 50 |  | 47 |  |

| Workshop | 89 |  | 95 |  |

| Admin | 21 |  | 24 |  |

| Parts | 27 |  | 27 |  |

187 |  | 193 |  |

| The key management personnel of the group comprise the board of directors of the subsidiary company Hunt Forest Group Limited and the board of directors of Hunt Holdco Limited. The total emoluments of the 8 key management personnel of the group, which were incurred by the trading subsidiaries, comprising salary, pension contributions and benefits in kind totalled £757,515 (2024: £842,864).

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 225,765 |  | 265,847 |  |

| Directors' pension contributions to money purchase schemes | 9,032 |  | 9,645 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 156,369 |  | 201,002 |  |

| Pension contributions to money purchase schemes | 9,032 |  | 9,645 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 483,559 |  | 486,898 |  |

| Depreciation - assets on hire purchase contracts | 296,514 |  | 165,324 |  |

| Profit on disposal of fixed assets | (79,839 | ) | (115,022 | ) |

| Foreign exchange differences | - |  | (4,056 | ) |

| Auditors' remuneration | 5,008 |  | 4,340 |  |

| Operating lease - Land & Buildings | 262,067 |  | 297,602 |  |

| Operating lease - Vehicles & Machinery | 204,364 |  | 216,287 |  |

| Fees to the company's auditor for other services - audit of subsidiaries | 36,000 |  | 34,000 |  |

| Fees to the company's auditor for all other services of subsidiaries | 54,082 |  | 59,940 |  |

| Fees to the company's auditor for all other services of subsidiaries includes £7,238 (2024: £5,515) in relation to taxation compliance and £46,844 (2024: £54,425) in relation to all other services.

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 74,293 |  | 64,048 |  |

| Bank loan interest | 29,834 |  | 25,476 |  |

| Other interest and charges | 779,442 |  | 540,716 |  |

| Hire purchase interest | 49,331 |  | 25,410 |  |

932,900 |  | 655,650 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 425,951 |  | 960,183 |  |

| Under/over provision in prior years | (18,950 | ) | (485 | ) |

| Total current tax | 407,001 |  | 959,698 |  |

| Deferred tax | 56,096 |  | 171,864 |  |

| Tax on profit | 463,097 |  | 1,131,562 |  |

| UK corporation tax has been charged at 25 % (2024 - 24.02 %).

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,934,618 |  | 4,340,483 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.020 %) | 483,655 |  | 1,042,584 |  |

| Effects of:

| Expenses not deductible for tax purposes | 28,247 |  | 11,678 |  |

| Capital allowances in excess of depreciation | (64,029 | ) | (94,086 | ) |

| Utilisation of tax losses | (21,805 | ) | - |  |

| Temporary timing differences | (117 | ) | 7 |  |

| Under/over provision in prior year | (18,950 | ) | (485 | ) |

| Deferred tax - timing differences | 56,096 |  | 171,864 |  |

| Total tax charge | 463,097 |  | 1,131,562 |  |

| The effective rate of corporation tax in the prior year was 24.02%. The Corporation tax rate was 19% from 1 February 2023 to 31 March 2023 and 25% since 1 April 2023.

| Deferred tax liabilities are calculated based upon the tax rates which are expected to apply to the reversal of the relevant timing difference. Accordingly deferred tax liabilities have been calculated at 25% which is the applicable rate from 1st April 2023.

| The expected reversal of deferred tax liabilities in the succeeding period is £163,435 (2024: £152,701). This is in relation to the deferred tax liability recognised on accelerated capital allowances and other timing differences.

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary B shares of £1 each |

| Interim | 352,000 |  | 624,000 |  |

| Dividends proposed after the year end, not recognised as a liability in the financial statements, totalled £216,000 (2024: £352,000).

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1st February 2024

| and 31st January 2025 | 63,765 |  |

| AMORTISATION

| At 1st February 2024

| and 31st January 2025 | 63,765 |  |

| NET BOOK VALUE

| At 31st January 2025 | - |  |

| At 31st January 2024 | - |  |

| Goodwill has been written off in full in the year of acquisition.

12. | TANGIBLE FIXED ASSETS

| Group

| Plant & |

| Freehold |  | Leasehold |  | Improvements |  | machinery |

| land & |  | land & |  | to |  | and motor |

| buildings |  | buildings |  | property |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st February 2024 | 3,151,344 |  | 789,317 |  | 411,266 |  | 5,274,433 |  | 9,626,360 |  |

| Additions | 5,060 |  | 20,318 |  | - |  | 1,267,958 |  | 1,293,336 |  |

| Disposals | - |  | - |  | - |  | (430,264 | ) | (430,264 | ) |

| At 31st January 2025 | 3,156,404 |  | 809,635 |  | 411,266 |  | 6,112,127 |  | 10,489,432 |  |

| DEPRECIATION

| At 1st February 2024 | 348,578 |  | 548,937 |  | 6,666 |  | 3,087,872 |  | 3,992,053 |  |

| Charge for year | 74,780 |  | 39,813 |  | 11,082 |  | 654,398 |  | 780,073 |  |

| Eliminated on disposal | - |  | - |  | - |  | (265,587 | ) | (265,587 | ) |

| At 31st January 2025 | 423,358 |  | 588,750 |  | 17,748 |  | 3,476,683 |  | 4,506,539 |  |

| NET BOOK VALUE

| At 31st January 2025 | 2,733,046 |  | 220,885 |  | 393,518 |  | 2,635,444 |  | 5,982,893 |  |

| At 31st January 2024 | 2,802,766 |  | 240,380 |  | 404,600 |  | 2,186,561 |  | 5,634,307 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant &

| machinery

| and motor

| vehicles

£ |

| COST

| At 1st February 2024 | 992,726 |  |

| Additions | 996,081 |  |

| Disposals | (66,000 | ) |

| Transfer to ownership | (177,549 | ) |

| At 31st January 2025 | 1,745,258 |  |

| DEPRECIATION

| At 1st February 2024 | 217,942 |  |

| Charge for year | 296,514 |  |

| Eliminated on disposal | (14,890 | ) |

| Transfer to ownership | (142,027 | ) |

| At 31st January 2025 | 357,539 |  |

| NET BOOK VALUE

| At 31st January 2025 | 1,387,719 |  |

| At 31st January 2024 | 774,784 |  |

| Company

| Plant & |

| Freehold |  | Improvements |  | machinery |

| land & |  | to |  | and motor |

| buildings |  | property |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st February 2024

| and 31st January 2025 | 45,000 |  | 411,266 |  | 3,419 |  | 459,685 |  |

| DEPRECIATION

| At 1st February 2024 | 4,392 |  | 6,666 |  | 908 |  | 11,966 |  |

| Charge for year | 1,097 |  | 11,082 |  | 628 |  | 12,807 |  |

| At 31st January 2025 | 5,489 |  | 17,748 |  | 1,536 |  | 24,773 |  |

| NET BOOK VALUE

| At 31st January 2025 | 39,511 |  | 393,518 |  | 1,883 |  | 434,912 |  |

| At 31st January 2024 | 40,608 |  | 404,600 |  | 2,511 |  | 447,719 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st February 2024

| and 31st January 2025 | 954 |  |

| NET BOOK VALUE

| At 31st January 2025 | 954 |  |

| At 31st January 2024 | 954 |  |

| Subsidiary undertakings

| The following were direct subsidiary undertakings of Hunt Holdco Limited at the year end:

| Name |  | Business |  | Class of shares |  | Holding |  |

| Hunt Forest Group Limited |  | Sale and maintenance of agricultural machinery. |  | "A" Ordinary |  | 80% |  |

|  | "B" Ordinary |  | 74% |  |

| The following were subsidiary undertakings of Hunt Forest Group Limited at the year end:

| Name |  | Business |  | Class of shares |  | Holding |  |

| C. Smart Agricultural Services Limited |  | Non-trading but formerly the sale and maintenance of agricultural machinery. |  | Ordinary |  | 100% |  |

| R. Hunt (Agricultural Engineers) Limited |  | Non-trading but formerly the sale and maintenance of agricultural machinery. |  | "A" & "B" Ordinary |  | 100% |  |

| New Forest Farm Machinery Limited |  | Non-trading but formerly the sale and maintenance of agricultural and landscaping machinery. |  | Ordinary & Preference |  | 100% |  |

| The registered office address for all subsidiaries is Martins Lane, Chilbolton, Stockbridge, Hampshire, SO20 6BL.

| Name |  |  | Aggregate capital and reserves |  | Profit /(Loss) |  |

|  | 2025 |  | 2025 |  |

| £ |  | £ |  |

| Hunt Forest Group Limited |  |  | 22,606,675 |  | 1,418,329 |  |

| C. Smart Agricultural Services Limited |  |  | 140,000 |  | - |  |

| R. Hunt (Agricultural Engineers) Limited |  |  | 1,600 |  | - |  |

| New Forest Farm Machinery Limited |  |  | 765,002 |  | - |  |

| All subsidiaries are included in the consolidated accounts.

| The subsidiary C. Smart Agricultural Services Limited, Registered Number 03635176 has taken advantage of exemption from audit under section 480 of the Companies Act 2006 in its individual accounts as a result of being dormant throughout the year ended 31st January 2025.

| The subsidiary R. Hunt (Agricultural Engineers) Limited, Registered Number 01211696 has taken advantage of exemption from audit under section 480 of the Companies Act 2006 in its individual accounts as a result of being dormant throughout the year ended 31st January 2025.

| The subsidiary New Forest Farm Machinery Limited, Registered Number 01426065 has taken advantage of exemption from audit under section 480 of the Companies Act 2006 in its individual accounts as a result of being dormant throughout the year ended 31st January 2025.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 39,044,264 |  | 47,260,687 |  |

| Stocks comprise of finished goods.

| Stocks with a value of £11,154,940 (2024: £11,866,572) have been pledged as security for liabilities of the group.

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 6,411,892 |  | 9,982,266 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 709,864 |  | 615,595 |  |

| Other debtors | 47,432 |  | 184,657 |  | - |  | - |  |

| VAT | - |  | 620,360 |  | 1,102 |  | - |  |

| Prepayments and accrued income | 268,316 |  | 388,293 |  | - |  | - |  |

6,727,640 |  | 11,175,576 |  | 710,966 |  | 615,595 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 605,756 |  | 1,655,478 |  | - |  | - |  |

| Other loans (see note 18) | 1,110,924 |  | 1,554,494 |  | - |  | - |  |

| Hire purchase contracts (see note 19) | 435,647 |  | 365,352 |  | - |  | - |  |

| Trade creditors | 9,642,781 |  | 22,070,594 |  | - |  | - |  |

| Tax | 39,106 |  | 382,183 |  | - |  | 17,915 |  |

| Social security and other taxes | 293,526 |  | 376,663 |  | - |  | - |  |

| VAT | 921,652 |  | - |  | - |  | - |  |

| Other creditors | 88,398 |  | 64,975 |  | - |  | - |  |

| Stocking finance | 10,654,940 |  | 11,288,441 |  | - |  | - |  |

| Directors' current accounts | 2,407 |  | 2,407 |  | - |  | - |  |

| Accruals and deferred income | 1,782,018 |  | 537,227 |  | 4,500 |  | 4,400 |  |

25,577,155 |  | 38,297,814 |  | 4,500 |  | 22,315 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 336,590 |  | 371,253 |  |

| Other loans (see note 18) | - |  | 1,026,386 |  |

| Hire purchase contracts (see note 19) | 718,549 |  | 344,269 |  |

1,055,139 |  | 1,741,908 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 565,188 |  | 1,615,127 |  |

| Bank loans | 40,568 |  | 40,351 |  |

| Other loans | 1,110,924 |  | 1,554,494 |  |

1,716,680 |  | 3,209,972 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 41,945 |  | 39,662 |  |

| Other loans - 1-2 years | - |  | 1,026,386 |  |

41,945 |  | 1,066,048 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 139,900 |  | 132,630 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more than 5 years by instalments | 154,745 |  | 198,961 |  |

| The bank overdraft facility is repayable on demand and subject to periodic review. Interest is charged on the overdraft at the banks overdraft interest rate.

| The bank loan is repayable by monthly instalments. Bank loan interest is charged at 2.4% above the Bank of England base rate per annum.

| £84,538 (2024: £528,108) of other loans has no specified repayment date and interest is charged at 2.5% above the Bank of England base rate per annum. £1,026,386 (2024: £2,052,772) of other loans is repayable by annual instalments and no interest is charged.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 435,647 |  | 365,352 |  |

| Between one and five years | 718,549 |  | 344,269 |  |

1,154,196 |  | 709,621 |  |

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

19. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 565,354 |  | 402,960 |  |

| Between one and five years | 883,927 |  | 603,739 |  |

1,449,281 |  | 1,006,699 |  |

| Hire purchase contracts are repayable in monthly instalments over a period of up to 5 years. Interest is charged on hire purchase contracts at the rate documented in the agreement. Interest rates can vary depending on the finance provider.

| Minimum lease receivables fall due as follows:

| Group

|  | Non-cancellable operating leases |  |

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Within one year |  | 182,111 |  |  | 147,189 |  |

| Between one and five years |  | 186,047 |  |  | 53,857 |  |

|  | 368,158 |  |  | 201,046 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank overdrafts | 565,188 |  | 1,615,127 |  |

| Bank loans | 377,158 |  | 411,604 |  |

| Hire purchase contracts | 1,154,196 |  | 709,621 |  |

| Trade creditors | 500,000 |  | 500,000 |  |

| Stocking finance | 10,654,940 |  | 11,288,441 |  |

13,251,482 |  | 14,524,793 |  |

| Trade creditors includes an amount of £500,000 (2024: £500,000) for which security has been given. This amount is secured by way of a fixed and floating charge over agricultural vehicles and other equipment included in stock.

| Stocking finance is secured over agricultural vehicles and other equipment included in stock.

| Hire purchase contracts are secured over the assets acquired under the agreement.

| Bank loans and overdraft are secured by way of a debenture and over three freehold land and properties owned by the company, known as follows:

| Hunt Forest Group Limited, Blashford, Ringwood, BH24 3PE.

| Hunt Forest Group Limited, Chilbolton, Stockbridge, SO20 6BL.

| Hunt Forest Group Limited, Rookley, Isle of Wight, PO36 3LT.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

21. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax -

| Accelerated capital allowances | 692,204 |  | 636,108 |  | 47,599 |  | - |  |

692,204 |  | 636,108 |  | 47,599 |  | - |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1st February 2024 | 636,108 |  |

| Charge to Income Statement during year | 56,096 |  |

| Balance at 31st January 2025 | 692,204 |  |

| Company

| Deferred |

| tax |

£ |

| Charge to Statement of Comprehensive Income during year | 47,599 |  |

| Balance at 31st January 2025 | 47,599 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 800 | Ordinary A | £1 | 800 |  | 800 |  |

| 800 | Ordinary B | £1 | 800 |  | 800 |  |

1,600 |  | 1,600 |  |

| The rights of the A Ordinary shares and B Ordinary shares were as follows:

| The holders of the A Ordinary shares shall be entitled to receive notice of meetings and attend and vote at General Meetings. One vote per A Ordinary share. The holders of the B Ordinary shares shall not be entitled to receive notice of meetings or to attend or vote at General Meetings.

| Any dividends declared by the company shall be paid to the holders of the B Ordinary shares only pro-rata to the number of B Ordinary shares held. No dividend shall be paid to holders of A Ordinary shares.

| On a return of capital on liquidation or otherwise (except on redemption or purchase by the company of any shares) the surplus assets of the company remaining after the payment of its liabilities shall be paid to the holders of B Ordinary shares only pro-rata to the number of B Ordinary shares held.

23. | RESERVES

| Movements in reserves during the year, including retained earnings, can be seen on the statement of changes in equity.

| The company applied Merger Relief, S612 and S615 of Companies Act 2006 to the share for share exchange to acquire the subsidiary Hunt Forest Group Limited. The investment is recorded at the nominal value of the shares issued by way of share for share exchange, £800, plus the additional cost to acquire shares of £154. The fair value adjustment on consolidation is £10,018,696 this is shown in 'Other Reserves'.

HUNT HOLDCO LIMITED (REGISTERED NUMBER: 11797241)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

24. | NON-CONTROLLING INTERESTS

| The company holds 74% of the voting rights and 80% of the rights to dividends and capital on winding up of the subsidiary company Hunt Forest Group Limited.

| Minority interests hold 26% of the voting rights and 20% of the rights to dividends and capital on winding up of the subsidiary company Hunt Forest Group Limited.

| The subsidiary companies C. Smart Agricultural Services Limited, R. Hunt (Agricultural Engineers) Limited and New Forest Farm Machinery Limited are 100% owned by Hunt Forest Group Limited.

25. | PENSION COMMITMENTS

| The group contributes to defined contribution pension schemes for its directors and employees. The assets of the schemes are held separately from those of the group in independently administered funds. There were unpaid contributions due at the end of the period in relation to these schemes amounting to £32,072 (2024: £33,834). The amount recognised as an expense in the year was £227,822 (2024: £335,375).

26. | RELATED PARTY DISCLOSURES

| Transactions and balances with related parties as reported in the consolidated figures of Hunt Holdco Limited.

| Key management personnel of the entity (in the aggregate)

2025 | 2024 |

£ | £ |

| Sales | 8,416 |  | 7,700 |  |

| Dividends paid | 308,000 |  | 624,000 |  |

| Amount due from related party | 131 |  | 1,032 |  |

| Amount due to related party | 1,818 |  | 1,333 |  |

| The amounts due from or to key management personnel are unsecured, interest free and repayable on demand.

| Total key management personnel compensation is disclosed in note 5.

| Other related parties

2025 | 2024 |

£ | £ |

| Sales | 288,548 |  | 57,026 |  |

| Provision of services from related party | 123,732 |  | 106,653 |  |

| Dividends paid | 44,000 |  | - |  |

| Amount due from related party | 1,647 |  | 912 |  |

| The amounts due from other related parties are unsecured, interest free and repayable on demand.

27. | ULTIMATE CONTROLLING PARTY

| The company and group are not under the control of any one individual or entity.

28. | SHARE-BASED PAYMENT TRANSACTIONS

| At the start of the period and at the end of the period there were outstanding unvested options over 13 Ordinary A shares at a weighted average exercise price of £4,615.38 per share. The share options vest in accordance with the rules of the Hunt Holdco Limited 2019 Enterprise Management Incentive Share Option Scheme.