REGISTERED NUMBER: 00820148 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LLOYD'S (ANIMAL) FEEDS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

M W Meynell

S J Carlyle

S L Haycock

P A Beavan

SECRETARY:

S L Haycock

REGISTERED OFFICE:

The Mill

Morton

Oswestry

Shropshire

SY10 8BH

REGISTERED NUMBER:

00820148 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Lloyds (Animal) Feeds Limited is a manufacturer and supplier of animal feed.

The directors are satisfied with the Company's performance throughout the year and consider that the company will continue to develop its activities in the foreseeable future.

Refer to the directors report in the LAF Holdings Limited Group accounts for the year ended 31 March 2025 for a full business review incorporating this company which will include key performance indicators review.

ON BEHALF OF THE BOARD:

S L Haycock - Director

15 October 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

An interim dividend of £75.00 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £750,000.

DIRECTORS

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

M W Meynell

S J Carlyle

S L Haycock

P A Beavan

GOING CONCERN

These financial statements have been prepared on the going concern basis as the directors expect the company to continue to trade in the future.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S L Haycock - Director

15 October 2025

Opinion

We have audited the financial statements of Lloyd's (Animal) Feeds Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 March 2025 and of its 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the client's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management; and

- 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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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 were indicative of potential bias;

- 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;

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

- reviewing correspondence with HMRC.

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

Use of our report

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

Aled Davies FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

15 October 2025

TURNOVER

106,072,974

106,948,926

Cost of sales

(89,599,286

)

(91,697,382

)

GROSS PROFIT

16,473,688

15,251,544

Administrative expenses

(16,689,541

)

(14,430,151

)

(215,853

)

821,393

Other operating income

1,219,435

1,238,512

OPERATING PROFIT

5

1,003,582

2,059,905

Interest receivable and similar income

621,211

868,467

PROFIT BEFORE TAXATION

1,624,793

2,928,372

Tax on profit

6

(440,859

)

(750,102

)

PROFIT FOR THE FINANCIAL YEAR

1,183,934

2,178,270

PROFIT FOR THE YEAR

1,183,934

2,178,270

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,183,934

2,178,270

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

5,208,176

4,534,086

Investments

10

2

2

5,208,178

4,534,088

CURRENT ASSETS

Stocks

11

1,556,308

1,614,815

Debtors

12

18,427,453

19,811,741

Cash at bank and in hand

5,418,741

6,846,294

25,402,502

28,272,850

CREDITORS

Amounts falling due within one year

13

17,590,090

20,469,903

NET CURRENT ASSETS

7,812,412

7,802,947

TOTAL ASSETS LESS CURRENT LIABILITIES

13,020,590

12,337,035

PROVISIONS FOR LIABILITIES

14

934,684

685,063

NET ASSETS

12,085,906

11,651,972

CAPITAL AND RESERVES

Called up share capital

15

10,000

10,000

Retained earnings

16

12,075,906

11,641,972

SHAREHOLDERS' FUNDS

12,085,906

11,651,972

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2025 and were signed on its behalf by:

S L Haycock - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

10,000

10,963,702

10,973,702

Changes in equity

Dividends

-

(1,500,000

)

(1,500,000

)

Total comprehensive income

-

2,178,270

2,178,270

Balance at 31 March 2024

10,000

11,641,972

11,651,972

Changes in equity

Dividends

-

(750,000

)

(750,000

)

Total comprehensive income

-

1,183,934

1,183,934

Balance at 31 March 2025

10,000

12,075,906

12,085,906

1.	STATUTORY INFORMATION

Lloyd's (Animal) Feeds 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.

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.

The presentational currency is sterling (£), rounded to the nearest £1.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Lloyd's (Animal) Feeds Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, LAF Holdings Limited, .

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill on acquisition of businesses is being written off to reserves over its estimated useful economic life.

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.

Property

-

at varying rates on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

written down to £1 in year of purchase

Motor vehicles

-

25% on cost

Freehold property is revalued by the directors at the end of each financial period with depreciation charged to write off the difference in values, down to its estimated realisable value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans, 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 receipts 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. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Pension costs and other post-retirement benefits

The company's pension scheme is a defined contribution scheme, and contributions are charged to the profit and loss account on a paid basis.

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

6,067,630

5,650,548

Social security costs

657,314

603,471

Other pension costs

439,072

368,755

7,164,016

6,622,774

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

31.3.25

31.3.24

Sales

16

15

Administration and distribution

80

79

Production

38

38

134

132

31.3.25

31.3.24

£

£

Directors' remuneration

675,511

679,922

Directors' pension contributions to money purchase schemes

140,226

59,774

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

446,867

405,054

Pension contributions to money purchase schemes

24,150

1,857

5.	OPERATING PROFIT

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

31.3.25

31.3.24

£

£

Depreciation - owned assets

1,467,227

1,349,713

Profit on disposal of fixed assets

(103,004

)

(60,097

)

Audit & accounting

76,700

75,200

Auditors' remuneration for non audit work

10,000

10,000

6.

TAXATION

Analysis of the tax charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

191,238

432,287

Deferred tax

249,621

317,815

Tax on profit

440,859

750,102

Reconciliation of total tax charge included in profit and loss

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

31.3.25

31.3.24

£

£

Profit before tax

1,624,793

2,928,372

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

406,198

732,093

Effects of:

Expenses not deductible for tax purposes

4,760

2,674

Capital allowances in excess of depreciation

(245,665

)

(292,250

)

Timing difference on pensions

25,945

(10,230

)

Deferred tax movement

249,621

317,815

Total tax charge

440,859

750,102

7.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

750,000

1,500,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

50,000

AMORTISATION

At 1 April 2024

and 31 March 2025

50,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

308,781

11,681,851

350,836

8,297,104

20,638,572

Additions

3,546

285,014

4,410

1,917,529

2,210,499

Disposals

-

(69,024

)

(9,907

)

(543,121

)

(622,052

)

At 31 March 2025

312,327

11,897,841

345,339

9,671,512

22,227,019

DEPRECIATION

At 1 April 2024

227,653

9,530,629

350,652

5,995,552

16,104,486

Charge for year

-

370,417

4,321

1,092,489

1,467,227

Eliminated on disposal

-

(51,805

)

(9,816

)

(491,249

)

(552,870

)

At 31 March 2025

227,653

9,849,241

345,157

6,596,792

17,018,843

NET BOOK VALUE

At 31 March 2025

84,674

2,048,600

182

3,074,720

5,208,176

At 31 March 2024

81,128

2,151,222

184

2,301,552

4,534,086

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2024

and 31 March 2025

186,752

PROVISIONS

At 1 April 2024

and 31 March 2025

186,750

NET BOOK VALUE

At 31 March 2025

2

At 31 March 2024

2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

The shares in group undertakings consist of the following subsidiaries incorporated in the UK with the same registered office as Lloyds (Animal) Feeds Limited :

Business

100% ownership of ordinary share capital :

Lloyds Animal Feeds (Organic) Ltd

Non-trading

31.3.25

31.3.24

£

£

Aggregate capital and reserves

1

1

Gurevitch Ltd

Property development

31.3.25

31.3.24

£

£

Aggregate capital and reserves

3,862

3,862

75% ownership of ordinary share capital:

O G Griffiths and Son Limited

Non-trading

31.3.25

31.3.24

£

£

Aggregate capital and reserves

(413,403

)

(413,403

)

11.

STOCKS

31.3.25

31.3.24

£

£

Finished goods and goods for resale

1,556,308

1,614,815

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

238,767

67,480

Other debtors

304,619

224,591

Amounts owed by group undertakings

16,950,324

18,896,245

Tax

568,289

221,713

VAT

213,518

236,445

Prepayments and accrued income

151,936

165,267

18,427,453

19,811,741

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

7,810,420

9,039,803

Other creditors

118,816

270,124

Amounts owed to group undertakings

9,660,854

11,159,976

17,590,090

20,469,903

14.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred taxation

934,684

685,063

Deferred

tax

£

Balance at 1 April 2024

685,063

Provided during year

249,621

Balance at 31 March 2025

934,684

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

10,000

Ordinary

£1

10,000

10,000

The Ordinary shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).