W H Bond & Sons Limited

Statement of Cash Flows for the Year Ended 30 April 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		1,031,030	308,999
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	1,386,561	1,476,218
Finance income	6	(628,373)	(307,328)
Finance costs	7	222,549	293,477
Profit on disposal of tangible assets		(566,232)	(810,237)
Income tax expense	10	187,694	260,494
Accrued expenses		(50,700)	60
		1,582,529	1,221,683
Working capital adjustments
Decrease/(increase) in stocks	14	409,266	(60,297)
(Increase)/decrease in debtors	15	(1,102,496)	943,302
Increase/(decrease) in creditors	16	455,073	(682,570)
Net cash flow from operating activities		1,344,372	1,422,118
Cash flows from investing activities
Interest on bank overdrafts and borrowings		(222,549)	(293,477)
Interest received	6	628,373	307,328
Acquisition of subsidiaries	13	-	(13,913,446)
Acquisitions of tangible assets		(2,230,037)	(4,088,651)
Proceeds from sale of tangible assets		2,373,480	3,746,066
Net cash flows from investing activities		549,267	(14,242,180)
Cash flows from financing activities
Proceeds from issue of ordinary shares, net of issue costs		-	13,844,221
Proceeds from loans from participating interests		(18,210)	437,435
Payments to finance lease creditors		(997,909)	(829,979)
Dividends paid		(300,000)	(300,000)
Loans and borrowings		322,476	(605,835)
Net cash flows from financing activities		(993,643)	12,545,842
Net increase/(decrease) in cash and cash equivalents		899,996	(274,220)
Cash and cash equivalents at 1 May		(1,029,626)	(755,406)
Cash and cash equivalents at 30 April		(129,630)	(1,029,626)

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Trerule Farm
Trerulefoot
Saltash
Cornwall
PL12 5BL

Principal activity

The principal activity of the company is that of trading in and hiring of farming plant, the hiring of labour, cereal farming, trading as a sawmill and civil engineering.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Revenue - described as turnover- is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services. Sales are recognised as follows:
- Sawmill and plant sales are recognised at the date that all the risks and rewards of ownership are transferred to the customer.
- Civil engineering revenue is recognised in reference to the stage of completion as assessed by a quantity surveyor.
- Plant hire sales are recognised over the period of the hire.
- Farming sales are recognised on the date that the crops are transferred to the customer.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	20% reducing balance
Freehold buildings	2% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line
Software	10% straight line

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

Biological stocks are valued at the point of harvest at its fair value less costs to sell. Fair value is derived from active market prices.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of farm goods	1,085,182	933,413
Civil engineering sales	6,458,783	5,611,026
Plant hire and sales	1,492,110	1,784,258
Sawmill sales	8,860,575	7,518,182
Other revenue	211,458	215,620
	18,108,108	16,062,499

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2025 £	2024 £
Rental income	15,920	21,504

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

5	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	1,378,831	1,468,488
Amortisation expense	7,730	7,730
Operating lease expense - property	147,620	176,652
Profit on disposal of property, plant and equipment	(566,232)	(810,237)
Auditor's remuneration	9,330	8,810
Bad debts written off	108,634	(117,915)
Foreign currency (gains)/losses	3,323	-

6	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	3,373	7,328

7	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	38,824	37,707
Interest on obligations under finance leases and hire purchase contracts	98,803	161,705
Interest expense on other finance liabilities	84,922	94,065
	222,549	293,477

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	1,837,657	1,824,568
Social security costs	189,833	168,884
Pension costs, defined contribution scheme	85,509	77,502
Healthcare costs	39,563	37,575
	2,152,562	2,108,529

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Directors and management	7	7
Administration	8	8
Direct labour	33	36
	48	51

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	279,530	281,737
Contributions paid to money purchase schemes	2,936	3,199
	282,466	284,936

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2025 No.	2024 No.
Defined benefit pension scheme	3	3

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

10

Taxation

Tax charged/(credited) in the statement of comprehensive income

	2025 £	2024 £
Deferred taxation
Arising from origination and reversal of timing differences	187,694	260,494

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	1,218,724	569,493
Corporation tax at standard rate	304,681	142,373
Effect of capital allowances and depreciation	52,990	291,371
Tax increase/(decrease) from other timing differences	10,418	(2,229)
Effect of expense not deductible in determining taxable profit (tax loss)	-	6,395
Utilisation of tax losses	(180,395)	(256,556)
Effect of dividends from UK companies	-	(75,000)
Chargeable gains	-	85,789
Effect of profit on disposal of fixed assets	-	(192,143)
Total tax charge	187,694	-

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

11	Intangible assets

	Goodwill  £	Software  £	Total £
Cost
At 1 May 2024	275,000	77,298	352,298
At 30 April 2025	275,000	77,298	352,298
Amortisation
At 1 May 2024	275,000	7,730	282,730
Amortisation charge	-	7,730	7,730
At 30 April 2025	275,000	15,460	290,460
Carrying amount
At 30 April 2025	-	61,838	61,838
At 30 April 2024	-	69,568	69,568

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

12	Tangible assets

	Freehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	9,665,902	160,288	10,022,191	1,211,851	21,060,232
Additions	-	-	1,970,889	259,148	2,230,037
Disposals	-	-	(2,129,936)	(328,574)	(2,458,510)
At 30 April 2025	9,665,902	160,288	9,863,144	1,142,425	20,831,759
Depreciation
At 1 May 2024	515,142	109,951	2,761,351	395,619	3,782,063
Charge for the year	65,039	7,550	1,144,964	161,278	1,378,831
Eliminated on disposal	-	-	(567,098)	(84,164)	(651,262)
At 30 April 2025	580,181	117,501	3,339,217	472,733	4,509,632
Carrying amount
At 30 April 2025	9,085,721	42,787	6,523,927	669,692	16,322,127
At 30 April 2024	9,150,760	50,337	7,260,840	816,232	17,278,169

W H Bond & Sons Limited

Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)

12	Tangible assets (continued)

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold land and buildings £	Total £
Cost or valuation
At 1 May 2024	4,865,360	4,865,360
At 30 April 2025	4,865,360	4,865,360
Depreciation
At 1 May 2024	389,410	389,410
Charge for the year	48,392	48,392
At 30 April 2025	437,802	437,802
Carrying amount
At 30 April 2025	4,427,558	4,427,558
At 30 April 2024	4,475,950	4,475,950