REGISTERED NUMBER: 03466000 (England and Wales)

KEEPSTEM LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

4 FEBRUARY 2024 TO 1 FEBRUARY 2025

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

to

18

Notes to the Consolidated Financial Statements

19

to

35

DIRECTORS:

A E Day

R Hancox

M J Tate

SECRETARY:

A E Day

REGISTERED OFFICE:

Wool Hall Farm

Cross Gate

Wykeham

Spalding

Lincolnshire

PE12 6HW

REGISTERED NUMBER:

03466000 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

The directors present their strategic report of the company and the group for the period 4 February 2024 to 1 February 2025.

REVIEW OF BUSINESS

The principal activities of the group continue to comprise the production, harvesting, packing, and marketing of a broad range of arable crops cultivated across our extensive land holdings in South Lincolnshire. Complementary operations include the procurement and marketing of imported fresh vegetables, together with the provision of agricultural contracting and contract vegetable packing services to our long-established customer base.

During the financial period under review, total turnover increased by 6.8% to £73,230,283. Cost pressures persisted throughout 2024, particularly in relation to labour and arable land rental costs, which rose at a greater rate than selling prices. Consequently, the operating profit margin declined to 0.03%, compared with 0.48% in the preceding period.

Bank base rates remained at levels not experienced for over sixteen years, resulting in a year-on-year increase in interest payable of £333,043, to £1,070,710. The combined effect of reduced operating margins and higher finance costs led to a loss before taxation of £1,019,390 for the year.

The adverse impact of the loss before taxation on balance sheet net assets was substantially offset by a corporation tax refund and a revaluation gain arising from the increased underlying value of the group’s freehold arable land.

The group is pleased to report that all key customers were retained during the period. Their continued support reflects confidence in the group’s ability to deliver consistently high-quality produce, in the required volumes, and within agreed timeframes.

The directors remain mindful of the group’s significant presence within the local area, both in terms of the acreage farmed and the scale of vehicle operations required to support its activities. The group continues to take active measures to minimise any adverse impact of its operations on the community and the environment.

As a labour-intensive enterprise, the group has experienced further upward pressure on operating costs during 2025, following the increases in the National Living Wage and employers’ National Insurance contributions implemented in April 2025. Additionally, the business has faced considerable climatic challenges, with the first nine months of 2025 being the driest on record.

Notwithstanding these challenges, the directors remain confident in the group’s long-term prospects, supported by a loyal and established customer base, access to some of the finest grade-one agricultural land in the country, and the dedication of a skilled workforce operating modern and efficient equipment.

PRINCIPAL RISKS AND UNCERTAINTIES

Our primary risk is in relation to the impact that the weather can have on crop yields and costs of production. We have however operated subject to these risks for over 27 years but with experienced managers, the best possible equipment and a supporting network of growers have always been able to maximise our output of high quality product in order to meet the exacting standards of our customers.

The group is also subject to environmental and health and safety risks and mitigates these by its focus on employee training, equipment & facilities maintenance and a rolling equipment renewal programme.

SECTION 172(1) STATEMENT

Keepstem Limited: Stakeholder Engagement

As the Board of Keepstem Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility.

Promoting the company's success for its members

Keepstem Limited was incorporated in November 1997 as the corporate entity to be used by the three founding shareholders Robin Hancox, Aubrey Day and Martin Tate to acquire the whole of the share capital of Lincolnshire Field Products Limited. The company and its group continues to be owned and controlled by these three, with Robin Hancox continuing to be the majority shareholder. We're proud of the ways in which, over the last 27 years, the group has continued to achieve consistent long-term growth and has provided employment, training and financial reward for in excess of 100 colleagues.

We aim to be the best-in-class supplier of fresh produce within all the marketplaces in which we trade and have demonstrated a strong history of customer service. In a competitive market we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service and product, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base.

We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base. Our twin aims are to maximise the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders.

We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our farm and packing equipment and our IT infrastructure. Investment will continue over the coming years to ensure we continue to offer top quality produce at a competitive price.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees

Our operations rely heavily on a skilled team including tractor drivers, factory operatives, production staff and management on a 7 day a week basis, as well as a focused central team of marketing, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to the ever-changing impact of our variable climate on product availability. We cannot achieve this without our team.

Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:

- setting remuneration at market-leading rates,

- providing training and career development support,

Our customers and suppliers

We invest heavily in our farm and packing equipment replacement programme ensuring that we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training system, to ensure we can continue to offer customers the best quality produce in the marketplace. We liaise with key customers on a daily basis and meet regularly to review new opportunities.

Our business model prioritises quality and service. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high levels of product quality and availability that differentiates us from our piers. Our customers value the high degree of interaction and expertise.

We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.

Our community

We are a private group of company's, and the three shareholders all continue to work within the businesses that operates within a 25-mile radius of Spalding, and we continue to be a significant employer in the local community. We provide fresh produce to several local charities and fund-raising groups throughout the year.

Our planet

Our industry contributes to environmental pollution and we are working hard to minimise the impact of our operations. We operate the most modern low emissions equipment and our focus on driver behaviour also enables us to ensure our impact on the environment is minimised.

FINANCIAL KEY PERFORMANCE INDICATORS

1. There was a gross profit of £18,405,273 in the period which was a positive 25.1% margin, compared to a positive 24.4% margin in the previous period.

2. Operating profit of £18,265 (2024 profit - £326,123) is stated after other income of £386,304 in the current year compared to £337,987 in the previous period.

OTHER KEY PERFORMANCE INDICATORS

The group measures its non-financial performance in several areas as follows:

1. The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the year is therefore closely monitored by directors.

2. The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores.

ON BEHALF OF THE BOARD:

Director

31 October 2025

The directors present their report with the financial statements of the company and the group for the period 4 February 2024 to 1 February 2025.

PRINCIPAL ACTIVITY

The principal activities of the group are farming and its allied trades.

DIVIDENDS

No dividends will be distributed for the period ended 1 February 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 4 February 2024 to the date of this report.

A E Day

R Hancox

M J Tate

PRINCIPAL FINANCIAL RISKS AND UNCERTAINTIES

The company uses various financial instruments including loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are market risk, interest rate risk, credit risk and liquidity risk.

MARKET RISK

Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk. The company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.

LIQUIDITY RISK

The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by an asset backed bank lending facility.

INTEREST RATE RISK

The company finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company's exposure to interest rate fluctuations or its borrowings is mitigated by the use of fixed interest hire purchase agreements.

CREDIT RISK

The company's principal financial assets are cash and trade debtors.

In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

GOING CONCERN

The Directors have carried out a detailed and comprehensive review of the business, its future prospects and its ability to meet its obligations as they fall due. In the opinion of the Directors, the Company is expected to be able to continue trading within the current arrangements and consequently the financial statements have been prepared on a going concern basis.

DIRECTORS' RESPONSIBILITIES STATEMENT

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A E Day - Director

31 October 2025

Opinion

We have audited the financial statements of Keepstem Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 1 February 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 1 February 2025 and of the group's loss for the period 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page six, 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.

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

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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards.

We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

This included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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.

Alistair Main FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

31 October 2025

TURNOVER

3

73,230,283

68,554,640

Cost of sales

54,825,010

51,845,314

GROSS PROFIT

18,405,273

16,709,326

Distribution costs

8,776,567

8,023,752

Administrative expenses

9,996,745

8,697,438

18,773,312

16,721,190

(368,039

)

(11,864

)

Other income

386,304

337,987

OPERATING PROFIT

5

18,265

326,123

Other finance income

22

33,000

-

51,265

326,123

Interest payable and similar expenses

6

1,070,710

737,667

LOSS BEFORE TAXATION

(1,019,445

)

(411,544

)

Tax on loss

7

(185,435

)

(234,221

)

LOSS FOR THE FINANCIAL PERIOD

(834,010

)

(177,323

)

Loss attributable to:

Owners of the parent

(834,010

)

(177,323

)

LOSS FOR THE PERIOD

(834,010

)

(177,323

)

OTHER COMPREHENSIVE INCOME

Remeasurement gain/(loss) on defined

benefit pension scheme

(44,000

)

(149,000

)

Movement on deferred tax relating to

defined benefit pension asset

(2,750

)

(28,250

)

Revaluation of tangible fixed assets

777,473

-

Movement on deferred tax relating to

tangible fixed assets

(194,368

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

536,355

(177,250

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(297,655

)

(354,573

)

Note

Prior year adjustment

9

725,847

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

428,192

Total comprehensive income attributable to:

Owners of the parent

428,192

(354,573

)

FIXED ASSETS

Tangible assets

10

15,611,534

14,481,503

Investments

11

-

-

15,611,534

14,481,503

CURRENT ASSETS

Valuation

12

10,091,077

9,742,450

Debtors

13

10,996,939

10,524,677

Cash at bank and in hand

69,275

17,471

21,157,291

20,284,598

CREDITORS

Amounts falling due within one year

14

31,079,688

27,683,664

NET CURRENT LIABILITIES

(9,922,397

)

(7,399,066

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,689,137

7,082,437

CREDITORS

Amounts falling due after more than one year

15

(4,048,540

)

(5,155,185

)

PENSION ASSET

23

669,000

680,000

NET ASSETS

2,309,597

2,607,252

CAPITAL AND RESERVES

Called up share capital

21

10,000

10,000

Share premium

22

304,229

304,229

Revaluation reserve

22

2,557,625

2,010,538

Capital redemption reserve

22

1,005,170

1,005,170

Merger reserve

22

605,723

605,723

Retained earnings

22

(2,173,150

)

(1,328,408

)

SHAREHOLDERS' FUNDS

2,309,597

2,607,252

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

R Hancox - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

7,919,475

7,919,475

7,919,475

7,919,475

CREDITORS

Amounts falling due within one year

14

10,876,922

10,876,867

NET CURRENT LIABILITIES

(10,876,922

)

(10,876,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,957,447

)

(2,957,392

)

CAPITAL AND RESERVES

Called up share capital

21

10,000

10,000

Share premium

22

304,229

304,229

Capital redemption reserve

22

1,005,170

1,005,170

Merger reserve

22

605,723

605,723

Retained earnings

22

(4,882,569

)

(4,882,514

)

SHAREHOLDERS' FUNDS

(2,957,447

)

(2,957,392

)

Company's loss for the financial year

(55

)

(92

)

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

R Hancox - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 29 January 2023

10,000

(973,835

)

304,229

Changes in equity

Total comprehensive income

-

(1,080,420

)

-

Balance at 3 February 2024

10,000

(2,054,255

)

304,229

Prior year adjustment

-

725,847

-

As restated

10,000

(1,328,408

)

304,229

Changes in equity

Total comprehensive income

-

(844,742

)

-

Balance at 1 February 2025

10,000

(2,173,150

)

304,229

Capital

Revaluation

redemption

Merger

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 29 January 2023

2,010,538

1,005,170

605,723

2,961,825

Changes in equity

Total comprehensive income

-

-

-

(1,080,420

)

Balance at 3 February 2024

2,010,538

1,005,170

605,723

1,881,405

Prior year adjustment

-

-

-

725,847

As restated

2,010,538

1,005,170

605,723

2,607,252

Changes in equity

Total comprehensive income

547,087

-

-

(297,655

)

Balance at 1 February 2025

2,557,625

1,005,170

605,723

2,309,597

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 29 January 2023

10,000

(4,882,422

)

304,229

Changes in equity

Total comprehensive income

-

(92

)

-

Balance at 3 February 2024

10,000

(4,882,514

)

304,229

Changes in equity

Total comprehensive income

-

(55

)

-

Balance at 1 February 2025

10,000

(4,882,569

)

304,229

Capital

redemption

Merger

Total

reserve

reserve

equity

£

£

£

Balance at 29 January 2023

1,005,170

605,723

(2,957,300

)

Changes in equity

Total comprehensive income

-

-

(92

)

Balance at 3 February 2024

1,005,170

605,723

(2,957,392

)

Changes in equity

Total comprehensive income

-

-

(55

)

Balance at 1 February 2025

1,005,170

605,723

(2,957,447

)

Cash flows from operating activities

Cash generated from operations

1

2,667,670

1,525,221

Interest paid

(790,975

)

(569,372

)

Interest element of hire purchase payments paid

(279,735

)

(168,295

)

Government grants

205,010

323,144

Tax paid

185,435

-

Net cash from operating activities

1,987,405

1,110,698

Cash flows from investing activities

Purchase of tangible fixed assets

(2,658,067

)

(4,537,659

)

Sale of tangible fixed assets

762,384

926,499

Pension Scheme impact on reserves

-

(64,250

)

Net cash from investing activities

(1,895,683

)

(3,675,410

)

Cash flows from financing activities

New HP in year

2,212,797

4,200,671

Loan repayments in year

(401,762

)

(1,918,885

)

New loans in the year

-

3,000,000

Capital repayments in year

(2,965,310

)

(2,721,771

)

Net cash from financing activities

(1,154,275

)

2,560,015

Decrease in cash and cash equivalents

(1,062,553

)

(4,697

)

Cash and cash equivalents at beginning of period

2

(4,002,954

)

(3,998,257

)

Cash and cash equivalents at end of period

2

(5,065,507

)

(4,002,954

)

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

4.2.24

29.1.23

to

to

1.2.25

3.2.24

as restated

£

£

Loss before taxation

(1,019,445

)

(411,544

)

Depreciation charges

1,526,855

1,095,227

Loss/(profit) on disposal of fixed assets

16,270

(166,285

)

Government grants

(205,010

)

(323,144

)

Finance costs

1,070,710

737,667

Finance income

(33,000

)

-

1,356,380

931,921

Increase in valuation

(348,627

)

(3,258,205

)

Increase in trade and other debtors

(666,630

)

(962,486

)

Increase in trade and other creditors

2,326,547

4,813,991

Cash generated from operations

2,667,670

1,525,221

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 1 February 2025

1.2.25

4.2.24

£

£

Cash and cash equivalents

69,275

17,471

Bank overdrafts

(5,134,782

)

(4,020,425

)

(5,065,507

)

(4,002,954

)

Period ended 3 February 2024

3.2.24

29.1.23

as restated

£

£

Cash and cash equivalents

17,471

21,585

Bank overdrafts

(4,020,425

)

(4,019,842

)

(4,002,954

)

(3,998,257

)