Meirion Davies & Co. Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—5
Profit and Loss Account	6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—17

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

Review of the Business

We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business, and is written in the context of the risks and uncertainties we face.

Turnover has increased by nearly 10% to £14.8 million compared with £13.5 million in 2024. The gross profit margin has reduced by 1.4% since the previous year, resulting in operating profits of £1.4 million compared with £1.5 million in 2024. This is due to further turbulence in the prices of feeds and fertiliser and increased overheads (see below). Despite the small decrease in gross profit margins compared to last year both are still significantly higher than their pre-Covid levels.

Overheads have increased by £197k compared with last year due mainly to wages rising in line the with cost of living, business rates back to normal after a rebate in 2024 and an increase in repair & maintenance costs.

The balance sheet continues to present a very solid position, with net assets increasing from £7.9 miliion to £8.9 million.

The directors would like to thank all employees for their commitment and hard work over the last 12 months.

Principal Risks and Uncertainties

The business environment in which the company operates continues to be extremely challenging, but the company has been proactive in extending its sales reach which has resulted in the increased sales reported in these accounts.

The company awaits the details of the major overhaul of farming subsidies in Wales next year and the impact on farmers in Wales. The risks to farming in Wales are caused initially by uncertainty and then potentially by the changes themselves to those subsidies when they are announced.

Future Developments

Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business and extend the range of services offered.

On behalf of the board

Mr Robert Davies

Director

08/12/2025

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Meirion Davies & Co. Limited

Company No. 05031424

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal Activity

The company's principal activity continues to be that of Agricultural Retailing.

Directors

The directors who held office during the year were as follows:

Mr Hywel Davies

Mr Robert Davies

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Meirion Davies & Co. Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, Richard Williams & Co, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Robert Davies

Director

08/12/2025

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Independent Auditor's Report

to the Members of

Meirion Davies & Co. Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Meirion Davies & Co. Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Meirion Davies & Co. Limited

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 or 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 2—3, 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.

Auditor's 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 Auditor's 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:

Assessing the design and implementation of controls which management has in place, to prevent and detect fraud.

Challenging the assumptions and judgemenmt made by management where significant accounting estimates were made, such as the useful economic lives of assets and residual values.

Assessing the extent of compliance with relevant laws and regulation as part of our procedures on the related financial statement.

In assessing the potential risk of material misstatement, we obtained an understanding of the company's operations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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.

E R Williams BA FCA (Senior Statutory Auditor)

for and on behalf of Richard Williams & Co , Statutory Auditor

08/12/2025

Richard Williams & Co

Richard Williams & Co., Chartered Accountants

The Old Police Station

Gaerwen

Anglesey

LL60 6BL

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Meirion Davies & Co. Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		14,836,810	13,524,503
Cost of sales		(12,203,088 )	(11,194,184 )

GROSS PROFIT		2,633,722	2,330,319

Administrative expenses		(1,273,055 )	(1,071,432 )
Other operating income		204,870	232,366

OPERATING PROFIT	4	1,565,537	1,491,253
Profit on disposal of fixed assets		5,593	8,397
Other interest receivable and similar income	9	29,090	14,953
Interest payable and similar charges	10	(24,047 )	(14,783 )

PROFIT BEFORE TAXATION		1,576,173	1,499,820
Tax on Profit	11	(404,744 )	(370,442 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,171,429	1,129,378

The notes on pages 11 to 17 form part of these financial statements.

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Meirion Davies & Co. Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,171,429	1,129,378
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,171,429	1,129,378

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Meirion Davies & Co. Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 05031424

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		4,132,456		2,931,421

			4,132,456		2,931,421
CURRENT ASSETS
Stocks	14	3,893,203		3,192,458
Debtors	15	3,236,541		2,649,068
Cash at bank and in hand		886,516		916,030

		8,016,260		6,757,556
Creditors: Amounts Falling Due Within One Year	16	(2,848,613 )		(1,696,559 )

NET CURRENT ASSETS (LIABILITIES)			5,167,647		5,060,997

TOTAL ASSETS LESS CURRENT LIABILITIES			9,300,103		7,992,418

Creditors: Amounts Falling Due After More Than One Year	17		(214,048 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(78,716 )		(32,508 )

NET ASSETS			9,007,339		7,959,910

CAPITAL AND RESERVES
Called up share capital	21		62		62
Other reserves			(1,105,475 )		(1,105,475 )
Profit and Loss Account			10,112,752		9,065,323

SHAREHOLDERS' FUNDS			9,007,339		7,959,910

On behalf of the board

Mr Robert Davies

Director

08/12/2025

The notes on pages 11 to 17 form part of these financial statements.

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Meirion Davies & Co. Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	62	(1,105,475 )	8,226,645	7,121,232
Profit for the year and total comprehensive income	-	-	1,129,378	1,129,378

Dividends paid	-	-	(290,700)	(290,700)

As at 31 March 2024 and 1 April 2024	62	(1,105,475 )	9,065,323	7,959,910


Profit for the year and total comprehensive income	-	-	1,171,429	1,171,429

Dividends paid	-	-	(124,000)	(124,000)

As at 31 March 2025	62	(1,105,475 )	10,112,752	9,007,339

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Meirion Davies & Co. Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,565,647	874,699
Interest paid		(24,047 )	(14,783 )
Tax paid		(393,720 )	(416,621 )

Net cash generated from operating activities		1,147,880	443,295

Cash flows from investing activities
Purchase of tangible assets		(1,321,553 )	(75,938 )
Proceeds from disposal of tangible assets		7,651	11,800
Interest received		29,090	14,953

Net cash used in investing activities		(1,284,812 )	(49,185 )

Cash flows from financing activities
Equity dividends paid		(124,000 )	(290,700 )
Proceeds from new bank borrowings		214,048	-
Repayment of other loans		-	(169,865)
Amount introduced by directors		17,075	-
Amount withdrawn by directors		-	(17,824)

Net cash generated from/(used in) financing activities		107,123	(478,389 )



Decrease in cash and cash equivalents		(29,809 )	(84,279 )
Cash and cash equivalents at beginning of year	2	916,030	1,000,309

Cash and cash equivalents at end of year	2	886,221	916,030

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Meirion Davies & Co. Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,171,429	1,129,378
Adjustments for:
Tax on profit	404,744	370,442
Interest expense	24,047	14,783
Interest income	(29,090 )	(14,953 )
Depreciation of tangible assets	118,460	138,878
Profit on disposal of tangible assets	(5,593)	(8,397)
Movements in working capital:
Increase in stocks	(700,745 )	(290,527 )
Increase in trade and other debtors	(587,473 )	(283,711 )
Increase/(decrease) in trade and other creditors	1,169,868	(181,194 )

Net cash generated from operations	1,565,647	874,699

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	886,516	916,030
Overdraft facilities repayable on demand	(295 )	-

Cash and cash equivalents as stated in the Statement of Cash Flows	886,221	916,030

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	916,030	(29,514)	886,516
Overdraft facilities repayable on demand	-	(295)	(295)

Cash and cash equivalents	916,030	(29,809)	886,221
Debts falling due after more than one year	-	(214,048)	(214,048)

	916,030	(243,857)	672,173

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Meirion Davies & Co. Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Meirion Davies & Co. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05031424 . The registered office is Colomendy Industrial Estate, Rhyl Road, Denbigh, Denbighshire, LL16 5TA.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	0%
Plant & Machinery	20% straight line
Motor Vehicles	20% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	20% straight line

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Meirion Davies & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024
	£	£
Royalties and similar income	3,156	8,284
Rental income	63,595	63,266
Other operating income	138,119	160,816

	204,870	232,366

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	49,963	1,437
Depreciation of tangible fixed assets	118,460	138,878

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	7,450	7,900

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Meirion Davies & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	562,165	506,279
Other pension costs	68,362	66,553

	630,527	572,832

7. Average Number of Employees

Average number of employees, including directors, during the year was: 23 (2024: 21)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	24,000	24,000
Company contributions to defined benefit pension schemes	56,800	56,800

	80,800	80,800

The number of directors to whom retirement benefits were accruing was as follows:2

	2025		2024
Money purchase pension schemes	56800		56800

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	25,694	14,953
Finance charges from customers	3,396	-

	29,090	14,953

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	14,460	9,454
Finance charges payable under finance leases and hire purchase contracts	9,586	5,317
Other finance charges	1	12

	24,047	14,783

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Meirion Davies & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	358,536	394,101
Deferred Tax
Deferred Taxation - Origination and reversal of timing differences			46,208	(23,659 )


Total tax charge for the period			404,744	370,442


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,576,173	1,499,820

Tax on profit at 25% (UK standard rate)			394,044	374,955
Goodwill/depreciation not allowed for tax			28,216	32,621
Expenses not deductible for tax purposes			175	-
Capital allowances			(63,899 )	(13,589 )
Short term timing differences			46,208	(23,545 )

Total tax charge for the period			404,744	370,442

12. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	375,600

As at 31 March 2025	375,600

Amortisation
As at 1 April 2024	375,600

As at 31 March 2025	375,600

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

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Meirion Davies & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	2,615,158	479,306	538,090	71,008	3,703,562
Additions	1,016,204	10,482	294,867	-	1,321,553
Disposals	-	(14,874 )	(52,630 )	-	(67,504 )

As at 31 March 2025	3,631,362	474,914	780,327	71,008	4,957,611

Depreciation
As at 1 April 2024	-	345,539	355,594	71,008	772,141
Provided during the period	-	42,478	75,982	-	118,460
Disposals	-	(14,768 )	(50,678 )	-	(65,446 )

As at 31 March 2025	-	373,249	380,898	71,008	825,155

Net Book Value
As at 31 March 2025	3,631,362	101,665	399,429	-	4,132,456

As at 1 April 2024	2,615,158	133,767	182,496	-	2,931,421

14. Stocks

	2025	2024
	£	£
Finished goods	3,893,203	3,192,458

15. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	3,236,536	2,641,977
Other debtors	5	7,091

	3,236,541	2,649,068

16. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	2,308,638	1,136,458
Bank loans and overdrafts	295	-
Other creditors	121,861	104,353
Corporation tax	359,122	394,306
Taxation and social security	49,574	52,319
Accruals and deferred income	9,123	9,123

	2,848,613	1,696,559

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Meirion Davies & Co. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

17. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	214,048	-

18. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	214,048	-

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	78,716	32,508

20. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	32,508	32,508
Additions	46,208	46,208

Balance at 31 March 2025	78,716	78,716

21. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
60 Ordinary Shares of £ 1.000 each	60	60
2 Ordinary B shares of £ 1.000 each	2	2

	62	62

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £11,562 (2024: £9,753).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

23. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	124,000	290,700

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