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

One of the largest independent family cider makers in the UK today, H Weston & Sons Ltd (Westons) makes a broad range of premium ciders. It owns and produces some of the UK’s leading cider brands such as Stowford Press and Henry Westons. These brands, together with the company’s wider cider portfolio are sold and distributed across the off-trade and the on-trade channels both within the UK and internationally.

This year marks Westons’ 145th anniversary as a Cider maker and the exciting milestone of a decade producing our thought-leading annual category report, https://www.westons-cider.co.uk/cider-report-2025 This report offers a comprehensive overview of Cider’s performance over the past year, while also looking ahead to the future. The cider industry continues to evolve in 2025. Despite ongoing challenges within the category and for consumers, there are substantial opportunities to foster growth. Many of the emerging trends within the cider sector reflect broader shifts and challenges across the drinks industry as a whole.

Looking ahead, the cider industry cannot depend solely on flavour innovations to drive growth, as numerous adjacent categories can fulfil this consumer demand. Nonetheless, as emphasised in the Cider report, apple cider remains the dominant segment within the category and holds the most significant potential for growth. As producers, brands and suppliers, we must stay agile to address challenges, seize opportunities, and adapt to market trends.

During the financial year ended 31st March 2025, the company continued to face unprecedented economic pressures with heavy inflationary cost challenges in all areas including energy, transport, wages and packaging. Despite this, Westons continued to outperform the wider cider market with turnover rising 6.04% to £111.5m.

Stowford Press faced difficult challenges within the on-trade market, with industry growth and positivity hampered by increased cost pressures on operators and independent suppliers finding it increasingly difficult to find growth in a consolidating sector. Outside of the on-trade, Stowford Press made gains in the Convenience channel within the off-trade with new distribution and product development driving brand growth of 5.1%.

Looking forward, Westons presence across both the off-trade & on-trade markets will ensure the business is well positioned for future growth both within the UK and internationally. Development of the Stowford Press and Henry Westons brand portfolios will be central to this.

International markets such as Ireland, Central Europe, Scandinavia & the Baltics and key partnerships within them have also supported Westons brand and commercial strategy.

There are several external risks which, whilst outside the board’s direct control, could have an impact on the company. These risks are regularly monitored by the board and Westons audit committee:

The company continues to face unprecedented cost pressures in all areas including the newly introduced Extended Producer Responsibility Scheme, energy, transport, wages, and packaging. Whilst the company is continuously developing programmes to mitigate such rising cost pressures, and develop the Westons sustainability capabilities, the impact of these remains significant.

These legislative changes follow increases in duty and the introduction last year of a new duty band system, both of which have had a notable impact on the cider category and placed further pressure on consumer pricing and demand.

Outside of this, industry consolidation within the on-trade has continued and will need to be carefully monitored. Over recent years, many of the UK’s major brewers have extended their business operations through the acquisition of pub groups and cider brands. As a result of this, on-trade distribution opportunities for independent companies such as Westons has reduced, and the company must now compete against major brewer owned brands to gain distribution on the bar. This is both costly and challenging.

The company’s objective is to achieve sustainable, profitable long-term growth by the provision of quality products in the UK and overseas drinks markets. Achievement of this objective will enable all stakeholders – employees, shareholders and the wider community - to share in the rewards of being part of a successful enterprise.

Turnover rose by 6.0% to £111.5m in the year. Gross margin recovered from its historic low last year to 27.4% of turnover. The absolute level of gross margin income rose to £30.5m from £26.5m in 2024. Distribution costs rose by £0.5m to £7.3m but were more than offset by a fall in administrative expenses of £1.5m.

Other operating income rose to £0.3m from less than £0.1m last year.

The net result of the changes outlined above was to increase operating profit to £6.3m.

Interest charges were roughly level with last year at £0.6m and pre-tax profit was £5.6m.

Post tax profit was £4.2m, an increase of £5.6m from the loss posted last year.

Two dividends were paid on the ordinary shares amounting to 330p per ordinary share, a record level and 50% higher than the previous highest level per share. Total dividends paid on all shares in the year amounted to £0.9m. After payment of dividends, £3.3m was added to reserves which now stand at £31.7m.

The year saw an operational cash inflow of £9.1m, compared to a somewhat lower inflow of £2.8m last year. The healthy cash inflow is reflected in the increase in net current assets of £15.7m, which is £3.8m higher than last year. The company continues to invest in order to be able to service our growing customer base, notably by the increase in tanks for juice storage which are shown in the capital commitments note of £4.4m. Long-term indebtedness, as measured by creditors falling due after more than one year, fell by £0.9m.

The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the company for the benefits of its members in the decisions taken during the year ended 31st March 2025; and in so having regard, amongst other matters to:

• The likely consequences of any decisions in the long term;

• The interests of the company’s employees;

• The need to foster the company’s business relationships with customers, suppliers, and others;

• The impact of the company’s operations on the community and the environment; and;

• The desirability of the company maintaining a reputation for high standards of business conduct.

The Board has a business plan which is based around achieving our long-term vision of being the world’s most respected cider and perry maker.

The Board and Leadership Team understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, customers, suppliers, community and environment, regulators and shareholders which inform its decision-making processes.

Employees

Our employees remain fundamental to the achievement of our business plan and this year we are launching a new management development programme: Pressing for Excellence. This programme is an exciting step forward in our continued commitment to developing the expertise of our people. It has been specifically designed to reflect our refreshed values: our people are at the core of everything that we do; proud to be the best that we can be; passionate about what we do; being the expert in our craft.

Gender and Diversity

Westons have always had a policy of rewarding staff on merit and the senior team is well

represented across genders. The company has a policy of recruiting and promoting on ability to contribute to the business irrespective of other factors such as gender, race, religious or sexual orientation.

Customers

We continue to engage closely with our customers. Our aim is to work with our customers to drive

category and commercial growth.

Suppliers

We value the supplier base as partners and our aim is to develop and enter strong stable working

relationships with them.

Environment and community

The Board takes sustainability and environmental responsibility very seriously.

Corporate and social responsibility sits high on the Directors agenda and by supporting our local staff and growers, we estimate that we inject over £10m into the local economy. The company sources all its apples within a 50-mile radius of the Mill and during the 2024 apple season we pressed more apples than ever before. In addition, solar panels have been installed to bring the total number of panels up to over 400 which produce electricity to run the site or feed back into the grid when not required onsite.

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the Leadership Team operates the business in a responsible manner, acting with the high standards of business conduct and good

governance expected of a business of our nature and size and in full alignment with the development of our reputation in the sector.

Shareholders

The Board has a close relationship with the shareholders and seeks to treat them fairly and

equally, in order that they understand as well as benefit from the Company achieving its long-term business strategy.

The Directors wish to place on record our thanks to all employees for their flexibility and commitment to the company during such a busy year.

On behalf of the board

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

The principal activity of the company continued to be that of cider and perry producers and farming.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £830,049 relating to the year ended 31 March 2025.

Ordinary A dividends were paid amounting to £33,730 relating to the year ended 31 March 2025.

Ordinary B dividends were paid amounting to £20,455 relating to the year ended 31 March 2025.

Ordinary C dividends were paid amounting to £27,305 relating to the year ended 31 March 2025.

Preference dividends were paid amounting to £3,872 relating to the year ended 31 March 2025.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company’s policy is to consult and discuss with employees matters likely to affect their interests. Information about matters of concern to employees is given via team briefings, internal memoranda, postings on workplace noticeboards and the company website, which seek to achieve a common awareness on the part of all employees of factors affecting company performance

In total the company is estimated to have produced 7,604 tonnes of carbon dioxide (CO2) equivalents in the financial year compared to 7,166 tonnes in the prior year, a 6.1% increase. These figures are gross outputs and after the purchase of carbon offsets and ‘Green tariffs’ the comparable figures are 6,601 tonnes for 2024/25 and 6,205 tonnes for 2023/24. The energy used in the year was equivalent to 21.2m kilowatt hours (kWh), an increase of 7.6% from the previous year’s total of 19.7m kWh of energy. The reason for this increase in energy consumption is primarily the increase in, and composition of, production.

72% of our CO2 emissions are related to the production process and 28% to the distribution of our products. In terms of energy source 16.1m kWh equivalents are produced from liquid fuel (mainly fuel oil and road diesel) and 5.1m kWh from electricity.

For this reporting gross outputs are measured against a measure of company activities, the relevant unit being the megalitre (a megalitre being 1 million litres). Our production activities used 182,621 kWh per megalitre (187,777 kWh per megalitre in the prior year) and produced 82.9 tonnes of CO2 per megalitre (80.5 tonnes of CO2 per megalitre in prior).However taking account of zero carbon electricity purchased the comparable figures are 67.3 tonnes of CO2 per megalitre vs. 62.5 tonnes for the prior year. For our distribution activities the comparable figures were 124,384 kWh per megalitre (110,796 kWh per megalitre in prior year) and 29.7 tonnes of CO2 per megalitre (26.5 tonnes per megalitre in prior).

The company has long been aware of the need to use energy, and other production inputs, efficiently. During the year projects were continued to improve energy efficiency including better steam management and reducing air compressor electricity consumption. Some rationalisation of warehousing also enabled fewer lorry journeys. Further projects are in hand to reduce energy used in effluent treatment and track electricity consumption more accurately.

The figures used in this section have been prepared in compliance with the Environmental Reporting Guidelines issued by the government in March 2019.

The directors are responsible for preparing the annual 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 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 UK 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report certain information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of H. Weston & Sons Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

H. Weston & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bounds, Much Marcle, Ledbury, Herefordshire, United Kingdom, HR8 2NQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts on the basis the subsidiary undertakings are currently immaterial to the group. The financial statements present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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 or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and other short-term bank borrowings. Other bank borrowings are shown within current liabilities.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee share ownership plan

The company operates an employee share ownership plan ("ESOP") whereby eligible employees receive rights to A Ordinary shares in the company dependent on the company meeting certain performance targets. The cost of the provision of the shares at the agreed market valuation is treated as an expense to the profit and loss account during the year to which they relate. The cost of the shares held by the ESOP Trust are deducted from shareholders' funds.

Related parties

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The annual depreciation charges of tangible fixed assets are sensitive to changes in the estimated useful lives and residual values of these assets. The useful lives and residual values are reassessed at each reporting date by the directors and are amended, when necessary, to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets in question.

The company operates an employee share ownership plan ("ESOP") whereby eligible employees receive rights to A Ordinary shares in the company dependent on the company meeting certain performance targets. The directors are required to make certain key judgements and estimates in relation to calculating the agreed market valuation and this is treated as an expense to the profit and loss account during the year to which they relate. The cost of the shares held by the ESOP Trust are deducted from shareholders' funds.

Investment properties are reviewed annually for their fair value and, where this valuation differs materially to the carying value, adjustments are made to revalue these assets. Movements in the fair value of investment properties are recognised in profit or loss.

On 30 November 2023 the company received a fine resulting from a prosecution by the Health and Safety Executive which, together with associated costs, amounted to £1,426,947.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

In accordance with section 27 of FRS 102, the directors have reviewed the carrying amount of the freehold land and buildings compared to their recoverable amount. Following this review, no impairment charge was required for either the current or prior year. As at 31 March 2025, the total impairment charge provided against the freehold land and buildings was £540,183 (2024: £540,183).

The fair value of investment properties has been arrived at on the basis of a valuation carried out at 31 March 2023 by John Goodwin and Sidney Phillips Limited. The directors do not consider this to have materially changed as at 31 March 2025.

Details of the company's subsidiaries at 31 March 2025 are as follows:

As at 31 March 2025, there is a net trade balance due to the company by one of its wholly-owned subsidiaries of £1,597,722 (2024: £1,833,646) and the company has also provided financial support to this subsidiary and as at 31 March 2025 there was a balance due to the company of £6,458,018 (2024: £6,787,556). The directors, having considered the recoverability of these balances, have provided against both of these in full at the prior balance sheet date, and the trade balance at the current balance sheet date.

Bank loans and other borrowings includes £2,613,751 (2024: £6,950,319) relating to a facility provided by Lloyds Bank Plc that has been secured against the assets of the company.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance lease and hire purchase contracts are secured over the assets to which they relate.

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

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

As at 31 March 2025, 14,700 of the 20,573 A Ordinary shares of 10p each are held in trust by H Weston & Sons Trustees Limited, a subsidiary of the company.

The shares are held in trust until they vest unconditionally in the employees to whom they have been allocated, in accordance with the terms laid out in the ESOP agreement. As at 31 March 2025, 5,873 of the 20,573 shares had vested in the employees.

The preference shares do not confer on their holders the right to receive notice of, attend or vote at general meetings of the company. On a winding up, the assets of the company available for distribution amongst its members shall be applied, in priority to the holders of the preference shares. Redemption is by agreement between the preference shareholders and the company.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

In addition the company has entered into a trade agreement with a number of its cider apple suppliers. The initial terms of the agreements vary between a minimum of 20 years and a maximum of 30 years during which the company is committed to purchase an agreed number of cider apple crops each year at its market value in that year.

Amounts contracted for but not provided in the financial statements:

At the year end, a balance of £204,148 (2024: £189,494) was due to H Weston & Sons Properties LLP and £51,337 (2024: £48,967) was due to H Weston & Sons Farm Land LLP. Some members of these entities are also directors of the company, being: H N Weston, T J H Weston and H M Thomas.

During the year, the company made purchases of £609 (2024: £142,201) from a company with common directors.

Dividends totalling £723,215 (2024 - £219,310) were paid in the year in respect of shares held by the company's directors.