REGISTERED NUMBER: 00719446

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period 31 March 2024 to 29 March 2025

for

Heygate and Sons Limited

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

8

Report of the Independent Auditors

9

to

12

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

to

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Cash Flow Statement

21

to

22

Notes to the Consolidated Financial Statements

23

to

54

DIRECTORS:

A R Heygate

P M Heygate

SECRETARY:

S K Y Chia

REGISTERED OFFICE:

Bugbrooke Mills

Bugbrooke

Northampton

NN7 3QH

REGISTERED NUMBER:

00719446

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

BANKERS:

HSBC UK Bank plc

Large Corporates

6th Floor

120 Edmund Street

Birmingham

B3 2QZ

The directors present their strategic report of the company and the group for the period 31 March 2024 to 29 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group continue to be:

Flour milling;

Provender milling;

Bakery and morning goods production;

Merchanting, drying, storing and processing of agricultural produce; and

Farming.

The company's principal activities continue to be the investment in companies as the head of a trading group and the purchase and sale of specialist animal feed products.

REVIEW OF BUSINESS

The Heygate group has a reputation for investing in modern and efficient production facilities and for the development of quality, market leading products. The management team remains stable, well experienced and supported by a loyal, highly skilled workforce.

The UK food and agricultural sector is a highly competitive market and the continuing economic situation remains challenging. The easing of market conditions amongst the ongoing global tensions and financial pressures around the world have allowed global and UK grain prices to decrease to more sustainable levels compared with prior periods. Continued robust demand, coupled with the lower prices, resulted in a decrease of both turnover and costs of sales but combined, have resulted in an increase in gross margins.

Carriage and haulage charges have remained consistent, in line with volumes, but distribution costs have decreased due to a reduction in the use of third party hauliers. Administration expenses have come under pressure from mandatory increases within wages and salaries, but reductions in pension costs have led to an overall decrease.

Operating profits after fair value gains are consistent, but other sources of income are considerably up following the sale of part of the joint venture investment. Increases in finance costs offset these gains slightly but overall there is a healthy increase in the profit before tax.

Capital spend has led to allowances that have reduced the current tax charge but with associated deferred tax liabilities over the longer term. Overall the tax charge has decreased and when combined with the above movements, profit after tax has increased.

The group has recognised and fully addressed the funding of its defined benefit pension scheme. This was closed to new members on 1st October, 2002 and the group has, with the agreement of the scheme's trustees, ceased the accrual of future pensionable service for all active members of the scheme from 30th September, 2010. As a result of these actions the directors are confident that the group will be able to meet all of its future obligations in relation to the scheme.

The pension scheme movements and those of the listed investments have been recorded in the statement of other comprehensive income.

In the prior period, the pension scheme swung into deficit, but in the current period this has reduced, resulting in an actuarial gain. In addition, the listed investment has increased in value as at the period end. These gains have been offset by deferred tax charges.

The combined movements from normal trade, actuarial gains and increases in the value of listed shares have resulted in a significant increase in the total comprehensive income for the period.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk that the group continues to face is the fluctuation of global commodity prices and, consequently, the group's ability to incorporate commodity price fluctuations into its selling price structure. Ultimately any input price changes will filter through to the end consumer; however, it is the group's aim to minimise the potential timing difference between changing input prices and its selling prices that will determine the profitability of the business in any particular year.

Exposure to foreign currency, credit, liquidity, interest rate and other price risk arises in the normal course of the group's business. These risks are limited by the group's financial management policies described below.

Foreign currency risk

The group has limited exposure to foreign currency risk. Substantially all of the companies sales and purchases are denominated in Sterling with the exception of one subsidiary which is exposed to foreign currency risk as a result of its grain buying operations. Management limit the exposure to this risk by entering into forward foreign currency contracts to reduce the volatility of foreign exchange fluctuations. Details of the derivative asset or liability can be found in the notes to the accounts.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the group by failing to discharge an obligation. Predominantly any risks will arise from trade debtors going bad. The group reduce the risk through sensible sales ledger management policies across all companies.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. These are managed on a group wide basis in order to spread the risk. The risk is further reduced through the use of invoice discounting facilities by two subsidiaries.

Interest rate risk

The group is exposed to interest rate risk through the impact of rate changes on interest bearing borrowings. The bank loan, overdraft and the invoice discounting facility, together with the hire purchase and finance lease contracts are liabilities impacted by this risk. By managing the first three facilities on a group wide basis, better interest rates are obtained helping to mitigate the risk. The latter contracts are negotiated on the best fixed rate terms achievable at the time and therefore crystallise the risk and remove the sensitivity to a change in rates.

Other price risk

As described in the Review of Business, the group operates in a very competitive market. In order to retain its existing customers and generate new ones, the group continues to strive to achieve its overriding aim of building and maintaining good customer relationships and consistently producing high quality, innovative products together with a high level of service at competitive prices. The resulting strong relationships help the group to work with its customers following significant changes in raw material costs and mitigate the risk of having to absorb wheat price fluctuations alone. In the period under review, market conditions around the world have eased resulting in a decrease in both global and UK grain prices. As described in the Review of Business, lower wheat prices combined with consistent demand resulted in decreases in both turnover and cost of sales.

SECTION 172(1) STATEMENT

The group operates in a complex and interconnected commercial and regulatory environment which impacts and touches many different stakeholders. By understanding and engaging with stakeholders the group can consider their interests and priorities when making key decisions and ensure that the business works constructively with them to promote the success of the group. Details of how the group engages with its key stakeholders are included in the Directors' Report.

ANALYSIS OF DEVELOPMENT AND PERFORMANCE

Given the market conditions, the directors are pleased with the group's overall performance and the reported profit after taxation of £13,790,073 (2024: £12,373,020).

The group's baking segment operates in a highly competitive market and the business has sought to address this through a targeted growth strategy. The bakery and the flour milling divisions have a wide geographical spread, addressing the risk of operating from a single production site.

The group continues to modernise and refurbish its mills and bakeries, investing in the latest efficient plant and machinery to maintain the excellent quality of its market leading products and to expand capacity as and when the market demands.

The group's net asset position has increased from trade, actuarial gains and listed share movements.

The key performance indicators (KPI's) used in monitoring the group's performance are:-

1. Organic sales growth - period on period percentage change in sales revenue.

2. Gross return on sales - gross profit as a percentage of sales revenue.

3. Net return on sales - profit/(loss) on ordinary activities before taxation and before non-recurring items and income from other fixed asset investments, as a percentage of sales revenue.

4. Return on net assets - profit/(loss) on ordinary activities before taxation and before non-recurring items and income from other fixed asset investments, as a percentage of net assets.

5. Free cash flow - comprises the net cash flows from operating activities, less cash outflows due on capital expenditure.

KEY PERFORMANCE INDICATORS (KPI's)

2025

2024

Organic sales growth

(8.12%)

(3.17%)

Gross return on sales

16.09%

14.35%

Net return on sales

4.02%

2.69%

Return on net assets

12.70%

10.71%

Free cash flow

£7.3m

£22.8m

In addition, the group uses a number of non-financial performance indicators, including measures to monitor quality and wastage at each site.

ON BEHALF OF THE BOARD:

P M Heygate - Director

16 December 2025

The directors present their report with the financial statements of the company and the group for the period 31 March 2024 to 29 March 2025.

DIVIDENDS

There was a group profit for the year, after taxation and minority interests, amounting to £13,230,613 (2024: £12,212,470). The company did not pay a dividend on the ordinary shares in respect of the period. The company did however, pay the dividend on its preference shares as follows:

£

Preference dividend paid 1,323

The dividend has been accounted for as interest payable in accordance with FRS 102 Section 22 - "Liabilities and Equity".

FUTURE DEVELOPMENTS

The group will continue to look for improved financial performance and operational efficiency by investing in the latest efficient plant and machinery to maintain the excellent quality of its market leading products and to expand capacity as and when the market demands.

During the period under review, the food and agricultural sectors have faced a number of challenges including economic pressures from rising inflation and increasingly inconsistent UK harvests that make sourcing suitable wheat increasingly difficult. Consistent demand coupled with increasing UK population are boosting demand for food products which place further demand on the food and agriculture sectors to produce high quality, value for money, sustainable products. To mitigate these challenges the group is always looking ahead to diversify supply sources, develop alternative products, collaborate with suppliers, invest in research and development and sustainable initiatives, embrace new technology and stay informed about market trends. Despite it not being practicable to accurately predict the outcome of future trends or requirements, the group has not experienced a material negative impact to date and does not anticipate being adversely affected over the next year.

DIRECTORS

The directors shown below have held office during the whole of the period from 31 March 2024 to the date of this report.

A R Heygate

P M Heygate

ENGAGEMENT WITH EMPLOYEES

The group places considerable value on the involvement of its employees. It has regular communication, with its unions, management and with its employees directly, keeping them informed of matters affecting them as individuals, on the various factors affecting the group in general and in respect of its pension schemes.

DISABLED EMPLOYEES

The group and company recognise their responsibility towards disabled persons. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes and abilities of the applicant concerned.

In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate training is arranged.

It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of the other employees.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group believes that engagement with its stakeholders has an important role to play in achieving its strategy, helping it to be a responsible business, delivering long-term sustainable growth.

How the group engages with its key stakeholders is set out below.

Customers

As described within Other Price Risk, the group continues to strive to achieve its overriding aim of building and maintaining good customer relationships, a key ingredient of which is regular dialogue. These relationships culminate in long term contracts, ensuring continuity and helping the business plan and deliver in the long term.

Workforce

The group has an experienced and dedicated workforce and has a responsibility to ensure that all employees work in a safe environment and have opportunities to learn and develop. Careers can start with apprenticeships and can continue through internal promotion schemes up to management and subsequent development programmes.

The group is an equal opportunities employer and has a formal whistleblowing policy in place to allow employees to raise any concerns or issues they have confidentially.

Suppliers

The group places great emphasis on its relationship with its raw material suppliers and, wherever possible, looks to support local arable farmers who provide it with grain. It helps to achieve this by contracting a large percentage of the milling wheat purchases directly with farmers as opposed to being fully dependent on merchants for supplies. This gives a better understanding of issues which may occur in the supply chain and allows the business to provide support to the farmers in a bad harvest year, whilst ensuring that suppliers meet the group's policies on ethical trading, health and safety, anti-bribery, competition law compliance and anti-slavery. The group is a member of Sedex and undergoes SMETA social audits to understand working conditions in their supply chain.

Community and environment

As well as considering the impact on its supply chain, the group considers the impact it has in the areas it operates, including local businesses, residents and charities. A significant number of its employees come from the local community and the group makes charitable contributions to charities serving those communities. During the period, the group made charitable contributions of £6,874 (2024: £7,888), principally to local charities, but also in exceptional wider global community cases.

The group takes environmental matters very seriously. It is committed to continuing efforts to reduce its carbon footprint by participating in an ongoing programme to become even more efficient in its energy usage.

Government and society

The group believes in the importance of acting responsibly and operating with high standards of business conduct, including governance in relation to UK taxation. The group also takes an active role in seeking to shape and influence debates around key issues in society relating to food safety, nutrition, health and wellbeing issues through membership of organisations such as the National Association of British and Irish Flour Millers, Campden BRI, the Food and Drink Federation and the Federation of Bakers.

Banks and pension schemes

The group's bankers provide essential financing which supports the long-term future of the group.

The group has long-established defined benefit and defined contribution pension schemes and fully engages regularly with their trustees, members, actuaries and professional advisors. As part of this engagement, the group will ensure that the deficit recovery plan is adhered to when the scheme is in deficit.

STREAMLINED ENERGY AND CARBON REPORTING

2025

2024

Group GHG Emissions

Scope 1 CO2e (tonnes)

20,928

22,380

Scope 2 CO2e (tonnes)

17,693

18,716

Total CO2e (tonnes)

38,621

41,096

Energy consumption used to calculate above emissions (kWh)

199,176,392

206,868,552

Intensity Ratio

Tonnes of production

864,583

889,750

Total CO2e (tonnes) per tonne of production

0.0447

0.0462

Methodology

The carbon reporting year for our emissions aligns with the financial reporting period. We have followed the Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (2019).

Scope 1 covers emissions from activities for which the group is responsible, including emissions from the direct combustion of fuels and the operation of facilities. Scope 2 covers emissions from electricity, heat, cooling and steam purchased for own use.

Utility data for electricity and gas were obtained from fiscal billing. Fuel data is measured in litres purchased. The conversion factors are taken from the annually released Government emission conversion factors for greenhouse gas reporting, applied on a monthly basis.

Total production is counted in tonnes of product from mills and bakeries.

Energy efficiency

The principal energy efficiency measures to reduce our carbon emissions this year include energy savings on lighting replacements across the sites and upgrades to production machinery to improve efficiencies. For fuel efficiency, we continue to adopt fleet and fuel management best practices, using routing software to optimise delivery routes to reduce distance travelled and fuel used, and restrict company vehicle selection based on CO2 emissions. Our focus for the future continues to be our fleet efficiency including investing in double decker trailers which will reduce the number of miles driven. The group is committed to energy reductions in line with our Climate Change Agreement and we continue to purchase our electricity under Renewable Energy Certificates.

DISCLOSURE IN THE STRATEGIC REPORT

Principal activities, financial risk management objectives and policies and the exposure to foreign currency, credit, liquidity, interest rate and other price risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

AUDITORS

The auditors, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Heygate - Director

16 December 2025

Opinion

We have audited the financial statements of Heygate and Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 29 March 2025 and of the group's profit 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 Statement of Directors' Responsibilities set out on pages seven and eight, 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.

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 obtained an understanding of the legal and regulatory framework applicable to the group and parent company and the sectors in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice, UK corporate taxation laws and the BRC Global Standard for Food Safety.

-

We obtained an understanding of how the group and parent company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information.

-

We assessed and understood the susceptibility of the group and parent company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

>

identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

>

understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

>

challenging assumptions and judgements made by management in its significant accounting estimates;

>

performing audit work over the risk of management 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 bias; and,

>

assessing the extent of compliance with relevant laws and regulations.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Robert Dearing BEng FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

16 December 2025

TURNOVER

3

394,408,378

429,285,240

Cost of sales

330,950,295

367,679,298

GROSS PROFIT

63,458,083

61,605,942

Distribution costs

21,878,338

23,565,148

Administrative expenses

25,751,757

26,571,404

47,630,095

50,136,552

15,827,988

11,469,390

Other operating income

4

239,997

214,457

OPERATING PROFIT

6

16,067,985

11,683,847

Exceptional gains on fair

value adjustments

7

-

4,783,018

16,067,985

16,466,865

Income from other participating interests

8

1,478,482

29,678

Income from fixed asset investments

9

657,949

1,018,556

Interest receivable and similar income

10

877,361

469,184

Other finance income

30

-

379,000

3,013,792

1,896,418

19,081,777

18,363,283

Interest payable and similar expenses

Group

11

916,041

1,034,396

Associates

1,454

-

Other finance costs

30

257,000

-

(1,174,495

)

(1,034,396

)

PROFIT BEFORE TAXATION

17,907,282

17,328,887

Tax on profit

12

4,117,209

4,955,867

PROFIT FOR THE FINANCIAL PERIOD

13,790,073

12,373,020

Profit attributable to:

Owners of the parent

13,230,613

12,212,470

Non-controlling interests

559,460

160,550

13,790,073

12,373,020

PROFIT FOR THE PERIOD

13,790,073

12,373,020

OTHER COMPREHENSIVE INCOME

FRS 102 actuarial gains/(losses)

2,055,000

(4,450,000

)

Fair value movement

1,961,195

(1,834,666

)

Income tax relating to components of other comprehensive income

(509,549

)

2,047,167

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

3,506,646

(4,237,499

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

17,296,719

8,135,521

Total comprehensive income attributable to:

Owners of the parent

16,739,927

7,977,641

Non-controlling interests

556,792

157,880

17,296,719

8,135,521

FIXED ASSETS

Intangible assets

14

13,264

14,746

Tangible assets

15

70,709,711

60,956,612

Investments

16

Interest in joint venture

Share of gross assets

2,003,865

2,025,383

2,003,865

2,025,383

Interest in associate

12,932

-

Other investments

16,449,068

14,487,873

Investment property

17

680,000

680,000

89,868,840

78,164,614

CURRENT ASSETS

Stocks

18

25,167,492

25,401,157

Debtors

19

68,418,857

73,827,727

Cash at bank and in hand

61,502,897

53,415,046

155,089,246

152,643,930

CREDITORS

Amounts falling due within one year

20

96,840,079

99,625,881

NET CURRENT ASSETS

58,249,167

53,018,049

TOTAL ASSETS LESS CURRENT LIABILITIES

148,118,007

131,182,663

CREDITORS

Amounts falling due after more than one year

21

(5,174,873

)

(7,541,753

)

PROVISIONS FOR LIABILITIES

26

(13,612,659

)

(9,806,486

)

PENSION LIABILITY

30

(4,373,000

)

(6,171,000

)

NET ASSETS

124,957,475

107,663,424

CAPITAL AND RESERVES

Called up share capital

27

437,150

437,150

Fair value reserve

28

11,622,455

10,151,559

Retained earnings

28

107,722,098

92,455,735

SHAREHOLDERS' FUNDS

119,781,703

103,044,444

NON-CONTROLLING INTERESTS

29

5,175,772

4,618,980

TOTAL EQUITY

124,957,475

107,663,424

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

P M Heygate - Director

A R Heygate - Director

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

-

-

Investments

16

21,071,864

19,110,669

Investment property

17

-

-

21,071,864

19,110,669

CURRENT ASSETS

Debtors

19

74,599

141,548

Cash at bank

31,949,198

30,254,530

32,023,797

30,396,078

CREDITORS

Amounts falling due within one year

20

16,357,705

15,286,786

NET CURRENT ASSETS

15,666,092

15,109,292

TOTAL ASSETS LESS CURRENT LIABILITIES

36,737,956

34,219,961

CREDITORS

Amounts falling due after more than one year

21

(31,500

)

(31,500

)

PROVISIONS FOR LIABILITIES

26

(3,874,152

)

(3,383,853

)

NET ASSETS

32,832,304

30,804,608

CAPITAL AND RESERVES

Called up share capital

27

437,150

437,150

Fair value reserve

28

11,622,455

10,151,559

Retained earnings

28

20,772,699

20,215,899

SHAREHOLDERS' FUNDS

32,832,304

30,804,608

Company's profit for the financial year

556,800

1,025,312

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

A R Heygate - Director

P M Heygate - Director

Called up

Fair

share

Retained

value

capital

earnings

reserve

£

£

£

Balance at 2 April 2023

437,150

83,104,765

11,527,558

Changes in equity

Total comprehensive income

-

9,350,970

(1,375,999

)

Balance at 30 March 2024

437,150

92,455,735

10,151,559

Changes in equity

Total comprehensive income

-

15,266,363

1,470,896

Balance at 29 March 2025

437,150

107,722,098

11,622,455

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 2 April 2023

95,069,473

4,461,100

99,530,573

Changes in equity

Total comprehensive income

7,974,971

157,880

8,132,851

Balance at 30 March 2024

103,044,444

4,618,980

107,663,424

Changes in equity

Total comprehensive income

16,737,259

556,792

17,294,051

Balance at 29 March 2025

119,781,703

5,175,772

124,957,475