REGISTERED NUMBER: 06540166 (England and Wales)

MYK HOLDINGS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 30 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr D J Healey

Mr J J D Healey

SECRETARY:

Mr J J D Healey

REGISTERED OFFICE:

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

REGISTERED NUMBER:

06540166 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

The directors present their strategic report of the company and the group for the period 1 April 2024 to 30 March 2025.

STRATEGY AND BUSINESS MODEL

A grower of fruit and manufacturer of a variety of locally produced beverages and foodstuffs, brand owner, owner of multiple offsite hospitality venues, farmers, property developers, marine business and operators of a tourist attraction and provider of a variety of ancillary services such as guided tours and restaurant facilities, the company is diverse in its operations.

Our product portfolio includes cyders, wines, spirits, soft drinks, jams, preserves and sauces, all manufactured in house.

We sell to a broad range of customers, from major multinational retailers and distributors, to small independent stores, across multiple channels. We attract significant numbers of tourists to our cyder farm.

REVIEW OF BUSINESS

In the period of trade reported in the Group accounts, revenue remained strong in a period of economic challenge and uncertainty. A combination of continued investment in infrastructure and equipment, and adapting to changing market conditions have contributed to the maintenance of such strong turnover levels.

In the period significant investment has continued to be made in to the Group's facilities, with a new canning line implemented.

GROUP STRUCTURE AND REPORTING

In the years to March 2023 & March 2024, the Group acquired a public house and Beach café respectively, as part of our longer term growth and strategic goals.

Also in the period to March 2024, the Group consolidated its hospitality businesses into one company, Cyderhouse Co. Limited. This leaves just the trade from the production and sale of our products in Cornish Scrumpy Company Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group, like all businesses, faces a number of operating risks and uncertainties. The most fundamental issues faced by the Group are:

- increasing cost inflation and the cost of living crisis;

- credit risk of customers;

- foreign exchange currency risk;

- maximising visitor numbers;

- achieving quality standards; and

- attracting and retaining high quality qualified staff.

The directors and their team use strategies learned over their many years of experience in order to meet and deal with these potential risks.

KEY PERFORMANCE INDICATORS

The development, performance and position of the Group is monitored using the following measures:

Measure

2025

2024

Revenue Growth

(0.9%)

18.1%

Net Profit before Tax %

9.3%

11.6%

Net Assets

£21.4m

£20m

The directors consider these KPIs demonstrate the strong financial performance and position of the Group.

ENVIRONMENT AND SUSTAINABILITY

The Group continues with their sustainable approach to business. Examples of this include multiple sources of onsite renewable energy generation, including the installation of a 476kwh solar system in the period. Combined with the existing solar and turbine, this should increase the % of onsite renewable energy consumption to approximately 50%.

In addition, there is a drive to use environmentally friendly products where possible. The directors have introduced a detailed and ambitious sustainability policy which aims to reduce the company's impact on the environment. This will entail a significant, multi-year investment strategy which will reduce reliance on the grid, reduce water consumption, reduce packaging waste and improve overall sustainability.

ON BEHALF OF THE BOARD:

Mr J J D Healey - Director

16 December 2025

The directors present their report with the financial statements of the company and the group for the period 1 April 2024 to 30 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the period under review were those of making and selling a variety of locally produced beverages and foodstuffs. In addition to this, the group operates a tourist attraction and offers a variety of ancillary services such as guided tours and restaurant facilities, together with marketing and brand development. In the last few years this activity has been diversified and the group now also runs a variety of hospitality venues.

DIVIDENDS

The total distribution of dividends for the period ended 30 March 2025 will be £161,105.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr D J Healey

Mr J J D Healey

DISCLOSURE IN THE STRATEGIC REPORT

Certain disclosures surrounding KPIs, future developments and risks and uncertainties have been disclosed in the Strategic Report, rather than the Directors Report.

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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr J J D Healey - Director

16 December 2025

Opinion

We have audited the financial statements of MYK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 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 30 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 page four, 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Objectives

The objectives of our audit in respect of fraud, are;

- to identify and assess the risks of material misstatement of the financial statements due to fraud;

- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and

- to respond appropriately to instances of fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company and the group.

Audit Approach

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Company and the group and considered that the most significant are the Food Standards Act, Spirits Regulations 1991 and subsequent updates, Cider and Perry Regulations 1989 and subsequent updates, Alcoholic Products (Excise Duty) Regulations 2023, Weights and Measures Act 1985, Companies Act 2006, FRS 102, and UK taxation legislation.

- We obtained an understanding of how the Company and the group comply with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.

- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and the group and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

- No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- 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. 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.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's and the group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company or the group to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

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.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

18 December 2025

TURNOVER

4

19,670,258

19,851,643

Cost of sales

(7,730,816

)

(8,966,070

)

GROSS PROFIT

11,939,442

10,885,573

Administrative expenses

(10,637,961

)

(8,923,655

)

1,301,481

1,961,918

Other operating income

496,776

487,766

OPERATING PROFIT

6

1,798,257

2,449,684

Income from other participating interests

19,019

(53,369

)

Income from fixed asset investments

-

15,648

Interest receivable and similar income

147,680

48,641

1,964,956

2,460,604

Interest payable and similar expenses

7

(142,983

)

(157,474

)

PROFIT BEFORE TAXATION

1,821,973

2,303,130

Tax on profit

8

(372,832

)

(306,751

)

PROFIT FOR THE FINANCIAL PERIOD

1,449,141

1,996,379

Profit attributable to:

Owners of the parent

1,449,141

1,996,379

PROFIT FOR THE PERIOD

1,449,141

1,996,379

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,449,141

1,996,379

Total comprehensive income attributable to:

Owners of the parent

1,449,141

1,996,379

FIXED ASSETS

Intangible assets

12

4,044,537

2,654,275

Tangible assets

13

16,901,836

16,362,522

Investments

14

1,120,536

1,094,647

Investment property

15

450,000

450,000

22,516,909

20,561,444

CURRENT ASSETS

Stocks

16

2,612,930

3,007,295

Debtors

17

2,248,267

2,455,639

Investments

18

1,155,659

-

Cash at bank and in hand

1,326,838

2,183,600

7,343,694

7,646,534

CREDITORS

Amounts falling due within one year

19

6,014,871

4,262,455

NET CURRENT ASSETS

1,328,823

3,384,079

TOTAL ASSETS LESS CURRENT LIABILITIES

23,845,732

23,945,523

CREDITORS

Amounts falling due after more than one year

20

(1,157,889

)

(2,644,516

)

PROVISIONS FOR LIABILITIES

24

(1,324,819

)

(1,226,019

)

NET ASSETS

21,363,024

20,074,988

CAPITAL AND RESERVES

Called up share capital

25

304,175

304,175

Capital redemption reserve

26

1,296,000

1,296,000

Retained earnings

26

19,762,849

18,474,813

SHAREHOLDERS' FUNDS

21,363,024

20,074,988

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:

Mr J J D Healey - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

2,301,086

2,301,086

Investment property

15

-

-

2,301,086

2,301,086

CURRENT ASSETS

Debtors

17

2

2

CREDITORS

Amounts falling due within one year

19

556,200

556,200

NET CURRENT LIABILITIES

(556,198

)

(556,198

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,744,888

1,744,888

CAPITAL AND RESERVES

Called up share capital

25

304,175

304,175

Capital redemption reserve

26

1,296,000

1,296,000

Retained earnings

26

144,713

144,713

SHAREHOLDERS' FUNDS

1,744,888

1,744,888

Company's profit for the financial year

161,105

267,269

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:

Mr J J D Healey - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 27 March 2023

304,175

16,640,593

1,296,000

18,240,768

Changes in equity

Dividends

-

(162,159

)

-

(162,159

)

Total comprehensive income

-

1,996,379

-

1,996,379

Balance at 31 March 2024

304,175

18,474,813

1,296,000

20,074,988

Changes in equity

Dividends

-

(161,105

)

-

(161,105

)

Total comprehensive income

-

1,449,141

-

1,449,141

Balance at 30 March 2025

304,175

19,762,849

1,296,000

21,363,024

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 27 March 2023

304,175

39,603

1,296,000

1,639,778

Changes in equity

Dividends

-

(162,159

)

-

(162,159

)

Total comprehensive income

-

267,269

-

267,269

Balance at 31 March 2024

304,175

144,713

1,296,000

1,744,888

Changes in equity

Dividends

-

(161,105

)

-

(161,105

)

Total comprehensive income

-

161,105

-

161,105

Balance at 30 March 2025

304,175

144,713

1,296,000

1,744,888

Cash flows from operating activities

Cash generated from operations

1

4,183,894

3,269,244

Interest paid

(108,578

)

(149,606

)

Tax paid

(237,407

)

(182,014

)

Government grants

476,804

-

Net cash from operating activities

4,314,713

2,937,624

Cash flows from investing activities

Purchase of tangible fixed assets

(1,741,988

)

(1,088,312

)

Sale of tangible fixed assets

221,194

42,411

Cash consideration for acquisition

-

(3,484,027

)

Cash acquired from subsidiary

16,575

142,276

Cash held in current asset investments

(1,155,659

)

-

Interest received

156,592

61,656

Net cash from investing activities

(2,503,286

)

(4,325,996

)

Cash flows from financing activities

New loans in year

-

3,030,000

Loan repayments in year

(2,316,680

)

(871,951

)

Amount introduced by directors

27,759

20,815

Amount withdrawn by directors

(271,168

)

(165,945

)

Equity dividends paid

(108,100

)

(39,500

)

Net cash from financing activities

(2,668,189

)

1,973,419

(Decrease)/increase in cash and cash equivalents

(856,762

)

585,047

Cash and cash equivalents at beginning of period

2

2,183,600

1,598,553

Cash and cash equivalents at end of period

2

1,326,838

2,183,600

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

Period

Period

1.4.24

27.3.23

to

to

30.3.25

31.3.24

as restated

£

£

Profit before taxation

1,821,973

2,303,130

Depreciation charges

1,276,629

1,223,957

Loss on disposal of fixed assets

37,147

64,130

Gain on revaluation of fixed assets

-

(151,621

)

Rents charged and not paid

35,000

35,000

Amounts settled on behalf of partnership

(60,889

)

(97,607

)

Licence fee credited to loan account

11,122

11,992

Government grants

(210,669

)

(204,422

)

Finance costs

142,983

157,474

Finance income

(166,699

)

(10,920

)

2,886,597

3,331,113

Decrease/(increase) in stocks

394,365

(162,547

)

Decrease/(increase) in trade and other debtors

87,373

(263,758

)

Increase in trade and other creditors

815,559

364,436

Cash generated from operations

4,183,894

3,269,244

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 March 2025

30.3.25

1.4.24

£

£

Cash and cash equivalents

1,326,838

2,183,600

Period ended 31 March 2024

31.3.24

27.3.23

as restated

£

£

Cash and cash equivalents

2,183,600

1,598,553

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.24

Cash flow

At 30.3.25

£

£

£

Net cash

Cash at bank and in hand

2,183,600

(856,762

)

1,326,838

2,183,600

(856,762

)

1,326,838

Liquid resources

Current asset investments

-

1,155,659

1,155,659

-

1,155,659

1,155,659

Debt

Debts falling due within 1 year

(543,943

)

460,036

(83,907

)

Debts falling due after 1 year

(2,044,106

)

1,856,644

(187,462

)

(2,588,049

)

2,316,680

(271,369

)

Total

(404,449

)

2,615,577

2,211,128

4.	MAJOR NON-CASH TRANSACTIONS

During the year, the group acquired 100% of the share capital in Ask Why (Cornwall) Ltd. The consideration payable on the transaction was £3,175,000. This was not physically paid in the year, and instead is shown within other creditors. The transaction is therefore not shown as a cash outflow in the above cash flow statement.