REGISTERED NUMBER: SC473564 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DUNCAN FARMS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

A J Duncan

D A S Green

Miss R Duncan

REGISTERED OFFICE:

Muirden Farm

Turriff

Aberdeenshire

AB53 4NH

REGISTERED NUMBER:

SC473564 (Scotland)

AUDITORS:

Thomas Barrie & Co LLP

Statutory Auditor

Chartered Accountants

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

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

REVIEW OF BUSINESS

The financial results for the year ended 31 March 2025 can be found at page 9 of the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following:

- The impact of current economic conditions on consumer spending levels: the company operates in an industry which is impacted by consumer spending levels.

- Debtors: the company maintains strong relationships with each of its key customers and has established credit control parameters. Appropriate credit terms are agreed with key customers and these are closely monitored.

- Competitive risk: the company operated in competitive markets. Product developments by competitors could adversely affect the company. The company's focus on quality and standards together with the continual investment in its product reduces the possible effect of action by any single competitor.

DEVELOPMENT AND PERFORMANCE

Key areas of strategic development and performance of the business include:

- Sales and marketing: significant efforts are being made to develop our brand and ensure new business is being won continually; new markets have been developed and key customer relationships are monitored on a regular basis.

- Competitive advantage: the company focuses on areas where it has a competitive advantage including quality and value and the development of its people which places it well in terms of superior long term income/cash flow growth potential.

KEY PERFORMANCE INDICATORS

Key financial performance indicators include the monitoring of the management of profitability and working capital.

Total revenue - represents growth of the business.

Gross profit - represents residual profit after selling a product or service before deducting any associated overhead costs.

Gross margin - shows production efficiency of the business.

EBITDA - serves as an indicator of a company's overall financial position.

EBITDA margin - shows company's operating profitability.

Total Revenue is £39,671,802 (2024 - £28,351,026)

Gross Profit is £10,393,916 (2024 - £6,774,515)

Gross Margin (%) is 25 (2024 - 23)

EBITDA is £4,563,214 (2024 - £2,648,686)

EBITDA Margin (%) is 10 (2024 - 9)

OTHER PERFORMANCE INDICATORS

Key non-financial performance indicators include the monitoring of quality, environmental impact and energy consumption. The directors are satisfied with the progress the company has made during the period and will continue to focus on quality together with limiting the company's environmental impact and energy consumption.

SOCIAL RESPONSIBILITY

The management are committed to sustaining a good working environment for employees and to ensure that their health and wellbeing is a priority.

ON BEHALF OF THE BOARD:

D A S Green - Director

31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the raising of poultry and egg production.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

Duncan Farms has taken significant steps to deliver its strategic plan:

- further Free Range and Organic production coming on line and it has identified another site for acquisition.

- colony production ceased in August 2025.

- further new egg volume supplied by third party contract producers has been agreed and is continuing to support business growth, supplying existing and new market opportunities whilst longer term rolling contracts have been agreed with customers.

- building of a purpose-built feed mill and the conversion of a colony laying shed and feed mixing shed to purpose built rearing sheds.

DIRECTORS

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

A J Duncan

D A S Green

Miss R Duncan

DIRECTORS INDEMNITIES

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its Directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thomas Barrie & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D A S Green - Director

31 December 2025

Opinion

We have audited the financial statements of Duncan Farms Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records 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 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.

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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the directors and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation, health & safety, employment law, food and environmental standards. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the directors.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Martin Greig BA CA (Senior Statutory Auditor)

for and on behalf of Thomas Barrie & Co LLP

Statutory Auditor

Chartered Accountants

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

31 December 2025

TURNOVER

39,671,802

28,351,026

Other operating income

447,983

509,587

40,119,785

28,860,613

Raw materials and consumables

(25,853,209

)

(18,583,996

)

Other external expenses

(829,656

)

(1,146,499

)

13,436,920

9,130,118

Staff costs

3

(2,654,126

)

(1,891,863

)

Depreciation

(1,540,243

)

(1,250,367

)

Other operating expenses

(6,219,578

)

(4,589,569

)

OPERATING PROFIT

4

3,022,973

1,398,319

Interest payable and similar expenses

5

(579,526

)

(382,966

)

PROFIT BEFORE TAXATION

2,443,447

1,015,353

Tax on profit

6

-

-

PROFIT FOR THE FINANCIAL YEAR

2,443,447

1,015,353

PROFIT FOR THE YEAR

2,443,447

1,015,353

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,443,447

1,015,353

FIXED ASSETS

Tangible assets

7

16,906,923

13,226,844

CURRENT ASSETS

Stocks

8

2,103,640

1,676,712

Debtors

9

6,483,091

5,176,312

8,586,731

6,853,024

CREDITORS

Amounts falling due within one year

10

(14,708,231

)

(16,013,215

)

NET CURRENT LIABILITIES

(6,121,500

)

(9,160,191

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,785,423

4,066,653

CREDITORS

Amounts falling due after more than one year

11

(10,133,937

)

(5,858,614

)

NET ASSETS/(LIABILITIES)

651,486

(1,791,961

)

CAPITAL AND RESERVES

Called up share capital

15

2

2

Retained earnings

16

651,484

(1,791,963

)

SHAREHOLDERS' FUNDS

651,486

(1,791,961

)

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

D A S Green - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

2

(2,807,316

)

(2,807,314

)

Changes in equity

Total comprehensive income

-

1,015,353

1,015,353

Balance at 31 March 2024

2

(1,791,963

)

(1,791,961

)

Changes in equity

Total comprehensive income

-

2,443,447

2,443,447

Balance at 31 March 2025

2

651,484

651,486

Cash flows from operating activities

Cash generated from operations

1

849,156

4,555,628

Interest paid

(514,777

)

(370,149

)

Interest element of hire purchase payments paid

(64,749

)

(12,817

)

Net cash from operating activities

269,630

4,172,662

Cash flows from investing activities

Purchase of tangible fixed assets

(5,220,322

)

(3,094,721

)

Sale of tangible fixed assets

-

1,205

Net cash from investing activities

(5,220,322

)

(3,093,516

)

Cash flows from financing activities

New loans in year

2,390,000

-

Loan repayments in year

(1,056,218

)

(823,685

)

Capital repayments in year

3,761,581

(66,306

)

Net cash from financing activities

5,095,363

(889,991

)

Increase in cash and cash equivalents

144,671

189,155

Cash and cash equivalents at beginning of year

2

(295,531

)

(484,686

)

Cash and cash equivalents at end of year

2

(150,860

)

(295,531

)

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

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit before taxation

2,443,447

1,015,353

Depreciation charges

1,540,243

801,385

Loss on disposal of fixed assets

-

448,982

Finance costs

579,526

382,966

4,563,216

2,648,686

Increase in stocks

(426,928

)

(183,645

)

Increase in trade and other debtors

(1,306,779

)

(2,485,350

)

(Decrease)/increase in trade and other creditors

(1,980,353

)

4,575,937

Cash generated from operations

849,156

4,555,628

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Bank overdrafts

(150,860

)

(295,531

)

Period ended 31 March 2024

31.3.24

1.5.23

£

£

Bank overdrafts

(295,531

)

(484,686

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Bank overdrafts

(295,531

)

144,671

(150,860

)

(295,531

)

144,671

(150,860

)

Debt

Finance leases

(314,489

)

(3,761,581

)

(4,076,070

)

Debts falling due within 1 year

(996,591

)

(169,612

)

(1,166,203

)

Debts falling due after 1 year

(5,397,802

)

(1,164,170

)

(6,561,972

)

(6,708,882

)

(5,095,363

)

(11,804,245

)

Total

(7,004,413

)

(4,950,692

)

(11,955,105

)

1.	STATUTORY INFORMATION

Duncan Farms Limited is a private company, limited by shares, registered in Scotland, registration number SC473564. The registered office is Muirden Farm, Turriff, Aberdeenshire, AB53 4NH.

The principal activity of the company is the raising of poultry and egg production.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going Concern

At 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. This does, however, require the ongoing financial support of the shareholder and associated companies. Personal assurances have been given that this support will continue for the foreseeable future and will cover a period of at least 12 months from the date of the signing of the audit report. Bank facilities were also renewed in August 2025, therefore the company continues to receive support from its bankers. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Stock

See "Stock" policy later in these notes.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

When cash inflows are deferred and represent a financing arrangement , the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance and 10% on reducing balance

No depreciation has been charged in the year on freehold property as none is required under FRS 102 as the market value is in excess of the accounts value. Assets in the course of construction are not depreciated.

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Stocks

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.

Stocks held for distribution at no or minimal consideration are measured at the lower of replacement cost and cost, adjusted where applicable, for any loss of service potential.

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.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

2,320,170

1,638,383

Social security costs

216,797

147,881

Other pension costs

117,159

105,599

2,654,126

1,891,863

The average number of employees during the year was as follows:

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

Production staff

77

67

Administrative staff

7

5

84

72

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

48,000

11,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Depreciation - owned assets

950,341

751,448

Depreciation - assets on hire purchase contracts

589,902

49,937

Loss on disposal of fixed assets

-

448,982

Auditors' remuneration

13,400

11,875

Auditors remuneration for non-audit services

1,155

1,185

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Bank interest

8,281

3,439

Loan interest

506,496

366,710

Hire purchase

64,749

12,817

579,526

382,966

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the period ended 31 March 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.5.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit before tax

2,443,447

1,015,353

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

610,862

253,838

Effects of:

Expenses not deductible for tax purposes

1,464

899

Income not taxable for tax purposes

(17,142

)

(17,142

)

Capital allowances in excess of depreciation

(934,442

)

(18,777

)

Utilisation of tax losses

-

(218,818

)

Unused tax losses

339,258

-

Total tax charge

-

-

7.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2024

4,742,549

14,559,904

19,302,453

Additions

-

5,220,322

5,220,322

At 31 March 2025

4,742,549

19,780,226

24,522,775

DEPRECIATION

At 1 April 2024

-

6,075,609

6,075,609

Charge for year

-

1,540,243

1,540,243

At 31 March 2025

-

7,615,852

7,615,852

NET BOOK VALUE

At 31 March 2025

4,742,549

12,164,374

16,906,923

At 31 March 2024

4,742,549

8,484,295

13,226,844