REGISTERED NUMBER: 13179690 (England and Wales)

S FARMS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Energy and Carbon Report forming part of the Report of the Directors

7

Report of the Independent Auditors

10

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Company Cash Flow Statement

19

Notes to the Cash Flow Statements

20

Notes to the Consolidated Financial Statements

22

DIRECTORS:

G Read

V Read

Miss C I A Read

Mrs P J G Heard

Miss F A Read

REGISTERED OFFICE:

The Manor House

3 Chalkpit Road

Holme Next to the Sea

Hunstanton

PE36 6LW

REGISTERED NUMBER:

13179690 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicola Michelle Lenton FCCA

AUDITORS:

Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

The directors present their strategic report of the company and the group for the year ended 05 April 2025.

The principal activities of the group in the period under review were those of farming and the processing, marketing and distribution of vegetables.

REVIEW OF BUSINESS

S Farms Limited owns the entire share capital of Staples Brothers Limited and Staples (Vegetables) Limited as the parent company.

Turnover for the group for the year was £185m (2024 £171m). Group profit for the period, before tax, was £25.5m (2024 £17.6m).

S Farms Limited received Dividends in the year from Staples Brothers Limited of £9,651,043 (2024 £8,502,567) and from Staples (Vegetables) Limited of £0 (2024 £700,525).

The group is committed to developing and investing in the latest equipment and technologies to improve efficiency and productivity. Total capital spend in the year on plant, machinery and vehicles amounted to £19.4m (2024 £10.2m).

Key performance indicators are measured and reported within the financial statements for the subsidiary companies.

OUTLOOK

The directors believe that the group balance sheet provides a strong capital base for further sustainable growth alongside long--term security.

PRINCIPAL RISKS AND UNCERTAINTIES

The nature of the industry in which the group operates means that climate unpredictability will always provide uncertainties in produce yield, quality and ultimately price achieved. The group manages this risk by implementing procedures to minimise uncertainty through extensive research, crop planning, management and investment. The group also works with a network of vegetable suppliers worldwide to ensure constant availability and options.

There is a risk of the loss of key customer accounts. The group manages its key accounts to ensure that there is not a dependency upon one particular customer or product. The subsidiary companies have an excellent reputation and dialogue with their customers and this relationship also seeks to minimise any significant pricing fluctuations.

The group is at risk of currency fluctuations. The subsidiary companies manage this risk by monitoring exchange rates and planning ahead for material foreign currency requirements.

The group has to continually budget for any labour cost increases as a result of UK Government policy and regular rises in the National Living Wage and National Minimum Wage.

The group is at risk of rising borrowing costs with the interest rate increases currently being applied by the Bank of England.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the directors of the parent company and the subsidiary companies to act in a way they consider, in good faith, would be most likely to promote the success of the companies for the benefit of their members as a whole and, in doing so, and have regard to:

- the likely consequences of any decision long-term;

- the interest of the employees;

- the need to foster business relationships with suppliers, customers and others;

- the impact of operations on the community and the environment;

- the desire for maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between members of the companies.

Promoting the groups success for its members and long term strategy

The group is managed by the directors, Vernon Read and George Read.

Strategic decisions are based on long-term objectives. The long term strategy is investment in the very latest technology and equipment and the directors are proud to have created a unique integrated production system delivering the highest efficiency and lowest risk in the industry. The directors always look to the future in pioneering product development, meeting customer needs through consumer and market insight.

The directors are minded to always act in good faith to promote the success of the group and to act fairly in respect of (and for the benefit of) the shareholders of the companies.

Employees

The directors recognise that management and employees are core to the success of the business. The directors ensure that decision making incorporates ideas and opinions from the workforce. The group places significant importance on the health, safety and wellbeing of employees. The group encourages diversity within its workforce.

Our customers and suppliers

The directors and senior management team of the subsidiary companies oversee the relationships with key suppliers and customers.

The customers are predominantly major UK supermarkets. Key to these relationships is quality of product, service and availability to meet demand throughout the year. The subsidiary companies always seek to be transparent and fair with suppliers and build loyal and stable working relationships. There are many businesses, both locally and nationally, that have had a mutually beneficial working relationship with the subsidiary companies for more than 30 years.

Our community and environment

The group is based in Lincolnshire with additional farms on the Isle of Wight. The subsidiary companies have supported many local and community projects in recent years and is a significant employer within the local area.

.

The group has a policy for sustainable food and farming as evidenced through its membership of many environmental and ethical assurance schemes.

The subsidiary companies are supplied with site electricity, via an anaerobic digester plant at both the Wrangle and Sibsey processing sites. The plant is run on out of specification vegetables and maize silage.The subsidiary companies are self-sufficient in generating their own electricity.

Staples (Vegetables) Limited offers a cycle to work scheme for employees.

High standards of business conduct

The directors operate the group in a responsible manner, with regard to maintaining high standards of business conduct, reputation and governance that would be expected given the size of the group.

FINANCIAL INSTRUMENTS, RISKS AND THEIR MANAGEMENT

The business's principal financial instruments comprise trade debtors, bank current account, bank invoice financing, trade creditors and finance agreements. The main purpose of these instruments is to finance the operations of the group.

Trade debtors are managed for credit and cash flow risk by policies in place to determine credit limits offered to customers and a daily monitoring of amounts outstanding for age and limits. Trade debtors included in the balance sheet are net of allowances for bad or doubtful debts.

Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to meet amounts falling due.

The business uses finance agreements to fund large fixed asset acquisitions. The liquidity risk in respect of these agreements is managed by ensuring that there are sufficient funds available to meet the repayments when due.

The directors consider that adequate finance is in place to take advantage of any business opportunities that may arise and consider that the group is in a strong position with regard to market share.

MODERN SLAVERY AND HUMAN TRAFFICKING

The group is committed to driving out evidence of modern-day slavery and human trafficking from the industry and will ensure that industry leading targets are set, achieved and maintained.

Only by utilising a combined approach, can the industry stamp out modern day slavery. The directors, management team and employees of the subsidiary companies are fully supportive of the Modern Slavery Act 2015 and will ensure they maintain this approach to achieve the target of 100% compliance.

The group's full statement on modern slavery and human trafficking is available on its website: www.staplesvegetables.co.uk

FUTURE DEVELOPMENTS

The group will continue with its successful on-going strategy of investment in the most innovative and leading-edge farming techniques and machinery, and structure and systemise all aspects of the vegetable processing cycle to enure that it always meets its primary commitment to the customer - produce of the highest possible quality, freshness, availability and value.

ON BEHALF OF THE BOARD:

Director

19 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 5 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a Parent Company to Staples Brothers Limited and Staples (Vegetables) Limited.

Detail on the sale of the subsidiary companies is provided under Post Balance Sheet Events in the notes to the accounts.

DIVIDENDS

An interim dividend of £30.45995 per share was paid on the Ordinary B £1 shares on 31 May 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 5 April 2025 will be £ 1,000,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 6 April 2024 to the date of this report.

G Read

V Read

Miss C I A Read

Mrs P J G Heard

Miss F A Read

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 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 group's auditors are aware of that information.

AUDITORS

The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

V Read - Director

19 December 2025

The following report covers the group, including the subsidiary companies, Staples Brothers Limited and Staples (Vegetables) Limited.

SECR Energy Use and Carbon Emissions Disclosure

S Farms Limited hereby disclose their energy use and greenhouse gas emissions for which they are responsible in line with SECR requirements. This is the second year of SECR reporting and is aligned with the financial year to 05 April 2025.

Energy Source

Consumption(kW h)

CO2 Emissions(Tonnes)

% of Total kWhConsumption

Scope

Gas (LPG)

383,364

43

0%

1

Gas Oil

214,356

60

0.2%

1

Own Transport (Diesel)

33,396,901

10,203

38%

1

Farm (Red Diesel)

40,869,693

13,100

47%

1

Electricity

2,879,614

596

3%

2

3rd Party Transport

8,978,606

2,878

10%

3

Waste

8,500

2

0.01%

3

Water

59,375

13

0.1%

3

Business Travel - De-Minimis

Grand Totals

86,790,409

26,894

100%

The following is the baseline year 2023/24.

Energy Source

Consumption(kW h)

CO2 Emissions(Tonnes)

% of Total kWhConsumption

Scope

Gas (LPG)

538,327

48

1%

1

Gas Oil

214,356

60

0.3%

1

Own Transport (Diesel)

24,474,366

7,868

37%

1

Farm Operations (Red Diesel)

30,028,948

9,625

45%

1

Electricity

2,354,043

487

4%

2

3rd Party Transport

9,384,858

3,008

14%

3

Waste

8,500

2

0.01%

3

Water

67,155

14

0.1%

3

Fertiliser - De-Minimis

Business Travel - De-Minimis

Grand Totals

67,143,552

21,112

100%

Methodology

The Green House Gas (GHG) Reporting Protocol - Corporate Standard has been followed to allow easy comparison with equivalent organisational reporting. Carbon emissions are therefore reported as Scope 1, 2 and 3 emissions. The report has also used the 2025 UK Government's Conversion Factors for Company Reporting.

Benchmarking and Intensity Metrics

The group has chosen to utilise an intensity metric that will support comparison to the baseline emissions in future years and will hopefully also seek to measure its emissions against their peers.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per GB Pounds turnover, the recommended ratio for the sector.

Energy Efficiency Actions

In the periods covered by this report, S Farms Limited has implemented a number of technologies to reduce energy consumption and carbon emissions, from LED lighting to CHP's burning sustainable fuel sources and waste food products. Whilst the benefit of these sustainable fuel sources cannot be included in this report, they obviously reduce the overall amount of fossil fuels consumed by the group.

There is significant pressure within the Food sector, and its supply chain to reduce carbon emissions, this downward pressure is forcing the group to continue to reduce their energy and carbon emissions in order to meet the targets set by their customers.

This report can be used as the baseline for comparison against others, and a measure of the efficacy of their own plans to reduce energy and carbon emissions. Therefore, the information in this report can now be used to assist in defining the actions required to meet the targets.

The group are expecting to deliver year on year reductions as various element of their current plans are implemented.

Organisational Background

S Farms Limited is the Parent Company to Staples (Vegetables) Limited and Staples Brothers Limited, who are a multi-sited farmer specialising in growing sustainable crops of Brassicas, Potatoes, Alliums, Cucurbits and Cereals.

S Farms Limited meets two of the qualifying conditions within the financial year ending 05 April 2025, and is therefore within the scope of the legislation and is required to submit energy and carbon emissions within their Annual Report as part of the annual filing obligations.

The group has made significant investments in energy generation, 2 farms have Anaerobic Digestion (AD) plants (producing gas and electricity) and 1 farm has Solar PVs installed. The outputs are as follows -

Sycamore Farm - 339kW Solar PV

Marsh Farm - 5mW AD plant

Station Farm - 2mW AD plant

The ADs and CHPs produce electricity and heat which is used in the production processes, general facilities, and staff accommodation.

Where electricity is imported from the grid it is purchased from 100% green energy providers.

SECR energy and carbon footprint summary

As shown in the table above, the GHG emissions for S Farms Limited, calculated for 2024-25 totalled 26,894 tCO2e, which was equivalent to 0.000159 tonnes CO2e emitted per GBP turnover.

Intensity ratio

The emissions intensity for S Farms Limited was calculated and reported in terms of the ratio of total GHG emissions per GB Pounds per turnover. In 2024-25, the GHG emission intensity was 0.000159 tCO2e per GBP turnover. The turnover has grown by 8% when compared to the baseline year, this growth is reflected in increases in transport activities and subsequent emissions.

Intensity Ratio 2024-25

Total Consumption kWh

86,790,409

Co2e (Tonnes)

26,894

Sales Turnover

£170m

Intensity Ratio (Carbon/£Sale)

0.000159

Intensity Ratio 2023-24 (baseline)

Total Consumption kWh

67,143,552

Co2e (Tonnes)

21,112

Sales Turnover

£157m

Intensity Ratio (Carbon/£Sale)

0.000135

SECR summary information for Annual Report

The above data summarises the Streamlined Energy and Carbon Reporting (SECR) disclosure in line with the requirements for a "large" unquoted company, as per The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Methodology

The report includes the group's greenhouse gas (GHG) inventory to cover all material sources of emissions for which S Farms Limited was responsible for in the UK for the 2024-25 financial year.

The methodology applied was the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition, 2015). The reporting boundary for emission sources was determined using the operational control approach. All emissions sources required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 were included. This estimate covers all of the group's UK-located operations that are consolidated in these financial statements and the sites used to conduct these operations. Raw data was provided in the form of non-half-hourly meter readings for the sites and consolidated energy consumption data for the remaining sources.

Statement of Directors' Responsibility and Approval

The Directors acknowledge their responsibility for arranging the preparation of the SECR Report, for selecting appropriate reporting policies, for making appropriate judgements and estimates, for presenting the information fairly and in accordance with SECR guidelines and for maintaining records from which to prepare the report.

Opinion

We have audited the financial statements of S Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 5 April 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, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 5 April 2025 and of the group's 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 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 five, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have enquired of those charged with governance around actual and potential litigation and claims.

We have reviewed financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.

We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

We have audited the risk of management override of controls including the review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

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.

Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

for and on behalf of Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

19 December 2025

TURNOVER

184,929,946

170,856,716

Cost of sales

(129,713,040

)

(128,553,499

)

GROSS PROFIT

55,216,906

42,303,217

Distribution costs

(14,034,594

)

(13,233,586

)

Administrative expenses

(15,221,869

)

(12,044,768

)

25,960,443

17,024,863

Other operating income

373,045

375,965

Gain/loss on revaluation of assets

20,400

339,542

OPERATING PROFIT

3

26,353,888

17,740,370

Income from fixed asset investments

96,526

79,732

Interest receivable and similar income

190,951

195,031

26,641,365

18,015,133

Interest payable and similar expenses

4

(1,089,244

)

(403,739

)

PROFIT BEFORE TAXATION

25,552,121

17,611,394

Tax on profit

5

(3,609,416

)

(2,960,478

)

PROFIT FOR THE FINANCIAL YEAR

21,942,705

14,650,916

Profit attributable to:

Owners of the parent

21,942,705

14,650,916

PROFIT FOR THE YEAR

21,942,705

14,650,916

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,942,705

14,650,916

Total comprehensive income attributable to:

Owners of the parent

21,942,705

14,650,916

FIXED ASSETS

Intangible assets

8

600

800

Tangible assets

9

82,981,547

56,866,735

Investments

10

3,427,714

3,345,539

86,409,861

60,213,074

CURRENT ASSETS

Stocks

11

19,826,709

14,218,349

Debtors

12

28,808,561

26,756,179

Cash at bank and in hand

23,829,450

3,014,866

72,464,720

43,989,394

CREDITORS

Amounts falling due within one year

13

61,365,442

31,379,986

NET CURRENT ASSETS

11,099,278

12,609,408

TOTAL ASSETS LESS CURRENT LIABILITIES

97,509,139

72,822,482

CREDITORS

Amounts falling due after more than one year

14

(2,358,914

)

(1,902,047

)

PROVISIONS FOR LIABILITIES

19

(9,980,718

)

(6,693,633

)

NET ASSETS

85,169,507

64,226,802

CAPITAL AND RESERVES

Called up share capital

20

95,294

95,294

Fair value reserve

21

210,746

254,090

Retained earnings

21

84,863,467

63,877,418

SHAREHOLDERS' FUNDS

85,169,507

64,226,802

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

V Read - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

14,113,880

636,526

Investments

10

3,491,480

3,409,305

17,605,360

4,045,831

CURRENT ASSETS

Debtors

12

78,225

75,318

Cash at bank

4,999,855

318,581

5,078,080

393,899

CREDITORS

Amounts falling due within one year

13

9,670,165

105,437

NET CURRENT (LIABILITIES)/ASSETS

(4,592,085

)

288,462

TOTAL ASSETS LESS CURRENT LIABILITIES

13,013,275

4,334,293

CAPITAL AND RESERVES

Called up share capital

20

95,294

95,294

Fair value reserve

21

210,746

254,090

Retained earnings

21

12,707,235

3,984,909

SHAREHOLDERS' FUNDS

13,013,275

4,334,293

Company's profit for the financial year

9,678,982

9,295,080

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

V Read - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 6 April 2023

95,294

57,591,443

(111,165

)

57,575,572

Changes in equity

Dividends

-

(7,999,686

)

-

(7,999,686

)

Total comprehensive income

-

14,285,661

365,255

14,650,916

Balance at 5 April 2024

95,294

63,877,418

254,090

64,226,802

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

21,986,049

(43,344

)

21,942,705

Balance at 5 April 2025

95,294

84,863,467

210,746

85,169,507

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 6 April 2023

95,294

3,054,770

(111,165

)

3,038,899

Changes in equity

Dividends

-

(7,999,686

)

-

(7,999,686

)

Total comprehensive income

-

8,929,825

365,255

9,295,080

Balance at 5 April 2024

95,294

3,984,909

254,090

4,334,293

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

9,722,326

(43,344

)

9,678,982

Balance at 5 April 2025

95,294

12,707,235

210,746

13,013,275

Cash flows from operating activities

Cash generated from operations

1

26,773,292

19,463,174

Interest paid

(710,012

)

(303,360

)

Interest element of hire purchase payments paid

(93,384

)

(100,379

)

Tax paid

(1,281,597

)

(938,549

)

Net cash from operating activities

24,688,299

18,120,886

Cash flows from investing activities

Purchase of intangible fixed assets

-

(1,000

)

Purchase of tangible fixed assets

(29,483,600

)

(8,168,104

)

Sale of tangible fixed assets

368,850

563,984

Interest received

190,951

195,031

Dividends received

-

1

Net cash from investing activities

(28,923,799

)

(7,410,088

)

Cash flows from financing activities

New loans in year

11,860,361

-

Loan repayments in year

(2,589,077

)

-

Capital repayments in year

(4,685,839

)

(3,961,263

)

Amount introduced by directors

1,000,000

8,628,165

Amount withdrawn by directors

(1,000,000

)

(9,887,435

)

Equity dividends paid

(1,000,000

)

(7,999,686

)

Net cash from financing activities

3,585,445

(13,220,219

)

Decrease in cash and cash equivalents

(650,055

)

(2,509,421

)

Cash and cash equivalents at beginning of year

2

(6,294,170

)

(3,784,749

)

Cash and cash equivalents at end of year

2

(6,944,225

)

(6,294,170

)