REGISTERED NUMBER: SC025860 (Scotland)

J.C. PEACOCK & CO., LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

to

18

Notes to the Consolidated Financial Statements

19

to

39

DIRECTORS:

Anne Lane

Susan Victoria Marshall

Harley Hamilton Marshall

Gregorie Charles Marshall

Andrew Campbell Sutherland

Gillian Cooke

Padraig Joseph Hastie

SECRETARY:

Susan Victoria Marshall

REGISTERED OFFICE:

North Harbour

Ayr

KA8 8AE

REGISTERED NUMBER:

SC025860 (Scotland)

AUDITORS:

Azets Audit Services

Chartered Accountants

Statutory Auditor

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Directors are pleased to report a strong performance for the year ended 30 April 2025. Turnover increased modestly on the prior year, and profitability remained healthy, reflecting ongoing efficiency improvements and disciplined cost management.

While a generally mild winter limited demand in our de-icing salt business, our diverse customer base and steady demand across food, water softening, and industrial markets helped offset the seasonal shortfall. The business continues to demonstrate its resilience through careful planning, effective stock management, and a pragmatic approach to purchasing and pricing.

The broader trading environment has remained challenging, with inflationary pressures, high transport costs, and continued supply chain uncertainty across Europe. However, by maintaining strong supplier relationships and closely monitoring market trends, we have been able to protect margins and ensure continuity of supply to our customers.

Internally, we remain focused on operational efficiency, sustainability, and supporting our people. Investment in systems and infrastructure continues to strengthen our platform for future growth.

PRINCIPAL RISKS AND UNCERTAINTIES

Weather volatility remains the primary risk to our de-icing business, and the mild winter of 2024/25 again highlighted the importance of maintaining a balanced approach to stock management. We continue to mitigate this through flexible supply arrangements and active monitoring of both short and long-term forecasts.

Beyond de-icing, our core industrial, food, water, and animal feed markets remain stable but competitive. Customer service, reliability, and quality remain our strongest differentiators, helping us maintain solid relationships and repeat business.

Environmental and sustainability expectations are evolving quickly across all sectors we serve. The company continues to monitor these developments and is exploring ways to further reduce our environmental footprint and support sustainable sourcing within our supply chain.

EXTERNAL FACTORS

The wider UK economy continues to experience uncertainty, with inflation, energy costs, and fluctuating exchange rates affecting both suppliers and customers. Although Brexit-related disruption has eased, import complexity and cost variability remain part of our operating landscape.

Mild winter conditions across much of the UK reduced salt volumes compared with historical averages, but the company's diversified sales mix and proactive planning ensured we remained well positioned throughout.

FINANCIAL RISK MANAGEMENT

As an importer, the company remains exposed to currency fluctuations and freight costs. These risks are managed through close monitoring of exchange rates, forward purchasing where appropriate, and long-standing supplier partnerships.

Credit control remains strong, with ongoing monitoring of customer accounts and payment patterns. Cash flow continues to be carefully managed, supported by healthy reserves and sufficient bank facilities to meet operational and seasonal funding requirements.

GOING CONCERN

The Directors have reviewed the company's financial position, forecasts, and cash flow projections for the year ahead. Despite external economic pressures and variable winter demand, the business remains profitable, cash-generative, and well supported by its bank.

Accordingly, the Directors consider that the company has adequate resources to continue in operational existence for the foreseeable future, and the financial statements have therefore been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

Gregorie Charles Marshall - Director

15 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of importation, production and distribution of salt and related chemicals and equipment.

DIVIDENDS

An interim dividend of 580000 per share on the Ordinary B £1 shares was paid on 30 April 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Preference £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 April 2025 will be £ 1,160,000 .

FUTURE DEVELOPMENTS

The board continue to actively encourage and grow innovative products and ideas, with continuous monitoring of projects to ensure suitability, sustainability and focus. There are numerous developments underway in various stages of completion that will ensure further progress and future growth.

DIRECTORS

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

Anne Lane

Susan Victoria Marshall

Harley Hamilton Marshall

Gregorie Charles Marshall

Andrew Campbell Sutherland

Gillian Cooke

Padraig Joseph Hastie

CHARITABLE DONATIONS

During the year the group made charitable donations of £14,807 (2024 - £683,967).

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 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, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Gregorie Charles Marshall - Director

15 December 2025

Opinion

We have audited the financial statements of J.C. Peacock & Co., Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 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 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 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 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.

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

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

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

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

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

- Reviewing minutes of meetings of those charged with governance;

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

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

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

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

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.

Kirsty Mackie BAcc CA (Senior Statutory Auditor)

for and on behalf of Azets Audit Services

Chartered Accountants

Statutory Auditor

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

15 December 2025

TURNOVER

3

37,684,235

34,519,655

Cost of sales

(25,919,203

)

(24,305,569

)

GROSS PROFIT

11,765,032

10,214,086

Administrative expenses

(9,655,267

)

(8,886,606

)

2,109,765

1,327,480

Other operating income

4

200,842

227,601

OPERATING PROFIT

2,310,607

1,555,081

Interest receivable and similar income

6

29,697

-

2,340,304

1,555,081

Interest payable and similar expenses

7

(237,889

)

(180,299

)

PROFIT BEFORE TAXATION

8

2,102,415

1,374,782

Tax on profit

9

(607,769

)

(387,518

)

PROFIT FOR THE FINANCIAL YEAR

1,494,646

987,264

Profit attributable to:

Owners of the parent

1,494,646

987,264

PROFIT FOR THE YEAR

1,494,646

987,264

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,494,646

987,264

Total comprehensive income attributable to:

Owners of the parent

1,494,646

987,264

FIXED ASSETS

Intangible assets

12

721,072

869,106

Tangible assets

13

3,826,199

4,078,426

Investments

14

-

-

Investment property

15

499,280

449,393

5,046,551

5,396,925

CURRENT ASSETS

Stocks

16

5,710,535

5,529,561

Debtors

17

5,208,846

4,922,638

Cash at bank and in hand

2,848,246

2,143,714

13,767,627

12,595,913

CREDITORS

Amounts falling due within one year

18

5,894,239

5,111,009

NET CURRENT ASSETS

7,873,388

7,484,904

TOTAL ASSETS LESS CURRENT LIABILITIES

12,919,939

12,881,829

CREDITORS

Amounts falling due after more than one year

19

(1,968,615

)

(2,223,762

)

PROVISIONS FOR LIABILITIES

23

(642,405

)

(683,794

)

NET ASSETS

10,308,919

9,974,273

CAPITAL AND RESERVES

Called up share capital

24

238,002

238,002

Share premium

25

132,000

132,000

Capital redemption reserve

25

107,237

107,237

Retained earnings

25

9,831,680

9,497,034

SHAREHOLDERS' FUNDS

10,308,919

9,974,273

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Gregorie Charles Marshall - Director

FIXED ASSETS

Intangible assets

12

198,220

248,220

Tangible assets

13

3,826,198

4,078,425

Investments

14

4,305

4,305

Investment property

15

499,280

449,393

4,528,003

4,780,343

CURRENT ASSETS

Stocks

16

5,710,535

5,529,561

Debtors

17

5,208,846

4,922,638

Cash at bank and in hand

2,848,245

2,143,712

13,767,626

12,595,911

CREDITORS

Amounts falling due within one year

18

5,899,593

5,116,363

NET CURRENT ASSETS

7,868,033

7,479,548

TOTAL ASSETS LESS CURRENT LIABILITIES

12,396,036

12,259,891

CREDITORS

Amounts falling due after more than one year

19

(1,968,615

)

(2,223,762

)

PROVISIONS FOR LIABILITIES

23

(642,405

)

(683,794

)

NET ASSETS

9,785,016

9,352,335

CAPITAL AND RESERVES

Called up share capital

24

238,002

238,002

Share premium

25

132,000

132,000

Capital redemption reserve

25

107,237

107,237

Retained earnings

25

9,307,777

8,875,096

SHAREHOLDERS' FUNDS

9,785,016

9,352,335

Company's profit for the financial year

1,592,681

1,085,299

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Gregorie Charles Marshall - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

251,599

9,487,770

132,000

93,638

9,965,007

Changes in equity

Increase in share capital

2

-

-

-

2

Reduction in share capital

(13,599

)

(400,000

)

-

13,599

(400,000

)

Dividends

-

(578,000

)

-

-

(578,000

)

Total comprehensive income

-

987,264

-

-

987,264

Balance at 30 April 2024

238,002

9,497,034

132,000

107,237

9,974,273

Changes in equity

Dividends

-

(1,160,000

)

-

-

(1,160,000

)

Total comprehensive income

-

1,494,646

-

-

1,494,646

Balance at 30 April 2025

238,002

9,831,680

132,000

107,237

10,308,919

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

251,599

8,767,797

132,000

93,638

9,245,034

Changes in equity

Increase in share capital

2

-

-

-

2

Reduction in share capital

(13,599

)

(400,000

)

-

13,599

(400,000

)

Dividends

-

(578,000

)

-

-

(578,000

)

Total comprehensive income

-

1,085,299

-

-

1,085,299

Balance at 30 April 2024

238,002

8,875,096

132,000

107,237

9,352,335

Changes in equity

Dividends

-

(1,160,000

)

-

-

(1,160,000

)

Total comprehensive income

-

1,592,681

-

-

1,592,681

Balance at 30 April 2025

238,002

9,307,777

132,000

107,237

9,785,016

Cash flows from operating activities

Cash generated from operations

1

3,330,042

4,466,197

Interest paid

(84,983

)

(75,654

)

Interest element of hire purchase payments paid

(107,406

)

(59,145

)

Finance costs paid

(45,500

)

(45,500

)

Tax paid

(374,236

)

(844,366

)

Net cash from operating activities

2,717,917

3,441,532

Cash flows from investing activities

Purchase of intangible fixed assets

-

(250,000

)

Purchase of tangible fixed assets

(956,010

)

(1,994,546

)

Purchase of investment property

(49,887

)

-

Sale of tangible fixed assets

49,126

176,769

Interest received

29,697

-

Net cash from investing activities

(927,074

)

(2,067,777

)

Cash flows from financing activities

Loan repayments in year

(94,301

)

(74,782

)

Capital repayments in year

(76,440

)

675,936

Amount introduced by directors

-

289,000

Amount withdrawn by directors

245,500

(289,000

)

Share buyback

-

(400,000

)

Equity dividends paid

(1,160,000

)

(578,000

)

Net cash from financing activities

(1,085,241

)

(376,846

)

Increase in cash and cash equivalents

705,602

996,909

Cash and cash equivalents at beginning of year

2

2,142,644

1,145,735

Cash and cash equivalents at end of year

2

2,848,246

2,142,644

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

2025

2024

£

£

Profit before taxation

2,102,415

1,374,782

Depreciation charges

1,311,536

963,882

Profit on disposal of fixed assets

(4,390

)

(114,663

)

Government grants

(15,700

)

(12,210

)

Finance costs

237,889

180,299

Finance income

(29,697

)

-

3,602,053

2,392,090

(Increase)/decrease in stocks

(180,974

)

630,379

(Increase)/decrease in trade and other debtors

(561,130

)

1,470,404

Increase/(decrease) in trade and other creditors

470,093

(26,676

)

Cash generated from operations

3,330,042

4,466,197

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:

Year ended 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

2,848,246

2,143,714

Bank overdrafts

-

(1,070

)

2,848,246

2,142,644

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

2,143,714

1,147,531

Bank overdrafts

(1,070

)

(1,796

)

2,142,644

1,145,735