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REGISTERED NUMBER: 04269401 (England and Wales)

| Strategic Report, |

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 July 2025 |

| for |

| Strawson Limited |

| Strawson Limited (Registered number: 04269401) |

Contents of the Financial Statements

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 6 |

| Other Comprehensive Income | 7 |

| Balance Sheet | 8 |

| Statement of Changes in Equity | 9 |

| Cash Flow Statement | 10 |

| Notes to the Cash Flow Statement | 11 |

| Notes to the Financial Statements | 12 |

| Strawson Limited |

Company Information

for the Year Ended 31 July 2025

| DIRECTORS: | R M Strawson

| Mrs J Strawson

| Miss A J Strawson

| H C Strawson

| A J Ferguson

| Mrs L Brownlie

| REGISTERED OFFICE: | Featherstone House Farm

| Bilsthorpe

| Newark

| Nottinghamshire

| NG22 8RD

| REGISTERED NUMBER: | 04269401 (England and Wales)

| AUDITORS: | Wright Vigar Limited

| Statutory Auditors

| Chartered Accountants & Business Advisers

| Chancery Court

| 34 West Street

| Retford

| Nottinghamshire

| DN22 6ES

| Strawson Limited (Registered number: 04269401) |

Strategic Report

for the Year Ended 31 July 2025

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

REVIEW OF BUSINESS

The turnover of the business reduced slightly to £24,900k when comparing like for like periods. The prior period was a 14 month trading period compared to a normal 12 month period in the current financial statements. The reduction in turnover was mainly in contracting and haulage activity.

The profit before tax reported for the period to 31July 2025 was £1,199k.

Strawson Limited has committed to undertaking a digitalisation programme and the roll out throughout the business is planned for 2025/26 financial year. This development will ensure longer-term success and with greatly improved access to improve decision making, manage risk and reduce production costs.

The company has now identified bespoke technological infrastructure, which will integrate other technologies from which to leverage AI capability. This coupled with the introduction of new skills will enable the development of an automated, AI enabled end to end operational and data management process. The cost of this commitment is reflected in the profit and loss account.

The balance sheet continues to strengthen with net assets of £11.9m due to the company's profitability, which is underpinned by a focus on cost reduction and automation. Investment in technology that create increased efficiencies in operations, and other machinery which is embedded with data reporting technology, will continue to be a priority.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors of the Company regularly meet to review the key risks and uncertainties that are faced by the Company or potentially will be faced by the Company in the future. The necessary steps are taken to mitigate these risks and uncertainties and an appropriate action plan agreed.

FINANCIAL PERFORMANCE INDICATORS

The Company's primary targets are operational efficiency and profitability. Specific KPI's are regularly monitored and those relevant are highlighted in the trading results.

RESEARCH AND DEVELOPMENT

Strawson has identified a need for digitalisation transformation throughout its operations and administrative functions to drive effective decision making, and to support future automation and integration of solutions. While this activity forms the basis of its current research and development activity the company is also is seeking to identify means by which it can embrace new technology to improve cop productivity and operational efficiency.

ON BEHALF OF THE BOARD:

Mrs L Brownlie - Director

24 March 2026

| Strawson Limited (Registered number: 04269401) |

Report of the Directors

for the Year Ended 31 July 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of cereal and vegetable production.

DIVIDENDS

An interim dividend of £86.66 per share on the Ordinary B £1 shares was paid on 6 April 2025. The directors recommend that no final dividend be paid on these shares.

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

The total distribution of dividends for the year ended 31 July 2025 will be £ 65,000 .

DIRECTORS

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

R M Strawson

Mrs J Strawson

Miss A J Strawson

H C Strawson

A J Ferguson

Mrs L Brownlie

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). 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, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L Brownlie - Director

24 March 2026

Report of the Independent Auditors to the Members of

Strawson Limited

Opinion

We have audited the financial statements of Strawson Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 July 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.

Report of the Independent Auditors to the Members of

Strawson Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material

misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by

making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud

might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).

- Challenging assumptions and judgments made by management in its significant accounting estimates.

- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Roberts BA FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

24 March 2026

| Strawson Limited (Registered number: 04269401) |

Income Statement

for the Year Ended 31 July 2025

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 3 | 24,900,414 |  | 29,542,156 |  |

Cost of sales | 22,164,109 |  | 23,772,930 |  |

GROSS PROFIT | 2,736,305 |  | 5,769,226 |  |

Administrative expenses | 6,500,168 |  | 6,964,075 |  |

(3,763,863 | ) | (1,194,849 | ) |

Other operating income | 5,241,590 |  | 2,529,884 |  |

OPERATING PROFIT | 5 | 1,477,727 |  | 1,335,035 |  |

Interest receivable and similar income | 227,129 |  | 222,364 |  |

1,704,856 |  | 1,557,399 |  |

Interest payable and similar expenses | 6 | 505,242 |  | 493,442 |  |

PROFIT BEFORE TAXATION | 1,199,614 |  | 1,063,957 |  |

Tax on profit | 7 | 395,037 |  | 186,659 |  |

PROFIT FOR THE FINANCIAL YEAR | 804,577 |  | 877,298 |  |

| Strawson Limited (Registered number: 04269401) |

Other Comprehensive Income

for the Year Ended 31 July 2025

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 804,577 |  | 877,298 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 804,577 |  | 877,298 |  |

| Strawson Limited (Registered number: 04269401) |

Balance Sheet

31 July 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 13,661,519 |  | 12,124,059 |  |

Investments | 10 | 110 |  | 110 |  |

13,661,629 |  | 12,124,169 |  |

CURRENT ASSETS

Stocks | 11 | 875,051 |  | 1,238,560 |  |

Debtors | 12 | 16,844,335 |  | 13,180,656 |  |

Cash at bank and in hand | 830 |  | 966 |  |

17,720,216 |  | 14,420,182 |  |

CREDITORS

Amounts falling due within one year | 13 | 15,186,034 |  | 13,543,606 |  |

NET CURRENT ASSETS | 2,534,182 |  | 876,576 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,195,811 |  | 13,000,745 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (3,512,376 | ) | (1,451,924 | ) |

PROVISIONS FOR LIABILITIES | 18 | (841,457 | ) | (446,420 | ) |

NET ASSETS | 11,841,978 |  | 11,102,401 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 5,000 |  | 5,000 |  |

Share premium | 1,361,756 |  | 1,361,756 |  |

Retained earnings | 10,475,222 |  | 9,735,645 |  |

SHAREHOLDERS' FUNDS | 11,841,978 |  | 11,102,401 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2026 and were signed on its behalf by:

Mrs L Brownlie - Director

| Strawson Limited (Registered number: 04269401) |

Statement of Changes in Equity

for the Year Ended 31 July 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 June 2023 | 5,000 |  | 8,888,347 |  | 1,361,756 |  | 10,255,103 |  |

Changes in equity

Dividends | - |  | (30,000 | ) | - |  | (30,000 | ) |

Total comprehensive income | - |  | 877,298 |  | - |  | 877,298 |  |

Balance at 31 July 2024 | 5,000 |  | 9,735,645 |  | 1,361,756 |  | 11,102,401 |  |

Changes in equity

Dividends | - |  | (65,000 | ) | - |  | (65,000 | ) |

Total comprehensive income | - |  | 804,577 |  | - |  | 804,577 |  |

Balance at 31 July 2025 | 5,000 |  | 10,475,222 |  | 1,361,756 |  | 11,841,978 |  |

| Strawson Limited (Registered number: 04269401) |

Cash Flow Statement

for the Year Ended 31 July 2025

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (960,213 | ) | 9,299,136 |  |

Interest paid | (328,476 | ) | (483,642 | ) |

Interest element of hire purchase payments paid | (176,766 | ) | (9,800 | ) |

Net cash from operating activities | (1,465,455 | ) | 8,805,694 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (3,872,585 | ) | (5,404,831 | ) |

Sale of tangible fixed assets | 444,666 |  | 77,001 |  |

Interest received | 227,129 |  | 222,364 |  |

Net cash from investing activities | (3,200,790 | ) | (5,105,466 | ) |

Cash flows from financing activities

New loans in year | 4,468,673 |  | 1,867,000 |  |

Loan repayments in year | (942,788 | ) | (1,067,178 | ) |

Intercompany loan movement | 2,407,080 |  | (3,820,558 | ) |

Capital repayments in year | (75,849 | ) | (164,157 | ) |

Amount introduced by directors | 118,471 |  | 32,720 |  |

Amount withdrawn by directors | (118,402 | ) | (29,839 | ) |

Equity dividends paid | (65,000 | ) | (30,000 | ) |

Net cash from financing activities | 5,792,185 |  | (3,212,012 | ) |

Increase in cash and cash equivalents | 1,125,940 |  | 488,216 |  |

Cash and cash equivalents at beginning of year | 2 | (2,251,496 | ) | (2,739,712 | ) |

Cash and cash equivalents at end of year | 2 | (1,125,556 | ) | (2,251,496 | ) |

| Strawson Limited (Registered number: 04269401) |

Notes to the Cash Flow Statement

for the Year Ended 31 July 2025

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

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before taxation | 1,199,614 |  | 1,063,957 |  |

| Depreciation charges | 1,931,801 |  | 1,580,925 |  |

| Loss/(profit) on disposal of fixed assets | 47,079 |  | (6,825 | ) |

| Finance costs | 505,242 |  | 493,442 |  |

| Finance income | (227,129 | ) | (222,364 | ) |

3,456,607 |  | 2,909,135 |  |

| Decrease/(increase) in stocks | 363,509 |  | (302,044 | ) |

| (Increase)/decrease in trade and other debtors | (6,080,749 | ) | 6,174,061 |  |

| Increase in trade and other creditors | 1,300,420 |  | 517,984 |  |

| Cash generated from operations | (960,213 | ) | 9,299,136 |  |

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 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 830 |  | 966 |  |

| Bank overdrafts | (1,126,386 | ) | (2,252,462 | ) |

(1,125,556 | ) | (2,251,496 | ) |

| Period ended 31 July 2024

| 31.7.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 966 |  | 2,043 |  |

| Bank overdrafts | (2,252,462 | ) | (2,741,755 | ) |

(2,251,496 | ) | (2,739,712 | ) |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 966 |  | (136 | ) | 830 |  |

| Bank overdrafts | (2,252,462 | ) | 1,126,076 |  | (1,126,386 | ) |

(2,251,496 | ) | 1,125,940 |  | (1,125,556 | ) |

| Debt

| Finance leases | (556,874 | ) | (2,723,768 | ) | (3,280,642 | ) |

| Debts falling due within 1 year | (5,670,945 | ) | (1,177,500 | ) | (6,848,445 | ) |

| Debts falling due after 1 year | (1,132,093 | ) | 362,811 |  | (769,282 | ) |

(7,359,912 | ) | (3,538,457 | ) | (10,898,369 | ) |

| Total | (9,611,408 | ) | (2,412,517 | ) | (12,023,925 | ) |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| Strawson Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Land and buildings | - | 2% on cost and not provided

| Long leasehold | - | 2% on cost

| Plant and machinery | - | 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance and 20% on reducing balance

| Assets under construction are not depreciated until they become a functioning asset. Once they are a functioning asset they are moved to the relevant asset group and depreciated in line with the policy.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

| 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Fixed asset investments

| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Other investments are measured at cost less impairment.

| Investments in joint ventures are measured at cost less impairment.

| Biological assets

| Biological assets are living plants and animals controlled by the company from which it expects to derive

| future economic benefit. Biological assets comprise livestock and crops in the ground at the year end. Growing crops are measured at the lower of cost and estimated selling price less costs to complete and sell. Livestock is measured at either replacement cost or deemed cost in line with HMRC guidance HS232.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Arable sales | 1,091,345 |  | 2,047,191 |  |

| Contract income | 23,743,228 |  | 27,461,437 |  |

| Livestock sales | 48,011 |  | 10,191 |  |

| Basic payment scheme | 17,830 |  | 23,337 |  |

24,900,414 |  | 29,542,156 |  |

| An analysis of turnover by geographical market is given below:

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| United Kingdom | 24,900,414 |  | 29,542,156 |  |

24,900,414 |  | 29,542,156 |  |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

4. | EMPLOYEES AND DIRECTORS

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Wages and salaries | 6,890,609 |  | 6,532,315 |  |

| Social security costs | 750,690 |  | 641,296 |  |

| Other pension costs | 111,176 |  | 201,958 |  |

7,752,475 |  | 7,375,569 |  |

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

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

| Administration | 10 |  | 7 |  |

| Operations | 163 |  | 108 |  |

173 |  | 115 |  |

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Directors' remuneration | 447,872 |  | 235,735 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 6 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Emoluments etc | 213,799 |  | 118,417 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Hire of plant and machinery | 57,455 |  | 25,088 |  |

| Depreciation - owned assets | 1,291,012 |  | 1,399,072 |  |

| Depreciation - assets on hire purchase contracts | 640,791 |  | 181,852 |  |

| Loss/(profit) on disposal of fixed assets | 47,079 |  | (6,825 | ) |

| Auditors' remuneration | 17,250 |  | 15,650 |  |

| Auditors' remuneration for non audit work | 4,775 |  | 11,468 |  |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank interest and charges | 93,573 |  | 155,684 |  |

| Loan interest | 234,903 |  | 327,958 |  |

| Hire purchase | 176,766 |  | 9,800 |  |

505,242 |  | 493,442 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Deferred tax:

| Origination and reversal of timing differences | 395,037 |  | 186,659 |  |

| Tax on profit | 395,037 |  | 186,659 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

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

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before tax | 1,199,614 |  | 1,063,957 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 299,904 |  | 265,989 |  |

| Effects of:

| Expenses not deductible for tax purposes | 26,356 |  | 2,613 |  |

| Income not taxable for tax purposes | (20,887 | ) | (9,351 | ) |

| Capital allowances in excess of depreciation | (815,961 | ) | (178,911 | ) |

| Loss or Profit on disposal of assets | 11,770 |  | (1,706 | ) |

| Tax losses not utilised | 498,818 |  | 4,737 |  |

| Deferred tax movement | 395,037 |  | 186,659 |  |

| Research and development enhanced deduction | - |  | (83,371 | ) |

| Total tax charge | 395,037 |  | 186,659 |  |

8. | DIVIDENDS

| Period

| 1.6.23

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Ordinary B shares of £1 each

| Interim | 65,000 |  | 30,000 |  |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

9. | TANGIBLE FIXED ASSETS

| Land and |  | Long |  | Plant and

| buildings |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1 August 2024 | 2,367,485 |  | 117,009 |  | 15,464,031 |  |

| Additions | - |  | - |  | 4,670,908 |  |

| Disposals | - |  | - |  | (713,983 | ) |

| At 31 July 2025 | 2,367,485 |  | 117,009 |  | 19,420,956 |  |

| DEPRECIATION

| At 1 August 2024 | 500,824 |  | 39,412 |  | 9,341,201 |  |

| Charge for year | 38,528 |  | 2,340 |  | 1,658,980 |  |

| Eliminated on disposal | - |  | - |  | (340,475 | ) |

| At 31 July 2025 | 539,352 |  | 41,752 |  | 10,659,706 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,828,133 |  | 75,257 |  | 8,761,250 |  |

| At 31 July 2024 | 1,866,661 |  | 77,597 |  | 6,122,830 |  |

| Fixtures |  | Assets |

| and |  | Motor |  | under |

| fittings |  | vehicles |  | construction |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 360,827 |  | 1,332,618 |  | 3,202,750 |  | 22,844,720 |  |

| Additions | 29,199 |  | 422,522 |  | 2,041,129 |  | 7,163,758 |  |

| Disposals | (17,996 | ) | (258,395 | ) | (3,202,750 | ) | (4,193,124 | ) |

| At 31 July 2025 | 372,030 |  | 1,496,745 |  | 2,041,129 |  | 25,815,354 |  |

| DEPRECIATION

| At 1 August 2024 | 154,687 |  | 684,537 |  | - |  | 10,720,661 |  |

| Charge for year | 33,876 |  | 198,079 |  | - |  | 1,931,803 |  |

| Eliminated on disposal | (5,759 | ) | (152,395 | ) | - |  | (498,629 | ) |

| At 31 July 2025 | 182,804 |  | 730,221 |  | - |  | 12,153,835 |  |

| NET BOOK VALUE

| At 31 July 2025 | 189,226 |  | 766,524 |  | 2,041,129 |  | 13,661,519 |  |

| At 31 July 2024 | 206,140 |  | 648,081 |  | 3,202,750 |  | 12,124,059 |  |

| Since the year end, the asset under construction has been completed and is fully operational.

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024 | 739,040 |  | 332,540 |  | 1,071,580 |  |

| Additions | 3,758,929 |  | - |  | 3,758,929 |  |

| Transfer to ownership | (383,602 | ) | (332,540 | ) | (716,142 | ) |

| At 31 July 2025 | 4,114,367 |  | - |  | 4,114,367 |  |

| DEPRECIATION

| At 1 August 2024 | 235,136 |  | 178,568 |  | 413,704 |  |

| Charge for year | 640,791 |  | - |  | 640,791 |  |

| Transfer to ownership | (99,766 | ) | (178,568 | ) | (278,334 | ) |

| At 31 July 2025 | 776,161 |  | - |  | 776,161 |  |

| NET BOOK VALUE

| At 31 July 2025 | 3,338,206 |  | - |  | 3,338,206 |  |

| At 31 July 2024 | 503,904 |  | 153,972 |  | 657,876 |  |

10. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 110 |  |

| NET BOOK VALUE

| At 31 July 2025 | 110 |  |

| At 31 July 2024 | 110 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Growing crops | 511,224 |  | 308,939 |  |

| Crops in store | - |  | 40,609 |  |

| Consumable stocks | 310,889 |  | 836,074 |  |

| Livestock | 52,938 |  | 52,938 |  |

875,051 |  | 1,238,560 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 800,116 |  | 1,022,909 |  |

| Amounts owed by group undertakings | 4,719,962 |  | 7,127,042 |  |

| Other debtors | 6,406,582 |  | 2,138,475 |  |

| Directors' current accounts | - |  | 9,990 |  |

| VAT | 162,492 |  | 215,145 |  |

| Prepayments and accrued income | 4,755,183 |  | 2,667,095 |  |

16,844,335 |  | 13,180,656 |  |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 15) | 1,497,331 |  | 2,623,407 |  |

| Other loans (see note 15) | 6,477,500 |  | 5,300,000 |  |

| Hire purchase contracts (see note 16) | 537,548 |  | 237,043 |  |

| Trade creditors | 4,760,377 |  | 4,108,459 |  |

| Social security and other taxes | 77,936 |  | 57,588 |  |

| Other creditors | 765,609 |  | 90,869 |  |

| Directors' current accounts | 230 |  | 10,151 |  |

| Accrued expenses | 1,069,503 |  | 1,116,089 |  |

15,186,034 |  | 13,543,606 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 15) | 769,282 |  | 1,132,093 |  |

| Hire purchase contracts (see note 16) | 2,743,094 |  | 319,831 |  |

3,512,376 |  | 1,451,924 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 1,126,386 |  | 2,252,462 |  |

| Bank loans | 370,945 |  | 370,945 |  |

| Other loans | 6,477,500 |  | 5,300,000 |  |

7,974,831 |  | 7,923,407 |  |

| Amounts falling due between one and two years:

| Bank loans | 370,945 |  | 370,945 |  |

| Amounts falling due between two and five years:

| Bank loans | 398,337 |  | 761,148 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 537,548 |  | 237,043 |  |

| Between one and five years | 2,743,094 |  | 319,831 |  |

3,280,642 |  | 556,874 |  |

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

16. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 1,186,644 |  | 1,159,211 |  |

| Between one and five years | 1,144,883 |  | 1,222,891 |  |

2,331,527 |  | 2,382,102 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 1,126,386 |  | 2,252,462 |  |

| Bank loans | 1,140,227 |  | 1,503,038 |  |

2,266,613 |  | 3,755,500 |  |

| The bank overdraft and bank loan are secured by an unlimited guarantee given by a related party company. There is also a charge over cottages and farm buildings at Lower Hexgreave.

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 841,457 |  | 446,420 |  |

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 446,420 |  |

| Accelerated capital allowances | 797,949 |  |

| Tax losses not utilised | (402,912 | ) |

| Balance at 31 July 2025 | 841,457 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 4,250 | Ordinary A | £1 | 4,250 |  | 4,250 |  |

| 750 | Ordinary B | £1 | 750 |  | 750 |  |

5,000 |  | 5,000 |  |

20. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £115,145 (2024: £204,738). No contributions were outstanding at the current or prior year end.

21. | ULTIMATE PARENT COMPANY

| Strawson Group Limited is regarded by the directors as being the company's ultimate parent company.

| Strawson Limited (Registered number: 04269401) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

22. | RELATED PARTY DISCLOSURES

| During the period, the company made sales and recharged costs of £26,415,603 (2024: £12,589,349) and purchases of £1,218,739 (2024: £3,610,815) to entities within the Strawson family. The company also received loans of £20,151,000 (2024: £13,505,000) and made loan repayments of £17,911,886 (2024: £12,288,200) during the period. As at 31 July 2025, entities within the Strawson family owed Strawson Limited £10,334,640 (2024: £1,818,227) and Strawson Limited owed £279,529 (2024: £5,605,597).

| During the period, the company made sales and recharged costs of £12,172,889 (2024: £34,498,848) and purchases of £2,355,420 (2024: £1,377,071) to entities under common control. The company also provided loans to entities under common control of £155,000 (2024: £35,975,000) with £10,765 (2024: £32,985,244) being repaid during the period. As at 31 July 2025, entities under common control owed Strawson Limited £5,457,578 (2024: £7,298,997) and Strawson Limited owed £267,472 (2024: £249,842).

23. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the owners and directors of the ultimate parent company.