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REGISTERED NUMBER: 01440166 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

JOHN BOWNES LIMITED

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

JOHN BOWNES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | J C Bownes

| J D Bownes

| SECRETARY: | Mrs S J Langley

| REGISTERED OFFICE: | Courthouse Farm

| Swanlow Lane

| Winsford

| Cheshire

| CW7 4BS

| REGISTERED NUMBER: | 01440166 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Michael Benson

| AUDITORS: | Murray Smith LLP

| Chartered Accountants

| Statutory Auditor

| Darland House

| 44 Winnington Hill

| Northwich

| Cheshire

| CW8 1AU

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The directors present their Strategic report, together with the Directors' report, the financial statements and auditors' report, for John Bownes Limited ("the company") for the year ended 31 October 2025.

REVIEW OF BUSINESS

The principal activity of the company is the sale and maintenance of tractors and other agricultural equipment.

The income statement is set out on page 7. The profit for the year after tax was £9,257 (2024: profit of £10,630). During the year dividends were paid totalling £52,990 (2024: £50,000).

KEY PERFORMANCE INDICATORS

Two broad KPIs reflect the overall performance of the company. These are turnover and operating profit, which indicate the level of business undertaken by the company and the profitability of the work undertaken:

| 2025 |  | 2024 |

£ |  | £ |  |

Turnover |  | 16,597,063 |  | 15,041,335 |

Operating (loss)/profit |  | 99,177 |  | 101,836 |

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are described below.

Economic environment - continuing economic uncertainty may cause sales to decline.

Business continuity - the risk that in the event of an adverse occurrence the business operations will not be able to operate. Main areas of risk here are the ability to generate income, and to recruit and retain key staff.

Financial/commercial - the risk of performance falling short of expectations. This includes reputational risk linked to the quality of work.

Compliance - the risk of failing to comply with all relevant legislation and regulations. The main areas of risk to the company include legal action from compliance failures.

Health, safety and environment - the risk relates to the safety of all staff, members of the public and the environment.

The company's senior management regularly reviews these risks and their potential impact on the company and takes mitigating action as necessary.

GOING CONCERN

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies in the financial statements.

ON BEHALF OF THE BOARD:

Mrs S J Langley - Secretary

9 April 2026

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 OCTOBER 2025

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

DIVIDENDS

Interim dividends of £52,990 were paid during the period. The directors recommend that no final dividend be paid.

DIRECTORS

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

J C Bownes

J D Bownes

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S J Langley - Secretary

9 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JOHN BOWNES LIMITED

Opinion

We have audited the financial statements of John Bownes Limited (the 'company') for the year ended 31 October 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 October 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JOHN BOWNES LIMITED

Matters on which we are required to report by exception

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

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

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

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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:

The audit procedures designed to identify irregularities included:

- |  | Enquiry of management and those charged with governance around actual and potential litigation and claims |

- |  | Enquiry of company staff with responsibilities for compliance matters to identify any instances of non-compliance with laws and regulations |

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

- |  | Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JOHN BOWNES LIMITED

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.

Michael Benson (Senior Statutory Auditor)

for and on behalf of Murray Smith LLP

Chartered Accountants

Statutory Auditor

Darland House

44 Winnington Hill

Northwich

Cheshire

CW8 1AU

9 April 2026

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

INCOME STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 16,597,063 |  | 15,041,335 |  |

Cost of sales | 15,724,418 |  | 14,118,170 |  |

GROSS PROFIT | 872,645 |  | 923,165 |  |

Distribution costs | 131,238 |  | 181,407 |  |

Administrative expenses | 642,230 |  | 639,922 |  |

|  |  | 773,468 |  |  |  |  | 821,329 |  |

OPERATING PROFIT | 4 | 99,177 |  | 101,836 |  |

Interest payable and similar expenses | 5 | 102,254 |  | 80,962 |  |

(LOSS)/PROFIT BEFORE TAXATION | (3,077 | ) | 20,874 |  |

Tax on (loss)/profit | 6 | (12,334 | ) | 10,244 |  |

PROFIT FOR THE FINANCIAL YEAR | 9,257 |  | 10,630 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 9,257 |  | 10,630 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 9,257 |  | 10,630 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

BALANCE SHEET

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,481,872 |  | 1,603,462 |  |

CURRENT ASSETS

Stocks | 9 | 7,140,225 |  | 6,724,976 |  |

Debtors | 10 | 1,195,942 |  | 919,757 |  |

8,336,167 |  | 7,644,733 |  |

CREDITORS

Amounts falling due within one year | 11 | 6,020,596 |  | 5,885,407 |  |

NET CURRENT ASSETS | 2,315,571 |  | 1,759,326 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,797,443 |  | 3,362,788 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (1,111,327 | ) | (604,785 | ) |

PROVISIONS FOR LIABILITIES | 16 | (188,497 | ) | (216,651 | ) |

NET ASSETS | 2,497,619 |  | 2,541,352 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 35,000 |  | 35,000 |  |

Retained earnings | 18 | 2,462,619 |  | 2,506,352 |  |

SHAREHOLDERS' FUNDS | 2,497,619 |  | 2,541,352 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2026 and were signed on its behalf by:

J C Bownes - Director

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 November 2023 | 35,000 |  | 2,545,722 |  | 2,580,722 |  |

Changes in equity

Dividends | - |  | (50,000 | ) | (50,000 | ) |

Total comprehensive income | - |  | 10,630 |  | 10,630 |  |

Balance at 31 October 2024 | 35,000 |  | 2,506,352 |  | 2,541,352 |  |

Changes in equity

Dividends | - |  | (52,990 | ) | (52,990 | ) |

Total comprehensive income | - |  | 9,257 |  | 9,257 |  |

Balance at 31 October 2025 | 35,000 |  | 2,462,619 |  | 2,497,619 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 84,312 |  | 1,181,395 |  |

Interest paid | (85,109 | ) | (68,626 | ) |

Interest element of hire purchase payments paid | (17,145 | ) | (12,336 | ) |

Tax paid | 3,586 |  | (87,209 | ) |

Net cash from operating activities | (14,356 | ) | 1,013,224 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (377,681 | ) | (1,128,008 | ) |

Sale of tangible fixed assets | 413,031 |  | 301,943 |  |

Net cash from investing activities | 35,350 |  | (826,065 | ) |

Cash flows from financing activities

New loans in year | 60,000 |  | 642,000 |  |

New consignment stock | 2,425,778 |  | 2,283,661 |  |

Stocking finance | 4,479,757 |  | 3,118,964 |  |

New HP finance | 449,103 |  | 204,710 |  |

Capital repayments in year | (7,910,645 | ) | (6,388,928 | ) |

Amount withdrawn by directors | - |  | (52,005 | ) |

Equity dividends paid | (52,990 | ) | (50,000 | ) |

Net cash from financing activities | (548,997 | ) | (241,598 | ) |

Decrease in cash and cash equivalents | (528,003 | ) | (54,439 | ) |

Cash and cash equivalents at beginning of year | 2 | (397,100 | ) | (342,661 | ) |

Cash and cash equivalents at end of year | 2 | (925,103 | ) | (397,100 | ) |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (3,077 | ) | 20,874 |  |

| Depreciation charges | 173,537 |  | 157,971 |  |

| Profit on disposal of fixed assets | (87,297 | ) | (64,633 | ) |

| Finance costs | 102,254 |  | 80,962 |  |

185,417 |  | 195,174 |  |

| (Increase)/decrease in stocks | (415,249 | ) | 892,896 |  |

| (Increase)/decrease in trade and other debtors | (276,185 | ) | 609,011 |  |

| Increase/(decrease) in trade and other creditors | 590,329 |  | (515,686 | ) |

| Cash generated from operations | 84,312 |  | 1,181,395 |  |

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 October 2025

| 31.10.25 |  | 1.11.24

£ | £ |

| Bank overdrafts | (925,103 | ) | (397,100 | ) |

| Year ended 31 October 2024

| 31.10.24 |  | 1.11.23

£ | £ |

| Bank overdrafts | (397,100 | ) | (342,661 | ) |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.11.24 | Cash flow | At 31.10.25

£ | £ | £ |

| Net cash |

| Bank overdrafts | (397,100 | ) | (528,003 | ) | (925,103 | ) |

(397,100 | ) | (528,003 | ) | (925,103 | ) |

| Debt

| Finance leases | (177,966 | ) | (150,970 | ) | (328,936 | ) |

| Debts falling due within 1 year | (4,668,941 | ) | 1,032,405 |  | (3,636,536 | ) |

| Debts falling due after 1 year | (527,140 | ) | (385,428 | ) | (912,568 | ) |

(5,374,047 | ) | 496,007 |  | (4,878,040 | ) |

| Total | (5,771,147 | ) | (31,996 | ) | (5,803,143 | ) |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| John Bownes 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Significant judgements and key estimates

| The company continually reviews its approach to estimations and judgements within the financial statements with a view to mitigate material misstatements. Historical experience along with other factors are used to create prudent accounting policies. Combining these policies with informed forecasts of the company's future, enables fair and consistent assumptions and estimates to be concluded.

| Significant provisions are monitored by management and best estimates are maintained in accordance with any legal or contractual requirements.

| Turnover

| Turnover is the total amount, excluding value added tax, of sales of goods and services and hire charges invoiced by the company to third parties during the year.

| 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.

| Rainbow garage | - | 2% on cost

| Hire fleet | - | 15% on reducing balance

| Fixtures, fittings & computer equipment |  | - | 33.3% on reducing balance and 10% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Foden Traction engine | - | 10% on reducing balance

| Stocks

| Stock is valued at the lower of cost and net realisble value, after making due allowance for obsolete and slow moving items.

| Cost is the amount invoiced by the supplier.

| 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.

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

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

| Hire purchase and leasing commitments

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

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

| Cash and cash equivalents

| Cash in the statement of financial position comprises cash at banks and on hand.

| Financial liabilities

| A financial liability is recorded at transaction price and is derecognised when the obligation under the liability is discharged or cancelled or expires.

| Operating leases

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

| Trade debtors

| Trade debtors are recognised at cost less provision for doubtful debts. The recoverability of trade debtors is reviewed on an ongoing basis. A provision for doubtful debtors is established when collection of the full nominal amount is no longer probable. Bad debts are written off as incurred.

| Provisions

| Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and are discounted to present value where the effect is material.

| Employee benefits

| (a) Wages and salaries and annual leave

| Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year.

| (b) Pensions

| The Company operates a defined contribution pension scheme. Contributions to this scheme are recognised in profit or loss in the period in which they become payable.

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,147,397 |  | 1,117,278 |  |

| Social security costs | 120,007 |  | 110,931 |  |

| Other pension costs | 27,919 |  | 26,457 |  |

1,295,323 |  | 1,254,666 |  |

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

| 2025 |  | 2024

| Administration | 3 |  | 4 |  |

| Sales | 7 |  | 6 |  |

| Distribution | - |  | 1 |  |

| Workshop | 16 |  | 15 |  |

| Stores | 7 |  | 5 |  |

33 |  | 31 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 54,032 |  | 52,500 |  |

| Directors' pension contributions to money purchase schemes | 1,620 |  | 1,575 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 82,198 |  | 85,366 |  |

| Depreciation - assets on hire purchase contracts | 91,339 |  | 72,605 |  |

| Profit on disposal of fixed assets | (87,297 | ) | (64,633 | ) |

| Auditors' remuneration | 7,302 |  | 6,889 |  |

| Operating lease payments | - |  | 3,640 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank overdraft interest | 69,973 |  | 56,203 |  |

| Loan interest | 11,177 |  | 11,103 |  |

| Mortgage interest | 3,959 |  | 1,320 |  |

| Hire purchase interest | 17,145 |  | 12,336 |  |

102,254 |  | 80,962 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

6. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 15,820 |  | - |  |

| Deferred tax | (28,154 | ) | 10,244 |  |

| Tax on (loss)/profit | (12,334 | ) | 10,244 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before tax | (3,077 | ) | 20,874 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%) | (769 | ) | 3,966 |  |

| Effects of:

| Other | (11,565 | ) | 6,278 |  |

| Total tax (credit)/charge | (12,334 | ) | 10,244 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 26,495 |  | 25,000 |  |

| Ordinary 'B' shares of £1 each

| Interim | 26,495 |  | 25,000 |  |

52,990 |  | 50,000 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

8. | TANGIBLE FIXED ASSETS

| Fixtures,

| fittings

| Rainbow |  | Hire |  | & computer

| garage |  | fleet |  | equipment

£ | £ | £ |

| COST

| At 1 November 2024 | 720,759 |  | 594,378 |  | 487,718 |  |

| Additions | 11,079 |  | 241,870 |  | 29,289 |  |

| Disposals | - |  | (422,552 | ) | - |  |

| At 31 October 2025 | 731,838 |  | 413,696 |  | 517,007 |  |

| DEPRECIATION

| At 1 November 2024 | - |  | 87,196 |  | 312,085 |  |

| Charge for year | 14,943 |  | 78,251 |  | 22,764 |  |

| Eliminated on disposal | - |  | (96,818 | ) | - |  |

| At 31 October 2025 | 14,943 |  | 68,629 |  | 334,849 |  |

| NET BOOK VALUE

| At 31 October 2025 | 716,895 |  | 345,067 |  | 182,158 |  |

| At 31 October 2024 | 720,759 |  | 507,182 |  | 175,633 |  |

| Foden |

| Motor |  | Traction |

| vehicles |  | engine |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 820,391 |  | 61,000 |  | 2,684,246 |  |

| Additions | 95,443 |  | - |  | 377,681 |  |

| Disposals | - |  | - |  | (422,552 | ) |

| At 31 October 2025 | 915,834 |  | 61,000 |  | 2,639,375 |  |

| DEPRECIATION

| At 1 November 2024 | 627,795 |  | 53,708 |  | 1,080,784 |  |

| Charge for year | 56,850 |  | 729 |  | 173,537 |  |

| Eliminated on disposal | - |  | - |  | (96,818 | ) |

| At 31 October 2025 | 684,645 |  | 54,437 |  | 1,157,503 |  |

| NET BOOK VALUE

| At 31 October 2025 | 231,189 |  | 6,563 |  | 1,481,872 |  |

| At 31 October 2024 | 192,596 |  | 7,292 |  | 1,603,462 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

8. | TANGIBLE FIXED ASSETS - continued

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

| Fixtures, |

| fittings |

| Hire |  | & computer |  | Motor |

| fleet |  | equipment |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 285,646 |  | 45,855 |  | 157,423 |  | 488,924 |  |

| Additions | 166,181 |  | - |  | 85,443 |  | 251,624 |  |

| Disposals | (98,787 | ) | - |  | - |  | (98,787 | ) |

| Transfer to ownership | - |  | (45,855 | ) | - |  | (45,855 | ) |

| At 31 October 2025 | 353,040 |  | - |  | 242,866 |  | 595,906 |  |

| DEPRECIATION

| At 1 November 2024 | 21,376 |  | 9,951 |  | 57,405 |  | 88,732 |  |

| Charge for year | 55,531 |  | 3,591 |  | 32,217 |  | 91,339 |  |

| Eliminated on disposal | (19,104 | ) | - |  | - |  | (19,104 | ) |

| Transfer to ownership | - |  | (13,542 | ) | - |  | (13,542 | ) |

| At 31 October 2025 | 57,803 |  | - |  | 89,622 |  | 147,425 |  |

| NET BOOK VALUE

| At 31 October 2025 | 295,237 |  | - |  | 153,244 |  | 448,481 |  |

| At 31 October 2024 | 264,270 |  | 35,904 |  | 100,018 |  | 400,192 |  |

9. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 7,140,225 |  | 6,724,976 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 919,363 |  | 716,302 |  |

| Other debtors | 221,523 |  | 162,686 |  |

| Prepayments and accrued income | 55,056 |  | 40,769 |  |

1,195,942 |  | 919,757 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 925,103 |  | 397,100 |  |

| Other loans (see note 13) | 3,636,536 |  | 4,668,941 |  |

| Hire purchase contracts (see note 14) | 130,177 |  | 100,321 |  |

| Trade creditors | 1,099,513 |  | 471,300 |  |

| Corporation tax | 19,406 |  | - |  |

| Social security and other taxes | 136,154 |  | 25,514 |  |

| Accrued expenses | 73,707 |  | 222,231 |  |

6,020,596 |  | 5,885,407 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

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

2025 | 2024 |

£ | £ |

| Other loans (see note 13) | 912,568 |  | 527,140 |  |

| Hire purchase contracts (see note 14) | 198,759 |  | 77,645 |  |

1,111,327 |  | 604,785 |  |

13. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 925,103 |  | 397,100 |  |

| Other loans | 205,000 |  | 202,000 |  |

| Stocking finance | 3,380,128 |  | 4,415,533 |  |

| Mortgage | 51,408 |  | 51,408 |  |

4,561,639 |  | 5,066,041 |  |

| Amounts falling due between one and two years:

| Stocking finance | 645,519 |  | 208,684 |  |

| Mortgage | 267,049 |  | 318,456 |  |

912,568 |  | 527,140 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 130,177 |  | 100,321 |  |

| Between one and five years | 198,759 |  | 77,645 |  |

328,936 |  | 177,966 |  |

| The hire purchase contracts are secured on tractors and other machinery and are repayable over periods of between 3 and 5 years.

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | - |  | 3,640 |  |

| Between one and five years | - |  | 2,124 |  |

- |  | 5,764 |  |

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 925,103 |  | 397,100 |  |

| Hire purchase contracts | 328,936 |  | 177,966 |  |

| Stocking finance | 4,025,647 |  | 4,624,217 |  |

| Mortgage | 318,457 |  | 369,864 |  |

5,598,143 |  | 5,569,147 |  |

| The bank overdraft is secured by a debenture against the company's assets and a limited guarantee of £550,000 by the director, JC Bownes.

| Hire purchase debts are secured against the assets to which they relate.

| Stocking finance is secured on individual items held in stock.

| The mortgage is secured on the related property.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Capital allowances in excess of depreciation | 188,497 |  | 216,651 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 216,651 |  |

| Accelerated capital allowances | (28,154 | ) |

| Balance at 31 October 2025 | 188,497 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 17,500 | Ordinary | £1 | 17,500 |  | 17,500 |  |

| 14,000 | Ordinary 'A' | £1 | 14,000 |  | 14,000 |  |

| 3,500 | Ordinary 'B' | £1 | 3,500 |  | 3,500 |  |

35,000 |  | 35,000 |  |

| All shares are entitled to dividends and a pro rata distribution on any winding up. There are no particular restrictions on any share class.

JOHN BOWNES LIMITED (REGISTERED NUMBER: 01440166)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

18. | RESERVES

| Retained

| earnings

£ |

| At 1 November 2024 | 2,506,352 |  |

| Profit for the year | 9,257 |  |

| Dividends | (52,990 | ) |

| At 31 October 2025 | 2,462,619 |  |

19. | RELATED PARTY DISCLOSURES

| During the year the following dividends were paid to the directors:

| JC Bownes £26,495

| JD Bownes £26,495

| At the year end a total of £205,000 was due to the directors and their close families.

| These amounts are unsecured and repayable on demand.

20. | ULTIMATE CONTROLLING PARTY

| During the year the company was under the control of its directors who together control 74% of the issued share capital.