The directors present the strategic report for the year ended 30 April 2025.

As shown in the group’s statement of comprehensive income, revenue for the year has fallen by 2% whilst profit before tax fell by 60%. Although there is a large fall in profit before taxes, the group remains very profitable. This fall was brought on by an increasingly competitive bulk sawdust market where sales prices have been squeezed, the loss of a major raw material supplier in winter 2024 and the decision made in April 2025 to change the sources of our raw material.

The group continues to maintain strong controls over fixed costs and other overheads whilst also investing in manufacturing capability, quality, marketing and research and development to enable it to achieve its profitability targets

The results of the group are a testament to the hard work by it’s directors and employees, who are up against an extremely challenging regulatory environment and the ever-increasing burden of red tape and financial pressures that it brings.

There are a number of risks and uncertainties that can impact on the performance of RA & CE Platt Limited, some of which are beyond the control of the group.

The group’s principal trading company, Platts Agriculture Limited, is currently engaged in an ongoing dispute with Natural Resources Wales (“NRW”). The Company has always maintained that the raw materials it sources for its animal bedding products are by-products from other processes. However, after a visit in March 2020, NRW determined that these materials are waste products, not by-products.

As a result, the Company was required to obtain a permit to operate in Wales. Believing the permit was merely a formality, the Company applied, but in November 2024, following significant delays, NRW denied the application.

The Company was deeply disappointed by this decision, especially given that similar businesses in England are not required to obtain a permit under the Environment Agency's regulations. After battling the decision for over 5 years and engaging with a number of different experts across the sector, the directors have now taken the decision based on a pre-cautionary approach, to cease collecting the material that NRW had issue with and replace this with alternative sources of material.

In December 2025, the Company was fined by NRW with all associated costs being settled in January 2026. The Directors feel that matter has now been brought to a close.

The Company has been proactive in developing several alternative strategies to mitigate the loss of this material. These include sourcing replacement materials, expanding into a new business that supports the agricultural sector, and exploring new opportunities to complement the original business. Business models and forecasts have been prepared for this new source of material and alternative income streams.

These contingency plans ensure the Company remains a going concern.

In addition, the directors consider the three most significant risks faced by the Group are; the knock-on effect of the UK’s withdrawal from the European Union, the increase in fuel and energy prices brought on by global conflicts and uncertainty and lack of clarity over the actions of government regulations. These risks are overseen by the Board as a whole and are internally managed by the Senior Management team and are effectively communicated via the monthly and weekly structured meetings and formal communication channels.

The group monitors market trends and risks on an ongoing basis and takes corrective action as and when required.

Key performance indicators continue to be used throughout the business, and the financial indicators such as turnover, gross profit margin, profit before tax, trade debtors and stock levels are set out in the body of the accounts.

The cash balance at the year-end was positive and the group maintains strong cash control which has enabled it to meet its obligations to suppliers and other creditors as they fall due.

The directors also consider other non-financial indicators to monitor the performance of the business. These include:

• The group’s ability to react to market conditions with a flexible approach to their manufacturing and distribution capabilities.

• Research and development. The group continues with a robust policy to develop new products to enhance its position in the marketplace.

Employees

Headcount - the number of employees employed by the group in 2025 rose to 64 (2024: 61).

Recruitment initiatives identified and implemented the need for agile, muti-disciplined/skilled individual's that have the developmental ambitions in line with the Company growth strategy.

Post-pandemic employee initiatives amplified health and well-being in line with Group’s core values, with extensive emphasis in relation to bespoke mental-health interventions specific for individual needs and care.

Culture
Platts values of passion, loyalty, accountability, trust, transparency, and sustainability are the bedrock for the company’s culture and testament to its growing success and resilience in what is an extremely challenging environment.

Accolades

The group continues to be recognised as a multi-award-winner and an influential leader in many local business community incentives and steering groups.

In May 2024, Managing Director Caroline Platt was a finalist in the IOD Wales – SME Director of the year whilst Director Chris Whittaker was Highly Commended in the IOD Wales – Young Director awards.

Once again, in October 2024, Chris Whittaker’s achievements were recognised where he was a finalist in the British Farming Awards for his work on Shout About Farming in the Content Creator category. He also won the Emerging Logistics Leader award at the Logistics Leaders Network.

In November 2024 the Group were finalists in the WCNW Chamber of Commerce Awards for 2024 Business of the Year and the Made in Wrexham Award. Caroline Platt was named as the “One to Watch 2024” by Family Business UK.

In October 2025, Platts Transport won a Health and Safety Leadership Award from the Logistic Leaders Network whilst in November 2025, the Group won the WCNW Chamber of Commerce Made a Difference Award for our work with the Farming Community Network and Shout About Farming.

Accreditations

We were awarded with a Quality Management Certification (SQMAS) in April 2023 (renewed April 2024), Health & Safety ISO 45001 in November 2023 and Seren Environmental Phase 5 in May 2023. In the summer of 2025 we signed the Armed Forces Covenant: Silver Award.

Strategic Pillars

The commencement of 2023 identified the business’ core strategic pillars launched to identify and set key business goals for future growth whilst developing a high performing team. These strategic pillars were key to the success of 2024 and 2025 and continue to be developed and adapted to suit an ever-changing business landscape.

Shout About Farming

We launched the Shout About Farming campaign in February 2024 to address the gap in consumer understanding of the agricultural industry. Recognising that the general public relies on social media platforms for information, we felt a responsibility to bridge this gap by making farming more accessible and relatable to non-farming audiences on these platforms.

Through weekly video releases, gaining over 1 million organic views, we have not only educated consumers about the industry but also highlighted it’s highlights and challenges. Through this we have created greater transparency and trust in the industry and reinforced our commitment to sustaining this sector. 

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 April 2025.

The principal activity of the company is that of a holding company. The principal activity of the group is the supply of animal bedding products.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £391,893. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

There have been no significant events affecting the Group since the reporting date.

The group plans to continue to grow the business and its reputation throughout the industry. The external commercial environment is expected to remain competitive but management remain confident that the group will maintain or increase its market share going forward.

The auditors, SJC, Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of R A & C E Platt Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Emphasis of matter

We draw attention to note 1.4 to the financial statements, which describes an ongoing dispute between Natural Resources Wales ('NRW') and the group principal trading company, Platts Agriculture Limited, regarding the historical requirement for an operating permit. As outlined in the note, should the company be unsuccessful in this matter, a financial penalty may be imposed, however the amount of any such penalty cannot be reliably estimated at the date of approval of the financial statements, accordingly no provision has been recognised in the accounts. Our opinion is not modified in respect of this matter.

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with legal advisors, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance 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 or intentional misrepresentations, or through collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• 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. 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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by section 408 of the Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £440,167 (2024 - £569,327 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

R A & C E Platt Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Miners Park, Miners Road, Llay Industrial Estate North, Llay, Wrexham, LL12 0PJ.

The group consists of R A & C E Platt Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated financial statements include the financial statements of the Company and all group undertakings drawn up to 30 April 2025. The consolidated accounts merge the financial statements of those undertakings which are owned by the shareholders of R A & C E Platt Limited as if they had always been owned. Accordingly, in those years when mergers take place, the whole results, assets and liabilities and shareholder funds of the merged companies are consolidated, and corresponding figures for previous years are re-stated.

The consolidated group financial statements consist of the financial statements of the parent Company R A & C E Platt Limited together with all entities controlled by the parent Company (its subsidiaries).

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the directors have a reasonable expectation that the Group and parent Company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Group's principal trading Company, Platts Agriculture Limited, is currently engaged in an ongoing dispute with Natural Resources Wales (“NRW”). The Company has always maintained that the raw materials it sources for its animal bedding products are byproducts from other processes. However, after a visit in March 2020, NRW determined that these materials are waste products, not by-products. As a result, the Company was required to obtain a permit to operate in Wales. Believing the permit was merely a formality, the Company applied, but in November 2024, following significant delays, NRW denied the application. The Company has since ceased using the raw materials subject to dispute and have sourced alternative materials. However the matter under consideration by NRW relates to the historical requirement for an operating permit.

A court hearing is scheduled for the end of May 2026. The Company's legal counsel considers it likely that a settlement will be reached in advance of the hearing, however discussions are on-going and financial penalties are not currently being negotiated. In the event that a settlement is not achieved and the outcome of the hearing is unfavourable, the directors intend to pursue an appeal.

Taking the above factors into consideration, including the directors' assessment of the Group's trading performance and target deliverables, together with ongoing support from its banking facilities, the directors do not consider that any potential financial penalty arising from the pending court-case with Platts Agriculture Limited would be of such magnitude as to jeopardise the Group's ability to continue as a going concern.

In the event of an adverse outcome, the directors plan to secure appropriate funding as a result, the Directors believe the Company and Group remain a going concern.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

The directors are considered key management personnel.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The carrying value of land and buildings comprises:

Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within company tangible fixed assets is £2,648,551 (2024 - £2,617,604). The carrying value of these investment properties included within group tangible fixed assets is £2,648,551 (2024 - £2,617,604).

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Details of the company's subsidiaries at 30 April 2025 are as follows:

*The companies listed above that are subsidiary companies of R A & C E Platt Limited have taken advantage of the exemption from audit available under Section 479A of the Companies Act 2006 relating to subsidiary companies. In order for the subsidiary companies to claim this exemption the parent company guarantees all outstanding liabilities which the subsidiary companies listed above are subject to at the end of the financial year, until they are satisfied in full. The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary companies listed above are liable in respect of those liabilities.

A long term loan balance of £861,987 (2024: £911,572) matures in 2037. Repayments on this loan are made on a quarterly basis and interest on the loan is charged at a rate of 5.15%.The loan is secured by fixed charges over all the assets of the group.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

In December 2025 part of the ongoing legal dispute between Platts Agriculture Limited and Natural Resources Wales was settled. The settlement resulted in a fine of £44,410 which was paid in January 2026. This has been considered an adjusting event and as such, a provision has been recognised in the financial statements.

The Company has taken advantage of the exemption available under FRS 102 "Related Party Disclosures" whereby it has not disclosed transactions with its parent company or any wholly owned subsidiary undertaking of the group.

Included within other debtors is £11,844 (2024: £10,196) which was owed by We Are Shift Limited, a company which is wholly owned and controlled by a shareholder of Platts Transport Limited. This amount is unsecured, bears no interest and is repayable on demand.

Also included within other debtors is £71,693 (2024: £45,182) which was owed to the company by It's Just Content Limited, a company which is wholly owned and controlled by two shareholders of Platts Transport Limited. This amount is unsecured, bears no interest and is repayable on demand.

Also included within other debtors is £36,751 (2024: £Nil) which was owed to the company by It's More Than Just Coffee Ltd, a company which is wholly owned and controlled by two shareholders of R A & C E Platt Limited. This amount is unsecured, bears no interest and is repayable on demand.

Dividends totalling £391,893 (2024 - £577,492) were paid in the year in respect of shares held by the company's directors.

Interest free loans, which have been repaid post year end, were granted by the group to its directors as follows:

The Group's principal trading company, Platts Agriculture Limited, has an ongoing dispute with National Resources Wales (“NRW”) as detailed in Note 1.4. Should the Company be unsuccessful in this matter, a financial penalty may be imposed by NRW. At the date of approval of these financial statements, the directors are unable to reliably estimate the amount of any potential obligation. Accordingly, no provision has been recognised in the financial statements.