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REGISTERED NUMBER: 14422581 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| FOR |

| AGRI FEED HOLDINGS LIMITED |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Income Statement | 10 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 20 |

AGRI FEED HOLDINGS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | A A Borrowdale

| J E Lea

| SECRETARY: | M T Cookson

| REGISTERED OFFICE: | Aston Mill

| Aston

| Nantwich

| Cheshire

| CW5 8DH

| REGISTERED NUMBER: | 14422581 (England and Wales)

| AUDITORS: | Harold Sharp Limited

| Statutory Auditors and Chartered Accountants

| 5 Brooklands Place

| Brooklands Road

| Sale

| Cheshire

| M33 3SD

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their strategic report of the company and the group for the year ended 31 August 2025.

REVIEW OF BUSINESS

The company was incorporated on 17 October 2022 as a new holding company to head up the group. On 5 April 2024 Agri Feed Holdings Limited acquired 100% of the equity shareholding of Oakes Millers Limited, H J Lea Oakes Limited, Dodson & Horrell Limited, Wheelock Scientific Services Limited, M E Waterhouse Limited and H J Lea Equine Limited. The acquisition of the equity shareholdings was part of a group reconstruction. During 2025 the group disposed of its investment in Wheelock Scientific Services Limited.

The results for the year and financial position of the company and group are set out in the financial statements.

The year saw more settled raw material prices. However other business overheads continued to experience inflationary pressure. Farmgate prices remain volatile and government policy, particularly on IHT has added more pressure and uncertainty to a large part of the customer base.

The Board continues to invest significantly in continuous improvement across the Companies. Several advanced manufacturing initiatives have contributed to efficiency gains across various production and administrative processes. This has been key to mitigating the continued cost pressures experienced in key commodities and services.

During the year, the Group celebrated 350 years of continuous milling operations. This milestone provided an opportunity to reflect on the immense contributions of its staff and communities over many generations. The Board believes that to sustain this legacy into the future, the Group must continue to focus on the excellence-first approach to its customers that has led it thus far. This is achieved by investment in its people, investment in the efficient and world-class nature of its operations, investment in relationships with suppliers, and investment in the management of supply chain and environmental risks.

PRINCIPAL RISKS AND UNCERTAINTIES

Managing commodity prices remains a key skill. The company and group's exposure to risk on the price of its raw materials is managed by the use of contracts with suppliers which are negotiated at the start of each trading season.

Further requirements over the contracted amounts are purchased on the open market at current market prices and matched with current sales.

The company and group's exposure to risk on credit is managed effectively through the company and group's normal credit terms.

SECTION 172(1) STATEMENT

Engagement with employees

It is the policy of the company and group to encourage and develop every employee to realise their maximum potential. Wherever possible, vacancies are filled from within the company and group and adequate opportunities for internal promotion are created.

The company and group has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company and group.

The Group is committed to providing equal opportunities to all employees, irrespective of their gender, sexual orientation, marital status, race, nationality, ethnic origin, disability, age, or religion.

Engagement with suppliers, customers and others

The group strives to have strong mutually beneficial relationships with suppliers, customers and government bodies. The directors continually assess these stakeholders to ensure the strategy of the group is delivered in the best way over the long term. The group assesses the impact on the company's operations on the community and is pleased to be able to support many local initiatives.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling, with the only foreign currency transactions being covered by suitable currency contracts to minimise exposure to exchange rate volatility. The group does not enter into any formally designated hedging arrangements.

FUTURE DEVELOPMENTS

The group has a programme of capital expenditure to ensure that the business remains competitive in a difficult market.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Group's energy consumption for the year was 39,962,721 kWH (2024: 36,583,543), resulting in total gross tCO2e emissions of 8,875 (2024: 8,521):

Emissions from purchased electricity, including for the purposes of transport (tCO2e) of 2,857 (2024: 2,897)

Emissions from the combustion of gas (tCO2e) of 2,383 (2024: 2,137)

Emissions from the consumption of fuel for the purposes of transport (tCO2e) of 3,634 (2024: 3,487)

Intensity Ratio: tCO2e per £m EBITDA of 0.00110 (2024: 0.00152)

These figures have been compiled in accordance with the 2019 UK Government environmental reporting guidelines and the UK Government 2025 GHG Conversion Factors. The scope includes all Group sites in the UK. We have exported electricity from on-site solar panels to the grid. We have multiplied the amount of electricity by the grid average emissions factor and deducted the emissions figure from our gross emissions figure.

The Group is committed to reducing its carbon footprint and participates in a Climate Change Agreement. The Group also participates in the UK Government Energy Savings Opportunity Scheme. The Group has taken energy efficient action by self-generating a proportion of its energy from renewable sources. LED lighting and electrical car charging continue to be installed throughout the year.

FINANCIAL KEY PERFORMANCE INDICATORS

The KPIs that the group uses are relevant to the type of business it operates in. The financial KPIs are specifically related to volumes, growth, turnover and balance sheet strength, are monitored on a continuous basis and the directors are satisfied with their performance.

ON BEHALF OF THE BOARD:

M T Cookson - Secretary

21 January 2026

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of animal feed manufacture.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTORS

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

A A Borrowdale

J E Lea

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen to set out information in respect of financial instruments and future developments in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

AUDITORS

The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M T Cookson - Secretary

21 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AGRI FEED HOLDINGS LIMITED

Opinion

We have audited the financial statements of Agri Feed Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AGRI FEED HOLDINGS LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AGRI FEED HOLDINGS LIMITED

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:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, liquor licensing laws and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation, bad debt provision, stock provision, and accrued costs.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets , including stock.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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

AGRI FEED HOLDINGS 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.

Karen Dent (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

21 January 2026

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2025 |  | 2025

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 4 | 177,130,490 |  | 567,257 |  | 177,697,747 |  |

Cost of sales | (136,032,586 | ) | (92,472 | ) | (136,125,058 | ) |

GROSS PROFIT | 41,097,904 |  | 474,785 |  | 41,572,689 |  |

Distribution costs | (14,149,898 | ) | - |  | (14,149,898 | ) |

Administrative expenses | (22,049,642 | ) | (462,824 | ) | (22,512,466 | ) |

4,898,364 |  | 11,961 |  | 4,910,325 |  |

Other operating income | 68,765 |  | - |  | 68,765 |  |

OPERATING PROFIT | 6 | 4,967,129 |  | 11,961 |  | 4,979,090 |  |

Profit/loss on sale of

operations | 7 | 11,821 |  | - |  | 11,821 |  |

4,978,950 |  | 11,961 |  | 4,990,911 |  |

Income from fixed asset investments | 560 |  | - |  | 560 |  |

Interest payable and similar expenses | 8 | (218,725 | ) | - |  | (218,725 | ) |

PROFIT BEFORE TAXATION | 4,760,785 |  | 11,961 |  | 4,772,746 |  |

Tax on profit | 9 | (1,490,178 | ) | (11,553 | ) | (1,501,731 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,270,607 |  | 408 |  | 3,271,015 |  |

Profit attributable to:

Owners of the parent | 3,271,015 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

| 2024 |  | 2024 |  | 2024

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 4 | 166,481,770 |  | 281,451 |  | 166,763,221 |  |

Cost of sales | (130,662,224 | ) | (26,372 | ) | (130,688,596 | ) |

GROSS PROFIT | 35,819,546 |  | 255,079 |  | 36,074,625 |  |

Distribution costs | (12,722,687 | ) | - |  | (12,722,687 | ) |

Administrative expenses | (21,361,756 | ) | (247,492 | ) | (21,609,248 | ) |

1,735,103 |  | 7,587 |  | 1,742,690 |  |

Other operating income | 86,603 |  | - |  | 86,603 |  |

OPERATING PROFIT | 6 | 1,821,706 |  | 7,587 |  | 1,829,293 |  |

Income from fixed asset investments | 1,725 |  | - |  | 1,725 |  |

Interest payable and similar expenses | 8 | (250,077 | ) | - |  | (250,077 | ) |

PROFIT BEFORE TAXATION | 1,573,354 |  | 7,587 |  | 1,580,941 |  |

Tax on profit | 9 | (916,785 | ) | (1,894 | ) | (918,679 | ) |

PROFIT FOR THE FINANCIAL YEAR | 656,569 |  | 5,693 |  | 662,262 |  |

Profit attributable to:

Owners of the parent | 662,262 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,271,015 |  | 662,262 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,271,015 |  | 662,262 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,271,015 |  | 662,262 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | 318,748 |  |

Tangible assets | 12 | 18,184,726 |  | 17,635,689 |  |

Investments | 13 | 22,800 |  | 22,800 |  |

18,207,526 |  | 17,977,237 |  |

CURRENT ASSETS

Stocks | 14 | 5,615,570 |  | 5,665,730 |  |

Debtors | 15 | 22,084,484 |  | 20,033,041 |  |

Cash at bank | 51,748 |  | 9,669 |  |

27,751,802 |  | 25,708,440 |  |

CREDITORS

Amounts falling due within one year | 16 | 17,608,981 |  | 18,633,150 |  |

NET CURRENT ASSETS | 10,142,821 |  | 7,075,290 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 28,350,347 |  | 25,052,527 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (3,340,000 | ) | (3,693,617 | ) |

PROVISIONS FOR LIABILITIES | 22 | (1,492,733 | ) | (1,112,311 | ) |

NET ASSETS | 23,517,614 |  | 20,246,599 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 32,800 |  | 32,800 |  |

Other reserves | 24 | 329,809 |  | 329,809 |  |

Retained earnings | 24 | 23,155,005 |  | 19,883,990 |  |

SHAREHOLDERS' FUNDS | 23,517,614 |  | 20,246,599 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2026 and were signed on its behalf by:

J E Lea - Director

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

COMPANY BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 1,935,625 |  | 2,735,625 |  |

1,935,625 |  | 2,735,625 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,977,225 |  | 4,051,825 |  |

NET CURRENT LIABILITIES | (2,977,225 | ) | (4,051,825 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,041,600 | ) | (1,316,200 | ) |

CAPITAL AND RESERVES

Called up share capital | 23 | 32,800 |  | 32,800 |  |

Retained earnings | 24 | (1,074,400 | ) | (1,349,000 | ) |

SHAREHOLDERS' FUNDS | (1,041,600 | ) | (1,316,200 | ) |

Company's profit/(loss) for the financial year | 274,600 |  | (1,349,000 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2026 and were signed on its behalf by:

J E Lea - Director

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 September 2023 | 100 |  | 19,221,728 |  | 362,609 |  | 19,584,437 |  |

Changes in equity

Issue of share capital | 32,700 |  | - |  | - |  | 32,700 |  |

Group reorganisation | - |  | - |  | (32,800 | ) | (32,800 | ) |

Total comprehensive income | - |  | 662,262 |  | - |  | 662,262 |  |

Balance at 31 August 2024 | 32,800 |  | 19,883,990 |  | 329,809 |  | 20,246,599 |  |

Changes in equity

Total comprehensive income | - |  | 3,271,015 |  | - |  | 3,271,015 |  |

Balance at 31 August 2025 | 32,800 |  | 23,155,005 |  | 329,809 |  | 23,517,614 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 September 2023 | 100 |  | - |  | 100 |  |

Changes in equity

Issue of share capital | 32,700 |  | - |  | 32,700 |  |

Total comprehensive income | - |  | (1,349,000 | ) | (1,349,000 | ) |

Balance at 31 August 2024 | 32,800 |  | (1,349,000 | ) | (1,316,200 | ) |

Changes in equity

Total comprehensive income | - |  | 274,600 |  | 274,600 |  |

Balance at 31 August 2025 | 32,800 |  | (1,074,400 | ) | (1,041,600 | ) |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,184,765 |  | 5,831,854 |  |

Interest paid | (211,606 | ) | (242,618 | ) |

Interest element of hire purchase payments paid | (7,119 | ) | (7,459 | ) |

Tax paid | (1,370,188 | ) | (787,262 | ) |

Net cash from operating activities | 4,595,852 |  | 4,794,515 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (3,600,625 | ) | (4,291,720 | ) |

Purchase of fixed asset investments | - |  | (100 | ) |

Sale of tangible fixed assets | 42,511 |  | 38,250 |  |

Sale of subsidiary | 8,115 |  | - |  |

Dividends received | 560 |  | 1,725 |  |

Net cash from investing activities | (3,549,439 | ) | (4,251,845 | ) |

Cash flows from financing activities

Loan repayments in year | (350,000 | ) | (2,550,000 | ) |

Capital repayments in year | (76,062 | ) | (78,933 | ) |

Net cash from financing activities | (426,062 | ) | (2,628,933 | ) |

Increase/(decrease) in cash and cash equivalents | 620,351 |  | (2,086,263 | ) |

Cash and cash equivalents at beginning of year | 2 | (5,884,122 | ) | (3,797,859 | ) |

Cash and cash equivalents at end of year | 2 | (5,263,771 | ) | (5,884,122 | ) |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,772,746 |  | 1,580,941 |  |

| Depreciation charges | 2,781,536 |  | 2,253,831 |  |

| Profit on disposal of fixed assets | (34,167 | ) | (14,390 | ) |

| Amortisation charge | 160,417 |  | 160,417 |  |

| Impairment of goodwill | 158,331 |  | 1,349,000 |  |

| Profit on disposal of subsidiary | (11,821 | ) | - |  |

| Finance costs | 218,725 |  | 250,077 |  |

| Finance income | (560 | ) | (1,725 | ) |

8,045,207 |  | 5,578,151 |  |

| Decrease in stocks | 50,160 |  | 1,491,224 |  |

| Increase in trade and other debtors | (1,684,361 | ) | (90,697 | ) |

| Decrease in trade and other creditors | (226,241 | ) | (1,146,824 | ) |

| Cash generated from operations | 6,184,765 |  | 5,831,854 |  |

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 August 2025

| 31/8/25 |  | 1/9/24

£ | £ |

| Cash and cash equivalents | 51,748 |  | 9,669 |  |

| Bank overdrafts | (5,315,519 | ) | (5,893,791 | ) |

(5,263,771 | ) | (5,884,122 | ) |

| Year ended 31 August 2024

| 31/8/24 |  | 1/9/23

£ | £ |

| Cash and cash equivalents | 9,669 |  | 21,700 |  |

| Bank overdrafts | (5,893,791 | ) | (3,819,559 | ) |

(5,884,122 | ) | (3,797,859 | ) |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/9/24 | Cash flow | At 31/8/25

£ | £ | £ |

| Net cash |

| Cash at bank | 9,669 |  | 42,079 |  | 51,748 |  |

| Bank overdrafts | (5,893,791 | ) | 578,272 |  | (5,315,519 | ) |

(5,884,122 | ) | 620,351 |  | (5,263,771 | ) |

| Debt

| Finance leases | (79,679 | ) | 76,062 |  | (3,617 | ) |

| Debts falling due after 1 year | (3,690,000 | ) | 350,000 |  | (3,340,000 | ) |

(3,769,679 | ) | 426,062 |  | (3,343,617 | ) |

| Total | (9,653,801 | ) | 1,046,413 |  | (8,607,388 | ) |

4. | DISPOSAL OF BUSINESS

| On 20 August 2025 the group disposed of Wheelock Scientific Services Limited for £25,000. At that date Wheelock Scientific Services Limited had a cash balance of £16,885 and net assets of £13,179.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

| Agri Feed Holdings Limited was incorporated on 17 October 2022 as a new holding company to head up the group reorganisation. On 5 April 2024 Agri Feed Holdings Limited acquired 100% of the equity share capital of Oakes Millers Limited, H J Lea Oakes Limited, Dodson & Horrell Limited, Wheelock Scientific Services Limited, M E Waterhouse Limited and H J Lea Equine Limited.

| Agri Feed Holdings Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 14422581 and registered office is Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH. The group's principle activity is that of animal feed manufacturers.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and 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 principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

| The group consolidated financial statements are prepared for the year ended 31 August 2025 in accordance with the principles of merger accounting.

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

| The functional and presentation currency of the financial statements is £ sterling.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in respect of its individual financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| - the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

| - the requirements of Section 7 Statement of Cash Flows;

| - the requirement of Section 33 Related Party Disclosures paragraph 33.7.

| Basis of consolidation

| The group consolidated financial statements include the results of the company and its own subsidiary undertakings ("the Group") as if they form a single entity. Intercompany transactions and a balances between group companies are therefore eliminated in full.

| 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. Control ceases on the date a subsidiary is disposed of.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Business combinations

| Business combinations are accounted for by applying the merger accounting method when a group reorganisation has taken place and the ultimate equity holders remain the same, and the rights of each equity holder, relative to the others, are unchanged.

| Where the merger accounting method is used, the carrying value of the acquired entity's assets and liabilities are bought in at cost and therefore no goodwill arises.

| The result and cash flow of all the combining entities are brought into the combined entity's consolidated financial statements from the beginning of the financial year in which the combination occurred, including the results of the subsidiary for the part of the period before the business combination, as if the subsidiary had always been part of the sub-group. In addition, the comparative information is restated by including the results for all of the combining entities for the previous reporting period.

| Disposals of subsidiaries are accounted for on the date that control ceases.

| Turnover

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

| Turnover is derived from goods and services supplied during the year.

| Goodwill

| Purchased goodwill is amortised on a straight line basis over its estimated useful life from the financial period after acquisition. Goodwill is measured at cost less any accumulated amortisation and any identified impairment losses. Following the impairment of goodwill at 31 August 2025, the goodwill balance is now fully amortised.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives and is provided on the following basis:

| Freehold property |  | 2% on cost |  |

| Plant and machinery |  | 25% on cost, and 15% and 25% reducing balance |  |

| Motor vehicles |  | 20% on cost |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

| At each balance sheet date, the group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Stocks

| Stocks are valued at the lower of cost and net realisable value. Cost includes direct materials and labour costs and also those overheads that have been incurred in bringing the stock to its present location and condition. Net realisable value represents sales value less appropriate selling expenses. Stock comprises of animal feed and retail goods available for sale at petrol stations and pet shops.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with 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 trade debtors, other debtors, amounts due from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

| 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 company after deducting all of its liabilities.

| Basic financial liabilities, including trade creditors, other creditors, loans, bank loans, hire purchase and amounts owed to group undertakings, 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 are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Restatement of share capital

| In the previous year the company's share capital was issued as stated in these financial statements, and not as disclosed in the dormant financial statements for the period ended 31 October 2023. As at 31 October 2023 the company had issued 200 Ordinary 50p shares. The additional 65,400 Ordinary 50p shares were not issued until 5 April 2024.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

| Investments

| Investments in subsidiary undertakings are valued at cost less provision for permanent impairment. Other investments are also stated at cost, less provision for any permanent impairment.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the group has 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

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Trade debtors recoverability

| Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

| Fixed asset investment impairment is considered on an annual basis by the directors. Where impairment of the investment is identified, the directors account for the estimated impairment loss based on the consideration of discounted cashflows over the estimated life of the investment. The carrying amount of investments is included in note 12.

| Amortisation is provided so as to write down goodwill to their residual values over their estimated useful lives as set out in the group's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then amortisation charges in the financial statements would increase and carrying amounts of goodwill would reduce accordingly. The carrying amount of goodwill is included in note 10.

| Accruals

| Accrued expenditure is estimated by the directors at each year end, to ensure that all known liabilities are accounted for in the financial statements.

| From a completeness perspective, the directors are not aware of any other critical judgements within the group that give rise to a significant risk of material adjustment within the next financial year.

4. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 168,570,802 |  | 160,557,301 |  |

| Europe | 7,108,657 |  | 4,182,996 |  |

| Rest of World | 2,018,288 |  | 2,022,924 |  |

177,697,747 |  | 166,763,221 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 13,477,093 |  | 12,217,502 |  |

| Social security costs | 1,429,154 |  | 1,139,799 |  |

| Other pension costs | 487,553 |  | 433,913 |  |

15,393,800 |  | 13,791,214 |  |

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

| 2025 |  | 2024

| Administration, sales and distribution | 138 |  | 129 |  |

| Production | 117 |  | 114 |  |

255 |  | 243 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 153,158 |  | 153,077 |  |

| The directors are remunerated by companies within the group.

| Key management personnel are the directors of the group companies and are remunerated by those companies.

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 2,731,180 |  | 2,203,477 |  |

| Depreciation - assets on hire purchase contracts | 50,355 |  | 50,355 |  |

| Profit on disposal of fixed assets | (34,167 | ) | (14,390 | ) |

| Goodwill amortisation | 160,417 |  | 160,417 |  |

| Auditors' remuneration | 70,000 |  | 70,000 |  |

| Operating lease rentals | 38,000 |  | 38,000 |  |

| Impairment of goodwill | 158,331 |  | 1,349,000 |  |

| Foreign exchange differences | (16,064 | ) | (110,164 | ) |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

6. | OPERATING PROFIT - continued

| The impairment of goodwill of £158,331 (2024: £1,349,000) arises from an impairment of fixed asset investments as a result of the recent performance of the acquisition made in the last few years being below planned levels, driven predominantly by lower volumes due to customer facing products being impacted by the cost of living crisis, the continued Ukraine war and difficult winter 2022/2023 trading period. The continuation of this poor performance in 2025 has led to the further reduction in amortisation period so that goodwill is now fully amortised at 31 August 2025.

| Auditors remuneration for non audit services to the group was £6,750 (2024: £6,750).

| Included within audit fees of £70,000 (2024: £70,000) are remuneration for the company's subsidiary companies of £55,000 (2024: £55,000), which included £10,000 (2024: £10,000) for the audit of Wheelock Scientific Services Limited. Auditors remuneration for the parent company and consolidated financial statements was £10,000 (2024: £10,000).

7. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Profit/loss on sale of

| operations | 11,821 |  | - |  |

| The exceptional item arises as a result of the sale of the group's investment in Wheelock Scientific Services Limited on 20 August 2025.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | (148 | ) | 4,985 |  |

| Other loan interest | 211,754 |  | 237,633 |  |

| Hire purchase | 7,119 |  | 7,459 |  |

218,725 |  | 250,077 |  |

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,071,194 |  | 495,398 |  |

| Prior year tax adjustment | 35,666 |  | (160,353 | ) |

| Total current tax | 1,106,860 |  | 335,045 |  |

| Deferred tax | 394,871 |  | 583,634 |  |

| Tax on profit | 1,501,731 |  | 918,679 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

9. | TAXATION - continued

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,772,746 |  | 1,580,941 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,193,187 |  | 395,235 |  |

| Effects of:

| Expenses not deductible for tax purposes | 73,792 |  | 419,756 |  |

| Income not taxable for tax purposes | (6,250 | ) | (1,460 | ) |

| Capital allowances in excess of depreciation | (195,875 | ) | (364,533 | ) |

| Utilisation of tax losses | 8,655 |  | 46,432 |  |

| Adjustments to tax charge in respect of previous periods | 35,666 |  | (160,354 | ) |

| Deferred tax movement | 394,871 |  | 583,634 |  |

| Marginal relief | - |  | (31 | ) |

| Other | (2,315 | ) | - |  |

| Total tax charge | 1,501,731 |  | 918,679 |  |

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 September 2024 | 799,999 |  |

| Impairments | (158,331 | ) |

| At 31 August 2025 | 641,668 |  |

| AMORTISATION

| At 1 September 2024 | 481,251 |  |

| Amortisation for year | 160,417 |  |

| At 31 August 2025 | 641,668 |  |

| NET BOOK VALUE

| At 31 August 2025 | - |  |

| At 31 August 2024 | 318,748 |  |

| Goodwill arises from acquisitions made during a prior year. Details of the impairment of goodwill are contained in note 6.

12. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 September 2024 | 10,340,706 |  | 24,256,852 |  | 5,189,537 |  | 39,787,095 |  |

| Additions | - |  | 2,797,007 |  | 803,618 |  | 3,600,625 |  |

| Disposals | (8,344 | ) | - |  | (248,920 | ) | (257,264 | ) |

| Disposal of subsidiary | - |  | (321,493 | ) | - |  | (321,493 | ) |

| At 31 August 2025 | 10,332,362 |  | 26,732,366 |  | 5,744,235 |  | 42,808,963 |  |

| DEPRECIATION

| At 1 September 2024 | 549,446 |  | 17,918,897 |  | 3,683,063 |  | 22,151,406 |  |

| Charge for year | 337,725 |  | 1,946,465 |  | 497,345 |  | 2,781,535 |  |

| Eliminated on disposal | - |  | - |  | (248,920 | ) | (248,920 | ) |

| Disposal of subsidiary | - |  | (59,784 | ) | - |  | (59,784 | ) |

| At 31 August 2025 | 887,171 |  | 19,805,578 |  | 3,931,488 |  | 24,624,237 |  |

| NET BOOK VALUE

| At 31 August 2025 | 9,445,191 |  | 6,926,788 |  | 1,812,747 |  | 18,184,726 |  |

| At 31 August 2024 | 9,791,260 |  | 6,337,955 |  | 1,506,474 |  | 17,635,689 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Included in cost of land and buildings is freehold land of £7,240,792 (2024 - £7,249,136) which is not depreciated.

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

| Motor

| vehicles

£ |

| COST

| At 1 September 2024

| and 31 August 2025 | 251,775 |  |

| DEPRECIATION

| At 1 September 2024 | 99,964 |  |

| Charge for year | 50,355 |  |

| At 31 August 2025 | 150,319 |  |

| NET BOOK VALUE

| At 31 August 2025 | 101,456 |  |

| At 31 August 2024 | 151,811 |  |

13. | FIXED ASSET INVESTMENTS

| Group

| Listed

| investments

£ |

| COST

| At 1 September 2024

| and 31 August 2025 | 22,800 |  |

| NET BOOK VALUE

| At 31 August 2025 | 22,800 |  |

| At 31 August 2024 | 22,800 |  |

| Market value of listed investments at 31 August 2025 - £ 36,750 (2024 - £ 34,300 ).

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

13. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 September 2024 | 2,735,625 |  |

| Disposals | (1 | ) |

| Impairments | (799,999 | ) |

| At 31 August 2025 | 1,935,625 |  |

| NET BOOK VALUE

| At 31 August 2025 | 1,935,625 |  |

| At 31 August 2024 | 2,735,625 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Oakes Millers Limited

| Registered office: Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH

| Nature of business: Animal feed manufacturer

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| H J Lea Oakes Limited

| Registered office: Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH

| Nature of business: Agricultural merchanting and distribution

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| M E Waterhouse Limited

| Registered office: Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Dodson & Horrell Limited

| Registered office: Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH

| Nature of business: Equine merchanting and distribution

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

13. | FIXED ASSET INVESTMENTS - continued

| H J Lea Equine Limited

| Registered office: Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Agri-food Europe SAS

| Registered office: France

| Nature of business: Equine merchanting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Indirect holding. Oakes Millers Limited holds 100% of the share capital in Agri-food Europe SAS.

| During 2024 the company acquired 100% of the share capital of Oakes Millers Limited, H J Lea Oakes Limited, Dodson & Horrell Limited, Wheelock Scientific Services Limited, M E Waterhouse Limited and H J Lea Equine Limited, during the group reorganisation. For further details, see note 28. Information regarding the impairment of investments is contained in note 6.

| On 20 August 2025 the company sold its investment in Wheelock Scientific Services Limited.

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 3,713,065 |  | 3,845,643 |  |

| Finished goods | 1,902,505 |  | 1,820,087 |  |

5,615,570 |  | 5,665,730 |  |

| Raw materials constitute ingredients used in the production of animal feed. Finished goods are primarily comprised of animal feed ready for sale and retail products sold in pet shops and petrol stations.

| There is no material difference between the carrying value and replacement cost.

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

| Group |

2025 | 2024 |

£ | £ |

| Trade debtors | 19,931,838 |  | 18,106,695 |  |

| Other debtors | 732,147 |  | 1,266,985 |  |

| Tax | 588,897 |  | 135,333 |  |

| Prepayments | 831,602 |  | 524,028 |  |

22,084,484 |  | 20,033,041 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 5,315,519 |  | 5,893,791 |  | - |  | - |  |

| Hire purchase contracts (see note 19) | 3,617 |  | 76,062 |  | - |  | - |  |

| Trade creditors | 9,657,723 |  | 10,190,485 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 2,977,225 |  | 4,051,825 |  |

| Tax | 212,275 |  | 22,039 |  | - |  | - |  |

| Social security and other taxes | 368,510 |  | 304,241 |  | - |  | - |  |

| Other creditors | 74,144 |  | 49,215 |  | - |  | - |  |

| Accrued expenses | 1,977,193 |  | 2,097,317 |  | - |  | - |  |

17,608,981 |  | 18,633,150 |  | 2,977,225 |  | 4,051,825 |  |

| Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.

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

| Group |

2025 | 2024 |

£ | £ |

| Other loans (see note 18) | 3,340,000 |  | 3,690,000 |  |

| Hire purchase contracts (see note 19) | - |  | 3,617 |  |

3,340,000 |  | 3,693,617 |  |

18. | LOANS

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

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 5,315,519 |  | 5,893,791 |  |

| Amounts falling due in more than five years: |

| Repayable otherwise than by instalments |

| Key management personnel loans | 40,000 |  | 40,000 |  |

| Other loans | 3,300,000 |  | 3,650,000 |  |

3,340,000 |  | 3,690,000 |  |

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

18. | LOANS - continued

| Long term loans have no fixed repayment date. Interest is payable on the loans at a rate determined by the lender which is subject to a commercial arrangement between both parties. The Key Management Personnel loan attracts interest at 1.5% above the bank base rate.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 3,617 |  | 76,062 |  |

| Between one and five years | - |  | 3,617 |  |

3,617 |  | 79,679 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 34,833 |  | 38,000 |  |

| Between one and five years | - |  | 34,833 |  |

34,833 |  | 72,833 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank overdrafts | 5,315,519 |  | 5,893,791 |  |

| Hire purchase contracts | 3,617 |  | 79,679 |  |

5,319,136 |  | 5,973,470 |  |

| The group's borrowing is secured by first charges over the group's freehold property and a cross guarantee in place between three of it's subsidiary companies, being Oakes Millers Limited, H J Lea Oakes Limited and M E Waterhouse Limited.

| Hire purchase liabilities are secured against the assets to which the hire purchase contracts relate to.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

21. | FINANCIAL INSTRUMENTS

| GROUP

| Carrying amount of financial assets

| At 31 August 2025 debt instruments measured at amortised cost amounts to £20,715,733 (2024: £19,383,349).

| At 31 August 2025 equity instruments measured at cost less impairment amount to £22,800 (2024: £22,800).

| Carrying amount of financial liabilities

| Carrying amount of financial liabilities measured at amortised cost at 31 August 2025 amounts to £ 20,368,195 (2024: £19,903,150).

| COMPANY

| Carrying amount of financial assets

| At 31 August 2025 debt instruments measured at amortised cost amounts to £nil (2024: £nil).

| At 31 August 2025 equity instruments measured at cost less impairment amount to £2,735,624 (2024: £2,735,625).

| Carrying amount of financial liabilities

| Carrying amount of financial liabilities measured at amortised cost at 31 August 2025 amounts to £2,977,225 (2024: £4,051,825).

22. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 1,492,733 |  | 1,112,311 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 1,112,311 |  |

| Provided during year | 394,871 |  |

| Disposal of subsidiary | (14,449 | ) |

| Balance at 31 August 2025 | 1,492,733 |  |

| The deferred tax liability at the current and prior yearend date is comprised entirely of an accelerated capital allowances liability.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

23. | CALLED UP SHARE CAPITAL

| Allotted, issued, and fully:

| Class: |  | Nominal value |  | 2025 (No') |  | 2024 (No') |  | 2025 (£) |  | 2024 (£) |  |

| Ordinary |  | £0.50 |  | - |  | 65,600 |  | - |  | 32,800 |  |

| A Ordinary |  | £0.50 |  | 4,264 |  | - |  | 2,132 |  | - |  |

| B Ordinary |  | £0.50 |  | 3,553 |  | - |  | 1,777 |  | - |  |

| C Ordinary |  | £0.50 |  | 9,239 |  | - |  | 4,620 |  | - |  |

| D Ordinary |  | £0.50 |  | 8,068 |  | - |  | 4,034 |  | - |  |

| E Ordinary |  | £0.50 |  | 16,138 |  | - |  | 8,069 |  | - |  |

| F Ordinary |  | £0.50 |  | 16,138 |  | - |  | 8,069 |  | - |  |

| G Ordinary |  | £0.50 |  | 8,200 |  | - |  | 4,100 |  |  |

|  | 32,800 |  | 32,800 |  |

| The company issued 200 50p ordinary shares at par on incorporation. On 5 April 2024, the company issued a further 65,400 50p ordinary shares at par.

| During the year the company reclassified its share capital into A Ordinary, B Ordinary, C Ordinary , D Ordinary, E Ordinary, F Ordinary and G Ordinary shares. All of these share classifications are 50p shares, and each share class has full voting, dividend and capital rights.

24. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 September 2024 | 19,883,990 |  | 329,809 |  | 20,213,799 |  |

| Profit for the year | 3,271,015 |  | 3,271,015 |  |

| At 31 August 2025 | 23,155,005 |  | 329,809 |  | 23,484,814 |  |

| Company

| Retained

| earnings

£ |

| At 1 September 2024 | (1,349,000 | ) |

| Profit for the year | 274,600 |  |

| At 31 August 2025 | (1,074,400 | ) |

| Retained earnings represent cumulative profits or losses, net of dividends paid and other adjustments.

| Other reserves represent a merger reserve as explained in note 29 to these financial statements.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

25. | PENSION COMMITMENTS

| The group operates defined contribution pension schemes for the benefit of the directors and employees. The assets of the schemes are administered by trustees in funds independent from those of the group. The pension cost charge represents contributions payable by the group to the funds and amounted to £487,553 (2024: £433,913). Creditors include £65,924 (2024: £64,323) in respect of outstanding pension contributions at the year end.

26. | CONTINGENT LIABILITIES

| There is a cross guarantee in place in respect of the borrowings of three of the subsidiary companies of the group, being Oakes Millers Limited, HJ Lea Oakes Limited and M E Waterhouse Limited, which is secured by a debenture over the assets of each company. At 31 August 2025 the borrowings of Oakes Millers Limited, HJ lea Oakes Limited and M E Waterhouse Limited amounted to £5,334,559 (2024: £5,889,962), £nil (2024: £5,895), and £nil (2024: £nil) respectively.

27. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| During the year the group entered into transactions with companies under common control. The group made sales to those companies of £1,820,125 (2024: £1,691,316) and purchases from those companies of £9,488,469 (2024: £8,267,522). At the year end the group was owed £24,598 (2024: £687,267) from those companies, and the group owed £3,516,033 (2024: £3,760,964) to those companies. Included within these balances are loans of £3,300,000 (2024: £3,650,000) which are interest bearing as explained in note 18 to these financial statements.

| On 20 August 2025 the company sold its investment in Wheelock Scientific Services Limited for £25,000 to Agri Food Holdings Limited, a company under common control of that company's directors.

| Key management personnel are defined as directors of group companies and the company secretary. They are remunerated by those companies.

| At 31 August 2025 an amount of £40,000 (2024 £40,000) was owed to a key management personnel of the group.

28. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors, the company and the group do not have an individual ultimate controlling party.

AGRI FEED HOLDINGS LIMITED (REGISTERED NUMBER: 14422581)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

29. | BUSINESS COMBINATIONS

| The company was incorporated on 17 October 2022 as part of a group reorganisation as a new holding company and parent company of Oakes Millers Limited, H J Lea Oakes Limited, Dodson Horrell Limited, Wheelock Scientific Services Limited, H J Lea Equine Limited, M E Waterhouse Limited and Agri-Food Europe SAS.

| The ultimate equity holders of the group remain the same as prior to the group reorganisation, being the ultimate equity holders of Oakes Millers Limited.

| In the prior year the merger accounting method was used during the group reorganisation, therefore the acquisition of the subsidiaries have been recognised at cost and no goodwill arose.

| The comparatives for the consolidated financial statements include the results of the parent company for the period from 1 November 2023 to 31 August 2024 and the results and cashflows of the subsidiaries for the year ended 31 August 2024.

| The transactions which occurred during the group reoganisation were as follows:

| (i) The ultimate equity holders incorporated and acquired shares in Agri Feed Holdings Limited (parent company) on 17 October 2022;

| (ii) On 5 April 2024, the parent company acquired shares in Oakes Millers Limited, by way of a share for share exchange in which the overall percentage holdings are the same as prior to the transaction;

| (iii) On 5 April 2024, the parent company acquired the shares in H J Lea Oakes Limited, Dodson and Horrell Limited, Wheelock Scientific Services Limited, H J Lea Equine Limited and M E Waterhouse Limited for the amount of £4,051,825, from Oakes Millers Limited via an intercompany account; and

| (iv) The above transactions resulted in the creation of a merger reserve totalling £329,809, equal to the cost of the investment in Oakes Millers Limited of £32,800, less the elimination of the share capital of £32,800, capital reserve of £329,652 and the other reserve of £157.

30. | BUSINESS DISPOSALS

| On 20 August 2025 the company sold its 100% investment in Wheelock Scientific Services Limited to Agri Food Holdings Limited for £25,000.