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REGISTERED NUMBER: 00218912

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| FOR |

| H.J. LEA OAKES LIMITED |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Notes to the Financial Statements | 13 |

H.J. LEA OAKES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | J E Lea

| A Preston

| K B Jamieson

| J J Lea

| E P Lea

| M Booth

| A Goodwin

| A G H Jackson

| R E Mccombe

| S Cornish

| SECRETARY: | M T Cookson

| REGISTERED OFFICE: | Aston Mill

| Aston

| Nr Nantwich

| Cheshire

| CW5 8DH

| REGISTERED NUMBER: | 00218912

| AUDITORS: | Harold Sharp Limited

| Statutory Auditors and Chartered Accountants

| 5 Brooklands Place

| Brooklands Road

| Sale

| Cheshire

| M33 3SD

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

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

REVIEW OF BUSINESS

The results for the year and financial position of the company 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 results are, as always, testament to the professionalism, hard work and effort of all the staff.

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.

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.

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.

FINANCIAL KEY PERFORMANCE INDICATORS

The KPIs that the company 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

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of agricultural merchanting and distribution.

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.

J E Lea

A Preston

K B Jamieson

J J Lea

E P Lea

M Booth

A Goodwin

A G H Jackson

R E Mccombe

Other changes in directors holding office are as follows:

S Cornish - appointed 21 May 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company 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 Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

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

- | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, 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

H.J. LEA OAKES LIMITED

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

H.J. LEA OAKES LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

H.J. LEA OAKES 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, 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.

- 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.

- Obtaining third-party confirmation of material bank balances.

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

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

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

H.J. LEA OAKES 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

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

INCOME STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 160,706,259 |  | 149,405,762 |  |

Cost of sales | 143,644,687 |  | 135,199,784 |  |

GROSS PROFIT | 17,061,572 |  | 14,205,978 |  |

Distribution costs | 12,694,575 |  | 11,236,109 |  |

Administrative expenses | 3,495,505 |  | 2,795,482 |  |

|  |  | 16,190,080 |  |  |  |  | 14,031,591 |  |

OPERATING PROFIT | 6 | 871,492 |  | 174,387 |  |

Interest payable and similar expenses | 7 | 7,118 |  | 7,463 |  |

PROFIT BEFORE TAXATION | 864,374 |  | 166,924 |  |

Tax on profit | 8 | 203,931 |  | 263,281 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 660,443 |  | (96,357 | ) |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 660,443 |  | (96,357 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 660,443 |  | (96,357 | ) |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,984,361 |  | 1,726,048 |  |

CURRENT ASSETS

Stocks | 10 | 688,144 |  | 646,550 |  |

Debtors | 11 | 20,193,859 |  | 18,085,998 |  |

Cash at bank | 20,135 |  | 1,178 |  |

20,902,138 |  | 18,733,726 |  |

CREDITORS

Amounts falling due within one year | 12 | 19,462,095 |  | 17,804,554 |  |

NET CURRENT ASSETS | 1,440,043 |  | 929,172 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,424,404 |  | 2,655,220 |  |

CREDITORS

Amounts falling due after more than one year | 13 | - |  | (3,617 | ) |

PROVISIONS FOR LIABILITIES | 17 | (284,813 | ) | (172,455 | ) |

NET ASSETS | 3,139,591 |  | 2,479,148 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 35,400 |  | 35,400 |  |

Other reserves | 19 | 25,101 |  | 25,101 |  |

Retained earnings | 19 | 3,079,090 |  | 2,418,647 |  |

SHAREHOLDERS' FUNDS | 3,139,591 |  | 2,479,148 |  |

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:

E P Lea - Director

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

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 | 35,400 |  | 2,515,004 |  | 25,101 |  | 2,575,505 |  |

Changes in equity

Total comprehensive income | - |  | (96,357 | ) | - |  | (96,357 | ) |

Balance at 31 August 2024 | 35,400 |  | 2,418,647 |  | 25,101 |  | 2,479,148 |  |

Changes in equity

Total comprehensive income | - |  | 660,443 |  | - |  | 660,443 |  |

Balance at 31 August 2025 | 35,400 |  | 3,079,090 |  | 25,101 |  | 3,139,591 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

| H J Lea Oakes Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 00218912 and registered office is Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH. The principal activity of the company is agricultural merchanting and distribution.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements represent the results of the individual entity and the presentation and functional currency is £ sterling.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirement of paragraph 33.7.

| The company is included within the consolidated financial statements prepared by its ultimate holding company, Agri Feed Holdings Limited.

| Turnover

| Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the despatch of goods.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE 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:

| Plant and machinery |  | 25% on cost |  |

| 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 Company 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 Company 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, after making due allowance for obsolete and slow moving items.

| Net realisable value represents sales value less appropriate selling expenses.

| Stock comprises animal feed and retail goods available for sale at petrol stations and pet shops.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company 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 company 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, 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 company's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

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

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Property, plant and equipment obtained under hire purchase contracts or finance leases are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges are included in creditors.

| Payments made under operating leases are charged to the income statement on a straight line basis over the lease term.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

| 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.

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

| In the application of the company'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.

| From a completeness perspective, the directors are not aware of any other critical judgements within the company 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 company.

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 157,889,227 |  | 149,405,762 |  |

| Europe | 2,743,737 |  | - |  |

| Rest of World | 73,295 |  | - |  |

160,706,259 |  | 149,405,762 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,603,080 |  | 5,411,027 |  |

| Social security costs | 734,165 |  | 559,883 |  |

| Other pension costs | 265,363 |  | 222,668 |  |

6,602,608 |  | 6,193,578 |  |

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

| 2025 |  | 2024

| Administration | 43 |  | 40 |  |

| Selling, distribution and retail | 82 |  | 81 |  |

125 |  | 121 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 866,360 |  | 841,059 |  |

| Directors' pension contributions to money purchase schemes | 88,953 |  | 73,344 |  |

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

| Money purchase schemes | 5 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 160,833 |  | 145,000 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 525,935 |  | 422,952 |  |

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

| Profit on disposal of fixed assets | (34,167 | ) | (20,750 | ) |

| Auditors' remuneration | 15,000 |  | 15,000 |  |

| Auditors remuneration for non-audit services is disclosed in the financial statements of Agri Feed Holdings Limited.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | (1 | ) | 4 |  |

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

7,118 |  | 7,463 |  |

8. | 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 | 91,573 |  | - |  |

| Prior year under /

| (over) provision | - |  | (211 | ) |

| Total current tax | 91,573 |  | (211 | ) |

| Deferred tax | 112,358 |  | 263,492 |  |

| Tax on profit | 203,931 |  | 263,281 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 864,374 |  | 166,924 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 216,094 |  | 41,731 |  |

| Effects of:

| Expenses not deductible for tax purposes | (12,162 | ) | 39,454 |  |

| Capital allowances in excess of depreciation | (112,359 | ) | (127,617 | ) |

| Utilisation of tax losses | - |  | 46,432 |  |

| (Over) / Under provision of prior year | - |  | (211 | ) |

| Deferred tax movement | 112,358 |  | 263,492 |  |

| Total tax charge | 203,931 |  | 263,281 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

9. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 September 2024 | 4,783 |  | 1,726,332 |  | 5,184,447 |  | 6,915,562 |  |

| Additions | - |  | 30,985 |  | 803,618 |  | 834,603 |  |

| Disposals | - |  | - |  | (248,920 | ) | (248,920 | ) |

| At 31 August 2025 | 4,783 |  | 1,757,317 |  | 5,739,145 |  | 7,501,245 |  |

| DEPRECIATION

| At 1 September 2024 | - |  | 1,511,540 |  | 3,677,974 |  | 5,189,514 |  |

| Charge for year | - |  | 78,945 |  | 497,345 |  | 576,290 |  |

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

| At 31 August 2025 | - |  | 1,590,485 |  | 3,926,399 |  | 5,516,884 |  |

| NET BOOK VALUE

| At 31 August 2025 | 4,783 |  | 166,832 |  | 1,812,746 |  | 1,984,361 |  |

| At 31 August 2024 | 4,783 |  | 214,792 |  | 1,506,473 |  | 1,726,048 |  |

| Included in cost of land and buildings is freehold land of £ 4,783 (2024 - £ 4,783 ) 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 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

10. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 78,101 |  | 96,076 |  |

| Finished goods | 610,043 |  | 550,474 |  |

688,144 |  | 646,550 |  |

| Raw materials are comprised of fuel. Finished goods are comprised of retail products normally sold in pet shops and petrol stations.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 17,897,063 |  | 15,736,514 |  |

| Amounts owed by group undertakings | 1,779,022 |  | 1,940,610 |  |

| Other debtors | 246,347 |  | 208,472 |  |

| Prepayments | 271,427 |  | 200,402 |  |

20,193,859 |  | 18,085,998 |  |

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

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | - |  | 5,895 |  |

| Hire purchase contracts (see note 15) | 3,617 |  | 76,062 |  |

| Trade creditors | 1,239,795 |  | 1,287,607 |  |

| Amounts owed to group undertakings | 17,561,517 |  | 15,591,957 |  |

| Tax | 91,573 |  | - |  |

| Social security and other taxes | 156,266 |  | 139,650 |  |

| Other creditors | 68,445 |  | 38,640 |  |

| Accrued expenses | 340,882 |  | 664,743 |  |

19,462,095 |  | 17,804,554 |  |

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

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | - |  | 3,617 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

14. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 5,895 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

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

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

3,617 |  | 79,679 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdraft | - |  | 5,895 |  |

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

3,617 |  | 85,574 |  |

| Bank overdraft is secured by a debenture and fixed and floating charges over the company's assets in favour of Barclays Bank plc.

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

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Timing differences between depreciation and capital allowances | 284,813 |  | 172,455 |  |

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 172,455 |  |

| Provided during year | 112,358 |  |

| Balance at 31 August 2025 | 284,813 |  |

| At 31 August 2025 there was a deferred tax liability of £284,813 (2024: £172,455), which is comprised entirely of an accelerated capital allowances liability.

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 35,400 | Ordinary | £1 | 35,400 |  | 35,400 |  |

| Ordinary shares have full voting, dividend and capital rights.

19. | RESERVES

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 September 2024 | 2,418,647 |  | 25,101 |  | 2,443,748 |  |

| Profit for the year | 660,443 |  | 660,443 |  |

| At 31 August 2025 | 3,079,090 |  | 25,101 |  | 3,104,191 |  |

| The retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments. Other reserves represent historic capital reserves.

20. | PENSION COMMITMENTS

| The company 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 company. The pension cost charge represents contributions payable by the company to the funds and amounted to £265,363 (2024: £222,668). Creditors include £33,266 (2024: £34,519) in respect of outstanding pension contributions at the year end.

21. | ULTIMATE PARENT COMPANY

| The parent company and ultimate parent company is Agri Feed Holdings Limited, a company registered in England and Wales, whose registered office is at Aston Mill, Aston, Near Nantwich, Cheshire, CW5 8DH. Copies of consolidated financial statements can be obtained from Companies House.

| In the opinion of the directors the group does not have an individual ultimate controlling party.

H.J. LEA OAKES LIMITED (REGISTERED NUMBER: 00218912)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

22. | CONTINGENT LIABILITIES

| The company, along with its fellow subsidiary company, M E Waterhouse Limited, has entered into a cross guarantee in respect of the borrowings of another fellow subsidiary company, Oakes Millers Limited which is secured by a debenture over the assets of the company. At 31 August 2025 this amounted to £5,334,559 (2024: £5,889,961).

23. | 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.

| During the year the company entered into transactions with companies under common control. The company made sales to those companies of £1,318,561 (2024: £1,485,816) and purchases from those companies of £2,095,163 (2024: £77,242). At the year end the company was owed £125,921 (2024: £66,567) from, and owed £170,470 (2024: £76,498) to companies under common control.

| Key management personnel are the directors.