REGISTERED NUMBER: 00333467 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

OAKES MILLERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

J E Lea

A Preston

K B Jamieson

J J Lea

E P Lea

J M Borrowdale

A G H Jackson

SECRETARY:

M T Cookson

REGISTERED OFFICE:

Aston Mill

Aston

Near Nantwich

Cheshire

CW5 8DH

REGISTERED NUMBER:

00333467 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

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. 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.

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

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 animal feed manufacture.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £16 per share.

The total distribution of dividends for the year ended 31 August 2025 will be £ 1,049,600 .

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

J M Borrowdale

A G H Jackson

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, 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

Opinion

We have audited the financial statements of Oakes Millers 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.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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.

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

TURNOVER

4

150,263,236

142,601,762

Cost of sales

131,004,269

124,833,362

GROSS PROFIT

19,258,967

17,768,400

Administrative expenses

15,587,818

14,879,407

3,671,149

2,888,993

Other operating income

263,540

199,314

OPERATING PROFIT

6

3,934,689

3,088,307

Income from fixed asset investments

560

1,725

3,935,249

3,090,032

Interest payable and similar expenses

7

211,608

242,614

PROFIT BEFORE TAXATION

3,723,641

2,847,418

Tax on profit

8

1,165,487

632,389

PROFIT FOR THE FINANCIAL YEAR

2,558,154

2,215,029

PROFIT FOR THE YEAR

2,558,154

2,215,029

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,558,154

2,215,029

FIXED ASSETS

Tangible assets

10

16,190,002

15,888,457

Investments

11

23,633

23,633

16,213,635

15,912,090

CURRENT ASSETS

Stocks

12

4,927,427

5,019,180

Debtors

13

22,057,925

21,375,995

Cash at bank

736

170

26,986,088

26,395,345

CREDITORS

Amounts falling due within one year

14

17,652,623

18,187,939

NET CURRENT ASSETS

9,333,465

8,207,406

TOTAL ASSETS LESS CURRENT LIABILITIES

25,547,100

24,119,496

CREDITORS

Amounts falling due after more than one year

15

(3,340,000

)

(3,690,000

)

PROVISIONS FOR LIABILITIES

19

(1,206,124

)

(937,074

)

NET ASSETS

21,000,976

19,492,422

CAPITAL AND RESERVES

Called up share capital

20

32,800

32,800

Other reserves

21

157

157

Retained earnings

21

20,968,019

19,459,465

SHAREHOLDERS' FUNDS

21,000,976

19,492,422

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

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 September 2023

32,800

17,244,436

157

17,277,393

Changes in equity

Total comprehensive income

-

2,215,029

-

2,215,029

Balance at 31 August 2024

32,800

19,459,465

157

19,492,422

Changes in equity

Dividends

-

(1,049,600

)

-

(1,049,600

)

Total comprehensive income

-

2,558,154

-

2,558,154

Balance at 31 August 2025

32,800

20,968,019

157

21,000,976

1.	STATUTORY INFORMATION

Oakes Millers Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 00333467 and registered office is Aston Mill, Aston, Nantwich, Cheshire, CW5 8DH. The company manufactures animal feed.

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 functional and presentation currency is the Pound 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.

Preparation of consolidated financial statements

The financial statements contain information about Oakes Millers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Agri Feed Holdings Limited, Aston Mill, Aston, Nr Nantwich, Cheshire, CW5 8DH.

Turnover

Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. Turnover is recognised on despatch of goods.

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% reducing balance

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

Investments in subsidiaries

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.

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.

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 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 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.

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.

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.

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.

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.

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.

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:

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 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.

The whole of the company's turnover arises in the UK.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,492,640

5,035,328

Social security costs

666,484

552,433

Other pension costs

176,035

165,537

6,335,159

5,753,298

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

2025

2024

Production

117

114

2025

2024

£

£

Directors' remuneration

280,960

274,920

Directors' pension contributions to money purchase schemes

29,093

27,783

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

153,158

153,077

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

2,148,875

1,772,991

Loss on disposal of fixed assets

-

6,360

Auditors' remuneration

30,000

30,000

Operating lease rentals

38,000

38,000

Auditors remuneration includes £15,000 (2024: £15,000) in respect of the company's parent company, Agri Feed Holdings Limited. Auditors remuneration for non-audit services is disclosed in the financial statements of Agri Feed Holdings Limited.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

(146

)

4,981

Loan interest

211,754

237,633

211,608

242,614

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

858,919

473,358

Corporation tax re prior year

37,518

(160,172

)

Total current tax

896,437

313,186

Deferred tax

269,050

319,203

Tax on profit

1,165,487

632,389

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

3,723,641

2,847,418

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

930,910

711,855

Effects of:

Expenses not deductible for tax purposes

(393

)

(1,584

)

Income not taxable for tax purposes

-

(431

)

Capital allowances in excess of depreciation

(71,598

)

(236,482

)

(Over)/Under provision of prior year

37,518

(160,172

)

Deferred tax movement

269,050

319,203

Total tax charge

1,165,487

632,389

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 50p each

Final

1,049,600

-

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 September 2024

10,334,150

22,476,188

32,810,338

Additions

-

2,458,764

2,458,764

Disposals

(8,344

)

-

(8,344

)

At 31 August 2025

10,325,806

24,934,952

35,260,758

DEPRECIATION

At 1 September 2024

547,673

16,374,208

16,921,881

Charge for year

337,725

1,811,150

2,148,875

At 31 August 2025

885,398

18,185,358

19,070,756

NET BOOK VALUE

At 31 August 2025

9,440,408

6,749,594

16,190,002

At 31 August 2024

9,786,477

6,101,980

15,888,457

Included in cost of land and buildings is freehold land of £ 7,236,009 (2024 - £ 7,244,353 ) which is not depreciated.

11.	FIXED ASSET INVESTMENTS

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

COST

At 1 September 2024

and 31 August 2025

833

22,800

23,633

NET BOOK VALUE

At 31 August 2025

833

22,800

23,633

At 31 August 2024

833

22,800

23,633

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

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

Agri-Food Europe SAS

Registered office: France

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00