REGISTERED NUMBER: 01260468 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR

HILLIER NURSERIES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

11

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

19

DIRECTORS:

Mr R T Hillier OBE

Mr D N Holligon

Mr M J Hillier

Mr G A M Hillier

Mr A Dunnett

Mr R J Amesbury-Page

Mr C R Milton

REGISTERED OFFICE:

Ampfield House

Ampfield

Romsey

Hampshire

SO51 9PA

REGISTERED NUMBER:

01260468 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ross Garfitt

INDEPENDENT AUDITORS:

Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

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

REVIEW OF BUSINESS

We have set out below our review of the development and performance of the business for the year ended 31st August 2025.

We operate our business through three major trading divisions which are supported by a central support services operation. The three trading divisions are as follows:

Garden Centres - Retailing of garden plants and horticultural products through 23 retail outlets (2024: 23).

Wholesale Nursery - Supplying shrubs and herbaceous perennials internally to Hillier Garden Centres.

Amenity Trees - Supplying trees and shrubs to the Landscape/Construction, Property Developers, Private Individuals and Local Authority sectors.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover, profit after taxation and return on capital employed.

Total company revenues increased year-on-year with overall group turnover for the year at £75.8m, 4.23% up on 2024 in particular due to the unseasonably hot spring helping garden centre sales, this was unfortunately then partly offset due to the continued hot spell through the summer, including hosepipe bans.

Amenity Trees division performance was also impacted in the year by the wet winter. Whilst the demand for Hillier trees remains strong, customer projects have been inevitably delayed by the poor conditions, and field lifting of trees at our nurseries were hampered. However, the Board are confident that with the range and quality of our trees combined with the importance of biosecurity issues continuing to drive demand for our British grown trees, future revenues will continue to grow.

Conversion of Flexcombe Farm, Liss, to a tree nursery continued in the year, with significant planting of trees as part of the phased transition programme and the building of a new reservoir and irrigation systems being completed during the coming year to August 26.

Wholesale Nursery division continued to supply solely to our own Garden Centres, ensuring the quality and uniqueness of the range that is available to our garden centre customers. Trade was impacted by the early hot spring as some ranges were not ready to meet early season demand, resulting in higher than expected wastage, but given the importance of our own range of plans to garden centre performance the company continues to invest in new growing facilities, and in broadening the range produced at the nursery and in the development of exclusive new plants. Research through extensive trials continues into optimising growing performance and yields in peat-free composts.

Through the year, although the inflationary pressures on input costs eased somewhat from those seen in recent years, those and labour cost increases have continued to put pressures on margins, and the Board has endeavoured to mitigate and offset these through cost reduction initiatives. Looking forward, the Board is concerned about the impact of the significant increases in National Insurance contributions in 2025 and has been reviewing ongoing cost reductions and also pushing back on its future investment plans.

Overall as a group we ended the year 4.23% up on sales at £75,848,606 (2024: £72,769,843) which reflected the above.

There was an overall profit after taxation of £4,202,554 (2024: £1,791,151)

With strong competition and the continued challenges of increased operating costs, through recent higher than average levels of inflation and the impact of increasing employment costs, the business has responded to keep pace with these demanding market conditions. The company has eliminated the use of peat in its growing operations therefore reducing the impact on the environment and being ready for upcoming UK legislation. The use of equivalent peat-free alternatives does impact growing performance and nursery efficiencies, which further increases costs however the company believe that this is an appropriate investment in sustainable growing operations and techniques and key individuals play a part in leading the transition to peat free across the wider nursery trade through supporting the RHS Peat Free Fellowship.

We continue to review potential future investment opportunities, and to focus on improvements in the customer offering and efficiency of operations. The Board feels that we have a strong foundation with which to take the business forward and achieve the company's growth ambitions.

Retained profits as at 31st August 2025 amounted to £48,445,332 (2024: £44,150,778). These retained profits include the defined benefit pension asset as shown in note 26.

PRINCIPAL RISKS AND UNCERTAINTIES

The group has continued to benefit from the UK market where gardening and horticulture are an important leisure activity. As such, this is also one of the key risks facing the company which can be impacted by factors such as the weather and the economy. The Company is also aware of the risk of pests and disease in its growing stocks.

The Board believe that focusing on our reputation for the quality and variety of our products and our investment in continually innovating our range will help offset the economic risks. Investing in our garden centre restaurants helps mitigate the impact of the weather on sales of plants. The risks of disease are being monitored and, as such, we are working with DEFRA to counter such risks. With this focus the Board believes it can maintain and grow its market share going forward.

SECTION 172(1) STATEMENT

The group is required to report how the directors have carried out their duties under Section 172 of the Companies Act 2006. The directors must act in the way it considers, in good faith, would be the most likely to promote the success of the group for the benefit of the members as a whole, and in doing so have regard (amongst other matters) to:

a) The likely consequences of any decision in the long term

b) The interests of the group's employees

c) The need to foster the group's business relationships with suppliers, customers and others

d) The impact of the group's operation on the community and the environment

e) The desirability of the group maintaining a reputation for high standards of business conduct and

f) The need to act fairly as between shareholders of the group

The Board makes full consideration of the long-term impact of key decisions and makes full assessment to ensure they will contribute to the longer-term growth and success of the business. During the year key decisions were focussed on the continued refurbishment of centres, ensuring the sustainability of operations, and planning for future investments.

The Board actively ensure that the views and interests of employees are captured in our decision making. This has been done through formal periodic interactions with employees, and also through less formal activity, such as regular visits by Board members to operational locations.

Our customers are central to everything that we do; Garden Centres continue to grow and improve the benefits to its retail customers through the ongoing development of the Gardening Club, whilst a trade card membership is available for Cash & Carry customers. Amenity division has continued to develop relationships with landscapers, contractors and public authorities for the long term, with focus on growing the sales team to enable full support of those relationships. The group has a long heritage, and through the year has continued to foster and develop relationships with key suppliers, whilst ensuring value for money and quality of product and service levels.

The Board takes very seriously its responsibilities towards the environment and local communities. The group has achieved both ISO14001 and "The Planet Mark" accreditations through focus on reducing carbon footprint, landfill wastage and water usage. Additionally, the group has no longer uses peat-based composts at its nurseries, and to extend the range of peat free products available at its garden centres. The group's chosen charities have been "Abby's Heroes"- which supports children diagnosed with cancer and their families when cared for at Southampton General Hospital, and "The King's Foundation"- which works globally to create sustainable communities through placemaking projects and transform lives through practical education programmes. We have conducted fundraising activities during the year and strived to raise awareness of the wonderful work performed by both charities.

The Board is focussed on ensuring a high level of business standards. Ensuring adherence to laws and regulations and ethical standards are forefront to any decisions made.

The group's ownership is split equally between two Hillier family trusts. The Board have periodic formal meetings with all of the trustees to give updates on historic business performance, future targets and plans, and to review and agree future investments. Family representatives of both trusts sit on the Board of the group.

ON BEHALF OF THE BOARD:

Mr R J Amesbury-Page - Director

22 May 2026

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £ 80,000 .

RESEARCH AND DEVELOPMENT

Research and development in the nursery business is concentrated primarily on the development of new varieties of plants and the improvement of propagation and growing techniques.

DIRECTORS

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

Mr R T Hillier OBE

Mr D N Holligon

Mr M J Hillier

Mr G A M Hillier

Mr A Dunnett

Other changes in directors holding office are as follows:

Mr C Francis - resigned 16 May 2025

Mr R J Amesbury-Page and Mr C R Milton were appointed as directors after 31 August 2025 but prior to the date of this report.

Mr G J Marsh ceased to be a director after 31 August 2025 but prior to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

It is the policy of the company, whenever practicable, to employ disabled persons and to continue to employ those persons who become disabled during the period of their employment with the company. Disabled persons are employed under the terms and conditions as laid down by the Equality Act 2010, in common with able-bodied persons employed by the company.

EMPLOYEE INVOLVEMENT

The company is committed to the personal development and career progression of all members of staff, and has further invested in the year in its Learning and Development facilities and team.

Information is distributed to employees on a regular basis by a core brief and by frequent departmental meetings, at which employees are encouraged to express their ideas and thereby contribute to the decision-making processes of the company.

STREAMLINED ENERGY AND CARBON REPORTING

Overview of Energy Use and CO2 Emissions During The Year

2024-2025

Prior Year

kWH

CO2 (equivalent) Emissions - Tonnes

kWH

CO2 (equivalent) Emissions - Tonnes

Energy Use

Electricity

4,664,732

966

4,712,365

976

Gas

Mains

1,848,091

374

1,925,620

390

Bottled

1,095,577

252

1,240,790

286

Total

2,943,668

626

3,166,410

676

Heating oil

651,625

186

805,952

230

Transport

763,641

177

734,706

170

Tractors

255,110

68

209,260

56

Total

9,278,776

2,023

9,628,693

2,108

Intensity Ratio

0.044

Tonnes of CO2 per m2 internal floor space

0.046

Tonnes of CO2 per m2 internal floor space

Methodology Used

Data have been collated centrally from utilities and fuel bills received for the year, and for transportation from fuel card bills and employee expense submissions where private vehicles have been used. These have been converted to kWH and CO2 tonnes equivalent using government published conversion factors.

Energy Efficiency Actions

We were again awarded the sustainability certification by PlanetMark, reducing our CO2 emissions per £m turnover by 7.7% comparing to the previous financial year.

We continued to prioritise energy efficiency when investing in new or replacement equipment and lighting and to encourage through incentives take up of electric cars by staff entitled to company vehicles.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The success of the business has continued to be driven by fostering enduring relationships with its customers, suppliers and others. The board of directors, both individually and collectively, are acutely aware that these relationships are fundamental to the ongoing success of the company and accordingly the impact of any decisions on these stakeholders are always considered as part of any decision making process.

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

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment.

ON BEHALF OF THE BOARD:

Mr R J Amesbury-Page - Director

22 May 2026

Opinion

We have audited the financial statements of Hillier Nurseries 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.

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 six, 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, discussing with the client regarding all sites that have been assessed in the year for Health and Safety and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Ross Garfitt (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

28 May 2026

TURNOVER

4

75,848,606

72,769,843

Cost of sales

35,739,378

35,958,845

GROSS PROFIT

40,109,228

36,810,998

Distribution costs

1,687,338

1,594,361

Administrative expenses

33,953,457

33,545,491

35,640,795

35,139,852

4,468,433

1,671,146

Other operating income

5

2,341,284

2,247,907

OPERATING PROFIT

7

6,809,717

3,919,053

Profit/loss on sale of tangible fixed assets

8

18

6,141

6,809,699

3,912,912

Interest receivable and similar income

56,164

38,740

Other finance income

26

76,000

51,000

132,164

89,740

6,941,863

4,002,652

Interest payable and similar expenses

9

1,206,642

1,391,701

PROFIT BEFORE TAXATION

5,735,221

2,610,951

Tax on profit

10

1,532,667

819,800

PROFIT FOR THE FINANCIAL YEAR

4,202,554

1,791,151

Profit attributable to:

Owners of the parent

4,202,554

1,791,151

PROFIT FOR THE YEAR

4,202,554

1,791,151

OTHER COMPREHENSIVE INCOME

Remeasurement gain on pension scheme

281,000

435,000

Income tax relating to other comprehensive income

(109,000

)

(134,000

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

172,000

301,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,374,554

2,092,151

Total comprehensive income attributable to:

Owners of the parent

4,374,554

2,092,151

FIXED ASSETS

Intangible assets

13

116,472

139,623

Tangible assets

14

62,228,248

63,155,274

Investments

15

2

2

62,344,722

63,294,899

CURRENT ASSETS

Stocks

16

12,877,670

12,033,604

Debtors

17

2,074,306

2,471,259

Cash at bank and in hand

5,757,400

1,565,663

20,709,376

16,070,526

CREDITORS

Amounts falling due within one year

18

16,838,848

15,752,696

NET CURRENT ASSETS

3,870,528

317,830

TOTAL ASSETS LESS CURRENT LIABILITIES

66,215,250

63,612,729

CREDITORS

Amounts falling due after more than one year

19

(15,228,688

)

(16,711,564

)

PROVISIONS FOR LIABILITIES

23

(3,956,230

)

(3,898,387

)

PENSION ASSET

26

1,417,000

1,150,000

NET ASSETS

48,447,332

44,152,778

CAPITAL AND RESERVES

Called up share capital

24

2,000

2,000

Retained earnings

25

48,445,332

44,150,778

SHAREHOLDERS' FUNDS

30

48,447,332

44,152,778

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

Mr G A M Hillier - Director

FIXED ASSETS

Intangible assets

13

116,472

139,623

Tangible assets

14

62,228,248

63,155,274

Investments

15

8,729,228

8,729,228

71,073,948

72,024,125

CURRENT ASSETS

Stocks

16

12,877,670

12,033,604

Debtors

17

2,074,306

2,471,259

Cash at bank and in hand

5,757,400

1,565,663

20,709,376

16,070,526

CREDITORS

Amounts falling due within one year

18

25,689,977

24,603,825

NET CURRENT LIABILITIES

(4,980,601

)

(8,533,299

)

TOTAL ASSETS LESS CURRENT LIABILITIES

66,093,347

63,490,826

CREDITORS

Amounts falling due after more than one year

19

(15,228,688

)

(16,711,564

)

PROVISIONS FOR LIABILITIES

23

(3,956,230

)

(3,898,387

)

PENSION ASSET

26

1,417,000

1,150,000

NET ASSETS

48,325,429

44,030,875

CAPITAL AND RESERVES

Called up share capital

24

2,000

2,000

Retained earnings

25

48,323,429

44,028,875

SHAREHOLDERS' FUNDS

30

48,325,429

44,030,875

Company's profit for the financial year

4,202,554

1,791,151

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

Mr G A M Hillier - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

2,000

42,133,627

42,135,627

Changes in equity

Dividends

-

(75,000

)

(75,000

)

Total comprehensive income

-

2,092,151

2,092,151

Balance at 31 August 2024

2,000

44,150,778

44,152,778

Changes in equity

Dividends

-

(80,000

)

(80,000

)

Total comprehensive income

-

4,374,554

4,374,554

Balance at 31 August 2025

2,000

48,445,332

48,447,332

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

2,000

42,011,724

42,013,724

Changes in equity

Dividends

-

(75,000

)

(75,000

)

Total comprehensive income

-

2,092,151

2,092,151

Balance at 31 August 2024

2,000

44,028,875

44,030,875

Changes in equity

Dividends

-

(80,000

)

(80,000

)

Total comprehensive income

-

4,374,554

4,374,554

Balance at 31 August 2025

2,000

48,323,429

48,325,429

Cash flows from operating activities

Cash generated from operations

1

10,054,503

7,560,886

Interest paid

(1,149,225

)

(1,399,246

)

Tax paid

(1,152,095

)

(264,275

)

Net cash from operating activities

7,753,183

5,897,365

Cash flows from investing activities

Purchase of tangible fixed assets

(2,090,717

)

(2,925,775

)

Sale of tangible fixed assets

-

15,700

Interest received

56,164

38,740

Net cash from investing activities

(2,034,553

)

(2,871,335

)

Cash flows from financing activities

Loan repayments in year

(1,459,413

)

(3,692,110

)

Amount introduced by directors

12,520

-

Amount withdrawn by directors

-

(3,522

)

Equity dividends paid

(80,000

)

(75,000

)

Net cash from financing activities

(1,526,893

)

(3,770,632

)

Increase/(decrease) in cash and cash equivalents

4,191,737

(744,602

)

Cash and cash equivalents at beginning of year

2

1,565,663

2,310,265

Cash and cash equivalents at end of year

2

5,757,400

1,565,663