REGISTERED NUMBER: 03533436 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Fresh Growers Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

W H Eastwood

M J Hardstaff

A R Howard

R W Marshall

REGISTERED OFFICE:

Inkersall Grange Farm

Bilsthorpe

Newark

Nottinghamshire

NG22 8TN

REGISTERED NUMBER:

03533436 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

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

REVIEW OF BUSINESS

The Chairman's statement reviews certain aspects of the 2025 year performance, including the future of the Fruit and Vegetable Aid Scheme, and should be read in conjunction with this report.

- Total sales at £14.4m (2024: £14.5m) were 0.7% lower than in 2024.

- Profit after tax of £85,000 (2024: £40,000) was retained by the Company in line with its mutual trading status.

- The net book value of tangible fixed assets fell to £1,122,000 (2024: £1,276,000) representing £228,000 of investment in new manufacturing equipment and a depreciation charge of £278,000. The manufacturing equipment was part funded by receipt of grants, with the balance from cash flow.

- Cash net of debt at the year end was £713,000 (2024 net cash of £748,000), which was represented by finance lease liabilities of £nil (2024: £59,000) and a positive bank balance of £713,000 (2024: £807,000).

The marketing strategy continues to focus on product quality together with niche positioning of products, when appropriate, in a market where there is strong resistance to price increase. Increasing the element of added value in the products helps to counteract this. The Company continues as a major supplier in the Chantenay market and during the year has maintained close ties with customers for this and other products. The Company will continue to develop and market crops grown by members which can occupy a niche market position. The Company continued as a supplier to both retail outlets and the food service supply chain.

The Company continued to benefit from its investment in renewable energy, and water treatment, both of which are enhancing the sustainability of its operations.

Developments in the packing plant have included:

- Continued investment in new plant to improve quality and efficient handling.

- Maintenance and development of health, hygiene, operational best practice and waste minimisation principles to comply with Global Food Standards requirements, and the wide variety of UK retailer and food service protocols. The company's retail customer base continues to develop its quality requirements for packing, product purity and on farm traceability, and the company has kept pace with these requirements.

PRINCIPAL RISKS AND UNCERTAINTIES

The board has continued to apply governance best practice. The key areas of risk identified by the board are:

- Inflation and economic uncertainty: Inflation eased in 2025 but the Iran war has at the time of writing, April 2026, dramatically increased energy and related costs including agricultural inputs leading to uncertainty as to the economic outlook in the short to medium term.

- Weather: The yield and quality of produce grown by our members is directly affected by weather, the more so by the extreme weather events resulting from climate change. This is mitigated to extent possible by ensuring that produce is grown on land allowing continued access in wet weather and by members having assured access to irrigation. Members are working with the NFU and other bodies to ensure that agriculture retains priority access to available water resources.

- Political Risk: Support for agriculture reduced materially in the recent budget round and our direct support via the Fruit and Vegetable Aid Scheme has ended. New product development and capital investment will need to be generated from market returns.

- Product Risk: As a supplier of food products, the directors are acutely aware of the necessity of the highest standards of hygiene and food handling procedures. The board has appointed a technical director with overall responsibility for this, and the company is subject to continual audit by its customers and statutory authorities, whose recommendations are considered when drawing up operational guidelines. A report on these matters is presented at each monthly board meeting.

- Customer risk: Customer risk: Becoming too closely allied with a single or small number of customers, with the potential for dominance and/or a financial risk through customer failure; This has been considered as part of the strategy review referred to in the Chairman's statement. There were no material bad debt losses reflecting continued tight controls. The Board are aware of the vulnerability of the company to changes in policy of their customers.

- Supplier Risk: The company is dependent on the membership, which constitutes the supplier base. As the interests of shareholder and supplier are thus aligned, the risk is considered small. There were 8 grower Members during the year.

- Internal misappropriation: This is mitigated by ensuring that no individual has sole control over any core process involving either commitment of the business or the handling of business funds.

- Financial instruments: The directors have not identified any financial risks for which it is appropriate to utilise financial instruments to mitigate the risk further.

ON BEHALF OF THE BOARD:

W H Eastwood - Director

20 May 2026

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

DIVIDENDS

The declaration of dividends is prohibited under the Articles of Association.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

W H Eastwood

M J Hardstaff

A R Howard

R W Marshall

Other changes in directors holding office are as follows:

J D Templeton ceased to be a director after 31 December 2025 but prior to the date of this 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;

-	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, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W H Eastwood - Director

20 May 2026

Opinion

We have audited the financial statements of Fresh Growers Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 December 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for 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.

D Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

20 May 2026

REVENUE

14,433,455

14,509,088

Cost of sales

12,718,730

13,127,370

GROSS PROFIT

1,714,725

1,381,718

Administrative expenses

2,368,291

2,225,813

(653,566

)

(844,095

)

Other operating income

4

732,557

875,236

OPERATING PROFIT

6

78,991

31,141

Interest receivable and similar income

17,083

24,598

96,074

55,739

Interest payable and similar expenses

8

11,430

10,822

PROFIT BEFORE TAXATION

84,644

44,917

Tax on profit

9

3,246

4,674

PROFIT FOR THE FINANCIAL YEAR

81,398

40,243

Retained earnings at beginning of year

587,280

547,037

RETAINED EARNINGS AT END OF YEAR

668,678

587,280

FIXED ASSETS

Property, plant and equipment

10

1,122,017

1,276,040

CURRENT ASSETS

Inventories

11

85,686

70,413

Debtors

12

3,434,155

3,076,599

Cash at bank and in hand

712,898

807,776

4,232,739

3,954,788

CREDITORS

Amounts falling due within one year

13

4,686,066

4,643,536

NET CURRENT LIABILITIES

(453,327

)

(688,748

)

TOTAL ASSETS LESS CURRENT LIABILITIES

668,690

587,292

CAPITAL AND RESERVES

Called up share capital

16

12

12

Retained earnings

17

668,678

587,280

SHAREHOLDERS' FUNDS

668,690

587,292

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

W H Eastwood - Director

A R Howard - Director

Cash flows from operating activities

Cash generated from operations

1

220,135

342,132

Interest paid

(2,356

)

(2,201

)

Interest element of hire purchase payments paid

(9,074

)

(8,621

)

Tax paid

(4,674

)

-

Net cash from operating activities

204,031

331,310

Cash flows from investing activities

Purchase of tangible fixed assets

(262,378

)

(212,633

)

Sale of tangible fixed assets

6,000

-

Interest received

17,083

24,598

Net cash from investing activities

(239,295

)

(188,035

)

Cash flows from financing activities

Capital repayments in year

(59,614

)

(128,575

)

Net cash from financing activities

(59,614

)

(128,575

)

(Decrease)/increase in cash and cash equivalents

(94,878

)

14,700

Cash and cash equivalents at beginning of year

2

807,776

793,076

Cash and cash equivalents at end of year

2

712,898

807,776

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

2025

2024

£

£

Profit before taxation

84,644

44,917

Depreciation charges

416,403

372,924

Profit on disposal of fixed assets

(6,000

)

-

Increase/(Decrease) in deferred income

7,894

(31,554

)

Finance costs

11,430

10,822

Finance income

(17,083

)

(24,598

)

497,288

372,511

(Increase)/decrease in inventories

(15,273

)

4,939

(Increase)/decrease in trade and other debtors

(357,556

)

455,467

Increase/(decrease) in trade and other creditors

95,676

(490,785

)

Cash generated from operations

220,135

342,132

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

712,898

807,776

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

807,776

793,076

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

807,776

(94,878

)

712,898

807,776

(94,878

)

712,898

Debt

Finance leases

(59,614

)

59,614

-

(59,614

)

59,614

-

Total

748,162

(35,264

)

712,898

1.	STATUTORY INFORMATION

Fresh Growers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Judgements

In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no critical accounting judgements or estimation uncertainty that. in the opinion of the directors, will have a material effect on the financial statements.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

33% on cost and 5% on cost

Plant and machinery

-

33% on cost, 20% on cost, 10% on cost and 5% on cost

Motor vehicles

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The company trades as a mutual society and accordingly no corporation tax is chargeable on its excess of income over expenditure arising from its activities with members. Corporation tax is chargeable on other income at rates current during the period of accounts.

Pension costs and other post-retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

4.	OTHER OPERATING INCOME

The analysis of the Company's other operating income for the year is as follows:

2025

2024

£

£

Government grants

472,824

549,506

Miscellaneous other operating income

259,733

325,730

732,557

875,236

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages & salaries

1,272,373

1,202,162

Social security costs

91,667

129,189

Other pension costs

104,373

120,553

1,468,413

1,451,904

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

2025

2024

Administration and support staff

10

11

Other departments

18

17

28

28

6.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

416,401

372,924

Profit on disposal of fixed assets

(6,000

)

-

7.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,500

6,076

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

2,356

2,201

Hire purchase

9,074

8,621

11,430

10,822

9.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

3,246

4,674

Tax on profit

3,246

4,674

UK corporation tax was charged at 19%) in 2024.

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

84,644

44,917

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 19%)

16,082

8,534

Effects of:

Effects of non-taxable mutual trading

(12,836

)

(3,860

)

Total tax charge

3,246

4,674

The company trades as a mutual society and accordingly no corporation tax is chargeable on its excess of income over expenditure arising from its activities with members. Corporation tax is chargeable on other income at rates current during the period of accounts.

10.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

1,572,064

1,230,140

1,304,539

316,832

4,423,575

Additions

-

228,220

-

34,158

262,378

Disposals

-

-

-

(58,940

)

(58,940

)

At 31 December 2025

1,572,064

1,458,360

1,304,539

292,050

4,627,013

DEPRECIATION

At 1 January 2025

1,296,007

864,375

740,190

246,963

3,147,535

Charge for year

19,981

277,779

53,790

64,851

416,401

Eliminated on disposal

-

-

-

(58,940

)

(58,940

)

At 31 December 2025

1,315,988

1,142,154

793,980

252,874

3,504,996

NET BOOK VALUE

At 31 December 2025

256,076

316,206

510,559

39,176

1,122,017

At 31 December 2024

276,057

365,765

564,349

69,869

1,276,040

Included in cost of land and buildings is freehold land of £ 167,529 (2024 - £ 167,529 ) which is not depreciated.

11.	INVENTORIES

The company does not hold stock of members' produce. Stocks at year end consist of packaging materials which are held at cost with due allowance for obsolete and slow moving items. Cost is determined using the first-in , first-out (FIFO) method.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,794,650

2,567,485

Other debtors

335,478

260,874

VAT

266,647

211,969

Prepayments

37,380

36,271

3,434,155

3,076,599

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 14)

-

59,614

Trade creditors

197,495

539,435

Tax

3,246

4,674

Social security and other taxes

39,788

29,043

Other creditors

169,332

204,590

Accrued expenses

4,060,636

3,598,505

Deferred government grants

215,569

207,675

4,686,066

4,643,536

14.	LEASING AGREEMENTS

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

15.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

59,614

16.	CALLED UP SHARE CAPITAL

Ordinary shares of £1 each may be issued on the advice of the board and the agreement of members in general meeting. Shares may only be issued and held by persons who are signatories to a currently valid growing agreement with the company. The shares must be issued and, where permitted transferred, at the par value of £1 which must be fully paid. No person may hold more than one share other than the chairman who may hold shares in trust in a non-voting capacity pending issue to a new member. Each share entitles the member to one vote in general meetings. The surplus if any on liquidation is to be distributed in accordance with the provisions of the growing agreement.

17.

RESERVES

Retained

earnings

£

At 1 January 2025

587,280

Profit for the year

81,398

At 31 December 2025

668,678