Company Registration No. NI030423 (Northern Ireland)
MILLAR TRACTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
MILLAR TRACTORS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
MILLAR TRACTORS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Alan Millar
William Millar
Secretary
William Millar
Company number
NI030423
Registered office
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
Auditor
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
Bankers
Danske Bank
1-2 Broadway
BALLYMENA
Co Antrim
BT43 7AA
MILLAR TRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -

The directors present the strategic report for the year ended 28 February 2026.

Principal activity and review of the business

The principal activity of the company in the year under review which remained unchanged, was the sale/export of heavy plant and machinery. The directors anticipate that any future developments would relate to this activity.

Financial performance and key performance indicators

The directors ha ve determined the following financial indicators to be the most effective measures of progress towards the achievement of the company’s objectives:
| Increase/ |  |
| (decrease) | 2026 | 2025
| £ | £ | £
Revenue | £1,298,924 | £33,535,742 | £32,236,818
Gross profit | £143,417 | £1,967,908 | £1,824,491
Gross profit margin | 0.21% | 5.87% | 5.66%
Profit before ta x | £293,764 | £1,474,984 | £1,181,220
The directors consider the results for the year to be satisfactory given the current economic climate.

Financial Instruments

In the past year, 94% of the company's sales were in foreign currencies. As the company does not enter into any hedging activities, it is exposed to an element of exchange rate risk on unsold stock at the year end.

Principal risks and uncertainties

The company faces a number of key risks and uncertainties which the directors strive to overcome.

- World demand - the company has to address change in world demand for heavy plant and machinery.

- Exchange risk - the exchange rates continue to fluctuate and the directors need to negotiate a significant reduction in sales commission to reduce the impact on profit.

Although the company is at risk from changes in world demand and movements in exchange rates, the directors continue to focus on purchasing heavy plant and machinery in one country and selling in another for profit. With this in mind, they are looking ahead to importing from Japan into the United States. The directors believe the company, with its lean cost base is well positioned to make the necessary changes to take advantage of changing markets.

By order of the board

William Millar
Secretary
26 May 2026
MILLAR TRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2026.

Principal activities

The principal activity of the company continued to be that of the sale/export of heavy plant and machinery.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Alan Millar
William Millar
Post reporting date events

The directors have confirmed that there are no significant events after the balance sheet date that they feel they need to disclose.

Future developments

The directors do not foresee any major future developments in the forthcoming year outside of normal trading.

Auditor

The auditor, IDS Chartered Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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; and

- 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.

MILLAR TRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
William Millar
Secretary
26 May 2026
MILLAR TRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLAR TRACTORS LIMITED
- 5 -
Opinion

We have audited the financial statements of Millar Tractors Limited (the 'company') for the year ended 28 February 2026 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 28 February 2026 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MILLAR TRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLAR TRACTORS LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows:

- we identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience of the sector;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of directors and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of directors as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

- performing analytical procedures to identify any unusual or unexpected relationships;

- testing journal entries to identify unusual transactions;

- assessing whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and

- investigating the rationale behind any significant or unusual transactions.

MILLAR TRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLAR TRACTORS LIMITED (CONTINUED)
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statements disclosures to underlying supporting documentation;

- enquiring of directors as to actual and potential litigation and claims and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor's report 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.

Mrs Alison Wallace (Senior Statutory Auditor)
For and on behalf of IDS Chartered Accountants LLP, Statutory Auditor
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
26 May 2026
MILLAR TRACTORS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
33,535,742
32,236,818
Cost of sales
(31,567,834)
(30,412,327)
Gross profit
1,967,908
1,824,491
Administrative expenses
(483,725)
(629,034)
Other operating income
62,722
54,335
Operating profit
4
1,546,905
1,249,792
Interest receivable and similar income
7
113
26
Interest payable and similar expenses
8
(72,034)
(68,598)
Profit before taxation
1,474,984
1,181,220
Tax on profit
9
(376,615)
(303,072)
Profit for the financial year
1,098,369
878,148
Retained earnings brought forward
17,099,140
16,220,992
Retained earnings carried forward
18,197,509
17,099,140

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MILLAR TRACTORS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2026
28 February 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,304,405
1,504,136
Investment property
11
3,358,741
3,358,741
4,663,146
4,862,877
Current assets
Stocks
12
9,616,928
4,000,395
Debtors
13
11,359,643
10,549,248
Cash at bank and in hand
14,581
355,888
20,991,152
14,905,531
Creditors: amounts falling due within one year
14
(7,110,721)
(2,278,224)
Net current assets
13,880,431
12,627,307
Total assets less current liabilities
18,543,577
17,490,184
Provisions for liabilities
Deferred tax liability
16
346,067
391,043
(346,067)
(391,043)
Net assets
18,197,510
17,099,141
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
18,197,509
17,099,140
Total equity
18,197,510
17,099,141

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
Alan Millar
William Millar
Director
Director
Company registration number NI030423 (Northern Ireland)
MILLAR TRACTORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 10 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(3,833,259)
6,822,124
Interest paid
(72,034)
(68,598)
Income taxes paid
(283,103)
(408,505)
Net cash (outflow)/inflow from operating activities
(4,188,396)
6,345,021
Investing activities
Purchase of tangible fixed assets
(28,508)
(222,971)
Proceeds from disposal of tangible fixed assets
176,000
1,940
Repayment of loans
(246,350)
-
0
Interest received
113
26
Net cash used in investing activities
(98,745)
(221,005)
Net (decrease)/increase in cash and cash equivalents
(4,287,141)
6,124,016
Cash and cash equivalents at beginning of year
355,888
(5,768,128)
Cash and cash equivalents at end of year
(3,931,253)
355,888
Relating to:
Cash at bank and in hand
14,581
355,888
Bank overdrafts included in creditors payable within one year
(3,945,834)
-
0
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 11 -
1
Accounting policies
Company information

Millar Tractors Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 23/25 Queen Street, COLERAINE, Co Londonderry, BT52 1BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Land and buildings Leasehold
2% straight line
Plant and machinery
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 12 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 15 -
2
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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2026
2025
£
£
Turnover analysed by class of business
Sales
33,535,742
32,236,818
2026
2025
£
£
Turnover analysed by geographical market
UK
1,947,515
1,764,918
Europe
88,000
65,000
Australia
1,840,784
-
America
28,236,670
29,643,046
Canada
184,827
-
ROI
1,237,946
763,854
33,535,742
32,236,818
2026
2025
£
£
Other revenue
Interest income
113
26
Conacre and SFP
30,757
31,160
4
Operating profit
2026
2025
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(132,420)
54,742
Government grants
(30,757)
(31,160)
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
5,000
Depreciation of owned tangible fixed assets
117,950
162,926
Profit on disposal of tangible fixed assets
(65,711)
(1,940)
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 16 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Sales
8
9

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
222,605
226,501
Social security costs
37,832
19,603
Pension costs
5,265
5,004
265,702
251,108
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
76,123
74,692
Company pension contributions to defined contribution schemes
1,909
1,866
78,032
76,558
7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
113
26
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
64,289
57,354
Other finance costs
Other interest
7,745
11,244
72,034
68,598
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 17 -
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
421,592
283,104
Deferred tax
Origination and reversal of timing differences
(44,977)
19,968
Total tax charge
376,615
303,072

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,474,984
1,181,220
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
368,746
295,305
Effects of:
Expenses that are not deductible in determining taxable profit
409
2,811
Permanent capital allowances in excess of depreciation
52,437
(15,012)
Deferred tax movement
(44,977)
19,968
Taxation charge in the financial statements
376,615
303,072
10
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2025
719,778
271,427
521,670
544,723
2,057,598
Additions
-
0
-
0
-
0
28,508
28,508
Disposals
-
0
-
0
-
0
(214,578)
(214,578)
At 28 February 2026
719,778
271,427
521,670
358,653
1,871,528
Depreciation and impairment
At 1 March 2025
43,187
16,286
232,917
261,072
553,462
Depreciation charged in the year
14,396
5,429
57,751
40,374
117,950
Eliminated in respect of disposals
-
0
-
0
-
0
(104,289)
(104,289)
At 28 February 2026
57,583
21,715
290,668
197,157
567,123
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
10
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
(Continued)
- 18 -
Carrying amount
At 28 February 2026
662,195
249,712
231,002
161,496
1,304,405
At 28 February 2025
676,591
255,141
288,753
283,651
1,504,136
11
Investment property
2026
£
Fair value
At 1 March 2025 and 28 February 2026
3,358,741

Investment property comprises farm land and property in Coleraine. The investment property was revalued during the year ended 28 February 2023 on the basis of a valuation carried out at 16 May 2023 by H.A. McIlrath & Sons Ltd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Directors have reviewed market value and are satisfied.

12
Stocks
2026
2025
£
£
Finished goods and goods for resale
9,616,928
4,000,395
13
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
10,429,781
9,692,868
Other debtors
904,862
856,380
Prepayments and accrued income
25,000
-
0
11,359,643
10,549,248
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 19 -
14
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Bank loans and overdrafts
15
3,945,834
-
0
Trade creditors
1,666,242
1,148,733
Corporation tax
421,592
283,104
Other taxation and social security
20,770
3,890
Other creditors
827,123
826,205
Accruals and deferred income
229,160
16,292
7,110,721
2,278,224
15
Loans and overdrafts
2026
2025
£
£
Bank overdrafts
3,945,834
-
0
Payable within one year
3,945,834
-
0

Bank loans and overdrafts are secured by Danske Bank Ltd over freehold properties along with debentures including Fixed and Floating charges over all present freehold and leasehold property.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
141,501
186,477
Revaluations
204,566
204,566
346,067
391,043
2026
Movements in the year:
£
Liability at 1 March 2025
391,043
Credit to profit or loss
(44,976)
Liability at 28 February 2026
346,067
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
16
Deferred taxation
(Continued)
- 20 -

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,265
5,004

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
19
Directors' transactions

At the year end the company owed the directors £26,337 via the directors' current account (2025 - company owed the directors £28,499).

20
Cash (absorbed by)/generated from operations
2026
2025
£
£
Profit after taxation
1,098,369
878,148
Adjustments for:
Taxation charged
376,615
303,072
Finance costs
72,034
68,598
Investment income
(113)
(26)
Gain on disposal of tangible fixed assets
(65,711)
(1,940)
Depreciation and impairment of tangible fixed assets
117,950
162,926
Movements in working capital:
(Increase)/decrease in stocks
(5,616,533)
1,959,259
(Increase)/decrease in debtors
(564,045)
5,452,058
Increase/(decrease) in creditors
748,175
(1,999,971)
Cash (absorbed by)/generated from operations
(3,833,259)
6,822,124
MILLAR TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 21 -
21
Analysis of changes in net funds/(debt)
1 March 2025
Cash flows
28 February 2026
£
£
£
Cash at bank and in hand
355,888
(341,307)
14,581
Bank overdrafts
-
0
(3,945,834)
(3,945,834)
355,888
(4,287,141)
(3,931,253)
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