REGISTERED NUMBER: 06612313 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

OLIVER AGRICULTURE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr D M Jarman

Ms A C Barnes

Mr R S Hallam

Mr W E C Helliwell

Mr R J Hedges

REGISTERED OFFICE:

Wandon End Works

Luton

Bedfordshire

LU2 8NY

REGISTERED NUMBER:

06612313 (England and Wales)

AUDITORS:

FKCA Limited

Statutory Auditor

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

The directors present their strategic report for the year ended 30 September 2025.

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS

The principal activities of the company in the year under review were sales, service and parts for agricultural machinery and occasional short-term hire of machines, primarily direct into the agricultural market.

Key performance indicators

Management use a range of performance measures to monitor and manage the business. The key financial performance indicators are set out below:

-

sales turnover;

-

gross margin;

-

assets employed;

-

balance sheet strength; and

-

shareholder asset cover.

Development and financial performance during the year

The company trades in a significant geographical area covering the counties of Bedfordshire, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Hampshire, Surrey, West Sussex, and the Isle of Wight.

The main suppliers tend to be market leading brands, well known in the agricultural market and their specialist market sectors, who are recognised for their high level of service support within this sector which is synonymous with our own philosophy as a family business built on good service which can trace its roots back to 1823.

Our major suppliers include many global brands such as CLAAS, Horsch, Leeb, Abbey, Bunning, Dalbo, KRM, Maschio-Gaspardo, Opico, Richard Western, Samson, and Spearhead.

The marketplace for agricultural machinery continues to be very competitive and challenges have been faced in terms of high interest rates and ongoing high operating costs. There has however still been demand for our products and our previously expanded geographical area has continued to mean we service a more diverse mix of farming customers allowing us opportunities in a wider range of machinery. Although we have achieved a significant turnover in the financial year it has reduced from the prior year resulting in a loss before taxation of £315,327. This compares with a pre-tax profit last year of £529,628 This reduction is due in part to a decrease in turnover but also due to an increase in stocking charge and bank interest as well as the ongoing higher operating costs. Whilst we have faced a competitive marketplace, we have been able to maintain combine, forager and tractor market share across our trading area in a reduced market and at year end have reduced our stock on the previous financial year by £2.912m. Following an early harvest and successful autumn, the sowing season prospects for a good 2026 harvest are promising.

PRINCIPAL RISKS AND UNCERTAINTIES

There are always risks associated with running a business. These must be assessed by the management within the business and mitigated where we have an element of control. The company has continued to grow in certain market areas during this period. With good strategy, management, and cost control we have continued to maintain a strong balance sheet whilst retaining a healthy level of shareholder funds in the business.

The directors identify the key business risks and uncertainties to be mainly external, and these include bad weather, customer confidence in their own future profitability, low commodity prices for grain and a mediocre harvest yield and with increased cost of funding for our customers due to the continued Global issues and extra capital employed. The transition from the single farm payment support has also impacted customer confidence. With the recent concessions to the inheritance tax thresholds for family farms and modest reduction in interest rates some renewed customer confidence has recently returned since our year end.

Competition will always be a factor with other retailers under pressure from their own suppliers to grow market share.

Global supply issues because of the Ukrainian conflict and after effects of COVID problems in China have generally now stabilised. We had consciously held more stock of parts and machines to mitigate this supply risk and ensure that our customers operations have not been adversely affected and maintain budgeted sales. As a result of this we were holding higher than optimum levels of stock for both machines and spare parts which has resulted in increased stocking costs and subsequent reduced gross margins.

FINANCIAL POSITION AT REPORTING DATE

The balance sheet remains robust with closing shareholder funds of £5.05m.

PRINCIPAL RISKS AND UNCERTAINTIES - continued

Competitor pressure and level of demand

-

the market in which the company operates is relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the company's products and services over family generations. The balance of supply and demand has shifted since the prior year and could result in heavier discounts becoming more prevalent putting pressure on margin retention. Reduced farm profitability will lead to reduced demand which has already seen some of our competitors withdraw from the market in the past year.

Reliance on key suppliers

-

the company's activities could expose it to over reliance on certain suppliers. The directors manage this risk by ensuring the sale of market leading brands which include a range of suppliers who provide complimentary products to one another. The directors are constantly seeking to find potential additional suppliers to add products to our portfolio.

Loss of key personnel

-

this would pose potential operational difficulties for the company. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future.

Bad weather affecting customer confidence

-

the weather can affect the ability of the company to sell agricultural machinery. The directors manage this risk by ensuring that seasonal stock levels are managed appropriately and by having an increased focus on growing the aftersales aspect of the business by selling extended warranties alongside service contracts. The increased incidence of extreme weather events due to climate change can have an impact on our customers' risk of crop failure and subsequent reduction in funds to invest in machinery replacement.

Global unrest

-

disruption of supply chains due to potential closure of shipping routes, continued conflict in Ukraine and the effect of increased energy costs on our operating costs and to the products we sell. Potential Global currency volatility with the risk of tariff impositions by the USA disrupting stock market confidence. Risks from unfavourable trade agreements.

FUTURE OUTLOOK

The outlook continues to be buoyant with a strong start to the 2025-26 business year. Despite the recent wet weather, our customers have remained confident with better levels of autumn drilled crops than the national average resulting in a successful early out of season order campaign. Despite a national downturn in farm profitability, especially in the cereal sector, the livestock sector has been less affected and despite a reduction in the tractor market we are seeing an increase in sales.

The machinery supply lead-times have returned back to pre-Pandemic levels. Our Budget is forecasting at least a similar outcome to the 2023-2024 trading year. We must be cognisant to the market volatility and maintain strong stock & credit control, whilst being mindful of the rise in interest and stocking charges and their impact on gross margins. We continue to actively work at reducing new and used stock levels in line with the current market.

ON BEHALF OF THE BOARD:

Ms A C Barnes - Director

26 May 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £Nil.

DIRECTORS

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

Mr D M Jarman

Ms A C Barnes

Mr R S Hallam

Mr W E C Helliwell

Mr R J Hedges

Other changes in directors holding office are as follows:

Mr I P D Morton - resigned 31 July 2025

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The company operates within the group's centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities.

The company's principal financial instruments include bank overdrafts, stocking finance agreements, hire purchase agreements and borrowing from the parent company, the main purpose of which are to provide working capital for the company's operations. In addition, the company has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations.

Liquidity Risk

The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business.

Credit Risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

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

ON BEHALF OF THE BOARD:

Ms A C Barnes - Director

26 May 2026

Opinion

We have audited the financial statements of Oliver Agriculture Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its loss 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:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

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

- Enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; and

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk, including fraud, in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of income.

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk fraud through management bias and override of controls, we:

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

- Tested journal entries to identify unusual transactions;

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

- Investigated the rationale behind significant or unusual transactions.

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.

Stephen Mason BSc FCA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

Statutory Auditor

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

1 June 2026

TURNOVER

4

34,612,399

39,589,120

Cost of sales

32,563,226

36,752,168

GROSS PROFIT

2,049,173

2,836,952

Distribution costs

761,991

830,139

Administrative expenses

1,575,882

1,448,731

2,337,873

2,278,870

OPERATING (LOSS)/PROFIT

6

(288,700

)

558,082

Interest payable and similar expenses

7

26,627

28,454

(LOSS)/PROFIT BEFORE TAXATION

(315,327

)

529,628

Tax on (loss)/profit

8

(17,522

)

129,330

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(297,805

)

400,298

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(297,805

)

400,298

FIXED ASSETS

Tangible assets

10

962,930

1,042,299

CURRENT ASSETS

Stocks

11

6,953,486

9,865,564

Debtors

12

3,100,108

3,529,933

Cash at bank

3,967

3,908

10,057,561

13,399,405

CREDITORS

Amounts falling due within one year

13

5,665,293

8,672,721

NET CURRENT ASSETS

4,392,268

4,726,684

TOTAL ASSETS LESS CURRENT LIABILITIES

5,355,198

5,768,983

CREDITORS

Amounts falling due after more than one year

14

(72,407

)

(170,159

)

PROVISIONS FOR LIABILITIES

18

(232,363

)

(250,591

)

NET ASSETS

5,050,428

5,348,233

CAPITAL AND RESERVES

Called up share capital

19

400,000

400,000

Retained earnings

4,650,428

4,948,233

SHAREHOLDERS' FUNDS

5,050,428

5,348,233

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

Mr D M Jarman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

400,000

4,797,935

5,197,935

Changes in equity

Dividends

-

(250,000

)

(250,000

)

Total comprehensive income

-

400,298

400,298

Balance at 30 September 2024

400,000

4,948,233

5,348,233

Changes in equity

Total comprehensive income

-

(297,805

)

(297,805

)

Balance at 30 September 2025

400,000

4,650,428

5,050,428

1.	STATUTORY INFORMATION

Oliver Agriculture 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

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

In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note 20.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values 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 the estimated outcomes.

In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company.

Due to the nature of the industry items of stock held by the company at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock.

Turnover

Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value added taxes.

Turnover from the sale of agricultural and groundcare machinery is recognised in full at the time of delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced at the year end, which is determined by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Over the term of the lease

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on cost and 10% on reducing balance

Motor vehicles

-

20% on cost

All fixed assets are initially recognised at cost.

Stocks

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

Financial instruments

The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets and liabilities, including trade and other debtors, bank balances, trade and other creditors are recognised at amortised cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the movement in foreign currency exchange rate between the date of the transaction and payment are taken into account in the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of goods

31,469,144

36,364,250

Rendering of services

3,143,255

3,224,870

34,612,399

39,589,120

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

33,086,061

38,257,345

Europe

1,197,454

1,246,367

Rest of world

328,884

85,408

34,612,399

39,589,120

5.	EMPLOYEES AND DIRECTORS

All staff are employed by a group company, labour costs recharged are disclosed within the Related Party Disclosure note.

2025

2024

£

£

Directors' remuneration

-

-

During the year, the average number of employees were nil (2024: nil).

6.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

214,125

182,210

Depreciation - owned assets

116,691

136,733

Depreciation - assets on hire purchase contracts

222,059

184,423

Profit on disposal of fixed assets

(28,750

)

(23,088

)

Auditors' remuneration

18,075

17,640

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

26,627

28,454

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

132,682

Under provision last year

706

-

Total current tax

706

132,682

Deferred tax

(18,228

)

(3,352

)

Tax on (loss)/profit

(17,522

)

129,330

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£

£

(Loss)/profit before tax

(315,327

)

529,628

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

(78,832

)

132,407

Effects of:

Expenses not deductible for tax purposes

-

1,861

Capital allowances in excess of depreciation

-

(5,854

)

Depreciation in excess of capital allowances

2,039

-

Adjustments to tax charge in respect of previous periods

706

916

Tax losses surrendered to group

58,565

-

Total tax (credit)/charge

(17,522

)

129,330

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

-

250,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2024

74,788

373,763

426,778

1,747,686

2,623,015

Additions

3,061

36,598

15,314

237,426

292,399

Disposals

-

-

-

(119,861

)

(119,861

)

At 30 September 2025

77,849

410,361

442,092

1,865,251

2,795,553

DEPRECIATION

At 1 October 2024

32,214

200,838

332,909

1,014,755

1,580,716

Charge for year

9,765

19,058

20,591

289,336

338,750

Eliminated on disposal

-

-

-

(86,843

)

(86,843

)

At 30 September 2025

41,979

219,896

353,500

1,217,248

1,832,623

NET BOOK VALUE

At 30 September 2025

35,870

190,465

88,592

648,003

962,930

At 30 September 2024

42,574

172,925

93,869

732,931

1,042,299

The net book value of tangible fixed assets includes £ 535,465 (2024 - £ 589,504 ) in respect of assets held under hire purchase contracts.

11.

STOCKS

2025

2024

£

£

Parts stock

1,133,633

1,212,825

Wholegoods stock

5,819,853

8,652,739

6,953,486

9,865,564

An impairment loss of £263,419 was recognised in cost of sales against stock during the year (2024 - £41,488).

The net book value of stock includes £3,179,374 in respect of assets held under stocking plan contracts (2024 - £4,172,128).

12.	DEBTORS LESS THAN ONE YEAR

2025

2024

£

£

Trade debtors

1,928,115

2,193,704

Amounts owed by group undertakings

915,443

1,142,623

Amounts recoverable on contract

104,515

112,945

Corporation Tax

60,630

25,111

Prepayments and accrued income

91,405

55,550

3,100,108

3,529,933

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 15)

595,951

262,196

Hire purchase contracts (see note 16)

216,562

225,950

Trade creditors

4,266,145

6,926,717

Amounts owed to group undertakings

22,518

272,768

VAT

-

415,755

Accruals and deferred income

564,117

569,335

5,665,293

8,672,721

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 16)

72,407

170,159

15.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

595,951

262,196

16.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

216,562

225,950

Between one and five years

72,407

170,159

288,969

396,109

Minimum lease payments under non-cancellable operating leases fall due as follows: