Company No:
Contents
| DIRECTORS | Francis Wayne Rundle |
| Joshua Luke Rundle (Appointed 17 December 2025) | |
| Sharon Tracy Rundle |
| REGISTERED OFFICE | Kennards House |
| Launceston | |
| Cornwall | |
| PL15 7EZ | |
| United Kingdom |
| COMPANY NUMBER | 05907476 (England and Wales) |
| AUDITOR | Old Mill Audit Limited |
| Statutory Auditor | |
| Leeward House | |
| Fitzroy Road | |
| Exeter Business Park | |
| Exeter | |
| Devon | |
| EX1 3LJ |
The directors present their Strategic Report for the financial year ended 30 September 2025.
REVIEW OF THE BUSINESS
During the year, the Company generated revenue of £19,409,628 (2024: £17,935,434) and achieved a profit before taxation of £769,660 (2024: £585,252). This represents a strong improvement in performance compared with the prior year and reflects the Company’s continued focus on operating as a well-established supplier and service provider of agricultural and construction machinery across Cornwall and Devon.
Management monitors a range of key performance indicators (KPIs) to assess trading performance and financial strength, including revenue growth, gross margin and earnings before interest, tax and depreciation (EBITDA). Performance against these measures during the year has supported the strengthening of the Company’s financial position, with net assets increasing to £3,006,237 (2024: £2,631,797).
The directors would like to acknowledge and thank all employees for their continued commitment and contribution throughout the year. The Company’s strong regional presence, established supplier relationships and experienced workforce provide a solid foundation for continued operations and the delivery of sustainable long-term performance.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors actively monitor the principal risks and uncertainties facing the Company and seek to minimise their impact through prudent financial management, regular performance reviews and maintaining strong operational controls.
The Company operates within the agricultural sector, and trading performance is influenced by factors largely outside of its control. During the year, customers have continued to face uncertainty arising from unpredictable weather conditions, fluctuating interest rates and volatility in milk prices. These pressures can significantly affect farm profitability and cash flow, making it more difficult for customers to plan and commit to capital expenditure. This may impact both the demand for machinery and the timing of purchasing decisions. In addition, potential changes to inheritance tax legislation continue to create uncertainty for family-owned farming businesses and may influence longer-term investment planning.
Interest rate volatility also presents a direct risk to the Company. The business utilises stocking facilities to maintain sufficient levels of machinery inventory to meet customer demand. Holding higher levels of stock increases associated funding and interest costs, placing additional pressure on margins and cash flow. The directors therefore place significant emphasis on cash flow forecasting, working capital management and maintaining appropriate stock levels.
Through ongoing monitoring of financial performance, careful cost control and maintaining strong relationships with customers, suppliers and finance providers, the directors believe the Company is well positioned to manage these risks and respond appropriately to changing market conditions.
FUTURE DEVELOPMENTS
The directors remain confident in the Company’s long-term strategy and anticipate continued progress in the forthcoming financial year. The business will continue to focus on sustainable growth while maintaining a disciplined and prudent approach to financial management.
Planned developments include further investment in technology and infrastructure to enhance operational efficiency and improve internal systems. The Company also intends to continue investing in staff training and development to ensure high levels of technical expertise and customer service are maintained across all areas of the business.
Strengthening operational processes and improving systems integration remain key priorities, supporting greater efficiency, improved reporting and enhanced customer responsiveness.
Whilst mindful of ongoing economic pressures, including inflation and interest rate volatility, the directors believe the Company is well positioned to adapt to changing market conditions and respond proactively to both challenges and opportunities as they arise.
Approved by the Board of Directors and signed on its behalf by:
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Francis Wayne Rundle
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 30 September 2025.
PRINCIPAL ACTIVITIES
DIVIDENDS
The directors paid a dividend of £188,251 in the current financial year (2024: £184,785).
FUTURE DEVELOPMENTS
Details of future developments can be found in the Strategic Report.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The Company does not use derivative financial instruments for speculative purposes.
Cash flow risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company limits it's exposure to foreign exchange movements by limiting it's income and expenditure with foreign currencies.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Company's principal financial assets are bank balances and cash, trade debtors and other receivables.
The Company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are net of allowances for doubtful trade debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company tracks the cash position on a daily basis and has strong controls to ensure cash is received from customers.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 17 December 2025) |
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Old Mill Audit Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Francis Wayne Rundle
Director |
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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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. The directors 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.
We have audited the financial statements of Rundle and Co Agri Ltd for the financial year ended 30 September 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 21, 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 of Rundle and Co Agri Ltd (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). 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 the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
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 and the Directors' Report. 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’ Responsibilities Statement, 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.
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:
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included relevant laws and regulations applicable to the Company and the sector it operates in e.g. UK Companies Act, pensions legislation, tax legislation etc; and
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included the Company’s operating licenses.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.
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 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.
For and on behalf of
Statutory Auditor
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Operating profit |
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| Interest receivable and similar income | 4 |
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| Interest payable and similar expenses | 4 | (
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| Profit before taxation | 5 |
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| Tax on profit | 9 | (
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| Profit for the financial year |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 11 |
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| Tangible assets | 12 |
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| 644,100 | 515,014 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand |
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| 8,480,162 | 7,834,869 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current assets | 2,451,673 | 2,188,907 | ||
| Total assets less current liabilities | 3,095,773 | 2,703,921 | ||
| Creditors: amounts falling due after more than one year | 16 | (
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| Provision for liabilities | 17 | (
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| Net assets | 3,006,237 | 2,631,797 | ||
| Capital and reserves | 19 | |||
| Called-up share capital |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds | 3,006,237 | 2,631,797 |
The financial statements of Rundle and Co Agri Ltd (registered number:
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Francis Wayne Rundle
Director |
| Called-up share capital | Capital redemption reserve | Profit and loss account | Total | ||||
| £ | £ | £ | £ | ||||
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| Dividends paid on equity shares (note 10) |
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| Profit for the financial year |
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| Dividends paid on equity shares (note 10) |
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| At 30 September 2025 |
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| £ | £ | ||
| Net cash flows from operating activities | (
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| Cash flows from investing activities | |||
| Purchase of plant and machinery | (
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| Repayments of borrowings | (
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| Amount withdrawn by directors | 0 | (624) | |
| Equity dividends paid | (188,251) | (134,740) | |
| Net cash flows from financing activities | (
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
| Cash at bank and in hand at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Rundle and Co Agri Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kennards House, Launceston, Cornwall, PL15 7EZ, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
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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.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
Key source of estimation uncertainty
In determining the estimated useful life of fixed assets the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the, company reviews the above to establish if there is any change in the expected useful life of tangible assets. The depreciation charge for the year ended 30 September 2025 was £128,776 (2024: £122,247).
Where estimated selling price of stock is less cost is lower than stock, a stock provision will be recorded. The estimated selling price is determined with reference to market values.
Where estimated amounts receivable is less that the value of the debt included in the accounts, a provision for doubtful debts will be recorded. The total provision for bad debts at 30 September 2025 was £nil (2024: £12,371).
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by geographical market:
An analysis of the Company's turnover by geographical market is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| United Kingdom | 19,409,628 | 17,935,434 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| (106,362) | (150,348) |
Profit before taxation is stated after charging/(crediting):
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| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
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| Amortisation of intangible assets (note 11) |
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An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 16,460 | 15,000 | |
| Total audit fees |
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
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Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 1,501,249 | 1,268,300 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
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| Company contributions to money purchase pension schemes |
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| 147,410 | 142,522 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years | |||
| UK corporation tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Total deferred tax |
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before taxation | 769,660 | 585,252 | |
| Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Adjustments in respect of prior years |
|
|
|
| Adjustment to brought forward values | 3,093 | 0 | |
| Deferred tax movements not recognised | (3,722) | 0 | |
| Total tax charge for year | 206,970 | 155,462 |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| A Shares of £1 each Final | 0 | 25,023 | |
| A Shares of £1 each Interim | 79,706 | 56,277 | |
| B Shares of £1 each Final | 0 | 25,022 | |
| B Shares of £1 each Interim | 79,706 | 56,278 | |
| C Shares of £1 each Interim | 16,000 | 12,000 | |
| D Shares of £1 each Interim | 12,839 | 10,185 | |
| 188,251 | 184,785 | ||
| Computer software | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2024 |
|
|
|
| At 30 September 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 October 2024 |
|
|
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| Charge for the financial year |
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|
| At 30 September 2025 |
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| Net book value | |||
| At 30 September 2025 |
|
|
|
| At 30 September 2024 |
|
|
| Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost | |||||||||||
| At 01 October 2024 |
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| Additions |
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| At 30 September 2025 |
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| Accumulated depreciation | |||||||||||
| At 01 October 2024 |
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| Charge for the financial year |
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| At 30 September 2025 |
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| Net book value | |||||||||||
| At 30 September 2025 | 209,503 | 50,890 | 181,501 | 154,224 | 47,963 | 644,081 | |||||
| At 30 September 2024 | 240,239 | 51,267 | 176,200 | 8,500 | 38,783 | 514,989 | |||||
| Leased assets included above: | |||||||||||
| Net book value | |||||||||||
| At 30 September 2025 | 0 | 0 | 43,278 | 0 | 0 | 43,278 | |||||
| At 30 September 2024 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 2024 | ||
| £ | £ | ||
| Stocks |
|
|
|
| Work in progress |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
| Prepayments |
|
|
|
| Amounts owed by directors (note 21) |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Taxation and social security |
|
|
|
| VAT |
|
|
|
| Accruals and deferred income |
|
|
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| Other creditors |
|
|
|
|
|
|
Balances owed under finance leases and hire purchase contracts are secured upon the assets to which they relate.
| 2025 | 2024 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
|
|
| Finance leases | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
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| After five years |
|
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|
|
|
|
||
| On demand or within one year |
|
|
|
| 28,684 | 0 |
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 October 2024 |
|
72,124 | |
| Charged to the Profit and Loss Account |
|
8,961 | |
| At 30 September 2025 |
|
81,085 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Provision for deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Profit and Loss Account | (
|
(
|
|
| At the end of financial year | (
|
(
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
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|
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|
|
|
| 202 | 202 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 202 | 202 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
The capital redemption reserve represents amounts arising from the purchase of own share capital.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
| Total future minimum lease payments under non-cancellable operating leases |
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2025 | 2024 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
|
|
Transactions with the entity’s directors (or members of its governing body)
Amounts paid to directors
| 2025 | 2024 | ||
| £ | £ | ||
| Rent paid to directors | 18,000 | 18,000 | |
| Dividends paid to directors and close family members | 188,251 | 184,785 | |
| Directors remuneration | 27,410 | 21,998 | |
| Directors pension contributions | 120,000 | 120,000 | |
| 353,661 | 344,783 |
Advances
During the year a Director maintained a Director's Loan Account with the company. Advances of £1,872 (2024: £312) and repayments of £801 (2024: £24,222) were made on this loan. Interest is charged on the loan, when overdrawn, at the HMRC effective rate of interest, if exceeding a balance of £10,000. At the balance sheet date, the Director owed the company £2,184 (2024: £1,113). The loan is repayable on demand.
.
Key management compensation
| 2025 | 2024 | ||
| £ | £ | ||
| Key management compensation |
|
|