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REGISTERED NUMBER: 00153755 (England and Wales)

| THOMAS FAWCETT & SONS LTD |

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |  | to |  | 5

Report of the Independent Auditors | 6 |  | to |  | 9

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Cash Flow Statement | 15 |  | to |  | 16

Notes to the Financial Statements | 17 |  | to |  | 31

THOMAS FAWCETT & SONS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | Mrs S H Fawcett

| Mrs J M Pratt

| Mrs L S Fawcett

| Mr M L P Fawcett

| Mr B C Hickman

| Mr B M B Fawcett

| SECRETARY: | Miss J M Tonks

| REGISTERED OFFICE: | Eastfield Lane

| Castleford

| West Yorkshire

| WF10 4LE

| REGISTERED NUMBER: | 00153755 (England and Wales)

| AUDITORS: | UHY Calvert Smith LLP

| Statutory Auditor

| Chartered Accountants

| Heritage House

| Murton Way

| Osbaldwick

| York

| North Yorkshire

| YO19 5UW

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

REVIEW OF PRINCIPAL RISKS AND UNCERTAINTIES FACING THE BUSINESS

The most significant risk facing the business is the general malaise affecting the hospitality industry post Covid-19, combined with the rise in inflation and an extremely competitive environment at home and abroad. High business rates and a shortage of a willing work force keep many pubs closed which in turn has placed much pressure on the company’s smaller, but vital customer base. Many breweries and distilleries are under extreme financial pressure which presents a significant risk of future bad debts. The continuing war in Ukraine is a constant threat to the stability of cereal prices and conflict in the Middle East threatens the stability of energy prices.

REVIEW OF BUSINESS

Thomas Fawcett & Sons Ltd is an eighth-generation family business that has been manufacturing quality malts for over 200 years on its original site in Castleford, West Yorkshire. The company's production facilities span its history from four working floor Maltings to the most up to date Germinating Kilning Vessels (GKV's). Coloured malts of all hues and flavours are produced from its bespoke roasting plants. Batch sizes remain small to ensure consistent quality throughout an extensive product range. The company manufactures over 30 different malts and supplies small quantities of other key adjuncts in the brewing, distilling and food industries. The company concentrates on developing and maintaining trade with producers of top-quality beers, spirits, and food products within the UK and in export markets.

USE OF FINANCIAL INSTRUMENTS

The company's financial risk management objectives are to ensure sufficient working capital for the business. This is achieved by careful management of cash balances and, where necessary, by obtaining short term overdraft finance. The business succeeded in purchasing capital equipment and new crop barley from the 2024 harvest without the use of an overdraft facility.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

THE COMPANY'S PERFORMANCE

Working constantly to manage the level of liquidity, the company has been able to maintain a strong Current Ratio at a level of 12.1, from 7.9 in the prior year. There has been an inflow of cash from operating activities of £394k in the year, providing the company with resources to fund capital expenditure as the company continues in its ability to pay current liabilities without the need to employ external finance.

Controlling costs requires constant attention to the detail of the business. The net margin on operating loss of 0.32% generated in the year (2.3% previous year) shows that, despite an extremely challenging trading environment, the company has been successful in controlling its costs through active management of its structure.

THE COMPANY'S POSITION

Though proud of its traditional methods of production the company has consistently invested in new technology to increase capacity and improve energy efficiency, and the capital investments made in recent years continue to perform well. The company will continue to search for investments that are designed to keep pace with the political environment and especially focus on reducing the use of fossil fuels.

Contributions to the Defined Benefit Pension Scheme in the year have been made in line with actuarial recommendations. The most recent comprehensive triennial actuarial valuation of the Scheme identified a surplus, and a revised funding and investment strategy has been agreed by the company and Trustees of the Scheme which is intended to allow it to meet its obligations without requiring further significant company contributions. The company remains committed to the Scheme.

ON BEHALF OF THE BOARD:

Miss J M Tonks - Secretary

3 December 2025

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 has been £154,000.

DIRECTORS

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

Mrs S H Fawcett

Mrs J M Pratt

Mrs L S Fawcett

Mr M L P Fawcett

Mr B C Hickman

Mr B M B Fawcett

Other changes in directors holding office are as follows:

Mr J A G Fawcett (Deceased) - deceased 6 February 2025

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), including Financial Reporting Standard 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 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.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

AUDITORS

The auditors, UHY Calvert Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss J M Tonks - Secretary

3 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THOMAS FAWCETT & SONS LTD

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THOMAS FAWCETT & SONS LTD

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THOMAS FAWCETT & SONS LTD

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and from our

commercial knowledge and experience of the sector; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, employment, and health and safety legislation.

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 management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

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

To address the risk of 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 set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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 statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THOMAS FAWCETT & SONS LTD

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.

Hayden Priest BEng BFP FCA (Senior Statutory Auditor)

for and on behalf of UHY Calvert Smith LLP

Statutory Auditor

Chartered Accountants

Heritage House

Murton Way

Osbaldwick

York

North Yorkshire

YO19 5UW

4 December 2025

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 11,243,589 |  | 13,234,745 |  |

Changes in stocks of finished goods and work in progress | (27,748 | ) | (15,339 | ) |

11,215,841 |  | 13,219,406 |  |

Other operating income | 25,498 |  | (32,235 | ) |

11,241,339 |  | 13,187,171 |  |

Raw materials and consumables | 6,443,092 |  | 8,080,495 |  |

Other external expenses | 1,582,387 |  | 1,521,248 |  |

|  |  | 8,025,479 |  |  |  |  | 9,601,743 |  |

3,215,860 |  | 3,585,428 |  |

Staff costs | 4 | 2,917,958 |  | 2,891,493 |  |

Depreciation | 334,041 |  | 395,878 |  |

|  |  | 3,251,999 |  |  |  |  | 3,287,371 |  |

OPERATING (LOSS)/PROFIT | 5 | (36,139 | ) | 298,057 |  |

Income from fixed asset investments | - |  | 188 |  |

Interest receivable and similar income | 6 | 122,538 |  | 134,795 |  |

Other finance income | 21 | 94,000 |  | 93,000 |  |

|  |  | 216,538 |  |  |  |  | 227,983 |  |

PROFIT BEFORE TAXATION | 180,399 |  | 526,040 |  |

Tax on profit | 7 | 6,035 |  | 148,143 |  |

PROFIT FOR THE FINANCIAL YEAR | 174,364 |  | 377,897 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 174,364 |  | 377,897 |  |

OTHER COMPREHENSIVE INCOME |

Pension: Actuarial gain/(loss) (Note 21) | 222,000 |  | (110,000 | ) |

Pension: Return on assets (Note 21) | 80,000 |  | 180,000 |  |

Income tax relating to components of other comprehensive income | (75,500 | ) | (17,500 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 226,500 |  | 52,500 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 400,864 |  | 430,397 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

BALANCE SHEET

30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 15,000 |  | 15,000 |  |

Tangible assets | 10 | 5,130,014 |  | 5,196,224 |  |

Investments | 11 | 9,988 |  | 33,913 |  |

5,155,002 |  | 5,245,137 |  |

CURRENT ASSETS

Stocks | 12 | 5,495,057 |  | 5,927,731 |  |

Debtors | 13 | 1,713,165 |  | 1,852,372 |  |

Investments | 14 | 54,680 |  | 52,892 |  |

Cash at bank and in hand | 3,300,201 |  | 3,197,620 |  |

10,563,103 |  | 11,030,615 |  |

CREDITORS

Amounts falling due within one year | 15 | 871,552 |  | 1,391,031 |  |

NET CURRENT ASSETS | 9,691,551 |  | 9,639,584 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,846,553 |  | 14,884,721 |  |

PROVISIONS FOR LIABILITIES | 18 | (414,981 | ) | (468,263 | ) |

PENSION ASSET | 21 | 1,611,750 |  | 1,380,000 |  |

NET ASSETS | 16,043,322 |  | 15,796,458 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 70,000 |  | 70,000 |  |

Other reserves | 20 | 330,000 |  | 330,000 |  |

Retained earnings | 20 | 15,643,322 |  | 15,396,458 |  |

SHAREHOLDERS' FUNDS | 16,043,322 |  | 15,796,458 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr M L P Fawcett - Director

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 70,000 |  | 15,095,561 |  | 330,000 |  | 15,495,561 |  |

Changes in equity

Dividends | - |  | (129,500 | ) | - |  | (129,500 | ) |

Total comprehensive income | - |  | 430,397 |  | - |  | 430,397 |  |

Balance at 30 September 2024 | 70,000 |  | 15,396,458 |  | 330,000 |  | 15,796,458 |  |

Changes in equity

Dividends | - |  | (154,000 | ) | - |  | (154,000 | ) |

Total comprehensive income | - |  | 400,864 |  | - |  | 400,864 |  |

Balance at 30 September 2025 | 70,000 |  | 15,643,322 |  | 330,000 |  | 16,043,322 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 480,342 |  | 765,665 |  |

Tax paid | (86,093 | ) | - |  |

Net cash from operating activities | 394,249 |  | 765,665 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (314,331 | ) | (193,852 | ) |

Sale of tangible fixed assets | 46,500 |  | 14,700 |  |

Sale of fixed asset investments | 32,625 |  | - |  |

Withdrawn from current asset investment | - |  | 25,301 |  |

Interest received | 122,538 |  | 134,434 |  |

Dividends received | - |  | 188 |  |

Net cash from investing activities | (112,668 | ) | (19,229 | ) |

Cash flows from financing activities

Amount withdrawn by directors | (25,000 | ) | - |  |

Equity dividends paid | (154,000 | ) | (129,500 | ) |

Net cash from financing activities | (179,000 | ) | (129,500 | ) |

Increase in cash and cash equivalents | 102,581 |  | 616,936 |  |

Cash and cash equivalents at beginning of year | 2 | 3,197,620 |  | 2,580,684 |  |

Cash and cash equivalents at end of year | 2 | 3,300,201 |  | 3,197,620 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 180,399 |  | 526,040 |  |

| Depreciation charges | 350,254 |  | 395,381 |  |

| (Profit)/loss on disposal of fixed assets | (16,213 | ) | 497 |  |

| Adjustment for pension funding | 87,000 |  | 9,000 |  |

| Loss / (gain) on investments | (10,900 | ) | 28,680 |  |

| Investment portfolio net costs | 412 |  | - |  |

| Finance income | (216,538 | ) | (227,983 | ) |

374,414 |  | 731,615 |  |

| Decrease in stocks | 432,674 |  | 368,909 |  |

| Decrease in trade and other debtors | 164,207 |  | 270,323 |  |

| Decrease in trade and other creditors | (490,953 | ) | (605,182 | ) |

| Cash generated from operations | 480,342 |  | 765,665 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 3,300,201 |  | 3,197,620 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 3,197,620 |  | 2,580,684 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,197,620 |  | 102,581 |  | 3,300,201 |  |

3,197,620 |  | 102,581 |  | 3,300,201 |  |

| Liquid resources |

| Current asset investments | 52,892 |  | 1,788 |  | 54,680 |  |

52,892 |  | 1,788 |  | 54,680 |  |

| Total | 3,250,512 |  | 104,369 |  | 3,354,881 |  |

4. | OTHER NON-CASH CHANGES

| The non-cash movement on current asset investments relates to net investment income received and fair value movements in investments within the portfolio in the period.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Thomas Fawcett & Sons Ltd 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The directors have considered the financial position and trading projections of the company, and have a reasonable expectation that the company has adequate resources to continue to trade into the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make significant judgements and

| estimates. The key items in the financial statements where these judgements and estimates have been made include:

| Depreciation and residual values:

| The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and concluded that the company's depreciation policies are appropriate.

| Valuation of stock and work in progress:

| Due to the nature of the company's stock and the manufacturing process, a number of estimates are required in the calculation of the value of closing stocks and work in progress. These include provision against expected wastage / weight loss during the manufacturing cycle and the allocation of an appropriate element of overhead costs to work in progress and finished malt.

| Defined retirement benefit scheme:

| The company is required under FRS102 to disclose information about the assets and liabilities of its defined retirement benefit scheme as at the balance sheet date. The directors engage an independent professionally qualified actuary to produce a report for this purpose, and work with the actuary to establish appropriate assumptions on which to base the calculations.

| Turnover

| Turnover comprises the value of goods despatched by the company in the course of its principal activity as a maltster, net of value added tax and trade discounts.

| Intangible assets

| Intangible assets are initially measured at cost. The carrying value is reviewed at the end of each accounting period and impaired as necessary.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Freehold property | - | Over 30 - 50 years

| Plant and machinery | - | 10% on reducing balance

| Fixtures and fittings | - | 20% straight line

| Motor vehicles | - | 25% on reducing balance

| Freehold land is not depreciated.

| Included in land and property are a number of properties from which the company receives rental income. These have not been classified as investment properties in the financial statements as the rental income is incidental to their value to the business.

| Stocks and work in progress

| 1) Stocks of barley are valued at the lower of cost and net realisable value, using the average purchase price of barley.

| 2) Stocks of malt including "malt in process" are valued by the directors at the lower of cost and net realisable value. Cost comprises the direct cost of production and the attributable proportion of all overheads appropriate to location and distribution.

| 3) Stocks of fuel oil, heating oil and coal are valued at cost, using the first in first out method.

| Taxation

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

| Current tax is recognised at 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, or at the applicable contracted rate agreed with the customer. Exchange differences are taken into account in arriving at the operating result.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates defined contribution pension schemes and defined benefit schemes for its employees and directors, the assets of which are held in independently administered funds. The pension charge in the profit and loss account represents the amounts payable by the company to the fund in respect of the defined contribution scheme and service costs as quantified by the actuary in respect of the defined benefit scheme.

| Investments

| Investment assets are stated at fair value where this can be reliably measured. Where no reliable fair valuation can be obtained, or the investment is considered to be immaterial, it is included at historic cost. Fair value movements are included in the profit and loss account.

| Current asset investments are readily convertible to cash and are utilised as part of the company's management of working capital, as opposed to being held for long term investment return.

| Dividends received are accounted for on the basis of cash received.

| Operating leases

| Operating lease rentals are charged in the profit and loss account on a straight line basis over the lease term.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

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

| 2025 |  | 2024

£ | £ |

| Brewing malt | 11,201,720 |  | 13,166,441 |  |

| By-products | 41,869 |  | 68,304 |  |

11,243,589 |  | 13,234,745 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 6,126,811 |  | 7,689,876 |  |

| Europe | 1,394,708 |  | 922,701 |  |

| United States of America | 3,163,864 |  | 3,906,255 |  |

| Other | 558,206 |  | 715,913 |  |

11,243,589 |  | 13,234,745 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,334,107 |  | 2,305,781 |  |

| Social security costs | 287,211 |  | 263,393 |  |

| Other pension costs | 296,640 |  | 322,319 |  |

2,917,958 |  | 2,891,493 |  |

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

| 2025 |  | 2024

| Directors | 6 |  | 7 |  |

| Management and administration | 7 |  | 7 |  |

| Production and delivery | 48 |  | 47 |  |

61 |  | 61 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 569,381 |  | 773,427 |  |

| Directors' pension contributions to money purchase schemes | 120,551 |  | 126,549 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 5 |  | 5 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 177,463 |  | 521,519 |  |

| Pension contributions to money purchase schemes | 40,000 |  | 16,568 |  |

5. | OPERATING (LOSS)/PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 350,254 |  | 395,382 |  |

| (Profit)/loss on disposal of fixed assets | (16,213 | ) | 497 |  |

| Property operating leases | 10,938 |  | 10,000 |  |

| Other operating leases | 4,316 |  | 18,967 |  |

| Auditors' remuneration for company audit | 14,250 |  | 13,500 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 122,950 |  | 134,434 |  |

| Net income from investment portfolio | (412 | ) | 361 |  |

122,538 |  | 134,795 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 50,232 |  | 78,786 |  |

| Prior year underprovision / (overprovision) | 7,335 |  | - |  |

| Total current tax | 57,567 |  | 78,786 |  |

| Deferred tax:

| Deferred tax (including on pension obligation) | 23,968 |  | 86,857 |  |

| Tax attributable to actuarial gain or loss | (75,500 | ) | (17,500 | ) |

| Total deferred tax | (51,532 | ) | 69,357 |  |

| Tax on profit | 6,035 |  | 148,143 |  |

| UK corporation tax has been charged at 24.66% (2024 - 25%).

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 180,399 |  | 526,040 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 45,100 |  | 131,510 |  |

| Effects of:

| Income not taxable for tax purposes | (5,325 | ) | - |  |

| Adjustments to tax charge in respect of previous periods | 7,335 |  | - |  |

| Expenses disallowed and differences in tax treatment or timing | 6,711 |  | 2,297 |  |

| Depreciation not included in deferred tax - including deferred tax rate changes | 17,721 |  | 16,127 |  |

| Unrealised or non-taxable loss / gain on fixed asset investments | (2,725 | ) | 7,170 |  |

| Non taxable income - investment and non-trading | 103 |  | (8,961 | ) |

| Additional tax credit | (62,190 | ) | - |  |

| Marginal relief | (695 | ) | - |  |

| Total tax charge | 6,035 |  | 148,143 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Pension: Actuarial gain/(loss) (Note 21) | 222,000 |  | (55,500 | ) | 166,500 |  |

| Pension: Return on assets (Note 21) | 80,000 |  | (20,000 | ) | 60,000 |  |

302,000 |  | (75,500 | ) | 226,500 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Pension: Actuarial gain/(loss) (Note 22) | (110,000 | ) | 27,500 |  | (82,500 | ) |

| Pension: Return on assets (Note 22) | 180,000 |  | (45,000 | ) | 135,000 |  |

70,000 |  | (17,500 | ) | 52,500 |  |

| A deferred tax asset has not been recognised in respect of unutilised and unrealised chargeable losses due to uncertainty as to when future chargeable gains will arise against which they can be offset. The value of the unrecognised deferred asset on chargeable losses carried forward at the year end was £25,831 (2024 - £25,831).

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Dividend paid | 154,000 |  | 129,500 |  |

9. | INTANGIBLE FIXED ASSETS

| Fishing

| rights

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 15,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 15,000 |  |

| At 30 September 2024 | 15,000 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 | 4,205,227 |  | 8,574,308 |  | 116,074 |  | 1,267,631 |  | 14,163,240 |  |

| Additions | 286,131 |  | - |  | - |  | 28,200 |  | 314,331 |  |

| Disposals | - |  | - |  | - |  | (53,844 | ) | (53,844 | ) |

| At 30 September 2025 | 4,491,358 |  | 8,574,308 |  | 116,074 |  | 1,241,987 |  | 14,423,727 |  |

| DEPRECIATION

| At 1 October 2024 | 1,282,388 |  | 6,658,795 |  | 116,074 |  | 909,759 |  | 8,967,016 |  |

| Charge for year | 69,758 |  | 191,551 |  | - |  | 88,945 |  | 350,254 |  |

| Eliminated on disposal | - |  | - |  | - |  | (23,557 | ) | (23,557 | ) |

| At 30 September 2025 | 1,352,146 |  | 6,850,346 |  | 116,074 |  | 975,147 |  | 9,293,713 |  |

| NET BOOK VALUE

| At 30 September 2025 | 3,139,212 |  | 1,723,962 |  | - |  | 266,840 |  | 5,130,014 |  |

| At 30 September 2024 | 2,922,839 |  | 1,915,513 |  | - |  | 357,872 |  | 5,196,224 |  |

| Included in cost of land and buildings is freehold land of £ 1,077,277 (2024 - £ 1,077,277 ) which is not depreciated.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. | FIXED ASSET INVESTMENTS

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 23,925 |  | 9,988 |  | 33,913 |  |

| Disposals | (32,625 | ) | - |  | (32,625 | ) |

| Revaluations | 8,700 |  | - |  | 8,700 |  |

| At 30 September 2025 | - |  | 9,988 |  | 9,988 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 9,988 |  | 9,988 |  |

| At 30 September 2024 | 23,925 |  | 9,988 |  | 33,913 |  |

| Listed investments have a historic cost of £Nil (2024 - £48,750), and unlisted investments have a historic cost of £9,988 (2024 - £9,988).

| Listed investments are listed on a recognised United Kingdom investment exchange.

12. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 4,951,208 |  | 5,350,351 |  |

| Work-in-progress | 132,902 |  | 115,704 |  |

| Finished goods | 410,947 |  | 461,676 |  |

5,495,057 |  | 5,927,731 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,421,977 |  | 1,642,927 |  |

| Other debtors | 159,245 |  | 94,906 |  |

| Directors' current accounts | 25,000 |  | - |  |

| Prepayments | 106,943 |  | 114,539 |  |

1,713,165 |  | 1,852,372 |  |

14. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Investment portfolio | 54,680 |  | 52,892 |  |

| Market value of listed investments at 30 September 2025 - £ 54,680 (2024 - £ 52,892 ).

| The current asset investment comprises of a range of listed equity and fixed interest securities held within a managed investment portfolio, and is included at fair value.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 340,870 |  | 506,875 |  |

| Tax | 50,175 |  | 78,701 |  |

| Social security and other taxes | 59,900 |  | 53,084 |  |

| Accrued expenses | 420,607 |  | 752,371 |  |

871,552 |  | 1,391,031 |  |

16. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 37,007 |  | 35,736 |  |

| Between one and five years | 126,941 |  | 140,027 |  |

| In more than five years | - |  | 7,500 |  |

163,948 |  | 183,263 |  |

17. | FINANCIAL INSTRUMENTS

| Current asset investments of £54,860 (2024 - £52,892), and fixed asset investments of £23,925 (2024 - £23,925) are included at fair value. Fair value gains of £10,900 (2024 - losses of £28,680) have been recognised in the profit and loss in respect of investments.

| All other company financial assets and liabilities (with the exception of the pension liability, as set out in note 21) are measured at amortised cost.

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 414,981 |  | 468,263 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 468,263 |  |

| Provided during year | (51,532 | ) |

| Relating to pension obligation | (1,750 | ) |

| Balance at 30 September 2025 | 414,981 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 70,000 | Ordinary | £1 | 70,000 |  | 70,000 |  |

20. | RESERVES

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 October 2024 | 15,396,458 |  | 330,000 |  | 15,726,458 |  |

| Profit for the year | 174,364 |  | 174,364 |  |

| Dividends | (154,000 | ) | (154,000 | ) |

| Actuarial (gains)/losses on liabilities | 222,000 |  | - |  | 222,000 |  |

| Return on assets, excluding interest income | 80,000 |  | - |  | 80,000 |  |

| Tax attributable to actuarial loss | (75,500 | ) | - |  | (75,500 | ) |

| At 30 September 2025 | 15,643,322 |  | 330,000 |  | 15,973,322 |  |

| Retained earnings |

| The reserve is the aggregate of accumulated profits and losses. These reserves are all realised except where specifically identified. The reserves are distributable except where specifically identified as un-realised and non-distributable.

| Other reserves |

| The reserve is a contingency reserve. The reserves are distributable.

21. | EMPLOYEE BENEFIT OBLIGATIONS

| The Thomas Fawcett & Sons Limited Retirement Benefit Scheme (RBS) provides benefits for company employees. The scheme is closed to new members. A full actuarial triennial valuation was last carried out as at 30 September 2023. The valuation was updated to 30 September 2025 for the purposes of these financial statements. All valuations were carried out by a qualified independent actuary.

| The net surplus for the scheme at the balance sheet date based on the valuation was £1,611,750 (2024 - £1,380,000).

| The amounts recognised in the balance sheet are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£ | £ |

| Present value of funded obligations | (2,397,000 | ) | (2,579,000 | ) |

| Fair value of plan assets | 4,546,000 |  | 4,419,000 |  |

2,149,000 |  | 1,840,000 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Present value of unfunded obligations | - |  | - |  |

| Surplus | 2,149,000 |  | 1,840,000 |  |

| Deferred tax liability | (537,250 | ) | (460,000 | ) |

| Net asset | 1,611,750 |  | 1,380,000 |  |

| The amounts recognised in profit or loss are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£ | £ |

| Current service cost | 14,000 |  | 19,000 |  |

| Net interest on the net defined liability | (94,000 | ) | (93,000 | ) |

| Past service cost | - |  | - |  |

| Administration costs covered by the scheme | 73,000 |  | 26,000 |  |

(7,000 | ) | (48,000 | ) |

| Actual return on plan assets | 307,000 |  | 406,000 |  |

| The amounts stated above exclude the professional and other expenses incurred in the running of the scheme which were previously met directly by the company.

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£ | £ |

| Opening defined benefit obligation | 2,579,000 |  | 2,531,000 |  |

| Current service cost | 14,000 |  | 19,000 |  |

| Contributions by scheme participants | 7,000 |  | 8,000 |  |

| Interest cost | 133,000 |  | 133,000 |  |

| Benefits paid | (114,000 | ) | (222,000 | ) |

| Remeasurements:

| Actuarial (gains)/losses from changes in demographic assumptions | 11,000 |  | (50,000 | ) |

| Actuarial (gains)/losses from changes in financial assumptions | (233,000 | ) | 78,000 |  |

| Experience (gains) / losses on liabilities | - |  | 82,000 |  |

2,397,000 |  | 2,579,000 |  |

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£ | £ |

| Opening fair value of scheme assets | 4,419,000 |  | 4,217,000 |  |

| Contributions by employer | - |  | 36,000 |  |

| Contributions by scheme participants | 7,000 |  | 8,000 |  |

| Administration costs | (73,000 | ) | (26,000 | ) |

| Return on assets, ex interest income | 80,000 |  | 180,000 |  |

| Interest income on scheme assets | 227,000 |  | 226,000 |  |

| Benefits paid | (114,000 | ) | (222,000 | ) |

4,546,000 |  | 4,419,000 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£ | £ |

| Actuarial gains/(losses) from changes in demographic assumptions | (11,000 | ) | 50,000 |  |

| Actuarial gains/(losses) from changes in financial assumptions | 233,000 |  | (78,000 | ) |

| Experience (gains) / losses on liabilities | - |  | (82,000 | ) |

| Return on assets, excl. interest income | 80,000 |  | 180,000 |  |

302,000 |  | 70,000 |  |

| The major categories of scheme assets as a percentage of total scheme assets are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

| Equities | - | 10.50% |

| Bonds | 65.70% | - |

| Diversified growth | 9.90% | - |

| Credit | 9.80% | - |

| Cash | 14.60% | 8.50% |

| Fixed Interest / Money Market | - | 81.00% |

100.00% | 100.00% |

| The pension scheme assets did not include any ordinary shares issued by the company nor property occupied by the company.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2025 | 2024 |

| Discount rate | 5.90% | 5.25% |

| Future salary increases | 3.25% | 3.40% |

| Future pension increases - 97-05 | 3.10% | 3.20% |

| Future pension increases - post 05 | 2.10% | 2.15% |

| Inflation | 3.25% | 3.40% |

| Mortality assumptions:

| Life expectancy for a 65 year old male retiring immediately is 21.7 years (2024 - 21.4 years)

| Life expectancy for a 65 year old female retiring immediately is 24.1 years (2024 - 24.0 years)

| Life expectancy for a 65 year old male retiring in 20 years time is 23.0 years (2024 - 22.7 years)

| Life expectancy for a 65 year old female retiring in 20 years time is 25.5 years (2024 - 25.4 years)

| Characteristics of the Scheme:

| Information about the type of Scheme and funding policy:

| The Scheme provides pensions in retirement and death benefits to members. Pension benefits are linked to a member's final salary at retirement and their length of service. Since 8 October 2001 the Scheme has been closed to new members.

| The Scheme is registered under UK legislation and was contracted in the State Second Pension.

| The Scheme is subject to the scheme funding requirements outlined in UK legislation.

| The Scheme was established from 30 March 1981 under trust and is governed by the Scheme's trust deed and rules dated 14 April 1999, along with subsequent amending deeds after this date. The Trustees are responsible for the operation and the governance of the Scheme, including making decisions regarding the Scheme's funding and investment strategy in conjunction with the company.

| Information about the most recent actuarial valuation of the scheme:

| The most recent comprehensive actuarial valuation of the Scheme was carried out as at 30 September 2023, which revealed a surplus, and the next valuation of the Scheme is due as at 30 September 2026. In the event that the valuation reveals a deficit the company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected, the contributions may be maintained at nil.

| The company expects to pay no contributions in the year to 30 September 2026.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Information about the valuation of the defined benefit obligation at the accounting date:

| The value of the liabilities at the reporting date have been estimated from the Scheme Funding valuation as at 30 September 2023 prepared for triennial valuation, adjusted to allow for the passage of time, the accrual of new benefits for active members, membership movements, benefits paid out of the Scheme and changes in actuarial assumptions and actual inflation over the period from 30 September 2023 to 30 September 2025.

| Such an approach is normal for the purpose of accounting disclosures. It is not expected that these projections will be materially different from a summation of individual calculation at the accounting date, although there may be some discrepancy between the actual liabilities for the Scheme at the accounting date and those included in the disclosures.

| Defined contribution scheme

| The company operates defined contribution pension schemes, the assets of which are held separately from the company in independently administered funds. The pension cost charge for the year in respect of these schemes totalled £120,551 (2024 - £126,549) for directors and £89,089 (2024 - £85,555) for employees.

22. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 108,000 |  | - |  |

23. | OTHER FINANCIAL COMMITMENTS

| At the balance sheet date the company was committed to forward purchase contracts for barley to the value of £957,795 (2024 - £1,404,504) which is not provided in these accounts.

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 September 2025 and 30 September 2024:

2025 | 2024 |

£ | £ |

| Mrs L S Fawcett

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 25,000 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 25,000 |  | - |  |

| The loan is interest free and repayable on demand.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

25. | RELATED PARTY DISCLOSURES

| The company paid rent of £10,938 to the Thomas Fawcett & Sons Limited Directors' Pension Scheme (2024 - £10,000).

| During the year the company paid dividends of £43,321 (2024 - £46,676) to the directors, and £23,790 (2024 - £31,437) to trusts in which directors have a beneficial interest.

| Key management personnel received remuneration of £450,381 (2024 - £773,427) in the year, plus pension contributions to money purchase schemes of £120,551 (2024 - £126,549). This figure includes the benefit calculated on the occupancy of company property on a non arm's length basis.

26. | ULTIMATE CONTROLLING PARTY

| The company was controlled by Mr J A G Fawcett until 6 February 2025 and then subsequently by Mr M L P Fawcett by virtue of their interests in the issued share capital of the company.