REGISTERED NUMBER: 00793018 (England and Wales)

MOULTON BULB COMPANY LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

7

Report of the Independent Auditors

8

to

10

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

to

29

DIRECTORS:

R H Oldershaw Snr

D J Grimwood

Mrs J R A Cooke

Mrs B L Posey

A R Greetham

R H Oldershaw Jnr

C J Woodrow

SECRETARY:

Mrs J R A Cooke

REGISTERED OFFICE:

Long Lane

Moulton

Spalding

Lincolnshire

PE12 6PP

REGISTERED NUMBER:

00793018 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The group has delivered a strong financial performance in the year ended 30 September 2025, building on the recovery achieved in the prior year. Turnover increased by 1.8% to £90.8m (2024: £89.2m), reflecting a combination of modest volume growth, continued cost recovery through pricing, and the retention of key retail customer accounts.

The group strives to increase volume and turnover whilst maintaining or reducing controllable operating costs.

The most significant improvement in the year has been in gross margin, which increased to 10.8% (2024: 6.8%), with gross profit rising to £9.8m (2024: £6.1m). This reflects a material reduction in cost of sales driven by more favourable raw material pricing and operational improvements. Operating profit rose to £4.9m (2024: £2.7m), representing 5.4% of sales.

The group has continued to invest significantly in its infrastructure during the period, with £4.6m of capital expenditure on freehold property expansion, new storage capacity, and plant and machinery upgrades. These investments support the long-term strategy to increase on-site storage, improve operational efficiency through automation, and reduce dependency on third-party storage facilities.

Staff costs increased by 23% to £14.3m (2024: £11.6m), reflecting the ongoing impact of National Living Wage increases, additional headcount to support expanded operations, and investment in the team. Managing labour cost inflation remains a key focus, with automation investment progressing to mitigate the longer-term impact.

PRINCIPAL RISKS AND UNCERTAINTIES

The key fundamental risk to the business is the loss of a significant part of its turnover with retail customers alongside the willingness of our growers to grow the crops due to less than favourable returns and the high risks of growing onions. However, with the spread of customers, now more even than ever, that risk is minimised. Product quality, safety, legality and authenticity are paramount along with a sustainable and cost-effective offer. The core values of the business are shared among all employees and working collaboratively with the grower base ensures the supply chain is working towards the same goals.

As a fresh produce supplier, the profitability of Moulton Bulb Company Limited is influenced by the quality of the raw material. This is significantly influenced by extreme weather conditions along with ever tighter regulations around pesticide and herbicide use, leading to disease pressure and ultimately decreased yields.

The group mitigates these influences through the application of a variety of management tools including supply contracts, purchasing to stock and national and international sourcing along with nurturing close working relationships with key suppliers.

Maintaining the high degree of respect and delight from the group's customers and suppliers is key to growing the business and mitigating risk. By packing and processing a comprehensive range of alliums and delivering better quality, value and service than anyone else, the group will be able to continue to grow.

SECTION 172(1) STATEMENT

As the Board at Moulton Bulb Co. Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a Board outwork this responsibility.

Decision Making at the Board

All matters under the group's governance are reserved for decision by the Directors and presented at Board meetings. Directors are briefed on any potential impact or risk for our stakeholders. The Directors take these factors into consideration before making a final decision which they believe to be in the best interests of the group and its stakeholders.

Long Term Sustainability

The long term sustainability of the group is at the forefront of any decision making process. We aim to make sufficient profit to sustain our commercial viability. This is balanced against the needs of our customers, employees, suppliers and other stakeholders to ensure our business operates with integrity.

Stakeholders

Our employees are our most important stakeholders and are vital to the success of our business. We focus on fostering long-term partnerships with our customers, working closely with them to achieve shared goals. Other key stakeholders include our growers and suppliers, who provide the goods and services we rely on, as well as the local community in which we operate and the broader environment we all share.

Our Employees

In order to remain competitive, we strive to ensure our processes are as mechanised as possible. However many areas of our business are still labour intensive and so we rely heavily on our dedicated workforce. We have a great reputation for delivering on our promises and having a high level of flexibility and our team help deliver these promises.

We engage with our team in the following ways:

-

We set our remuneration at rates comparable to other local businesses within our sector

-

Salaried staff are all entitled to take part in the company discretionary bonus scheme

-

Training and career development for all levels

-

Access to our internal social media platform for all team members, providing multidirectional communication.

Customers

Long term relationships are developed with all customers. Our account management team develop strong bonds with buyers across all customers to ensure maximum customer satisfaction. Our long-term approach and continued investment and innovation give our customers confidence that we can deliver year on year. Customer performance is reviewed regularly by the Directors.

Our Growers and Suppliers

We work closely with our growers and suppliers. Suppliers and growers are audited against industry and internal technical and ethical standards and measures have been taken to prevent modern slavery and human trafficking among our supply base.

Our Community

We are a local, family run business and take our impact on the local community very seriously. Extra care is taken to ensure minimal disturbance in relation to noise and traffic. All hauliers are instructed to use alternative routes to site rather than though the local village for example.

We have sponsored local sports teams and provided financial backing for local projects.

Our Environment

Our values talk about being outstanding and to nurture. These values uphold our responsibility to the wider environment. We are constantly looking to reduce our environmental impact with initiatives such as packaging and carbon reduction.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators of the business which are monitored through the production of periodic management accounts as follows:

2025

2024

Turnover

£90.8m

£89.2m

Turnover movement year on year

2%

29%

Gross profit

£9.8m

£6.1m

Gross profit - % of sales

10.78%

6.81%

Operating profit

£4.9m

£2.7m

ON BEHALF OF THE BOARD:

D J Grimwood - Director

14 May 2026

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

PRINCIPAL ACTIVITY

The principal activities of the group consist of the parent company engaged in the sourcing, packing, processing and selling of onions and a subsidiary engaged in the wholesaling of imported fresh produce.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

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

R H Oldershaw Snr

D J Grimwood

Mrs J R A Cooke

Mrs B L Posey

A R Greetham

R H Oldershaw Jnr

C J Woodrow

FINANCIAL INSTRUMENTS

The majority of the Group's sales are in Pounds Sterling with the remainder being in Euros. The Group sources produce from around the world, with some of the payments in currencies other than sterling being in US Dollars and Euros. The Group is therefore exposed to movements in the exchange rates between Sterling and these currencies. Forward contracts and options on currency purchases are taken out to manage this exposure where this is deemed necessary.

The group's credit risk is primarily attributable to its trade debtors. As the majority of the Group's sales are to the UK's major supermarkets, the risk of default is not considered to be high. Credit risk on these accounts is managed by monitoring payments against contractual agreements and by running strict credit control procedures. In relation to the smaller customers that the Group serves, the risk is managed by the holding of credit insurance in addition to strict credit control procedures.

The Group's operations are financed by a mixture of retained profits, bank loans, loans from directors and loans from the parent company directors pension scheme.

DISABLED PERSONS

The Group will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise. There is a training scheme in operation so that employees who have been injured or disabled in the course of their employment can, where possible, continue in employment with the Group. The Group operates a progressive system for career development and progression which is available to all employees.

EMPLOYEE INVOLVEMENT

The Group encourages the involvement of its employees in its management through regular meetings of the site consultative teams which have responsibility for the dissemination of information of particular concern to employees and for receiving their views on important matters of policy.

STREAMLINED ENERGY AND CARBON REPORTING

Onions and shallots are cured in an artificially created environment to replicate nature. This process ensures a more consistent high quality saleable product. Cold storage is further used to prolong the life of the bulbs' lifespan, maintain product quality and reduce the requirement for imported products to be shipped and packed in the UK for domestic consumption. However, these curing and cold storage processes significantly impact the amount of primary energy consumed on our site (electricity, LPG and kerosine). The business's carbon emissions can be greatly affected by the climatic conditions at harvest or during storage. Scope 1 emissions can be volatile, especially with the use of LPG and kerosine, which are used heat the air for curing the onions. Usage increases significantly during cool and wet harvests. Weather conditions (dry/wet/warm/cold) can affect how the onion stores operate and the amount of primary energy required. If the strict protocols for curing and cold storage are not followed, it could impact raw material quality and availability of crop at a later stage of the season.

During the last financial year, the businesses annual energy consumption was 16,808,046 kWh.

Electrical Consumption (Scope 2) 9,590,110 kWh (+504,191 kWh).

Total Consumable Fuels including F-gases (Scope 1) 7,217,936 kWh.

Electrical consumption has increased due to the introduction of a 4 on 4 off grading night shift and the construction of 4 new onion stores. This equated to a 1.09% increase in Scope 2 Electrical Consumption. The business has seen a decrease of -3.82% volume YoY.

During the period covered by the report, and in line with key performance indicators, Moulton Bulb Company Ltd. continues to implement a program of energy efficiency measures across our site to reduce energy consumption and improve our environmental sustainability.

The Intensity ratios reported in this report are based on market-based data for Scope 1 and 2 emissions. The business recognises the environmental impact of its operations and has taken steps to mitigate tCO2e from its operations. Moulton Bulb Company Ltd. sources its electricity from REGO-backed contracts. All LPG for forklift and onion stores is carbon offset against the Gold Standard (www.goldstandard.org) since 2021. From April 1, 2024, all fuel oils used onsite have been offset against the Gold Standard.

The following intensity ratios that incorporate Scope 1, 2 and 3 have been used for carbon reporting:

-

Tonne CO2/kg T prepared product

-

Tonne CO2/kg pallets shipped

Tonne CO2/kg prepared product.

2023/2024: 0.044 TCO2e / T Produce MB.

2024/2025: 0.039 TCO2e / T Produce - Location Based.

2024/2025: 0.0059 TCO2e / T Produce - Market Based.

2024/2025: 0.0449TCO2e / T Produce - Total (Increase of 2.04%)

Tonne CO2/kg pallets shipped

2023/2024: 0.020 TCO2e / pallets shipped.

2024/2025: 0.019 TCO2e / T Produce - Location Based. (Decrease of 5%)

Scope 1 & 2 CO2e emissions

2024/2025: 3,578 TCO2e - Location Based.

2024/2025: 536 TCO2e - Market Based.

Scope 2 emissions

Scope 2 emissions are market-based. Electricity is purchased through a REGO-backed tariff. No TCO2e are attributed to Scope 2 emissions. During this reporting period, Moulton Bulb Company Ltd. has produced 1,436,157 kWh of renewable energy from solar panels.

Scope 3 Emissions

Scope 3 emissions have increased by 87.8% to 14,442,991 TCO2e.

The increase in Scope 3 emissions is due to the increased volume packed by the business over recent years and expanded Scope 3 reporting (namely the capture of raw material goods in haulage emissions from overseas product delivered into the business), resulting in more comprehensive and accurate data.

Moulton Bulb Company Ltd. is already calculating haulage out emissions. In 2023, the business further developed

Scope 3 reporting and started capturing emissions from the following sources:

- Raw material goods in haulage emissions - UK & overseas

- Waste out haulage (landfill, mixed recycling and onion waste).

- Top 5 packaging suppliers haulage in emissions.

- Tray and pallet deliveries to site.

- Business travel mileage.

Moulton Bulb Company Ltd. continues to invest in projects and implement energy-saving measures to make the

business more environmentally sustainable. To date, these actions include but are not limited to:

-

Continued role out of LED lighting across site - All main lighting areas in production have beenreplaced with LED lighting and baton PIR sensors. In ancillary areas, failed lighting units are nowreplaced with LED units.

-

Installation of demand-side response software and hardware onto long-term coldstore refrigerationplant.

-

All onsite long term-onion storage refrigeration plants have been retrofitted with inverted drives andelectronic expansion valves.

-

All duty air compressors onsite have been changed to VSD units.

-

Installation of EC fans in the main finished product coldstore to replace existing AC fans.

-

Engineering of line start/stop processes engineered so common start/stop points, preventingconveyor belts or parts of machines left running at breaks or after shifts.

-

Continued engagement with staff on Microsoft Teams and Viva Engage on the Corporate and SocialResponsibility community to communicate CSR topics and initiatives.

-

Energisation of a 1.4MW solar array in October 2024.

Moulton Bulb Company Ltd. continues to engage in the Climate Change Agreement and has undergone ESOS phase 3. The energy efficiency recommendations from this assessment will serve as a framework for the next energy efficiency projects the business undertakes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D J Grimwood - Director

14 May 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 seven, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally-Anne Hurn FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

14 May 2026

TURNOVER

3

90,804,813

89,225,804

Cost of sales

81,015,289

83,148,563

GROSS PROFIT

9,789,524

6,077,241

Administrative expenses

4,957,699

3,402,501

4,831,825

2,674,740

Other operating income

35,556

21,985

OPERATING PROFIT

5

4,867,381

2,696,725

Income from interest in associated undertakings

7,522

7,821

Income from fixed asset investments

65

2,120

Interest receivable and similar income

6,573

6,133

14,160

16,074

4,881,541

2,712,799

Interest payable and similar expenses

6

362,529

370,430

PROFIT BEFORE TAXATION

4,519,012

2,342,369

Tax on profit

7

1,192,833

641,185

PROFIT FOR THE FINANCIAL YEAR

3,326,179

1,701,184

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,326,179

1,701,184

Profit attributable to:

Owners of the parent

3,326,179

1,701,184

Total comprehensive income attributable to:

Owners of the parent

3,326,179

1,701,184

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

11,957,748

8,900,851

Investments

11

Interest in associate

15,368

7,846

11,973,116

8,908,697

CURRENT ASSETS

Stocks

12

4,741,997

3,965,147

Debtors

13

14,015,530

13,377,912

Investments

14

806

806

Cash at bank and in hand

2,996,036

2,638,974

21,754,369

19,982,839

CREDITORS

Amounts falling due within one year

15

10,774,391

12,174,159

NET CURRENT ASSETS

10,979,978

7,808,680

TOTAL ASSETS LESS CURRENT LIABILITIES

22,953,094

16,717,377

CREDITORS

Amounts falling due after more than one year

16

(4,464,913

)

(2,088,594

)

PROVISIONS FOR LIABILITIES

21

(1,677,810

)

(1,144,591

)

NET ASSETS

16,810,371

13,484,192

CAPITAL AND RESERVES

Called up share capital

22

650

650

Retained earnings

16,809,721

13,483,542

SHAREHOLDERS' FUNDS

16,810,371

13,484,192

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

D J Grimwood - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

11,888,217

8,815,808

Investments

11

436,194

436,194

12,324,411

9,252,002

CURRENT ASSETS

Stocks

12

4,734,477

3,962,629

Debtors

13

12,467,354

12,569,527

Investments

14

806

806

Cash at bank

2,285,380

1,943,971

19,488,017

18,476,933

CREDITORS

Amounts falling due within one year

15

9,595,987

11,637,387

NET CURRENT ASSETS

9,892,030

6,839,546

TOTAL ASSETS LESS CURRENT LIABILITIES

22,216,441

16,091,548

CREDITORS

Amounts falling due after more than one year

16

(4,458,400

)

(2,065,835

)

PROVISIONS FOR LIABILITIES

21

(1,677,810

)

(1,144,591

)

NET ASSETS

16,080,231

12,881,122

CAPITAL AND RESERVES

Called up share capital

22

650

650

Retained earnings

16,079,581

12,880,472

SHAREHOLDERS' FUNDS

16,080,231

12,881,122

Company's profit for the financial year

3,199,109

1,644,520

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

D J Grimwood - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

650

11,782,358

11,783,008

Changes in equity

Total comprehensive income

-

1,701,184

1,701,184

Balance at 30 September 2024

650

13,483,542

13,484,192

Changes in equity

Total comprehensive income

-

3,326,179

3,326,179

Balance at 30 September 2025

650

16,809,721

16,810,371

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

650

11,235,952

11,236,602

Changes in equity

Total comprehensive income

-

1,644,520

1,644,520

Balance at 30 September 2024

650

12,880,472

12,881,122

Changes in equity

Total comprehensive income

-

3,199,109

3,199,109

Balance at 30 September 2025

650

16,079,581

16,080,231

Cash flows from operating activities

Cash generated from operations

25

5,515,532

3,902,043

Interest paid

(376,575

)

(347,890

)

Interest element of hire purchase payments paid

(6,933

)

(1,561

)

Tax paid

(519,171

)

(39,381

)

Net cash from operating activities

4,612,853

3,513,211

Cash flows from investing activities

Purchase of tangible fixed assets

(4,316,322

)

(2,627,177

)

Sale of tangible fixed assets

20,487

114,166

Interest received

6,573

6,133

Dividends received

65

2,120

Net cash from investing activities

(4,289,197

)

(2,504,758

)

Cash flows from financing activities

New loans in year

2,822,400

2,255,775

Loan repayments in year

(329,736

)

(1,262,700

)

Capital repayments in year

(126,105

)

(86,724

)

Net cash from financing activities

2,366,559

906,351

Increase in cash and cash equivalents

2,690,215

1,914,804

Cash and cash equivalents at beginning of year

26

305,821

(1,608,983

)

Cash and cash equivalents at end of year

26

2,996,036

305,821

1.	STATUTORY INFORMATION

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

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.

These financial statements have been prepared using the 7 day flexing rule. The period of trade was 29/09/24-27/09/25 (2024: 29/09/23-28/09/24).

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and all its subsidiary undertakings.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT. Revenue from the sale of goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the buyer.

Purchased goodwill

Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years. At the end of the year of acquisition an impairment review is carried out on the business acquired.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

15% on reducing balance, 5% on reducing balance and 5% on cost

Plant and machinery

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance, 10% on cost and 6.7% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable values, being the estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Stocks are measured on a first-in-first-out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

For financial assets that are held at fair value, the fair value is taken as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. For cash and cash equivalents these shall be taken as the carrying amount and for current asset investments these shall be based on quoted market prices.

Basic financial liabilities, including trade and other creditors and bank loans are classified as debt, and 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 receipts discounted at a market rate of interest.

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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.