REGISTERED NUMBER: 01241951 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

BANNISTERS ARABLE PRODUCTS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

H M Bannister

Z A Bannister

M L Medhurst

SECRETARY:

H M Bannister

REGISTERED OFFICE:

Burrow House Farm

Cottam

Driffield

East Yorkshire

YO25 3BS

REGISTERED NUMBER:

01241951 (England and Wales)

AUDITORS:

Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

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

REVIEW OF BUSINESS

The result for the year and financial position of the group are as shown in the annexed financial statements.

The group has long maintained a policy of investing across all areas of the business and this has continued during the financial year to September 2025. The directors consider that the company and group remains in a strong position, due to its historical past retained reserves policy, as they move forward into the new financial year.

The key financial highlights are as follows :

Year ended :

30.09.25

30.09.24

30.09.23

£

£

£

Turnover

26,417,658

27,336,337

23,678,769

Gross profit

32.0%

30.5%

31.5%

£

£

£

Total comprehensive income for the financial year

1,355,842

970,709

606,569

PRINCIPAL RISKS AND UNCERTAINTIES

Management seeks to mitigate key uncertainties in the retail and food service markets by:

- striving to maintain high quality standards to engender loyalty across our customer base;

- continually working towards more efficient production so that products are competitively priced;

- developing new markets for existing products;

- investing in new product development for both existing and new markets.

The directors are aware of the global volatility within relevant commodity markets and look to mitigate costs by monitoring and securing fixed price contracts and driving efficiencies, where appropriate, as well as utilising wind power through ownership of a wind turbine.

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the group's operations.

With regard to the cash flow, the liquidity risk is managed through the use of bank current accounts and the group manages this risk by ensuring there are sufficient funds to meet its payment terms.

Trade debtor risk is managed through the monitoring of credit risk of the individual customers.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.

FUTURE DEVELOPMENTS

The directors intend to continue with planned capital investments and developing the group's product ranges in line with changing consumer demands.

RESEARCH AND DEVELOPMENT

Research and development activities continue to play an important role in the development of new products and techniques.

ON BEHALF OF THE BOARD:

H M Bannister - Secretary

20 February 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 activity of the group in the year under review was that of the processing of potatoes and vegetables into frozen potato products and there has been no significant change.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 280,000 .

DIRECTORS

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

H M Bannister

Z A Bannister

M L Medhurst

Other changes in directors holding office are as follows:

R M Bannister - deceased 13 November 2024

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the strategic report.

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;

-	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 she ought to have taken as a director in order to make 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:

H M Bannister - Secretary

20 February 2026

Opinion

We have audited the financial statements of Bannisters Arable Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 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 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 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:

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in, including whether the company is complying with those legal and regulatory frameworks;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment laws. We performed audit procedures to inquire of management whether the group is in compliance with these laws.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;

-

testing material journal entries throughout the year and evaluating their business rationale;

-

reviewing key controls and account reconciliations;

-

testing material bank transactions for business rationale; and

-

on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting documentation.

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.

Rebecca Sygrove, FCCA (Senior Statutory Auditor)

for and on behalf of Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

17 March 2026

TURNOVER

26,417,658

27,336,337

Cost of sales

17,902,701

19,042,410

GROSS PROFIT

8,514,957

8,293,927

Administrative expenses

6,845,288

7,104,596

1,669,669

1,189,331

Other operating income

104,937

118,926

OPERATING PROFIT

4

1,774,606

1,308,257

Interest receivable and similar income

54,637

74,664

PROFIT BEFORE TAXATION

1,829,243

1,382,921

Tax on profit

5

473,401

296,661

PROFIT FOR THE FINANCIAL YEAR

1,355,842

1,086,260

Profit attributable to:

Owners of the parent

1,355,842

1,086,260

PROFIT FOR THE YEAR

1,355,842

1,086,260

OTHER COMPREHENSIVE INCOME

Property revaluation

-

(115,551

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(115,551

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,355,842

970,709

Total comprehensive income attributable to:

Owners of the parent

1,355,842

970,709

FIXED ASSETS

Intangible assets

8

333,645

376,694

Tangible assets

9

3,646,773

3,961,650

Investments

10

-

-

3,980,418

4,338,344

CURRENT ASSETS

Stocks

11

3,437,734

3,588,560

Debtors

12

3,727,534

4,032,130

Cash at bank and in hand

3,783,268

2,406,453

10,948,536

10,027,143

CREDITORS

Amounts falling due within one year

13

4,316,479

4,745,974

NET CURRENT ASSETS

6,632,057

5,281,169

TOTAL ASSETS LESS CURRENT LIABILITIES

10,612,475

9,619,513

CREDITORS

Amounts falling due after more than one year

14

(270,981

)

(299,756

)

PROVISIONS FOR LIABILITIES

15

(367,737

)

(421,842

)

NET ASSETS

9,973,757

8,897,915

CAPITAL AND RESERVES

Called up share capital

16

269,223

269,223

Revaluation reserve

17

101,083

97,859

Capital reserve

17

2,649,990

2,649,990

Retained earnings

17

6,953,461

5,880,843

SHAREHOLDERS' FUNDS

9,973,757

8,897,915

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026 and were signed on its behalf by:

H M Bannister - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

315,807

315,807

315,807

315,807

CURRENT ASSETS

Debtors

12

754,906

400,000

Cash at bank

1,085,165

698,565

1,840,071

1,098,565

CREDITORS

Amounts falling due within one year

13

12,636

14,253

NET CURRENT ASSETS

1,827,435

1,084,312

TOTAL ASSETS LESS CURRENT LIABILITIES

2,143,242

1,400,119

CAPITAL AND RESERVES

Called up share capital

16

269,223

269,223

Retained earnings

17

1,874,019

1,130,896

SHAREHOLDERS' FUNDS

2,143,242

1,400,119

Company's profit for the financial year

1,023,123

424,009

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026 and were signed on its behalf by:

H M Bannister - Director

Called up

share

Retained

Revaluation

Capital

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

269,223

5,271,624

157,369

2,649,990

8,348,206

Changes in equity

Dividends

-

(421,000

)

-

-

(421,000

)

Total comprehensive income

-

1,030,219

(59,510

)

-

970,709

Balance at 30 September 2024

269,223

5,880,843

97,859

2,649,990

8,897,915

Changes in equity

Dividends

-

(280,000

)

-

-

(280,000

)

Total comprehensive income

-

1,352,618

3,224

-

1,355,842

Balance at 30 September 2025

269,223

6,953,461

101,083

2,649,990

9,973,757

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

269,223

1,127,887

1,397,110

Changes in equity

Dividends

-

(421,000

)

(421,000

)

Total comprehensive income

-

424,009

424,009

Balance at 30 September 2024

269,223

1,130,896

1,400,119

Changes in equity

Dividends

-

(280,000

)

(280,000

)

Total comprehensive income

-

1,023,123

1,023,123

Balance at 30 September 2025

269,223

1,874,019

2,143,242

Cash flows from operating activities

Cash generated from operations

1

2,065,857

1,219,371

Tax paid

(250,170

)

(41,748

)

Net cash from operating activities

1,815,687

1,177,623

Cash flows from investing activities

Purchase of tangible fixed assets

(215,403

)

(1,107,928

)

Sale of tangible fixed assets

6,800

6,776

Interest received

49,731

76,900

Net cash from investing activities

(158,872

)

(1,024,252

)

Cash flows from financing activities

Equity dividends paid

(280,000

)

(415,000

)

Net cash from financing activities

(280,000

)

(415,000

)

Increase/(decrease) in cash and cash equivalents

1,376,815

(261,629

)

Cash and cash equivalents at beginning of year

2

2,406,453

2,668,082

Cash and cash equivalents at end of year

2

3,783,268

2,406,453

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

30.9.25

30.9.24

£

£

Profit before taxation

1,829,243

1,382,921

Depreciation charges

495,230

457,947

(Profit)/loss on disposal of fixed assets

(7,950

)

1,174

Finance income

(54,637

)

(74,664

)

2,261,886

1,767,378

Decrease/(increase) in stocks

150,826

(1,035,995

)

Decrease/(increase) in trade and other debtors

323,502

(382,859

)

(Decrease)/increase in trade and other creditors

(670,357

)

870,847

Cash generated from operations

2,065,857

1,219,371

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

3,783,268

2,406,453

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,406,453

2,668,082

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

2,406,453

1,376,815

3,783,268

2,406,453

1,376,815

3,783,268

Total

2,406,453

1,376,815

3,783,268

1.	STATUTORY INFORMATION

Bannisters Arable Products 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 as modified by the revaluation of certain assets.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 30 September each year. The results of any subsidiary acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.

Significant judgements and estimates

In the application of the group's accounting policies, which are described further in this note, management are required to make judgements, estimates and assumptions about the carrying amounts 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.

Key sources of estimation and uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Useful economic lives of intangible and tangible assets

The annual amortisation and depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property, plant and equipment and the useful economic lives of each class of assets.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for the sale of goods in the ordinary nature of the business. Revenue is shown net of Value Added Tax.

The group's revenue is from selling various potato products based on a date supplied basis.

Goodwill

Goodwill arising on consolidation is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on valuation, excluding land element

Tenants improvements

-

2% on cost

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on cost

Stocks

Raw material stock is valued at the lower of cost and net realisable value.

Finished goods stock is valued at the lower of production cost and net realisable value.

The stock value includes an allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a small self administered pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

The group operates automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the income statement in the period to which they relate.