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Registered number: 03075855 TFM FARM & COUNTRY SUPERSTORE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
TFM FARM & COUNTRY SUPERSTORE LIMITED COMPANY INFORMATION
Directors | M T Littleford
| N Thomas
| Steketee Beheer BV (resigned 17 March 2025)
| P N Matthews
Company secretary | P N Matthews
Registered number | 03075855
Registered office | Stableford
| Bridgnorth
| Shropshire
| WV15 5LS
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
TFM FARM & COUNTRY SUPERSTORE LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Profit and loss account | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 26
TFM FARM & COUNTRY SUPERSTORE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present the strategic report for the year ended 31 December 2025.
Business review
2025 saw further sales growth for the business across a backdrop of difficult trading conditions as households continue to feel the pressure of the cost of living crisis, along with the continued global political turbulence and a very dry summer also impacted sales in the summer months. The Company’s turnover reached £30.0m, whilst holding onto and slightly improving the gross margin. Initiatives were implemented in the stores and across the product range to combat price increases and reinforce our straightforward low pricing policy and our focus on customer service, which are considered to be core fundamentals of the business. The newest store in Banbury continued to grow with its sales reaching £3.7m (2024 £2.8m) in its fourth full year of trading whilst also increasing the gross margin, showing that the area is a good fit for TFM and customer demand for the business offer is strong. Plans are in place for a further store in Evesham with an opening date of March 2026 to expand the total number of stores to 8. Stock availability continued to be problematic in some areas, creating challenges for the buying team which were met by increasing volumes on key lines across the business where possible. Looking forward, as we see continued change in the rural landscape and farming policy, the Directors believe that it is vital for us to maintain our diverse product range and welcome customers from all sectors. The common requirement for all these sectors continues to be value and now more than ever as purchasing decisions become ever more driven by increasing costs. This also applies to our own business costs, which have been impacted by transport, fuel and salary cost increases. 2026 will be a year of further consolidation across existing sites, alongside the launch of a new store, while continuing to persue growth within the current marketplace.
Principal risks and uncertainties
The Company has minimal exposure to interest rate risks. Foreign purchases are minimal and are paid in sterling, negating any currency risk. The Company performs credit checks on new customers, sets and monitors credit limits and monitors aged debtor listings closely thus reducing the credit risk. The business does not maintain credit insurance on its customers, this is considered to be appropriate given the size and nature of the risks involved. The Company prioritises Health and Safety matters and monitors safety issues that have emerged as turnover and footfall have increased. Page 1
TFM FARM & COUNTRY SUPERSTORE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Company's turnover has increased, with higher sales volumes across all stores. Turnover is used as a primary indicator for performance for stores and the business as a whole. The table below summarises turnover growth for both the current and prior reporting periods, along with the gross profit percentage: Detailed management accounts are reviewed monthly. The management accounts provide comprehensive explanations of differences to budget and to prior year and prior month results. They illustrate the monthly footfall, average spend per customer and average spend per square foot by branch.
Other key performance indicators
Key ratios such as debtor days, creditor days, stock days and working capital ratios are also reviewed in each set of management accounts. The directors are satisfied with the performance of the Company against each of these KPI's. This report was approved by the board and signed on its behalf.
................................................ M T Littleford Director
Date: 19 June 2026
Page 2
TFM FARM & COUNTRY SUPERSTORE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £854,273 (2024 - £860,508). Dividends of £600,000 were paid during the year (2024: £750,000).
Directors
The directors who served during the year were:
M T Littleford
N Thomas
Steketee Beheer BV (resigned 17 March 2025)
P N Matthews
Page 3
TFM FARM & COUNTRY SUPERSTORE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ M T Littleford Director
Date: 19 June 2026
Page 4
TFM FARM & COUNTRY SUPERSTORE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TFM FARM & COUNTRY SUPERSTORE LIMITED
Opinion
We have audited the financial statements of TFM Farm & Country Superstore Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, 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 the 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 31 December 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 United Kingdom, including the Financial Reporting Council'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. Page 5
TFM FARM & COUNTRY SUPERSTORE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TFM FARM & COUNTRY SUPERSTORE LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
TFM FARM & COUNTRY SUPERSTORE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TFM FARM & COUNTRY SUPERSTORE LIMITED (CONTINUED)
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non-compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. 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 Auditors' report. Page 7
TFM FARM & COUNTRY SUPERSTORE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TFM FARM & COUNTRY SUPERSTORE LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. John Fletcher BA FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 19 June 2026 Page 8
TFM FARM & COUNTRY SUPERSTORE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 30,028,606 | 27,852,050
Cost of sales |  | (22,152,979) | (20,770,657)
Gross profit |  | 7,875,627 | 7,081,393
Administrative expenses |  | (6,777,444) | (5,961,380)
Operating profit | 5 | 1,098,183 | 1,120,013
Interest receivable and similar income | 8 | 43,717 | 34,160
Interest payable and similar expenses | 9 | - | (667)
Profit before tax |  | 1,141,900 | 1,153,506
Tax on profit | 10 | (287,627) | (292,998)
Profit for the financial year |  | 854,273 | 860,508
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 12 to 26 form part of these financial statements.
Page 9
TFM FARM & COUNTRY SUPERSTORE LIMITED REGISTERED NUMBER: 03075855 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 391,986 |  | 363,967
Investments | 13 |  | 1,300 |  | 1,300
|  |  | 393,286 |  | 365,267
Current assets |  |  |  |  |
Stocks | 14 | 5,219,305 |  | 4,701,865 |
Debtors: amounts falling due within one year | 15 | 1,005,376 |  | 1,101,989 |
Cash at bank and in hand | 16 | 1,716,471 |  | 1,499,673 |
|  | 7,941,152 |  | 7,303,527 |
Creditors: amounts falling due within one year | 17 | (3,565,551) |  | (3,137,885) |
Net current assets |  |  | 4,375,601 |  | 4,165,642
Total assets less current liabilities |  |  | 4,768,887 |  | 4,530,909
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (67,515) |  | (59,687) |
Provisions | 19 | (377,000) |  | (401,123) |
|  |  | (444,515) |  | (460,810)
Net assets |  |  | 4,324,372 |  | 4,070,099
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 2 |  | 2
Profit and loss account | 21 |  | 4,324,370 |  | 4,070,097
|  |  | 4,324,372 |  | 4,070,099
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M T Littleford
Director
Date: 19 June 2026
The notes on pages 12 to 26 form part of these financial statements. Page 10
TFM FARM & COUNTRY SUPERSTORE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 2 | 3,959,589 | 3,959,591
Comprehensive income for the year |  |  |
Profit for the year | - | 860,508 | 860,508
Total comprehensive income for the year | - | 860,508 | 860,508
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (750,000) | (750,000)
Total transactions with owners | - | (750,000) | (750,000)
At 1 January 2025 | 2 | 4,070,097 | 4,070,099
Comprehensive income for the year |  |  |
Profit for the year | - | 854,273 | 854,273
Total comprehensive income for the year | - | 854,273 | 854,273
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (600,000) | (600,000)
Total transactions with owners | - | (600,000) | (600,000)
At 31 December 2025 | 2 | 4,324,370 | 4,324,372
| The notes on pages 12 to 26 form part of these financial statements.
Page 11
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
TFM Farm & Country Superstore Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stableford, Bridgnorth, Shropshire, WV15 5LS. The principal activity of the Company is the retailing of farm equipment and ancillary goods. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Telford Farm Machinery Limited (Company number 01433484) as at 31 December 2025 and these financial statements may be obtained from Companies House. Page 12
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Going concern
The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current facilities. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 25%
|  |  |  | Plant and machinery | - | 10%
|  |  |  | Fixtures and fittings | - | 10%
|  |  |  | Computer equipment | - | 33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting 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.
| 2.12 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 15
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments”and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 16
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets 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 cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 17
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Stock provision Management review the year end stock values on a line by line basis and consider the age of that stock, and usage over the last 12 and 24 months in order to assess the level of provision required. The value of the stock provision as at 31 December 2025 is £191,941 (2024: £179,752). Dilapidation provision Management have exercised judgment in estimating the provision for dilapidation costs under lease agreements. This involves assessing the condition of leased properties, lease terms, and the expected cost of reinstatement at the end of the lease. The value of the dilapidation provision is disclosed in note 19. Page 18
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
The whole of the turnover is attributable to retailing of farm equipment and ancillary goods.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Operating lease rentals | 706,882 | 634,563
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,300 | 15,700
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,991,491 | 3,437,075
| Social security costs | 400,987 | 287,115
| Cost of defined contribution scheme | 93,922 | 79,009
|  | 4,486,400 | 3,803,199
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 164 | 149
Page 19
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 438,854 | 423,311
| Company contributions to defined contribution pension schemes | 20,642 | 19,651
|  | 459,496 | 442,962
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £175,716 (2024 - £178,311).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,000 (2024 - £18,000).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 43,717 | 34,160
|  | 43,717 | 34,160
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | - | 667
|  | - | 667
Page 20
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 279,799 | 293,807
|  | 279,799 | 293,807
| Total current tax | 279,799 | 293,807
| Deferred tax |  |
| Origination and reversal of timing differences | 7,828 | (809)
| Total deferred tax | 7,828 | (809)
| Tax on profit | 287,627 | 292,998
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,141,900 | 1,153,506
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 285,475 | 288,377
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 5,276 | 4,570
| Short-term timing difference leading to an increase (decrease) in taxation | (3,954) | 51
| Changes in provisions leading to an increase (decrease) in the tax charge | 830 | -
| Total tax charge for the year | 287,627 | 292,998
Page 21
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares | 600,000 | 750,000
|  | 600,000 | 750,000
12. | Tangible fixed assets
|  | Long term leasehold property | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 126,232 | 143,689 | 751,041 | 185,363 | 1,206,325
| Additions | - | 12,308 | 86,581 | 10,517 | 109,406
| At 31 December 2025 | 126,232 | 155,997 | 837,622 | 195,880 | 1,315,731
| Depreciation |  |  |  |  |
| At 1 January 2025 | 121,895 | 61,381 | 495,797 | 163,285 | 842,358
| Charge for the year on owned assets | 1,928 | 11,424 | 55,157 | 12,878 | 81,387
| At 31 December 2025 | 123,823 | 72,805 | 550,954 | 176,163 | 923,745
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,409 | 83,192 | 286,668 | 19,717 | 391,986
| At 31 December 2024 | 4,337 | 82,308 | 255,244 | 22,078 | 363,967
Page 22
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 January 2025 | 1,300
| At 31 December 2025 | 1,300
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 5,219,305 | 4,701,865
|  | 5,219,305 | 4,701,865
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 685,444 | 659,769
| Amounts owed by group undertakings | - | 168,108
| Other debtors | 172,750 | 172,750
| Prepayments and accrued income | 147,182 | 101,362
|  | 1,005,376 | 1,101,989
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,716,471 | 1,499,673
|  | 1,716,471 | 1,499,673
Page 23
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,854,512 | 2,529,738
| Amounts owed to group undertakings | 15,312 | -
| Corporation tax | 139,942 | 122,789
| Other taxation and social security | 240,937 | 199,752
| Accruals and deferred income | 314,848 | 285,606
|  | 3,565,551 | 3,137,885
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (59,687)
| Charged to the profit or loss | (7,828)
| At end of year | (67,515)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (72,157) | (63,499)
| Other short term timing differences | 4,642 | 3,812
|  | (67,515) | (59,687)
19. | Provisions
|  | Dilapidation provision
|  | £
| At 1 January 2025 | 401,123
| Charged to profit or loss | (24,123)
| At 31 December 2025 | 377,000
Page 24
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 (2024 - 2) Ordinary shares shares of £1.00 each | 2 | 2
21. | Reserves
Profit and loss account The profit and loss account represents the accumulated profits/losses of the Company since incorporation less distributions made to shareholders.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,683 (2024: £79,009). Contributions outstanding at the year end were £18,569 (2024: £15,249).
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 434,733 | 343,361
| Later than 1 year and not later than 5 years | 1,399,148 | 818,056
| Later than 5 years | 1,241,629 | 619,000
|  | 3,075,510 | 1,780,417
Page 25
TFM FARM & COUNTRY SUPERSTORE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Related party transactions
| During the year sales of £2,838 (2024: £731) were made to Directors of the Company. At the end of the year, the Directors owed £100,000 (2024: £100,222) to the Company. This balance is included within other debtors. The Company entered into transactions with another company, in which a director has significant influence in the year. Purchases made during the year totalled £76,275 (2024: £75,000).
25. | Controlling party
The parent company is Telford Farm Machinery Limited, a company registered in England and Wales, copies of the consolidated accounts can be obtained from Companies House. The ultimate controlling party is M T Littleford who is a Director of the parent Company, by virtue of his shareholding in Telford Farm Machinery Limited.
Page 26