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REGISTERED NUMBER: 01776075 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements for the Year Ended 31 October 2025 |

| for |

| Townson Tractors Limited |

| Townson Tractors Limited (Registered number: 01776075) |

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Statement of Income and Retained Earnings | 9 |

| Statement of Financial Position | 10 |

| Notes to the Financial Statements | 12 |

| Townson Tractors Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | W Townson

| R J Mattinson

| SECRETARY: | W Townson

| REGISTERED OFFICE: | West End

| Hellifield

| Skipton

| North Yorkshire

| BD23 4HE

| REGISTERED NUMBER: | 01776075 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Stephen McGevor FCCA

| AUDITORS: | Stirk Lambert & Co

| Chartered Accountants

| Statutory Auditors

| Russell Chambers

| 61a North Street

| Keighley

| West Yorkshire

| BD21 3DS

| Townson Tractors Limited (Registered number: 01776075) |

Strategic Report

for the Year Ended 31 October 2025

REVIEW OF BUSINESS

The company continues to deal in agricultural machinery, both in the United Kingdom and overseas, together with providing a full after sales service.

The company performed well during the year despite a decline in net profits.

PRINCIPAL RISKS AND UNCERTAINTIES

The director regularly reviews the principal risks faced by the company.

The company's principal risks are credit risk and cash flow risk.

Credit Risk

The company manages credit risk by assessing customers and applying credit limits using data from credit reference agencies. Credit limits are reviewed on a regular basis by management to ensure that the company minimises its exposure to over trading with customers deemed to be a credit risk.

Cash Flow Risk

The company does not rely upon debt financing and has accumulated considerable cash reserves during 2025 and 2024 thereby minimising cash flow risk.

KEY PERFORMANCE INDICATORS

The director monitors performance of the group with reference to the following key performance indicators:

| 2025 |  | 2024 |

Revenue growth/(decline) % |  | 3.9% |  | (8.7)% |

Gross profit % |  | 5.4% |  | 5.8% |

Net profit after tax % |  | 1.2% |  | 0.6% |

ON BEHALF OF THE BOARD:

W Townson - Director

19 May 2026

| Townson Tractors Limited (Registered number: 01776075) |

Report of the Directors

for the Year Ended 31 October 2025

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of dealers in agricultural machinery and agricultural engineers.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 41,000 .

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 November 2024 to the date of this report.

The directors shown below were in office at 31 October 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 November 2024 or 31 October 2025.

W Townson

R J Mattinson

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| Townson Tractors Limited (Registered number: 01776075) |

Report of the Directors

for the Year Ended 31 October 2025

AUDITORS

The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W Townson - Director

19 May 2026

Report of the Independent Auditors to the Members of

Townson Tractors Limited

Opinion

We have audited the financial statements of Townson Tractors Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Townson Tractors Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Townson Tractors Limited

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

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

management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

actual, suspected and alleged fraud and

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

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Report of the Independent Auditors to the Members of

Townson Tractors Limited

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.

Stephen McGevor FCCA (Senior Statutory Auditor)

for and on behalf of Stirk Lambert & Co

Chartered Accountants

Statutory Auditors

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

19 May 2026

| Townson Tractors Limited (Registered number: 01776075) |

Statement of Income and

Retained Earnings

for the Year Ended 31 October 2025

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

TURNOVER | 4 | 20,113,636 |  | 19,364,685 |  |

Cost of sales | (19,030,388 | ) | (18,247,377 | ) |

GROSS PROFIT | 1,083,248 |  | 1,117,308 |  |

Administrative expenses | (782,917 | ) | (920,673 | ) |

300,331 |  | 196,635 |  |

Other operating income | 35,978 |  | 56,959 |  |

336,309 |  | 253,594 |  |

Interest receivable and similar income | 5,382 |  | - |  |

341,691 |  | 253,594 |  |

Gain/loss on revaluation of investments | 684 |  | (124 | ) |

342,375 |  | 253,470 |  |

Interest payable and similar expenses | 6 | 18 |  | 42 |  |

PROFIT BEFORE TAXATION | 7 | 342,393 |  | 253,512 |  |

Tax on profit | 8 | (88,523 | ) | (65,315 | ) |

PROFIT FOR THE FINANCIAL YEAR | 253,870 |  | 188,197 |  |

Retained earnings at beginning of year | 5,243,335 |  | 5,117,138 |  |

Dividends | 9 | (41,000 | ) | (62,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 5,456,205 |  | 5,243,335 |  |

| Townson Tractors Limited (Registered number: 01776075) |

Statement of Financial Position

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 471,406 |  | 432,214 |  |

Investments | 11 | 3,133 |  | 2,449 |  |

Investment property | 12 | 230,000 |  | 230,000 |  |

704,539 |  | 664,663 |  |

CURRENT ASSETS

Stocks | 13 | 2,902,639 |  | 3,574,137 |  |

Debtors | 14 | 1,846,228 |  | 1,271,379 |  |

Cash at bank and in hand | 1,809,961 |  | 1,206,548 |  |

6,558,828 |  | 6,052,064 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,681,946 |  | 1,361,433 |  |

NET CURRENT ASSETS | 4,876,882 |  | 4,690,631 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,581,421 |  | 5,355,294 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (3,596 | ) | - |  |

PROVISIONS FOR LIABILITIES | 18 | (120,620 | ) | (110,959 | ) |

NET ASSETS | 5,457,205 |  | 5,244,335 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,000 |  | 1,000 |  |

Retained earnings | 20 | 5,456,205 |  | 5,243,335 |  |

SHAREHOLDERS' FUNDS | 5,457,205 |  | 5,244,335 |  |

| Townson Tractors Limited (Registered number: 01776075) |

Statement of Financial Position - continued

31 October 2025

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2026 and were signed on its behalf by:

W Townson - Director

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Townson Tractors 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 Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirement of paragraph 33.7.

| 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.

| Critical accounting judgements and key sources of estimation uncertainty

| Stock write downs

| Stock, which consists of finished goods and parts, is stated at the lower of cost or market value. The company analyses its stock levels periodically and writes down inventory to its net realisable value if it has become obsolete, has a cost in excess of its expected net realisable value or is in excess of expected requirements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

| Revenue from the rendering of services is measured by reference to the stage of completion of the service

| transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Lock-up garage | - | 15% on reducing balance

| Alterations to property | - | 15% on reducing balance

| Plant & machinery | - | 15% on reducing balance

| Fixtures & fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Parts stocks have been valued at average cost less a reduction for slow-moving and obsolete stocks.

| Tractors and machinery have been valued at lower of cost and net realisable value.

| Work in progress has been valued at the cost of materials and labour.

| Financial instruments

| Financial assets

| Basic financial assets, including trade and other receivables, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

| 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 and any subsequent reversal is recognised in the profit and loss.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other payables and bank loans, 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 for a similar debt instrument.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

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

| Current 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.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Listed investments are stated at the year end valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

4. | TURNOVER

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

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Sale of goods | 19,415,185 |  | 18,652,755 |  |

| Rendering of services | 608,684 |  | 624,330 |  |

| Hire income | 89,767 |  | 87,600 |  |

20,113,636 |  | 19,364,685 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| UK | 18,403,355 |  | 17,884,289 |  |

| Non UK | 1,710,281 |  | 1,480,396 |  |

20,113,636 |  | 19,364,685 |  |

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

5. | EMPLOYEES AND DIRECTORS

| 31.10.25 |  | 31.10.24

£ | £ |

| Wages and salaries | 785,192 |  | 825,310 |  |

| Social security costs | 89,102 |  | 75,094 |  |

| Other pension costs | 16,557 |  | 16,867 |  |

890,851 |  | 917,271 |  |

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

| 31.10.25 |  | 31.10.24

| Parts | 4 |  | 5 |  |

| Administrative | 1 |  | 1 |  |

| Yard | - |  | 1 |  |

| Export | 2 |  | 2 |  |

| Sales | 5 |  | 4 |  |

| Service | 9 |  | 11 |  |

21 |  | 24 |  |

| 31.10.25 |  | 31.10.24

£ | £ |

| Directors' remuneration | 109,991 |  | 108,362 |  |

| Directors' pension contributions to money purchase schemes | 1,261 |  | 1,234 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.10.25 |  | 31.10.24

£ | £ |

| Interest on Corporation Tax | (18 | ) | (42 | ) |

7. | PROFIT BEFORE TAXATION

| The profit is stated after charging/(crediting):

| 31.10.25 |  | 31.10.24

£ | £ |

| Depreciation - owned assets | 121,320 |  | 117,786 |  |

| (Profit)/loss on disposal of fixed assets | (14,541 | ) | 1,621 |  |

| Auditors' remuneration | 13,500 |  | 13,000 |  |

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

8. | TAXATION

| Analysis of the tax charge

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Current tax:

| UK corporation tax | 78,862 |  | 71,991 |  |

| Deferred tax | 9,661 |  | (6,676 | ) |

| Tax on profit | 88,523 |  | 65,315 |  |

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

| Reconciliation of total tax charge included in profit and loss

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Profit before tax | 342,393 |  | 253,512 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 85,598 |  | 63,378 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,062 |  | 622 |  |

| Capital allowances in excess of depreciation | (9,798 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 7,991 |  |

| Deferred Tax | 9,661 |  | (6,676 | ) |

| Total tax charge | 88,523 |  | 65,315 |  |

9. | DIVIDENDS

| 31.10.25 |  | 31.10.24

£ | £ |

| Interim | 41,000 |  | 62,000 |  |

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

10. | TANGIBLE FIXED ASSETS

| Alterations

| Freehold |  | Lock-up |  | to

| property |  | garage |  | property

£ | £ | £ |

| COST

| At 1 November 2024 | 8,991 |  | 4,441 |  | 71,881 |  |

| Additions | - |  | - |  | 1,768 |  |

| Disposals | - |  | - |  | - |  |

| At 31 October 2025 | 8,991 |  | 4,441 |  | 73,649 |  |

| DEPRECIATION

| At 1 November 2024 | - |  | 4,368 |  | 64,050 |  |

| Charge for year | - |  | - |  | 1,219 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 October 2025 | - |  | 4,368 |  | 65,269 |  |

| NET BOOK VALUE

| At 31 October 2025 | 8,991 |  | 73 |  | 8,380 |  |

| At 31 October 2024 | 8,991 |  | 73 |  | 7,831 |  |

| Plant & |  | Fixtures |  | Motor |

| machinery |  | & fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 157,716 |  | 32,772 |  | 672,474 |  | 948,275 |  |

| Additions | 250 |  | 23,650 |  | 156,653 |  | 182,321 |  |

| Disposals | - |  | - |  | (56,582 | ) | (56,582 | ) |

| At 31 October 2025 | 157,966 |  | 56,422 |  | 772,545 |  | 1,074,014 |  |

| DEPRECIATION

| At 1 November 2024 | 108,341 |  | 10,905 |  | 328,397 |  | 516,061 |  |

| Charge for year | 7,410 |  | 6,203 |  | 106,488 |  | 121,320 |  |

| Eliminated on disposal | - |  | - |  | (34,773 | ) | (34,773 | ) |

| At 31 October 2025 | 115,751 |  | 17,108 |  | 400,112 |  | 602,608 |  |

| NET BOOK VALUE

| At 31 October 2025 | 42,215 |  | 39,314 |  | 372,433 |  | 471,406 |  |

| At 31 October 2024 | 49,375 |  | 21,867 |  | 344,077 |  | 432,214 |  |

| Included in cost of land and buildings is freehold land of £ 8,991 (2024 - £ 8,991 ) which is not depreciated.

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

11. | FIXED ASSET INVESTMENTS

| Listed

| investments

£ |

| COST OR VALUATION

| At 1 November 2024 | 2,449 |  |

| Revaluations | 684 |  |

| At 31 October 2025 | 3,133 |  |

| NET BOOK VALUE

| At 31 October 2025 | 3,133 |  |

| At 31 October 2024 | 2,449 |  |

| Cost or valuation at 31 October 2025 is represented by:

| Listed

| investments

£ |

| Valuation in 2016 | 928 |  |

| Valuation in 2017 | (306 | ) |

| Valuation in 2018 | (2,312 | ) |

| Valuation in 2019 | 306 |  |

| Valuation in 2020 | (1,836 | ) |

| Valuation in 2021 | 171 |  |

| Valuation in 2022 | (218 | ) |

| Valuation in 2023 | (882 | ) |

| Valuation in 2024 | (124 | ) |

| Valuation in 2025 | 684 |  |

| Cost | 6,722 |  |

3,133 |  |

| If listed investments had not been revalued they would have been included at the following historical cost:

| 31.10.25 |  | 31.10.24

£ | £ |

| Cost | 6,772 |  | 6,772 |  |

| The market value of listed investments at 31 October 2025 was £2,449 (2024 £2,573).

12. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 November 2024

| and 31 October 2025 | 230,000 |  |

| NET BOOK VALUE

| At 31 October 2025 | 230,000 |  |

| At 31 October 2024 | 230,000 |  |

| The director has confirmed that the fair value of the property at 31 October 2025 was £230,000.

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

12. | INVESTMENT PROPERTY - continued

| Fair value at 31 October 2025 is represented by:

£ |

| Valuation in 2020 | 11,817 |  |

| Valuation in 2021 | 25,000 |  |

| Cost | 193,183 |  |

230,000 |  |

13. | STOCKS

| 31.10.25 |  | 31.10.24

£ | £ |

| Stocks | 2,886,522 |  | 3,565,555 |  |

| Work in progress | 16,117 |  | 8,582 |  |

2,902,639 |  | 3,574,137 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade debtors | 860,965 |  | 905,167 |  |

| Other debtors | 312,990 |  | 312,990 |  |

| VAT recoverable | - |  | 27,333 |  |

| Directors' current accounts | 652,157 |  | - |  |

| Prepayments & accrued income | 20,116 |  | 25,889 |  |

1,846,228 |  | 1,271,379 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Hire purchase contracts (see note 17) | 62,478 |  | - |  |

| Trade creditors | 1,085,359 |  | 936,735 |  |

| Corporate taxation | 78,788 |  | 71,935 |  |

| Social security & other taxes | 21,960 |  | 19,124 |  |

| VAT | 73,001 |  | - |  |

| Amounts owed to parent undertaking | 324,431 |  | 308,977 |  |

| Directors' loan accounts | 128 |  | 1,438 |  |

| Accrued expenses | 35,801 |  | 23,224 |  |

1,681,946 |  | 1,361,433 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Hire purchase contracts (see note 17) | 3,596 |  | - |  |

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

17. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31.10.25 |  | 31.10.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 62,478 |  | - |  |

| Between one and five years | 3,596 |  | - |  |

66,074 |  | - |  |

18. | PROVISIONS FOR LIABILITIES

| 31.10.25 |  | 31.10.24

£ | £ |

| Deferred tax | 120,620 |  | 110,959 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 110,959 |  |

| Provided during year | 9,661 |  |

| Balance at 31 October 2025 | 120,620 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.10.25 |  | 31.10.24

| value: | £ | £ |

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

20. | RESERVES

| Retained

| earnings

£ |

| At 1 November 2024 | 5,243,335 |  |

| Profit for the year | 253,870 |  |

| Dividends | (41,000 | ) |

| At 31 October 2025 | 5,456,205 |  |

21. | ULTIMATE PARENT COMPANY

| The immediate parent undertaking is J.A.Townson & Sons Limited whose registered address is West End, Hellifield, Skipton, BD23 4HE.

| The ultimate parent undertaking and most senior entity producing publicly available financial statements is Townson Holdings Limited. These financial statements may be obtained from Companies House.

| Townson Tractors Limited (Registered number: 01776075) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

22. | RELATED PARTY DISCLOSURES

| At the year end a director owed the company £652,157 (2024: £NIL). The loan is unsecured, interest-bearing at HMRC’s official rate, and repayable on demand. No amounts were written off and no provision has been made for bad or doubtful debts in respect of this balance.

23. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is William Townson.

24. | GUARANTEES

| The company has provided a cross guarantee to the bank for J A Townson & Sons Limited.