REGISTERED NUMBER: 02822116 (England and Wales)

SAKATA UK LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

S W Cox

P F X Sicard

M F Maxant

K Nishikawa

SECRETARY:

P Kidby

REGISTERED OFFICE:

Spalding Road

Sutterton

Boston

Lincolnshire

PE20 2EW

REGISTERED NUMBER:

02822116 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

REVIEW OF BUSINESS

The results for the year are set out on page 7 of the financial statements. The company made a profit after tax of £2,220,002 (2025: £2,618,350).

Trading has continued at a satisfactory level into the new year.

Despite a challenging economic and industry wide environment, Sakata UK continues to perform well, increasing sales turnover and profitability. Sakata UK continues to invest in strengthening its team and facilities, particularly in research and product development.

Food security, supply resilience are now commonly referenced within political and media circles as public awareness grows regarding the fragility of these topics due to a combination of political and environmental issues. Despite constant pressure for low cost supply a clear and consistent demand exists for UK grown vegetables which Sakata UK is well placed to participate in supplying the seeds for.

Currency risk: Goods are purchased from Sakata Vegetables Europe in Euros, therefore a risk exists in currency fluctuations between GBP and the Euro. Exchange rates are continually monitored and prices adjusted in order to maintain budgeted margins.

Credit risk: The credit risk arises from the collection of trade debtors. A comprehensive credit control policy is in place. Trade debtors are regularly reviewed.

DIVIDENDS

A dividend of £1,000,000 was paid in the year (2025: £1,000,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

S W Cox

P F X Sicard

M F Maxant

K Nishikawa

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Kidby - Secretary

3 July 2026

Opinion

We have audited the financial statements of Sakata UK Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 101 'Reduced Disclosure Framework' (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 March 2026 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages two and 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.

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. It was concluded that the ISO accreditations were also still in place and complied with.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Alistair Main FCA (Senior Statutory Auditor)

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

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

3 July 2026

TURNOVER

10,937,779

9,438,874

Cost of sales

7,122,960

5,427,056

GROSS PROFIT

3,814,819

4,011,818

Administrative expenses

4,689,611

4,041,549

(874,792

)

(29,731

)

Other operating income

3,839,984

2,813,747

OPERATING PROFIT

2,965,192

2,784,016

Interest receivable and similar income

181,986

282,777

Other finance income

18

5,000

57,000

186,986

339,777

3,152,178

3,123,793

Interest payable and similar expenses

4

40,714

43,351

PROFIT BEFORE TAXATION

5

3,111,464

3,080,442

Tax on profit

6

891,462

462,092

PROFIT FOR THE FINANCIAL YEAR

2,220,002

2,618,350

PROFIT FOR THE YEAR

2,220,002

2,618,350

OTHER COMPREHENSIVE INCOME

Item that will not be reclassified to profit or loss:

Remeasurements of DB pension liability

(79,000

)

(1,373,000

)

Income tax relating to item that will not be reclassified to profit or loss

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(79,000

)

(1,373,000

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,141,002

1,245,350

FIXED ASSETS

Owned

Intangible assets

8

139,792

292,292

Tangible assets

9

1,739,857

972,993

Right-of-use

Tangible assets

9, 15

87,948

97,906

1,967,597

1,363,191

CURRENT ASSETS

Stocks

10

1,248,316

1,316,472

Debtors

11

5,733,032

2,894,173

Cash at bank and in hand

5,863,496

8,206,384

12,844,844

12,417,029

CREDITORS

Amounts falling due within one year

12

900,205

1,062,566

NET CURRENT ASSETS

11,944,639

11,354,463

TOTAL ASSETS LESS CURRENT LIABILITIES

13,912,236

12,717,654

CREDITORS

Amounts falling due after more than one year

13

(34,342

)

(23,597

)

PROVISIONS FOR LIABILITIES

16

(247,091

)

(202,256

)

PENSION ASSET

18

52,000

50,000

NET ASSETS

13,682,803

12,541,801

CAPITAL AND RESERVES

Called up share capital

17

100,001

100,001

Retained earnings

13,582,802

12,441,800

SHAREHOLDERS' FUNDS

13,682,803

12,541,801

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2026 and were signed on its behalf by:

S W Cox - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

100,001

12,196,450

12,296,451

Changes in equity

Dividends

-

(1,000,000

)

(1,000,000

)

Total comprehensive income

-

1,245,350

1,245,350

Balance at 31 March 2025

100,001

12,441,800

12,541,801

Changes in equity

Dividends

-

(1,000,000

)

(1,000,000

)

Total comprehensive income

-

2,141,002

2,141,002

Balance at 31 March 2026

100,001

13,582,802

13,682,803

1.	STATUTORY INFORMATION

Sakata UK 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.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.

At 31 March 2026, the Company had cash reserves of £5.9m and the Company remains unencumbered from any financing or covenant requirements. The directors have reviewed the budget and cash flow forecasts of the Company for a period of 12 months from the date of approving these financial statements which indicate that, taking account of reasonably possible downsides on the operations and its financial resources, the Company will have sufficient funds to meet its liabilities as they fall due for that period.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1; and

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.

The financial statements are stated in sterling, which is the Company's functional and presentation currency.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Turnover is recognised when the goods are dispatched to the customer and the risks and reward of ownership are transferred.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Land is not depreciated. The estimated useful lives are as follows:

• Freehold buildings 2 - 20% per annum

• Plant and machinery 20 - 33.33% per annum

No depreciation is provided on freehold land.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Financial instruments

The company has chosen to adopt the FRS101 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charge for taxation is based on the loss for the period and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.

Research and development

Expenditure on research and development is written off to the profit and loss account in the year in which it is incurred.

Foreign currencies

Transactions in foreign currencies are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the profit and loss account.

Leases (policy applicable from 1 april 2019)

The Company has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17.

At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. IFRS 16.

As a lessee

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the following:

- fixed payments, including in-substance fixed payments;

- variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date

- amounts expected to be payable under a residual value guarantee; and

- the exercise price under a purchase option that the Company is reasonably certain to exercise,

- lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and

- penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss.

The Company presents right-of-use assets that do not meet the definition of investment property in 'property, plant and equipment' and lease liabilities in 'loans and borrowings' in the statement of financial position.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-of-use assets and lease liabilities for lease of low-value assets and short-term leases. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Employee benefit costs

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company's net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) are deducted. The Company determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset).

The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA that have maturity dates approximating the terms of the Company's obligations and that are denominated in the currency in which the benefits are expected to be paid.

Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss.

The calculation of the defined benefit obligations is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the present value of benefits available in the form of any future refunds from the plan or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements.

Trademarks

Trademarks are stated at cost less accumulated amortisation. Amortisation is charged to the profit and loss account on a straight line basis over its useful life.

• Trademarks 10% per annum

Provisions

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,689,463

1,348,341

Social security costs

220,888

140,844

Other pension costs

145,661

115,504

2,056,012

1,604,689

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

2026

2025

Distribution and Sales

9

9

Research and Development

12

8

Administration

3

3

Production

1

-

25

20

2026

2025

£

£

Directors' remuneration

153,059

153,697

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

Defined benefit schemes

1

1

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Currency (gains)/losses

32,269

34,302

Leasing

8,445

9,049

40,714

43,351

5.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):

2026

2025

£

£

Cost of inventories recognised as expense

7,122,960

5,427,056

Depreciation - owned assets

267,616

167,910

Depreciation - assets on hire purchase contracts or finance leases

78,711

80,951

Profit on disposal of fixed assets

(3,194

)

-

Patents & trademarks amortisation

152,500

152,500

Audit of these financial

statements

36,400

30,800

Other professional services

41,389

10,503

6.

TAXATION

Analysis of tax expense

2026

2025

£

£

Current tax:

Tax

768,792

631,808

Adjustments in respect of prior periods

77,835

(141,345

)

Total current tax

846,627

490,463

Deferred tax

44,835

(28,371

)

Total tax expense in income statement

891,462

462,092

Factors affecting the tax expense

The tax assessed for the year is higher (2025 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before income tax

3,111,464

3,080,442

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

777,866

770,111

Effects of:

Non-taxable income

(799

)

(52,284

)

Adjustment in respect of previous periods

77,835

(141,345

)

Expenses not deductible for tax purposes

18,507

557

Deductible amounts

(21,048

)

(101,577

)

Other timing differences

80,939

(28,371

)

Depreciation in excess of capital allowances

(41,838

)

15,001

Tax expense

891,462

462,092

Tax effects relating to effects of other comprehensive income

2026

Gross

Tax

Net

£

£

£

Remeasurements of DB pension liability

(79,000

)

-

(79,000

)

2025

Gross

Tax

Net

£

£

£

Remeasurements of DB pension liability

(1,373,000

)

-

(1,373,000

)

7.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

1,000,000

1,000,000

8.	INTANGIBLE FIXED ASSETS

Patents &

trademarks

£

COST

At 1 April 2025

1,525,000

Additions

990,130

Disposals

(990,130

)

At 31 March 2026

1,525,000

AMORTISATION

At 1 April 2025

1,232,708

Amortisation for year

152,500

At 31 March 2026

1,385,208

NET BOOK VALUE

At 31 March 2026

139,792

At 31 March 2025

292,292

9.	TANGIBLE FIXED ASSETS

Land &

Plant and

Right of

buildings

machinery

use asset

Totals

£

£

£

£

COST

At 1 April 2025

1,947,749

682,346

210,346

2,840,441

Additions

756,506

308,363

98,189

1,163,058

Disposals

-

(43,000

)

(91,103

)

(134,103

)

At 31 March 2026

2,704,255

947,709

217,432

3,869,396

DEPRECIATION

At 1 April 2025

1,143,862

513,240

112,440

1,769,542

Charge for year

142,619

124,997

78,711

346,327

Eliminated on disposal

-

(12,611

)

(61,667

)

(74,278

)

At 31 March 2026

1,286,481

625,626

129,484

2,041,591

NET BOOK VALUE

At 31 March 2026

1,417,774

322,083

87,948

1,827,805

At 31 March 2025

803,887

169,106

97,906

1,070,899

10.

STOCKS

2026

2025

£

£

Seed

1,248,316

1,316,472