REGISTERED NUMBER: 02929752 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 October 2025

for

Greencroft Milk Supplies Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

D Parker

J Parker

J Parker

A Parker

S A Croft

SECRETARY:

J Parker

REGISTERED OFFICE:

Telford Road

MIDDLESBROUGH

Cleveland

TS3 8BL

REGISTERED NUMBER:

02929752 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kevin Shotton BA BFP FCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, Allington Way

DARLINGTON

Co Durham

DL1 4QB

The Directors present the strategic report for the 12 months ended 30 October 2025.

REVIEW OF BUSINESS

The principal activity of the company continued to be that of a milk wholesaler, retailer and distributor. Greencroft Milk Supplies Limited is the 100% parent of B & S (Rentals) Limited and North Lakes Foods Limited. The principal activity of B & S (Rentals) Limited is the sale, lease and maintenance of fork lift trucks and other machinery. The principal activity of North Lakes Foods Limited is the processing, sale, wholesale and distribution of milk and other dairy products.

The milk arm of the business is dominated by the market price of raw milk which saw a decrease from 40ppl at the start of the financial year to 39ppl at the end. However, the continuing significant rises in other input costs, as well as the drive for lower finished product prices from our customers, saw margins, especially net indicators, under significant pressure.

Despite the April 2025 increase in the National Living Wage (with a further increase coming in April 2026) along with an employer's NI increase, the availability of quality labour continued to be a constraint. This challenge was not unique to the business but was evident across the wider economy.

Although operating in a challenging sector, B & S (Rentals) Limited has had another year of consistent performance. Once again this is a tribute to the small and effective team within that business; its strong financial performance demonstrates the importance of diversification within the Group.

The balance sheet position has strengthened during the year. Investment in the vehicle fleet has led to an increase in hire purchase liabilities; however, this has been offset by the continued repayment of long-term debt across the Group.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Group's strategy are subject to a number of risks. The board review these risks and puts in place policies to mitigate them. The key business and financial risks are:

Employees

The group's performance is significantly dependent on its employees and the resignation of a key employee could potentially adversely affect the business. The workforce is loyal, and employees are retained by the provision of a competitive pay and conditions package, as well as good HR practice.

Environment, health and safety incidents

Appropriate measures and processes are implemented to ensure the risk of any environmental, health and safety issues are minimised.

Interest rate risk

A fixed rate facility is in place with Atom Bank, the Company's main funders. This provides medium term interest rate certainty for the Group, as well as significant cost savings as compared to prevailing variable rates.

Credit risk

The group actively monitors credit risk and considers that its current policy of improved debtor control meets its objectives of managing its exposure to within tolerable levels.

Fixed assets

In the opinion of the Directors, the value of the groups freehold land, buildings and investment properties are shown at a conservative valuation in the financial statements.

The group has demonstrated a sustained commitment to growth and operational efficiency by continuing to invest in fixed assets which has increased the groups hire purchase liability. Hire purchase agreements are secured on the assets which they relate.

KEY PERFORMANCE INDICATORS

The directors consider turnover, gross profit margin and EBITDA (earnings before interest, tax, depreciation and amortisation) to be key measures of the group's performance.

Year ended

Year ended

30.10.2025

30.10.2024

(as restated)

Turnover

£12,639,876

£12,057,618

Gross profit

£3,408,907

£3,241,870

Gross profit percentage

27.0%

26.9%

EBITDA

£517,462

£598,834

ON BEHALF OF THE BOARD:

D Parker - Director

29 July 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of processing, sale and wholesale of milk and other diary products and sale and lease of forklift trucks and other machinery.

DIVIDENDS

The total distribution of dividends for the year ended 30 October 2025 will be £140,000 (2024: £140,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 31 October 2024 to the date of this report.

D Parker

J Parker

J Parker

A Parker

S A Croft

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D Parker - Director

29 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 October 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be around food regulations, employment law, company law and taxation law.

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance.

- Review of board minutes and correspondence with regulators.

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas are disclosed in the accounting policies.

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or 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.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, Allington Way

DARLINGTON

Co Durham

DL1 4QB

29 July 2026

TURNOVER

3

12,639,876

12,057,618

Cost of sales

(9,230,969

)

(8,815,748

)

GROSS PROFIT

3,408,907

3,241,870

Administrative expenses

(3,806,469

)

(3,655,607

)

(397,562

)

(413,737

)

Other operating income

562,170

689,730

OPERATING PROFIT

5

164,608

275,993

Interest receivable and similar income

-

3,835

164,608

279,828

Gain/loss on revaluation of investment property

527,642

-

692,250

279,828

Interest payable and similar expenses

6

(213,228

)

(181,139

)

PROFIT BEFORE TAXATION

479,022

98,689

Tax on profit

7

93,020

(101,413

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

572,042

(2,724

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

572,042

(2,724

)

Prior year adjustment

10

(192,828

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

379,214

Profit/(loss) attributable to:

Owners of the parent

572,042

(2,724

)

Total comprehensive income attributable to:

Owners of the parent

379,214

(2,724

)

FIXED ASSETS

Intangible assets

11

223,942

205,786

Tangible assets

12

2,679,470

2,973,451

Investments

13

-

-

Investment property

14

3,171,093

2,163,593

6,074,505

5,342,830

CURRENT ASSETS

Stocks

15

163,160

174,960

Debtors

16

1,951,066

2,009,139

Cash at bank and in hand

232,556

79,809

2,346,782

2,263,908

CREDITORS

Amounts falling due within one year

17

(3,245,726

)

(2,816,119

)

NET CURRENT LIABILITIES

(898,944

)

(552,211

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,175,561

4,790,619

CREDITORS

Amounts falling due after more than one year

18

(2,445,593

)

(2,397,155

)

PROVISIONS FOR LIABILITIES

22

(376,201

)

(471,739

)

NET ASSETS

2,353,767

1,921,725

CAPITAL AND RESERVES

Called up share capital

23

10,000

10,000

Property revaluation reserve

735,414

174,517

Retained earnings

1,608,353

1,737,208

SHAREHOLDERS' FUNDS

2,353,767

1,921,725

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

D Parker - Director

FIXED ASSETS

Intangible assets

11

99,997

-

Tangible assets

12

1,605,643

1,935,120

Investments

13

1,383,552

1,383,552

Investment property

14

3,171,093

2,163,593

6,260,285

5,482,265

CURRENT ASSETS

Stocks

15

21,700

23,568

Debtors

16

852,978

823,293

Cash at bank and in hand

29,613

35,899

904,291

882,760

CREDITORS

Amounts falling due within one year

17

(2,531,727

)

(2,198,016

)

NET CURRENT LIABILITIES

(1,627,436

)

(1,315,256

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,632,849

4,167,009

CREDITORS

Amounts falling due after more than one year

18

(2,216,711

)

(2,204,613

)

PROVISIONS FOR LIABILITIES

22

(228,974

)

(286,887

)

NET ASSETS

2,187,164

1,675,509

CAPITAL AND RESERVES

Called up share capital

23

10,000

10,000

Property revaluation reserve

735,414

174,517

Retained earnings

1,441,750

1,490,992

SHAREHOLDERS' FUNDS

2,187,164

1,675,509

Company's profit for the financial year

651,655

96,331

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

D Parker - Director

Called up

Property

share

Retained

revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 31 October 2023

297,750

1,879,932

174,517

2,352,199

Changes in equity

Reduction in share capital

(287,750

)

-

-

(287,750

)

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

190,104

-

190,104

Balance at 30 October 2024

10,000

1,930,036

174,517

2,114,553

Prior year adjustment

-

(192,828

)

-

(192,828

)

As restated

10,000

1,737,208

174,517

1,921,725

Changes in equity

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

572,042

-

572,042

Transfer - revaluation of investment properties

-

(560,897

)

560,897

-

Balance at 30 October 2025

10,000

1,608,353

735,414

2,353,767

Called up

Property

share

Retained

revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 31 October 2023

297,750

1,534,661

174,517

2,006,928

Changes in equity

Reduction in share capital

(287,750

)

-

-

(287,750

)

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

181,774

-

181,774

Balance at 30 October 2024

10,000

1,576,435

174,517

1,760,952

Prior year adjustment

-

(85,443

)

-

(85,443

)

As restated

10,000

1,490,992

174,517

1,675,509

Changes in equity

Dividends

-

(140,000

)

-

(140,000

)

Total comprehensive income

-

651,655

-

651,655

Transfer - revaluation of investment properties

-

(560,897

)

560,897

-

Balance at 30 October 2025

10,000

1,441,750

735,414

2,187,164

Cash flows from operating activities

Cash generated from operations

1

1,056,428

859,381

Interest paid

(146,947

)

(134,391

)

Interest element of hire purchase payments paid

(66,281

)

(46,748

)

Tax paid

(70,425

)

(15,030

)

Net cash from operating activities

772,775

663,212

Cash flows from investing activities

Purchase of intangible fixed assets

(99,997

)

-

Purchase of tangible fixed assets

(204,919

)

(74,376

)

Sale of tangible fixed assets

250,991

127,166

Interest received

-

3,835

Net cash from investing activities

(53,925

)

56,625

Cash flows from financing activities

Loan repayments in year

(181,995

)

(173,845

)

Capital repayments in year

(280,628

)

(311,629

)

Amount introduced by directors

36,520

140,000

Amount withdrawn by directors

-

(206,343

)

Equity dividends paid

(140,000

)

(140,000

)

Net cash from financing activities

(566,103

)

(691,817

)

Increase in cash and cash equivalents

152,747

28,020

Cash and cash equivalents at beginning of year

2

79,809

51,789

Cash and cash equivalents at end of year

2

232,556

79,809

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

2025

2024

as restated

£

£

Profit before taxation

479,022

98,689

Depreciation charges

475,251

398,677

Profit on disposal of fixed assets

(101,614

)

(53,852

)

Gain on revaluation of fixed assets

(527,642

)

-

Government grants

(2,518

)

(2,728

)

Finance costs

213,228

181,139

Finance income

-

(3,835

)

535,727

618,090

Decrease in stocks

11,800

36,257

Decrease in trade and other debtors

38,795

39,024

Increase in trade and other creditors

470,106

166,010

Cash generated from operations

1,056,428

859,381

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 October 2025

30.10.25

31.10.24

£

£

Cash and cash equivalents

232,556

79,809

Year ended 30 October 2024

30.10.24

31.10.23

as restated

£

£

Cash and cash equivalents

79,809

51,789