REGISTERED NUMBER: 00178738 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

RUSSELL'S (KIRBYMOORSIDE) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

18

DIRECTORS:

Mr H E Shaw

Mr J Shaw

Mr W G P Shaw

Mr T P Russell

Mr R N Whitehead

Mr J E Nash

Mr A D J Robinson

Mr C J Kellett

Mrs J Long

Mr P J Maw

SECRETARY:

Mr C J Kellett

REGISTERED OFFICE:

Eden Works

Old Malton

Malton

North Yorkshire

YO17 6RD

REGISTERED NUMBER:

00178738 (England and Wales)

AUDITORS:

Fortus Audit LLP

5 & 6 Manor Court

Manor Garth

Scarborough

North Yorkshire

YO11 3TU

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS & KEY PERFORMANCE INDICATORS

The principal activity of the company continues to be the sale and servicing of agricultural and groundcare machinery and associated accessories and the directors identify the prosperity of these sectors as significant factors influencing the performance of the company and are committed to meeting the challenge of operating within these markets.

The directors consider turnover, gross profit, profit before taxation and amounts added to reserves are the financial key performance indicators, consideration of which are necessary for an understanding of the development, performance and position of the company's business.

During the financial year:

- Turnover increased by 10.13% to £109,399,255 (2024: £99,338,994); and

- Gross profit increased by 5.69% to £16,974,534 (2024: £16,060,750); and

- Profit before taxation increased by 46.83% to £909,942 (2024: £619,717); and

- Comprehensive income added to the reserves increased by 351.95% to £2,051,232 (2024: £453,855).

The amount transferred annually to/from reserves is subject to adjustments required to restate the annual cost, assets and liabilities of the company's defined benefit pension scheme in accordance with Financial Reporting Standard 102. The required disclosure is included as note 20 to the accounts.

Other relevant key performance indicators include:

Ratio summary

2025

2024

2023

2022

2021

Gross profit

15.5%

16.17%

14.40%

16.59%

13.72%

Net profit

0.83%

0.62%

2.70%

2.50%

2.27%

Liquidity

117.7%

111.80%

115.20%

113.25%

116.66%

Trading

30.89%

55.47%

52.19%

46.88%

29.25%

Gearing

11.27%

8.94%

7.26%

16.29%

12.37%

The continued strong performance in terms of both annual profits and cash generation enables the company to react quickly to any commercial opportunities that are identified. One such opportunity that the company identified and undertook during the financial year was the acquisition of certain trade, assets and staff from the Administrators of Robert D. Webster Limited during the financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks to the Company include:

Commercial and market environment

External factors including national or market trends, political or regulatory change (including the UK's exit from the EU) and other external factors have an impact on customer spending and market confidence.

Lower than anticipated demand could result in increased competition, tighter margins and the transfer of commercial and financial risk down the supply chain together with an adverse impact on revenues, profits, overhead recovery and cash generation.

Changes in customer spending or other external factors could lead to sales delays or cancellations.

In mitigation, the Company undertakes :

- Regular reviews of market trends to ensure actual and anticipated impacts from macroeconomic risks are minimised and managed effectively; and

- Regular monitoring and reporting of financial performance, orders secured, prospects and marshalling of market opportunities is undertaken on a coordinated basis; and

- Close engagement with both customers and suppliers and monitoring of payment cycles.

Supply chain

The Company is reliant on certain key supply chain partners for the successful completion of sales to meet customers' expectations.

The failure of a key supplier or a breakdown in relationships with a key supplier could result in some short-term delay and disruption to the Company's operations which may have a negative impact on the Company's reputation, thereby adversely impacting financial performance.

In mitigation, the Company has:

- Initiatives in place to select supply chain partners that match our expectations in terms of quality, sustainability and commitment to customer service; and

- Strong relationships with key suppliers including a programme of regular meetings and reviews; and

- Ongoing reassessment of the strategic value of supply relationships and the potential to utilise alternative arrangements.

People

The ability to identify, attract, develop and retain talent is crucial to satisfy the current and future needs of the Company. Skills shortages are likely to remain an issue for the foreseeable future and it can become increasingly difficult to recruit capable people and retain key employees, especially those targeted by competitors.

The loss of key people could adversely impact the Company's existing market position and reputation.

In mitigation, the Company has:

- Obtained additional HR support with regards to the Company's employment policies and people strategy; and

- Annual appraisal process providing two-way feedback on performance undertaken with employees to highlight opportunities for additional training; and

- Attractive remuneration packages benchmarked against competitors in our industry, where possible; and

- Trainee and apprenticeship schemes in place to safeguard an inflow of new talent; and

- Continuing to improve internal communications in 2026.

Health and safety

Employees of the company work in potentially hazardous situations, which require continuous monitoring and management of health and safety risks. Continued changes in legislation can result in increased risks to both individuals and the company. Ineffective governance over and management of these risks could result in serious injury, death and damage to property or equipment.

A serious health and safety incident could lead to the potential for legal proceedings, regulatory intervention and potential loss of reputation.

In mitigation, the company has :

- External SHE consultants who provide support and training to senior management together with undertaking regular safety audits; and

- Established safety systems, site visits, safety audits, monitoring and reporting, and detailed health and safety policies and procedures in place which focus on prevention and risk reduction and elimination; and

- SHE issues and risks are continually monitored at all sites and are reviewed on a monthly basis by senior management; and

- Thorough and regular employee training programmes; and

- Regular reporting of, and investigation and root cause analysis of accidents and near misses.

Information technology

The Company's core IT systems must be managed effectively, to avoid interruptions, keep pace with new technologies and respond to threats to data and security.

Technology failure, cyber-attack or property damage could lead to IT disruption with resultant loss of confidential data, loss of system functionality and business interruption together with a negative reputational impact and potential breaches of regulations.

In mitigation, the Company undertakes :

- Significant investments in IT systems which are subject to board approval, including anti-virus software, off-site and on-site backups, and software maintenance agreements; and

- Robust business continuity planning on a systematic basis; and

- Data protection and information security policies are in place across the Company and have been updated for GDPR; and

- Cyber threats and how they manifest themselves are communicated regularly to all employees (including practical guidance on how to respond to perceived risks); and

- Insurance covers certain losses and is reviewed annually to establish further opportunities for affordable risk transfer to reduce the financial impact of this risk.

Environmental and climate change

Many businesses are finding that their environmental risks are material to their operations and supply chains or are likely to become so. This may take the form of physical risks from climate change, or business risk from volatile energy and commodity prices.

Organisations of all sizes are increasingly expected to measure and report on their environmental performance as investors, shareholders and other stakeholders increasingly request better environmental disclosures in annual reports and accounts. The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 impose new obligations on directors to report information relating to the impact the business's activities have on the environment. The Regulations came into force on 1 April 2019 and apply to financial years starting on or after 1 April 2019.

The Company's energy usage and CO2 emissions are detailed in the following table :

Energy source

Year Ended 31 October 2025

Year Ended 31 October 2024

Emissions (Kg Co2)

% age split

Energy use (kWh)

% age split

Emissions (Kg Co2)

% age split

Energy use (kWh)

% age split

Fleet transport

1,450,686

80.46%

5,938,505

78.1%

1,324,273

76.9%

5,546992

70.1%

Electricity

94,659

5.25%

534,797

7.0%

0

0.0%

694,998

8.8%

Gas

82,129

4.55%

448,891

5.9%

78,213

4.6%

427,626

5.4%

Heating oil

165,120

9.16%

635,214

8.4%

305,277

17.7%

1,190,127

15.0%

Red diesel

10,509

0.58%

42,967

0.6%

13,903

0.8%

58,155

0.7%

1,803,103

100%

7,600,374

100%

1,721,666

100%

7,917,898

100%

The methodology used in preparing these are :

- Fleet transport fuel use is measured from a mixture of fuel card data, returns from fuel drawn from company diesel tanks and employee expense returns.

- Electricity and gas consumption is measured from monthly meter readings.

- Red diesel consumption is drawn from invoices for the supply of fuel.

- Heating oil consumption is drawn from invoices for the supply of fuel.

Carbon usage is calculated using the government conversion factors for greenhouse gas reporting (https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2025) except for electricity.

Intensity Ratio

An Intensity Ratio is a way of assessing the CO2 emissions generated by the Company by way of an appropriate business metric. The metric chosen is Turnover.

2025

2024

Turnover (£'000)

109,399

99,339

Total Carbon Emissions (Te)

1803

1722

Intensity ratio (tCO2e/£M)

16.48

17.33

As a major user of energy, the Company has an important role to play in tackling climate change by reducing the CO2 emissions arising from its operations. The Company is committed to responsible energy management and the best possible standards of energy efficiency in compliance with applicable legislation, in particular, the Energy Saving Opportunity Scheme (ESOS) and ESOS Phase 2. The directors seek to engage the continuous commitment of all stakeholders in the business and through them will identify potential areas for increased efficiency, minimising waste, and monitor and reduce energy consumption. The Company is committed to the following :

- Increasing energy efficiency in order to reduce energy consumption; and

- Reducing consumption of fossil fuels in order to reduce emissions of CO2 and other harmful greenhouse gases; and

- Investing in clean, energy efficient sustainable technologies; and

- Reducing the environmental impact of our business activities; and

- Reducing consumption of raw and processed materials and minimising waste disposal; and

- Supporting the purchase of energy-efficient products and services as appropriate to the business

The Company views the above commitments as long-term investments for the future although it continually reviews internal and external factors in order to introduce policies that will have an impact, although likely to be small, in the near-term. These include :

- Installation of energy efficient lighting at all our depots; and

- Carbon neutral energy supplies; and

- Carbon-offsetting where current technology is insufficiently mature to reduce carbon emissions.

- Installation of solar panels, where practicable, at depots to reduce the dependency on external energy suppliers.

The Company aims to introduce the following in order to meet the long-term commitments above :

- Continued installation of solar panels, where practicable, at depots to reduce the dependency on external energy suppliers; and

- Conversion of motor fleet to fully electric vehicles when the technology has matured sufficiently to ensure no adverse impact on the Company's operations.

SECTION 172 STATEMENT

Section 172 of the Companies Act 2006 requires each director to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its stakeholders.

The directors welcome their responsibilities to promote the success of the Company in accordance with section 172. They ensure that all decisions are taken for the long term, and collectively and individually aim to always uphold the highest standards of conduct. Similarly, they acknowledge that the business can only grow and prosper over the long-term if it understands and respects the views and needs of the Company's shareholders, customers, employees, suppliers and other stakeholders to whom we are accountable, as well as the environment we operate within.

In doing this, the director must have regard, amongst other matters, to :

- The Company's reputation for high standards of business conduct;

- The likely consequences of any decision in the long term;

- The interests of the Company's employees;

- The need to foster the Company's business relationships with customers, suppliers and others; and

- The impact of the Company's operations on the community and the environment

While the directors have overall responsibility for managing relationships with all our stakeholders, typically in larger companies, the directors fulfil their duties partly through a governance framework that delegates day-to-day decision making to the employees of the Company. The directors recognise that such delegation needs to be part of a robust governance structure, which covers our values, how we engage with our stakeholders, and how the directors assure themselves that the governance structure and systems of controls continue to be robust. The directors monitor the Company's culture to ensure that high standards of business conduct are maintained by all employees.

A key business decision for the directors is ensuring that they continue to have the right strategy in place for sustainable growth of the Company. Further details of this strategy are set out in the earlier sections of the strategic report. The Board of Directors now consists of six executive and four non-executive directors who meet on a quarterly basis. With three of the four non-executive directors holding a majority of the Company's issued share capital, the majority of shareholders are directly involved in formulating the Company's strategy and are kept up to date on financial performance, health and safety, corporate governance and other regulatory issues.

Open, constructive dialogue with our employees and other key stakeholders is critical to inform the directors' decisions. The directors keep employees informed of relevant Company information including financial performance and any external factors and significant events that might have an impact on them through emails and briefing sessions from executive directors and other members of the senior management team. The directors endeavour to visit the individual depots on a regular basis to discuss ongoing operational performance and promote constructive dialogue with all employees.

The directors are focused on and are committed to the Company continuing to deliver excellent customer service at every stage of their purchase decision and alongside our customer service is our continued focus on product range development, to ensure our products meet the ever-changing needs of our customers. The Company communicates with its customer base via various newsletters etc. in order to promote the Company and keep customers up to date with the latest developments.

The Company has developed long-term relationships with our supply chain and work with them to achieve the best results for our customers. The Company has a timetable of senior contact with suppliers of strategic importance and hold regular meetings with suppliers, covering a broad range of topics including identifying and managing any incidents of modern slavery.

The directors are committed to minimising our impact on the national environment and local communities, as well as maintaining sustainable practices in all our disciplines.

ON BEHALF OF THE BOARD:

Mr C J Kellett - Secretary

30 July 2026

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

DIVIDENDS

The total distribution of dividends made during the year ended 31 October 2025 was £110,000 (2024 : £110,000).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr H E Shaw

Mr J Shaw

Mr W G P Shaw

Mr T P Russell

Mr R N Whitehead

Mr J E Nash

Mr A D J Robinson

Mr C J Kellett

Mrs J Long

Other changes in directors holding office are as follows:

Mr P J Maw - appointed 19 August 2025

INSURANCE

The company has purchased directors' and officers' liability insurance on behalf of the directors at a cost of

£6,689 (2024 - £6,231).

DISCLOSURE IN THE STRATEGIC REPORT

The directors have elected to disclose matters considered to be of strategic importance to the company in the Strategic Report as per Section 414 of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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). 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C J Kellett - Secretary

30 July 2026

Opinion

We have audited the financial statements of Russell's (Kirbymoorside) Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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.

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 Statement of Directors' Responsibilities set out on page seven, 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

Jacqueline Godden FCCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

5 & 6 Manor Court

Manor Garth

Scarborough

North Yorkshire

YO11 3TU

30 July 2026

TURNOVER

2

109,399,255

99,338,994

Cost of sales

92,424,721

83,278,244

GROSS PROFIT

16,974,534

16,060,750

Administrative expenses

14,861,365

13,130,761

2,113,169

2,929,989

Other operating income

334,682

120,061

OPERATING PROFIT

4

2,447,851

3,050,050

Interest receivable and similar income

52,996

2,297

Other finance income

20

65,000

54,000

117,996

56,297

2,565,847

3,106,347

Interest payable and similar expenses

5

1,655,905

2,486,630

PROFIT BEFORE TAXATION

909,942

619,717

Tax on profit

6

(861,290

)

342,862

PROFIT FOR THE FINANCIAL YEAR

1,771,232

276,855

OTHER COMPREHENSIVE INCOME

Actuarial gains in defined benefit

pension scheme

395,000

254,000

Movement in deferred tax relating to net

defined benefit pension scheme surplus

(115,000

)

(77,000

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

280,000

177,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,051,232

453,855

FIXED ASSETS

Intangible assets

8

6

6

Tangible assets

9

13,715,971

12,212,830

13,715,977

12,212,836

CURRENT ASSETS

Stocks

10

28,546,871

46,192,983

Debtors

11

12,294,583

11,700,785

Cash in hand

6,900

6,756

40,848,354

57,900,524

CREDITORS

Amounts falling due within one year

12

34,700,707

51,791,276

NET CURRENT ASSETS

6,147,647

6,109,248

TOTAL ASSETS LESS CURRENT LIABILITIES

19,863,624

18,322,084

CREDITORS

Amounts falling due after more than one year

13

(1,907,222

)

(2,063,430

)

PROVISIONS FOR LIABILITIES

18

(1,434,946

)

(1,333,430

)

PENSION ASSET

20

1,274,250

929,250

NET ASSETS

17,795,706

15,854,474

CAPITAL AND RESERVES

Called up share capital

19

110,000

110,000

Retained earnings

17,685,706

15,744,474

SHAREHOLDERS' FUNDS

17,795,706

15,854,474

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr T P Russell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

110,000

15,400,619

15,510,619

Changes in equity

Dividends

-

(110,000

)

(110,000

)

Total comprehensive income

-

453,855

453,855

Balance at 31 October 2024

110,000

15,744,474

15,854,474

Changes in equity

Dividends

-

(110,000

)

(110,000

)

Total comprehensive income

-

2,051,232

2,051,232

Balance at 31 October 2025

110,000

17,685,706

17,795,706

Cash flows from operating activities

Cash generated from operations

1

5,327,110

4,389,953

Interest paid

(1,469,404

)

(2,333,588

)

Interest element of hire purchase payments paid

(186,501

)

(153,042

)

Tax paid

-

(811,687

)

Net cash from operating activities

3,671,205

1,091,636

Cash flows from investing activities

Purchase of tangible fixed assets

(4,360,679

)

(3,373,783

)

Sale of tangible fixed assets

865,703

1,727,553

Interest received

52,996

2,297

Net cash from investing activities

(3,441,980

)

(1,643,933

)

Cash flows from financing activities

New hire purchase in year

2,668,753

2,154,050

Hire purchase repayments in

(2,377,518

)

(2,277,258

)

Loan repayments in year

(103,606

)

(1,077,661

)

Equity dividends paid

(110,000

)

(110,000

)

Net cash from financing activities

77,629

(1,310,869

)

Increase/(decrease) in cash and cash equivalents

306,854

(1,863,166

)

Cash and cash equivalents at beginning of year

2

(2,164,112

)

(300,946

)

Cash and cash equivalents at end of year

2

(1,857,258

)

(2,164,112

)

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

2025

2024

£

£

Profit before taxation

909,942

619,717

Depreciation charges

2,077,539

1,590,051

Profit on disposal of fixed assets

(85,704

)

(633,804

)

Finance costs

1,655,905

2,486,630

Finance income

(117,996

)

(56,297

)

4,439,686

4,006,297

Decrease in stocks

17,646,112

976,925

(Increase)/decrease in trade and other debtors

(593,798

)

4,377,502

Decrease in trade and other creditors

(16,164,890

)

(4,970,771

)

Cash generated from operations

5,327,110

4,389,953

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 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

6,900

6,756

Bank overdrafts

(1,864,158

)

(2,170,868

)

(1,857,258

)

(2,164,112

)

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

6,756

8,598

Bank overdrafts

(2,170,868

)

(309,544

)

(2,164,112

)

(300,946

)