REGISTERED NUMBER: 13909898 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2026

for

Cullingworth Poultry Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

Mr R D Feather

Mr A Langstaff

REGISTERED OFFICE:

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

REGISTERED NUMBER:

13909898 (England and Wales)

AUDITORS:

Franklins Accountancy Audit & Tax Limited

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

The directors present their strategic report for the year ended 28 February 2026.

The company's directors are pleased with the financial results for the year especially given the current uncertainty in the economic landscape due to the general energy and cost of living crisis, as well as the recent change in UK government.

REVIEW OF BUSINESS

Turnover has decreased by 46.10% to £26.535m, with the gross profit margin increasing by 2.68% to 8.48%.

Administration expenses have increased by £200.14k between 2025 and 2026.

Overall, the company's profit before tax has decreased from £2.455m in 2025 to £1.639m in 2026.

At the end of the year the company had net assets of £2.431m (2025: £2.673m).

The company has considerable financial resources and a strong customer base across different geographic areas. Accordingly, we believe that the company is well placed to manage its business risks successfully and look forward to continued growth into 2027 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The trading performance to date in the year to 28th February 2026 has been in line with the directors expectations.

The director is satisfied that there are no significant material risks to the business outside those normally associated with the nature of the poultry industry.

The director believes that along with all other businesses in the UK the current global energy and cost of living crisis could have a potentially negative impact on the business, the extent of which is however currently difficult to quantify. However, the director believes that due to the strong financial position of the company and the fact that the director would move quickly to mitigate any risks arising to the company from increases in expenditure, by continually reviewing the position and adjusting prices to customers, where necessary, then the company is sufficiently protected from these risks.

The director therefore concludes the going concern basis for the preparation of the financial statements is appropriate.

ON BEHALF OF THE BOARD:

Mr R D Feather - Director

31 July 2026

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

DIVIDENDS

An interim dividend of £49.88 per share was paid on 28 February 2026. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2026 will be £ 1,471,000 .

DIRECTORS

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

Mr R D Feather

Mr A Langstaff

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;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr R D Feather - Director

31 July 2026

Opinion

We have audited the financial statements of Cullingworth Poultry Limited (the 'company') for the year ended 28 February 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 28 February 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 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 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.

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Health and Safety Executive (HSE), the Companies Act 2006, the Animal Welfare Agency, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting appropriate correspondence.

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements.

However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

James Richardson (Senior Statutory Auditor)

for and on behalf of Franklins Accountancy Audit & Tax Limited

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

31 July 2026

TURNOVER

3

26,534,915

49,226,339

Cost of sales

24,269,880

46,370,311

GROSS PROFIT

2,265,035

2,856,028

Administrative expenses

614,585

398,360

1,650,450

2,457,668

Other operating income

7,891

-

OPERATING PROFIT

5

1,658,341

2,457,668

Interest receivable and similar income

507

597

1,658,848

2,458,265

Interest payable and similar expenses

6

19,607

3,118

PROFIT BEFORE TAXATION

1,639,241

2,455,147

Tax on profit

7

409,484

612,512

PROFIT FOR THE FINANCIAL YEAR

1,229,757

1,842,635

Retained earnings at beginning of year

2,643,338

800,703

Dividends

8

(1,471,000

)

-

RETAINED EARNINGS AT END OF YEAR

2,402,095

2,643,338

FIXED ASSETS

Tangible assets

9

9,633

10,343

CURRENT ASSETS

Stocks

10

229,857

331,570

Debtors

11

3,262,248

4,640,624

Cash at bank

1,794,196

2,005,189

5,286,301

6,977,383

CREDITORS

Amounts falling due within one year

12

2,864,351

4,314,900

NET CURRENT ASSETS

2,421,950

2,662,483

TOTAL ASSETS LESS CURRENT LIABILITIES

2,431,583

2,672,826

CAPITAL AND RESERVES

Called up share capital

13

29,488

29,488

Retained earnings

14

2,402,095

2,643,338

SHAREHOLDERS' FUNDS

2,431,583

2,672,826

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr R D Feather - Director

Cash flows from operating activities

Cash generated from operations

1

2,038,105

1,424,059

Interest paid

(19,607

)

(3,118

)

Tax paid

(730,269

)

(306,602

)

Net cash from operating activities

1,288,229

1,114,339

Cash flows from investing activities

Purchase of tangible fixed assets

(2,500

)

-

Interest received

507

597

Net cash from investing activities

(1,993

)

597

Cash flows from financing activities

Amount introduced by directors

-

3,953

Amount withdrawn by directors

(26,229

)

-

Equity dividends paid

(1,471,000

)

-

Net cash from financing activities

(1,497,229

)

3,953

(Decrease)/increase in cash and cash equivalents

(210,993

)

1,118,889

Cash and cash equivalents at beginning of year

2

2,005,189

886,300

Cash and cash equivalents at end of year

2

1,794,196

2,005,189

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

2026

2025

£

£

Profit before taxation

1,639,241

2,455,147

Depreciation charges

3,210

3,447

Finance costs

19,607

3,118

Finance income

(507

)

(597

)

1,661,551

2,461,115

Decrease/(increase) in stocks

101,713

(162,298

)

Decrease/(increase) in trade and other debtors

1,404,605

(849,936

)

Decrease in trade and other creditors

(1,129,764

)

(24,822

)

Cash generated from operations

2,038,105

1,424,059

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 28 February 2026

28.2.26

1.3.25

£

£

Cash and cash equivalents

1,794,196

2,005,189

Year ended 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

2,005,189

886,300

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.25

Cash flow

At 28.2.26

£

£

£

Net cash

Cash at bank

2,005,189

(210,993

)

1,794,196

2,005,189

(210,993

)

1,794,196

Total

2,005,189

(210,993

)

1,794,196

1.	STATUTORY INFORMATION

Cullingworth Poultry 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 preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when performance obligations are satisfied which occurs when the control of goods are transferred to the customer.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock comprises live chickens held for rearing and is stated at the lower of cost and net realisable value. Cost includes expenditure incurred in bringing the stock to its present location and condition, including feed and labour, where applicable. Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distribution.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2026

2025

£

£

Poultry

26,534,915

49,226,339

26,534,915

49,226,339

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

26,534,915

49,226,339

26,534,915

49,226,339

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

393,621

412,385

Social security costs

17,840

15,902

411,461

428,287

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

2026

2025

Administration and sales

6

6

2026

2025

£

£

Directors' remuneration

124,655

124,334

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

3,210

3,448

Auditors' remuneration

15,000

8,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

HMRC interest

19,607

3,118

7.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

409,484

614,027

Deferred tax

-

(1,515

)

Tax on profit

409,484

612,512

Reconciliation of total tax charge included in profit and loss

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

2026

2025

£

£

Profit before tax

1,639,241

2,455,147

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

409,810

613,787

Effects of:

Expenses not deductible for tax purposes

5

(24

)

Capital allowances in excess of depreciation

(331

)

-

Depreciation in excess of capital allowances

-

264

Deferred taxation

-

(1,515

)

Total tax charge

409,484

612,512

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

1,471,000

-

9.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 March 2025

11,410

13,107

24,517

Additions

2,500

-

2,500

At 28 February 2026

13,910

13,107

27,017

DEPRECIATION

At 1 March 2025

6,596

7,578

14,174

Charge for year

1,828

1,382

3,210

At 28 February 2026

8,424

8,960

17,384

NET BOOK VALUE

At 28 February 2026

5,486

4,147

9,633

At 28 February 2025

4,814

5,529

10,343

10.

STOCKS

2026

2025

£

£

Stocks

229,857

331,570

Cost of stock recognised as an expense in the year amounted to £23,638,984 (2025: £45,034,771).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

3,105,613

4,484,996

Other debtors

364

-

Directors' current accounts

27,307

1,078

VAT

107,265

123,590

Prepayments and accrued income

21,699

30,960

3,262,248

4,640,624

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

2,004,518

3,083,829

Amounts owed to group undertakings

690,721

752,412

Tax

122,441

443,226

Social security and other taxes

9,453

8,595

Other creditors

5,480

3,904

Directors' current accounts

788

788

Accruals and deferred income

30,950

22,146

2,864,351

4,314,900

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

29,488

Ordinary

£1

29,488

29,488

14.

RESERVES

Retained

earnings

£

At 1 March 2025

2,643,338

Profit for the year

1,229,757

Dividends

(1,471,000

)

At 28 February 2026

2,402,095

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2026 and 28 February 2025:

2026

2025

£

£

Mr A Langstaff

Balance outstanding at start of year

1,078

5,031

Amounts advanced

26,229

1,082

Amounts repaid

-

(5,035

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,307

1,078

Interest was charged on the overdrawn director's loan account at HM Revenue & Customs official rate of interest during the year at 2.25% per annum to the 5th April 2025 and 3.75% per annum thereafter.

The overdrawn director's loan account was cleared within nine months of the year end.

16.	RELATED PARTY DISCLOSURES

Cullingworth Poultry Limited is a wholly owned subsidiary of Cullingworth Commercials & Freight Services Limited. During the year purchases amounted to £21,208 (2025:£38,565) which were on an arms length basis under commercial terms. The balance due to Cullingworth Commercials & Freight Services Limited at the year end amounted to £740 (2025:£28,311).

Cullingworth Commercials Limited is a wholly owned subsidiary of Cullingworth Commercials & Freight Services Limited. During the year purchases amounted to £734,974 (2025:£1,147,489) which were on an arms length basis under commercial terms. The balance due to Cullingworth Commercials Limited at the year end was £689,981 (2025:£724,101).

Cullingworth Poultry Limited traded with a company in which Mr R Feather holds significant influence. The balance due from Cullingworth Poultry Limited at the year end was £1,067 (2025 £Nil).

17.	ULTIMATE CONTROLLING PARTY

The controlling party is Cullingworth Commercials & Freight Services Limited.

The company is controlled by its immediate and ultimate parent company Cullingworth Commercials & Freight Services Limited, which is controlled by its majority shareholder, Mr R Feather. Cullingworth Commercials & Freight Services Limited is a company registered in England and Wales and shares its registered office address with Cullingworth Commercials Limited.