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REGISTERED NUMBER: 07764632 (England and Wales)

| M L Smith & Sons Ltd |

| Unaudited Financial Statements |

| for the Year Ended 30 November 2025 |

M L Smith & Sons Ltd (Registered number: 07764632)

Contents of the Financial Statements

for the Year Ended 30 November 2025

| Page |

Company information | 1 |

Chartered accountants' report | 2 |

Statement of financial position | 3 |  | to |  | 4

Notes to the financial statements | 5 |  | to |  | 9

M L Smith & Sons Ltd

Company Information

for the Year Ended 30 November 2025

| Directors: | Mr J M Smith

| Mr L V Smith

| Mr P Deaton

| Registered office: | Bank House

| Broad Street

| Spalding

| Lincolnshire

| PE11 1TB

| Business address: | The Yews

| Westgate

| Moulton Chapel

| Spalding

| Lincolnshire

| PE12 0XW

| Registered number: | 07764632 (England and Wales)

| Accountants: | Moore Thompson

| Bank House

| Broad Street

| Spalding

| Lincolnshire

| PE11 1TB

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

M L Smith & Sons Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M L Smith & Sons Ltd for the year ended 30 November 2025 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of M L Smith & Sons Ltd, as a body, in accordance with the terms of our engagement letter dated 25 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of M L Smith & Sons Ltd and state those matters that we have agreed to state to the Board of Directors of M L Smith & Sons Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M L Smith & Sons Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M L Smith & Sons Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of M L Smith & Sons Ltd. You consider that M L Smith & Sons Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M L Smith & Sons Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

4 August 2026

M L Smith & Sons Ltd (Registered number: 07764632)

Statement of Financial Position

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Tangible assets | 5 | 2,403,858 |  | 1,822,421 |  |

Current assets

Stocks | 6 | 840,528 |  | 1,149,879 |  |

Debtors | 7 | 250,026 |  | 279,468 |  |

Cash at bank | 96,774 |  | 178,776 |  |

1,187,328 |  | 1,608,123 |  |

Creditors

Amounts falling due within one year | 8 | 559,962 |  | 399,300 |  |

Net current assets | 627,366 |  | 1,208,823 |  |

Total assets less current liabilities | 3,031,224 |  | 3,031,244 |  |

Creditors

Amounts falling due after more than one year | 9 | (1,965,607 | ) | (1,455,058 | ) |

Provisions for liabilities | (253,543 | ) | (382,541 | ) |

Net assets | 812,074 |  | 1,193,645 |  |

Capital and reserves

Called up share capital | 10 | 2,310 |  | 2,310 |  |

Retained earnings | 809,764 |  | 1,191,335 |  |

Shareholders' funds | 812,074 |  | 1,193,645 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M L Smith & Sons Ltd (Registered number: 07764632)

Statement of Financial Position - continued

30 November 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2026 and were signed on its behalf by:

Mr P Deaton - Director | Mr J M Smith - Director

Mr L V Smith - Director

M L Smith & Sons Ltd (Registered number: 07764632)

Notes to the Financial Statements

for the Year Ended 30 November 2025

1. | Statutory information

| M L Smith & Sons Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | Statement of compliance

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared on the historical cost basis.

| Turnover

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

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

| Basic payment scheme

| Monies received and receivable from the Rural Payments Agency in respect of the Environmental Stewardship Scheme are recognised as other operating income in the period to which they relate.

| Tangible assets

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

| Impairment of fixed assets

| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

| For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

M L Smith & Sons Ltd (Registered number: 07764632)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

3. | Accounting policies - continued

| Depreciation

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

| Land and buildings | - | Not depreciated

| Plant and machinery | - | 10% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Tractors | - | 12.5% on reducing balance

| Stocks

| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

| Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

| Defined contribution plans

| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

M L Smith & Sons Ltd (Registered number: 07764632)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

3. | Accounting policies - continued

| Provisions

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

| Financial instruments

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. | Employees and directors

| The average number of employees during the year was 5 (2024 - 5 ) .

M L Smith & Sons Ltd (Registered number: 07764632)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

5. | Tangible fixed assets

| Fixtures

| Land and |  | Plant and |  | and

| buildings |  | machinery |  | fittings

£ | £ | £ |

| Cost

| At 1 December 2024 | 292,543 |  | 1,599,312 |  | 714 |  |

| Additions | 314,204 |  | 437,832 |  | 2,917 |  |

| Disposals | - |  | (11,750 | ) | - |  |

| At 30 November 2025 | 606,747 |  | 2,025,394 |  | 3,631 |  |

| Depreciation

| At 1 December 2024 | 270 |  | 595,876 |  | 331 |  |

| Charge for year | 216 |  | 126,282 |  | 622 |  |

| Eliminated on disposal | - |  | (9,149 | ) | - |  |

| At 30 November 2025 | 486 |  | 713,009 |  | 953 |  |

| Net book value

| At 30 November 2025 | 606,261 |  | 1,312,385 |  | 2,678 |  |

| At 30 November 2024 | 292,273 |  | 1,003,436 |  | 383 |  |

| Motor |

| vehicles |  | Tractors |  | Totals

£ | £ | £ |

| Cost

| At 1 December 2024 | 67,865 |  | 666,170 |  | 2,626,604 |  |

| Additions | 38,579 |  | - |  | 793,532 |  |

| Disposals | (28,174 | ) | - |  | (39,924 | ) |

| At 30 November 2025 | 78,270 |  | 666,170 |  | 3,380,212 |  |

| Depreciation

| At 1 December 2024 | 29,730 |  | 177,977 |  | 804,184 |  |

| Charge for year | 10,986 |  | 61,024 |  | 199,130 |  |

| Eliminated on disposal | (17,811 | ) | - |  | (26,960 | ) |

| At 30 November 2025 | 22,905 |  | 239,001 |  | 976,354 |  |

| Net book value

| At 30 November 2025 | 55,365 |  | 427,169 |  | 2,403,858 |  |

| At 30 November 2024 | 38,135 |  | 488,193 |  | 1,822,420 |  |

6. | Stocks

2025 | 2024 |

£ | £ |

| Stocks | 840,528 |  | 1,149,879 |  |

M L Smith & Sons Ltd (Registered number: 07764632)

Notes to the Financial Statements - continued

for the Year Ended 30 November 2025

7. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade debtors | 180,302 |  | 155,984 |  |

| Corporation tax | 2 |  | 68 |  |

| VAT | 29,386 |  | 79,813 |  |

| Prepayments and accrued income | 40,336 |  | 43,603 |  |

250,026 |  | 279,468 |  |

8. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 52,528 |  | 39,830 |  |

| Hire purchase contracts | 157,521 |  | 214,068 |  |

| Trade creditors | 314,965 |  | 99,651 |  |

| Net wages creditor | 9,050 |  | 4,020 |  |

| Social security and other taxes | 1,643 |  | 1,455 |  |

| Pension creditor | 237 |  | 470 |  |

| Accruals and deferred income | 24,018 |  | 39,806 |  |

559,962 |  | 399,300 |  |

| Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

9. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 509,850 |  | 70,728 |  |

| Hire purchase contracts | 220,445 |  | 394,661 |  |

| Other creditor | 59,533 |  | 59,533 |  |

| Credit Facility | 269,082 |  | 3,000 |  |

| Director loan accounts | 906,697 |  | 927,136 |  |

1,965,607 |  | 1,455,058 |  |

| Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

10. | Called up share capital

|  | 2025 |  |  | 2024 |  |

|  | No. |  | £ |  | No. |  | £ |  |

| Ordinary A shares of £1 each |  | 4 |  | 4.00 |  | 4 |  | 4.00 |  |

| Ordinary B shares of £1 each |  | 2 |  | 2.00 |  | 2 |  | 2.00 |  |

| Ordinary C shares of £1 each |  | 4 |  | 4.00 |  | 4 |  | 4.00 |  |

| Ordinary E shares of £0.01 each |  | 230,000 |  | 2,300.00 |  | 230,000 |  | 2,300.00 |  |

|  | 230,010 |  | 2,310.00 |  | 230,010 |  | 2,310.00 |  |