ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03162759

FURROWS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FURROWS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	N I Coward
	B J Coward (resigned 1 May 2026)
	R M J Downey
	W E Downey (resigned 1 May 2026)
	V E Coward (resigned 1 May 2026)


Registered number	03162759


Registered office	The Shrewsbury Garage
	Benbow Business Park
	Harlescott Lane
	Shrewsbury
	Shropshire
	SY1 3EQ


Independent auditors	WR Partners
	Chartered Accountants & Statutory Auditors
	Belmont House
	Shrewsbury Business Park
	Shrewsbury
	Shropshire
	SY2 6LG

FURROWS HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 3
Directors' report	4 - 7
Independent auditors' report	8 - 11
Consolidated income statement	12
Consolidated statement of comprehensive income	13
Consolidated statement of financial position	14 - 15
Company statement of financial position	16 - 17
Consolidated statement of changes in equity	18 - 19
Company statement of changes in equity	20 - 21
Consolidated statement of cash flows	22 - 23
Notes to the financial statements	24 - 53

FURROWS HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

On 2 April 2025 the group disposed of its subsidiary undertakings, Furrows Limited and Security Investments (Industrial) Limited. This was to facilitate the transfer of the controlling interest of those companies to an employee ownership trust set up for the benefit of employees in the business. Furrows has always believed in the power of being firmly rooted in the community, working to create the best possible service for our customers. In our opinion, passing the controlling interest of the business to an employee ownership trust preserves and promotes all that makes the business special, in an exciting new way, for the future.

Subsequent to the disposal of Furrows Limited and Security Investments (Industrial) Limited the Company and Group has continued to operate its property investment portfolio.

In the year to 31 December 2025 the Group generated an operating profit of £1.6m (2024: £4.2m) from turnover of £33.2m (2024: £117m). As at 31 December 2025 the Group had net assets of £22.6m (2024: £36.3m).

Principal risks and uncertainties

The business activities, financial condition and trading results are subject to risk factors and uncertainties that the Directors keep under review. The Directors are of the opinion that principal risks and uncertainties facing the Group relate to general economic and market conditions, which influence cost, pricing and the demand for its products and services as well as supply.

Economic risks and uncertainties brought about by the wider economic and geopolitical environment are also closely monitored by the Directors.

The Directors consider that the Group is well placed to continue in line with its business strategy.

Financial key performance indicators

The Group measures its financial performance and broader position by reference to key performance indicators. The key performance indicators used by the business include those relating to turnover, operating profit and net assets as referenced in the business review above.

Other key performance indicators

The Group uses a range of other KPI's to monitor and measure performance within the business on a regular basis. These cover the whole business and reflect its evolving nature. KPI’s cover diverse areas of the business such as customer service and productivity.

Page 1

FURROWS HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Directors' statement of compliance with duty to promote the success of the Group

The board of directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a) (f) of the Act) in the decisions taken during the year ended 31 December 2025.

Decision making at the Board

The Directors meet on a regular basis. When making decisions which are in the best interests of the Company and the Group they consider any potential impacts and risks for our customers, employees (both current and former employees, by reference to the Furrows pension Scheme, and as a future significant employer within our communities) and other stakeholders including our partners, suppliers, the communities in which we operate, and serve, and the environment and how they are to be managed.

Stakeholders

Our key stakeholders are our employees, customers, partners, suppliers, finance providers and the communities in which we operate. We take a current and future view in relation to all such stakeholders.

Sustainability

Furrows is a family business in its widest sense, and we consider the “Furrows Family” to be of great significance. We are proud that it has now provided employment, training and financial reward for its employees and owners and benefits for a wide group of stakeholders for over 100 years. When making business decisions we consider the needs of our current and future customers, employees, suppliers and the communities in which we operate to ensure we are conducting all our business relationships with integrity, as well as ongoing responsibilities for previous staff. The continued sustainability of the Company and the wider Group is paramount in our decision making, particularly in response to the challenging economic conditions and the Coronavirus pandemic.

Employees

Our people are fundamental to the delivery of our business plans. We aim to be a responsible employer in our approach to the pay and benefits our people receive. The health, safety and well being of our team is one of our primary considerations in the way we do business. We place considerable value on the involvement of our employees and continue to keep them informed on matters affecting them.

Customers

Engagement with customers who form the community we serve is key to our success. We are proud of our award-winning customer service and ensure that this is maintained through customer satisfaction surveys, social media, focus group meetings and a dedicated customer service team.

Page 2

FURROWS HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Finance Providers

The Company seeks to make information available to financial stakeholders, including our relationship bank with whom we are proud to have had a strong relationship for over 100 years, as part of information provided about and by the Company and the Group.

Communities and environment

The Company and the Group aim to use their resources to create positive change for the communities and the environment in which we operate.

Business Conduct

The Board of Directors always strive to behave responsibly and ensure that the management of the Company and the Group operate the business in a responsible manner and with high standards of business conduct and governance.

This report was approved by the board and signed on its behalf.

................................................

N I Coward

Director

Date: 30 July 2026

Page 3

FURROWS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

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

∙state whether applicable UK 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 Group 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 the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,137,252 (2024 - £2,481,614).

Dividends of £3,041,519 were declared during the year (2024: £Nil).

Directors

The Directors who served during the year were:

N I Coward

B J Coward (resigned 1 May 2026)

R M J Downey

W E Downey (resigned 1 May 2026)

V E Coward (resigned 1 May 2026)

Page 4

FURROWS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial instruments

The Group's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs.

Credit risk - The Group has implemented policies that require appropriate credit checks on potential customers where credit sales are made.

Liquidity risk - The Group actively maintains a mixture of long term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and any planned expansions.

Interest rate cash flow risk - The Group has interest bearing liabilities in the form of bank and financing facilities. Interest cash flows are monitored on a regular basis and interest rates are agreed at fixed rates where possible to ensure the certainty of future interest cash flows.

Disabled employees

Applications for employment by disabled persons are fully considered, bearing in mind the respective aptitude and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that employment with the Group continues and that training, career development and promotion opportunities of disabled persons should as far as possible be identical to that of other employees.

Qualifying third-party indemnity provisions

During the year, and at the date of signing this report, the Group maintained liability insurance and third party indemnification provisions for its Directors, under which the Group has agreed to indemnify the Directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as Directors of the Company and any of its associated companies.

Page 5

FURROWS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Greenhouse gas emissions, energy consumption and energy efficiency action

This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2025 to 31 December 2025, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2024 and 2025 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

During the reporting period, we’ve invested £11k in solar panels at Telford. Additionally, our energy management programme is ongoing at a number of sites, including monitoring and targeted reporting of energy consumption on a daily basis. Through the service provided by our energy consultants, the energy management programme we run enables us to identify and address any consumption issues as and when they arrive, allowing us to eliminate unnecessary energy waste.

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

Matters covered in the Group Strategic Report

Disclosure of engagement with employees, suppliers, customers and others are included in the Strategic Report.
Future developments are also disclosed in the Strategic Report.

Page 6

FURROWS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

N I Coward

Director

Date: 30 July 2026

Page 7

FURROWS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS HOLDINGS LIMITED

Opinion

We have audited the financial statements of Furrows Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated income statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 8

FURROWS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

Page 9

FURROWS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS HOLDINGS LIMITED (CONTINUED)

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is 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 an Auditors' report 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the UK General Data Protection Regulations (GDPR).

We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.

We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.

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 Auditors' report.

Page 10

FURROWS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS HOLDINGS LIMITED (CONTINUED)

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 an Auditors' report 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.

John Fletcher BA (Hons) FCA (Senior statutory auditor)

for and on behalf of

WR Partners

Chartered Accountants

Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

31 July 2026

Page 11

FURROWS HOLDINGS LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

	Continuing operations	Discontin'd operations	Total	Continuing operations	Discontinued operations	Total
	2025	2025	2025	2024	2024	2024
Note	£	£	£	£	£	£


Turnover	4	2,336,615	30,833,192	33,169,807	2,231,556	114,326,615	116,558,171
Cost of sales		(121,020)	(28,331,883)	(28,452,903)	(16,673)	(101,343,024)	(101,359,697)
Gross profit		2,215,595	2,501,309	4,716,904	2,214,883	12,983,591	15,198,474
Administrative expenses		(1,184,733)	(2,285,029)	(3,469,762)	(1,356,622)	(9,654,420)	(11,011,042)
Other operating income	5	373,162	-	373,162	-	-	-
Fair value movements		-	-	-	-	13,440	13,440
Operating profit		1,404,024	216,280	1,620,304	858,261	3,342,611	4,200,872
Interest receivable and similar income	9	-	29,982	29,982	-	87,840	87,840
Interest payable and similar expenses	10	(435,496)	(131,472)	(566,968)	(482,228)	(173,244)	(655,472)
Other finance costs		(2,260)	(740)	(3,000)	-	(48,000)	(48,000)
Profit before tax		966,268	114,050	1,080,318	376,033	3,209,207	3,585,240
Tax on profit	12	146,386	(89,452)	56,934	(414,360)	(689,266)	(1,103,626)
Profit for the financial year		1,112,654	24,598	1,137,252	(38,327)	2,519,941	2,481,614

Profit for the year attributable to:
Owners of the parent	1,112,654	24,598	1,137,252	(204,675)	2,686,289	2,481,614
	1,112,654	24,598	1,137,252	(204,675)	2,686,289	2,481,614

The notes on pages 24 to 53 form part of these financial statements.

Page 12

FURROWS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

				2025	2024
				£	£

Profit for the financial year	1,137,252	2,481,614
Other comprehensive income
Unrealised surplus on revaluation of tangible fixed assets	-	670,473
Actuarial (loss)/gain on defined benefit schemes	(417,000)	309,000
Movement on deferred tax relating to pension losses	(395,370)	(77,250)
Other comprehensive income for the year	(812,370)	902,223
Total comprehensive income for the year	324,882	3,383,837

Profit for the year attributable to:
Owners of the parent Company	1,137,252	2,481,614
	1,137,252	2,481,614

Total comprehensive income attributable to:
Owners of the parent Company	324,882	3,383,837
	324,882	3,383,837

The notes on pages 24 to 53 form part of these financial statements.

Page 13

FURROWS HOLDINGS LIMITED

REGISTERED NUMBER: 03162759

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		31,226		17,997,769
Investments	16		61,226		128,679
Investment property	17		31,017,427		19,291,446
			31,109,879		37,417,894
Current assets
Stocks	18	-		23,142,765
Debtors: amounts falling due after more than one year	19	-		961,616
Debtors: amounts falling due within one year	19	310,043		3,032,323
Cash at bank and in hand	20	3,140,311		3,271,155
		3,450,354		30,407,859
Creditors: amounts falling due within one year	21	(3,614,996)		(23,671,697)
Net current (liabilities)/assets			(164,642)		6,736,162
Total assets less current liabilities			30,945,237		44,154,056
Creditors: amounts falling due after more than one year	22		(6,000,000)		(4,604,473)
Provisions for liabilities
Deferred taxation	24	(2,278,034)		(2,755,456)
			(2,278,034)		(2,755,456)
Net assets excluding pension liability/asset			22,667,203		36,794,127
Pension asset/liability			-		(527,000)
Net assets			22,667,203		36,267,127

Page 14

FURROWS HOLDINGS LIMITED

REGISTERED NUMBER: 03162759

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	25	36,900	36,900
Revaluation reserve	26	-	7,290,720
Capital redemption reserve	26	1,000	1,000
Investment property reserve	26	11,600,856	5,190,205
Other reserves	26	-	(25,605)
Profit and loss account	26	11,028,447	23,773,907
		22,667,203	36,267,127

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

N I Coward

Director

Date: 30 July 2026

The notes on pages 24 to 53 form part of these financial statements.

Page 15

FURROWS HOLDINGS LIMITED

REGISTERED NUMBER: 03162759

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		31,226		15,472,869
Investments	16		61,326		4,579,761
Investment Property	17		31,017,427		19,291,446
			31,109,979		39,344,076
Current assets
Debtors: amounts falling due within one year	19	359,307		234,196
Cash at bank and in hand	20	3,115,713		2,045,175
		3,475,020		2,279,371
Creditors: amounts falling due within one year	21	(3,613,695)		(9,497,068)
Net current liabilities			(138,675)		(7,217,697)
Total assets less current liabilities			30,971,304		32,126,379

Creditors: amounts falling due after more than one year	22		(6,000,000)		(4,604,473)
Provisions for liabilities
Deferred taxation	24	(2,278,034)		(2,500,743)
			(2,278,034)		(2,500,743)
Net assets			22,693,270		25,021,163

Page 16

FURROWS HOLDINGS LIMITED

REGISTERED NUMBER: 03162759

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital	25		36,900		36,900
Revaluation reserve	26		-		7,290,720
Capital redemption reserve	26		1,000		1,000
Investment property reserve	26		11,600,856		5,190,205
Profit and loss account brought forward		12,502,338		10,627,521
Profit for the year		1,130,626		389,481
Other changes in the profit and loss account		(2,578,450)		1,485,336
Profit and loss account carried forward			11,054,514		12,502,338
			22,693,270		25,021,163

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

N I Coward

Director

Date: 30 July 2026

The notes on pages 24 to 53 form part of these financial statements.

Page 17


		FURROWS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Investment property revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2025	36,900	1,000	7,290,720	5,190,205	(25,605)	23,773,907	36,267,127
Comprehensive income for the year
Profit for the year	-	-	-	-	-	1,137,252	1,137,252
Deferred tax in relation to defined benefit pension scheme	-	-	-	-	-	(395,370)	(395,370)
Derecognition of pension scheme surplus	-	-	-	-	-	(417,000)	(417,000)
Other comprehensive income for the year	-	-	-	-	-	(812,370)	(812,370)
Total comprehensive income for the year	-	-	-	-	-	324,882	324,882
Contributions by and distributions to owners
Transfer to/from profit and loss account	-	-	(7,290,720)	-	25,605	854,464	(6,410,651)
Investment property revaluation transfer	-	-	-	6,410,651	-	-	6,410,651
Distribution	-	-	-	-	-	(13,924,806)	(13,924,806)
Total transactions with owners	-	-	(7,290,720)	6,410,651	25,605	(13,070,342)	(13,924,806)
At 31 December 2025	36,900	1,000	-	11,600,856	-	11,028,447	22,667,203

The notes on pages 24 to 53 form part of these financial statements.

Page 18


		FURROWS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Investment property revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2024	2,000	-	7,290,720	6,041,968	(39,045)	19,588,647	32,884,290
Comprehensive income for the year
Profit for the year	-	-	-	-	-	2,481,614	2,481,614
Actuarial gains on pension scheme	-	-	-	-	-	231,750	231,750
Surplus on revaluation of other fixed assets	-	-	670,473	-	-	-	670,473
Other comprehensive income for the year	-	-	670,473	-	-	231,750	902,223
Total comprehensive income for the year	-	-	670,473	-	-	2,713,364	3,383,837
Contributions by and distributions to owners
Purchase of own shares	-	1,000	-	-	-	(1,000)	-
Shares redeemed during the year	(1,000)	-	-	-	-	-	(1,000)
Transfer to/from profit and loss account	-	-	(670,473)	-	13,440	657,033	-
Transfer to/from investment property revaluation reserve	-	-	-	(851,763)	-	851,763	-
Shares issued during the year	35,900	-	-	-	-	(35,900)	-
Total transactions with owners	34,900	1,000	(670,473)	(851,763)	13,440	1,471,896	(1,000)
At 31 December 2024	36,900	1,000	7,290,720	5,190,205	(25,605)	23,773,907	36,267,127

Page 19


		FURROWS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2025	36,900	1,000	7,290,720	5,190,205	12,502,338	25,021,163
Comprehensive income for the year
Profit for the year	-	-	-	-	1,130,626	1,130,626
Derecognition of pension scheme surplus	-	-	-	-	(417,000)	(417,000)
Total comprehensive income for the year	-	-	-	-	713,626	713,626
Contributions by and distributions to owners
Transfer to/from revaluation reserve	-	-	(7,290,720)	-	880,069	(6,410,651)
Transfer to/from investment property	-	-	-	6,410,651	-	6,410,651
Distribution	-	-	-	-	(3,041,519)	(3,041,519)
Total transactions with owners	-	-	(7,290,720)	6,410,651	(2,161,450)	(3,041,519)
At 31 December 2025	36,900	1,000	-	11,600,856	11,054,514	22,693,270

The notes on pages 24 to 53 form part of these financial statements.

Page 20


		FURROWS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2024	2,000	-	7,290,720	6,041,968	10,627,521	23,962,209
Comprehensive income for the year
Profit for the year	-	-	-	-	389,481	389,481
Surplus on revaluation of other fixed assets	-	-	670,473	-	-	670,473
Total comprehensive income for the year	-	-	670,473	-	389,481	1,059,954
Contributions by and distributions to owners
Purchase of own shares	-	1,000	-	-	(1,000)	-
Shares redeemed during the year	(1,000)	-	-	-	-	(1,000)
Transfer to/from revaluation reserve	-	-	(670,473)	-	670,473	-
Transfer to/from investment property	-	-	-	(851,763)	851,763	-
Shares issued during the year	35,900	-	-	-	(35,900)	-
Total transactions with owners	34,900	1,000	(670,473)	(851,763)	1,485,336	(1,000)
At 31 December 2024	36,900	1,000	7,290,720	5,190,205	12,502,338	25,021,163

The notes on pages 24 to 53 form part of these financial statements.

Page 21

FURROWS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,137,252	2,481,614
Adjustments for:
Depreciation of tangible assets	430,773	255,601
Loss on disposal of tangible assets	2,088	(67,016)
Interest paid	566,968	661,888
Interest received	(29,982)	(94,256)
Taxation charge	(56,934)	1,103,626
Decrease/(increase) in stocks	1,602,106	(4,494,258)
Decrease/(increase) in debtors	999,758	(19,694)
(Decrease)/increase in creditors	(830,793)	3,908,796
Net fair value losses/(gains) recognised in P&L	-	(13,440)
Corporation tax (paid)	(207,677)	(1,154,676)
(Decrease) in net pension assets/liabilities	(527,000)	(470,900)
Net cash outflow on disposal of subsidiaries	(3,732,538)	-
Net cash generated from operating activities	(645,979)	2,097,285

Cash flows from investing activities
Purchase of tangible fixed assets	(593,799)	(1,437,012)
Sale of tangible fixed assets	558,106	84,947
Purchase of investment properties	(136,171)	(84,306)
Sale of investment properties	3,314,190	2,445,357
Interest received	29,982	94,256
HP interest paid	(131,117)	-
Net cash from investing activities	3,041,191	1,103,242

Page 22

FURROWS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
New secured loans	6,000,000	-
Repayment of bank loans	(5,023,240)	(385,245)
Dividends paid	(3,041,519)	-
Interest paid	(435,851)	(661,888)
(Repayment)/Increase in vehicle stocking loan	-	(815,268)
Issue of ordinary shares	-	35,900
Net cash used in financing activities	(2,500,610)	(1,826,501)
Net (decrease)/increase in cash and cash equivalents	(105,398)	1,374,026
Cash and cash equivalents at beginning of year	3,245,709	1,871,683
Cash and cash equivalents at the end of year	3,140,311	3,245,709

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,140,311	3,271,155
Bank overdrafts	-	(25,446)
	3,140,311	3,245,709

The notes on pages 24 to 53 form part of these financial statements.

Page 23

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Furrows Holdings Limited is a limited liability company which is incorporated in England. The registered office is disclosed on the Company Information page.

The principal activities of the Group are the sales of motor vehicles and associated activities, property development and rental and the provision of finance. After the group restructure the principal activity of the Group is the management of investment properties.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

In assessing the appropriateness of the going concern basis in preparing the accounts the Directors have considered the current financial position of the Group along with detailed forecasts for the 12 months from the date of signing these accounts.

The Directors consider that the Group is well positioned for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Page 24

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Page 25

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Freehold property (including property under construction)	-	Not depreciated
L/Term Leasehold Property	-	Over the term of the lease
Plant, machinery and office equipment	-	10 -25%
Motor Vehicles	-	36 - 42%
Fixtures & Fittings	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

The Directors are of the opinion that the residual values of the properties are such that no depreciation is required.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated profit and loss account.

2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 26

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Unlisted investments held as fixed assets are shown at cost less provision for impairment.

Listed investments held as fixed assets are shown at market value. Permanent diminutions in value are taken to the profit and loss account. Temporary changes in market value are taken to a revaluation reserve.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 27

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 28

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 29

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 30

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 31

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 32

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are the following estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Defined benefit pension scheme

The valuation of the defined benefit obligation is subject to estimation uncertainty as it is dependent on a number of actuarial assumptions, including discount rates, inflation, future pension increases and life expectancy. These assumptions are determined with reference to market conditions and actuarial advice at the reporting date. At the reporting date there was no surplus or deficit in relation to the pension scheme (2024: £517,000 deficit).

Valuation of investment properties

The fair value of investment properties is determined with reference to periodic valuations performed by the Directors on an assessment of market conditions at the reporting date. The valuation process requires the use of significant estimates and assumptions, including market rents, occupancy levels, yields, comparable market transactions and future cash flow expectations. The carrying value of the investment properties at the reporting date is £31,017,427 (2024: £19,291,446).

Motor dealership and related activities	30,907,914	114,936,025
Property development and rental	2,255,919	1,622,146
Other income - UK	5,974	-
	33,169,807	116,558,171

5.	Other operating income
		2025	2024
		£	£

Other operating income	16,000	-
Profit on disposal of investment property	357,162	-
	373,162	-

Page 33

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors and their associates for the audit of the consolidated and Parent Company's financial statements	13,000	34,550
Fees payable to the Company's auditors and their associates in respect of:
Preparation of financial statements and corporation tax returns	7,500	10,900
Other non-audit services not included above	28,872	26,600

7.	Employees
	Staff costs, including Directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,277,270	8,440,660	138,774	281,941
Social security costs	732,102	748,790	11,836	29,862
Staff pension current service costs (DB)	286,740	139,000	286,740	-
Cost of defined contribution scheme	120,848	156,442	1,710	4,551
	3,416,960	9,484,892	439,060	316,354

The average monthly number of employees, including the Directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Sales	11	59	-	-
Technicians and workshop	19	175	-	-
Administration	50	73	6	13

	80	307	6	13

Page 34

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	65,331	146,331
Group contributions to defined contribution pension schemes	881	2,642
	66,212	148,973

During the year retirement benefits were accruing to no Directors (2024 - 2) in respect of defined contribution pension schemes.

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	29,982	87,840
		29,982	87,840

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	385,106	433,499
Other loan interest payable	50,745	-
Other interest payable	-	51,129
Vehicle stocking interest	131,117	170,844
	566,968	655,472

11.	Other finance costs
		2025	2024
		£	£

Interest income on pension scheme assets	568,000	484,000
Interest on pension scheme obligation	(571,000)	(532,000)
	(3,000)	(48,000)

Page 35

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	428,845	947,906
Adjustments in respect of previous periods	550	-
	429,395	947,906

Total current tax	429,395	947,906

Deferred tax
Origination and reversal of timing differences	(486,329)	155,720
Total deferred tax	(486,329)	155,720


	Tax on profit	(56,934)	1,103,626

Page 36

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

1,080,318

3,585,240

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	270,080	896,310
Effects of:
Fixed asset differences	10,981	(203,850)
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	12,465	101,610
Short term timing difference leading to an increase (decrease) in taxation	(545,293)	48,607
Non-taxable income	(11,282)	(3,360)
Book profit on chargeable assets	(176)	(16,754)
Chargeable gains	206,291	280,709
Unrelieved tax losses carried forward	-	354
Total tax charge for the year	(56,934)	1,103,626

Factors that may affect future tax charges

The pension payments made during the year have reduced the pension deficit provision, whilst interest on the scheme's assets and liabilities have been charged to the Statement of Comprehensive Income. For corporation tax purposes it is only the pension payments made that are deductible for tax purposes.

13.	Fair value movements
		2025	2024
		£	£


Revaluation of listed investments	-	13,440
	-	13,440

Page 37

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets
	Group

	Freehold property	Property under construction	L/Term Leasehold Property	Plant, machinery and office equipment	Motor Vehicles
	£	£	£	£	£
Cost or valuation
At 1 January 2025	15,838,500	568,869	-	2,214,073	138,626
Additions	3,513	7,067	180,870	378,582	23,767
Disposals	-	(559,150)	-	(1,392)	(10,000)
Disposal of subsidiary	(938,013)	-	(180,870)	(2,591,023)	(128,626)
Transfer to investment property	(14,904,000)	-	-	-	-
At 31 December 2025	-	16,786	-	240	23,767
Depreciation
At 1 January 2025	-	-	-	720,419	41,880
Charge for the year on owned assets	76	-	14,246	334,731	36,789
Charge for the year on financed assets	-	-	-	44,931	-
Disposals	-	-	-	(348)	(10,000)
Disposal of subsidiary	(76)	-	(14,246)	(1,099,673)	(59,162)
At 31 December 2025	-	-	-	60	9,507
Net book value
At 31 December 2025	-	16,786	-	180	14,260
At 31 December 2024	15,838,500	568,869	-	1,493,654	96,746

Page 38

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2025	18,760,068
	Additions	593,799
	Disposals	(570,542)
	Disposal of subsidiary	(3,838,532)
	Transfer to investment property	(14,904,000)
	At 31 December 2025	40,793
	Depreciation
	At 1 January 2025	762,299
	Charge for the year on owned assets	385,842
	Charge for the year on financed assets	44,931
	Disposals	(10,348)
	Disposal of subsidiary	(1,173,157)
	At 31 December 2025	9,567
	Net book value
	At 31 December 2025	31,226
	At 31 December 2024	17,997,769

Page 39

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.Tangible fixed assets (continued)

	Company

	Freehold property	Motor Vehicles	Fixtures & Fittings	Property under construction	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	14,904,000	-	-	568,869	15,472,869
Additions	-	23,767	240	7,067	31,074
Disposals	-	-	-	(559,150)	(559,150)
Transfer to investment property	(14,904,000)	-	-	-	(14,904,000)
At 31 December 2025	-	23,767	240	16,786	40,793
Depreciation
Charge for the year on owned assets	-	9,507	60	-	9,567
At 31 December 2025	-	9,507	60	-	9,567
Net book value
At 31 December 2025	-	14,260	180	16,786	31,226
At 31 December 2024	14,904,000	-	-	568,869	15,472,869

Page 40

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Analysis of net debt

		At 1 January 2025	Cash flows	Acquisition and disposal of subsidiaries	At 31 December 2025
		£	£	£	£

Cash at bank and in hand	3,271,155	3,601,694	(3,732,538)	3,140,311
Bank overdrafts	(25,446)	25,446	-	-
Debt due after 1 year	(4,604,473)	(1,395,527)	-	(6,000,000)
Debt due within 1 year	(2,523,876)	1,893,756	-	(630,120)
	(3,882,640)	4,125,369	(3,732,538)	(3,489,809)

16.	Fixed asset investments
	Group

	Listed Investments	Unlisted Investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	57,453	71,226	128,679
Disposals	(57,453)	(10,000)	(67,453)
At 31 December 2025	-	61,226	61,226

	Company

	Investments in Subsidiary Companies	Unlisted Investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	4,518,535	61,226	4,579,761
Disposals	(4,518,435)	-	(4,518,435)
At 31 December 2025	100	61,226	61,326

Page 41

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Furrows Limited	Motor dealers	Ordinary	100%
Security Investments (Industrial) Limited	Finance house	Ordinary	100%
Furrows Properties Limited	Property development	Ordinary	100%

Furrows Properties Limited (10637241) is exempt from the requirements of the Act relating to the audit of individual accounts by virtue of S479A of the Companies Act 2006. As part of the requirements of fulfilling the exemption requirements Furrows Holdings Limited has provided the Company with a S479C guarantee.

As at 2 April 2025 Furrows Limited and Security Investments (Industrial) Limited were disposed of from the group.

17.	Investment property
	Group and Company

		Freehold investment property
		£
	Valuation
	At 1 January 2025	19,291,446
	Additions at cost	136,171
	Disposals	(3,314,190)
	Transfer from tangible fixed assets	14,904,000
	At 31 December 2025	31,017,427

The 2025 valuations were made by the Directors, on an open market value basis.

Page 42

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Stocks
		Group	Group
		2025	2024
		£	£

New and used vehicle stocks	-	14,456,198
Demo and courtesy vehicles	-	2,690,481
Used vehicles	-	5,235,752
Parts, accessories and forecourt stock	-	760,334
	-	23,142,765

	The difference between purchase price or production cost of stocks and their replacement cost is not material.
	Included within new vehicle stock is £Nil (2024: £13,997,330) in relation to consignment stock. A corresponding liability is included within trade creditors in relation to these vehicles

19.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Trade debtors	-	961,616	-	-
	-	961,616	-	-

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	214,487	1,803,097	214,487	98,679
Amounts owed by group undertakings	-	-	49,518	-
Other debtors	45,034	693,012	44,887	112,258
Prepayments and accrued income	50,522	404,464	50,415	23,259
Deferred taxation	-	131,750	-	-
	310,043	3,032,323	359,307	234,196

Page 43

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	3,140,311	3,271,155	3,115,713	2,045,175
Less: bank overdrafts	-	(25,446)	-	-
	3,140,311	3,245,709	3,115,713	2,045,175

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Vehicle stocking loans	-	2,105,109	-	-
Bank overdrafts	-	25,446	-	-
Bank loans	-	418,767	-	418,767
Trade creditors	188,350	17,279,311	188,810	333,283
Amounts owed to group undertakings	-	-	-	7,250,156
Corporation tax	-	706,788	-	317,764
Other taxation and social security	209,651	818,080	209,651	-
Other creditors	3,058,013	1,184,613	3,058,014	1,077,610
Accruals and deferred income	158,982	1,133,583	157,220	99,488
	3,614,996	23,671,697	3,613,695	9,497,068

Secured loans

The bank loans and overdrafts are secured by fixed and floating charges on certain freehold properties and other named assets belonging to the Group.

Other balances of £Nil (2024: £15,217,190) included within trade creditors and vehicle stocking loans of £Nil (2024: £2,105,109) are secured over certain stocks of the Company.

Page 44

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	6,000,000	4,604,473	6,000,000	4,604,473
	6,000,000	4,604,473	6,000,000	4,604,473

Secured loans

The bank loans are secured by fixed and floating charges on certain freehold properties and other named assets belonging to the Group.

Page 45

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	-	418,767	-	418,767
Vehicle stocking loans	-	2,105,109	-	-
	-	2,523,876	-	418,767
Amounts falling due 1-2 years
Bank loans	-	452,177	-	452,177
	-	452,177	-	452,177
Amounts falling due 2-5 years
Bank loans	6,000,000	4,152,296	6,000,000	4,152,296
	6,000,000	4,152,296	6,000,000	4,152,296

	6,000,000	7,128,349	6,000,000	5,023,240

Included within bank loans is a loan from Barclays of £6,000,000 due to be repaid in a lump sum in April 2028. Interest is charged on the balance at 2.25% above the base rate per annum.

Bank loans are secured by fixed and floating charges on certain freehold properties and other named assets belonging to the Group.

Vehicle stocking loans are repayable on demand and are secured by the assets to which they relate.

Page 46

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(2,623,706)
	Charged to profit or loss	486,329
	Charged to other comprehensive income	(395,370)
	On disposal of subsidiaries	254,713
	At end of year	(2,278,034)

Company

		2025
		£

	At beginning of year	(2,500,743)
	Charged to profit or loss	222,709
	At end of year	(2,278,034)

The deferred tax balance is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Accelerated capital allowances	(295,019)	(537,088)	(295,019)	(282,375)
On revalued properties	(1,983,015)	(2,218,368)	(1,983,015)	(2,218,368)
Pension deficit	-	131,750	-	-
	(2,278,034)	(2,623,706)	(2,278,034)	(2,500,743)

Comprising:
Asset - due within one year	-	131,750	-	-
Liability	(2,278,034)	(2,755,456)	(2,278,034)	(2,500,743)
	(2,278,034)	(2,623,706)	(2,278,034)	(2,500,743)

Page 47

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

21,400,000 (2024 - 21,400,000) Ordinary A shares of £0.001 each	21,400	21,400
15,500,000 (2024 - 15,500,000) Ordinary B shares of £0.001 each	15,500	15,500

	36,900	36,900

26.

Reserves

Revaluation reserve

The revaluation reserve represents unrealised gains and losses arising on the revaluation of the parent Company's property.

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares redeemed by the Company.

Investment property revaluation reserve

The investment property revaluation reserve represents non-distributable amounts relating to investment property revaluations net of deferred tax movements.

Other reserves

Other reserves represent unrealised gains and losses arising on the revaluation of the Group's investment in listed shares to fair value.

Profit & loss account

The profit and loss account represents the accumulated profits of the Group since incorporation less distributions made to shareholders.

Page 48

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Pension commitments

The Group operates a Defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £98,745 (2024 - £140,604).

The Group operates a Defined benefit pension scheme.

The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death.

The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective.

The most recent comprehensive actuarial valuation of the Scheme was carried out as at 5 April 2026 and the next valuation of the Scheme is due as at 5 April 2027. In the event that the next valuation reveals a larger deficit than expected the Group may be required to increase contributions above existing levels. Conversely, if the position is better than expected, it’s possible that contributions may be reduced.

The Group expects to pay contributions of £166,668 in the year to 31 December 2026.

The Scheme is managed by a board of Trustees appointed in part by the Group and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate.

There were no plan amendments, curtailments or settlements during the period.

The Scheme exposes the Group to a number of risks:

- Investment risk. The Scheme holds investments in asset classes, such as equities, which have volatile market values and while these assets are expected to provide real returns over the long-term the short term volatility can cause additional funding to be required if deficit emerges.

- Interest rate risk. The Scheme's liabilities are assessed using market yields on high quality corporate bonds to discount the liabilities. As the Scheme holds assets such as equities the value of the assets and liabilities may not move in the same way.

- Inflation risk. A significant proportion of the benefits under the Scheme are linked to inflation. Although the Scheme's assets are expected to provide a good hedge against inflation over the long term, movements over the short-term could lead to deficits emerging.

- Mortality risk. In the event that members live longer than assumed a deficit will emerge in the Scheme.

The effect of the judgment regarding equalisation of guaranteed minimum pensions for past transfers has been accounted for as a past service cost during the period.

There were no other plan amendments, curtailments or settlements during the period.

Page 49

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.Pension commitments (continued)

Reconciliation of present value of plan liabilities:
	2025	2024
	£	£

Reconciliation of present value of plan liabilities
At the beginning of the year	10,772,000	11,879,000
Interest cost	571,000	532,000
Actuarial gains/losses	256,000	(986,000)
Benefits paid	(616,000)	(653,000)
At the end of the year	10,983,000	10,772,000

Reconciliation of present value of plan assets:
	2025	2024
	£	£

At the beginning of the year	10,245,000	10,609,000
Current service cost	(286,000)	(139,000)
Interest income	568,000	484,000
Actuarial gains/losses	239,000	(677,000)
Contributions	1,250,000	621,000
Benefits paid	(616,000)	(653,000)
Derecognition of surplus	(417,000)	-
At the end of the year	10,983,000	10,245,000

Page 50

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.Pension commitments (continued)

Composition of plan assets:
	2025	2024
	£	£

Fixed Interest	1,275,000	1,731,000
Property	-	338,000
LDI Strategy/Hedge	(855,000)	(1,053,000)
Cash	125,000	368,000
Other	488,000	1,624,000
Multi Asset	7,769,000	6,429,000
Index-Linked gilts	2,598,000	808,000
Total plan assets	11,400,000	10,245,000

					2025	2024
					£	£

Fair value of plan assets	10,983,000	10,245,000
Present value of plan liabilities	(10,983,000)	(10,772,000)
Net pension scheme liability	-	(527,000)

The amounts recognised in profit or loss are as follows:
	2025	2024
	£	£

Current service cost	(286,000)	(139,000)
Interest on obligation	(571,000)	(532,000)
Interest income on plan assets	568,000	484,000
Total	(289,000)	(187,000)

Page 51

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.Pension commitments (continued)

A comprehensive actuarial valuation of the company pension scheme, using the projected unit credit method, was carried out at 5 April 2026 by Barnett Waddingham LLP, independent consulting actuaries, Adjustments to the valuation at that date have been made based on the following assumptions:
	2025	2024
	%	%

Discount rate	5.50	5.45
Inflation assumption (RPI)	2.85	3.15
Inflation assumption (CPI)	2.40	2.7
Provision increases:
Service from 6 April 1997 to 5 April 2006 (RPI max 5%)	2.80	3.05
Service on or after 6 April 2006 (CPI max 2.5%)	2.05	2.15
GMP benefits accrued after 5 April 1988 (CPI max 3%)	1.80	1.95
Life expectancy at age 65 of male aged 45 (years)	22.0	21.7
Life expectancy at age 65 of male aged 65 (years)	20.7	20.4
Life expectancy at age 65 of female aged 45 (years)	25.3	24.4
Life expectancy at age 65 of female aged 65 (years)	23.9	23.0
Post retirement morality assumption		Long term improvement rate of 1.25% p.a.
		75% of members take the maximum cash

Page 52

FURROWS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.

Related party transactions

Included in other creditors is £630,120 (2024 - £984,927) owed to Directors of group companies and their close family members. Interest was charged at a rate of 8.5% (2024 - 8.5%) per annum.

During the year the Company made sales to Furrows Limited, a company related through significant influence, of £757,681. At the balance sheet date there are amounts due to Furrows Limited of £2,420,293 and amounts due from Furrows Limited of £102,294.

29.	Controlling party

On 1 April 2025 the immediate parent company became PropCow2024 after a group reorganisation.

The Company is under the control of N I Coward and R M J Downey by virtue of their respective shareholdings.

30.	Discontinued operations

On 2 April 2025 the group disposed of its subsidiary undertaking, Furrows Limited and Security Investments (Industrial) Limited by way of a dividend in specie at cost of £3,041,159 to its parent undertaking, PropCow2024 Limited.

Page 53