REGISTERED NUMBER: 04508340 (England and Wales)

G. & R. PYKETT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

G Pykett

R Pykett

SECRETARY:

Mrs M Pykett

REGISTERED OFFICE:

Poplar Farm

Skeavingtons Lane

Cotmanhay

Ilkeston

Derbyshire

DE7 8SU

REGISTERED NUMBER:

04508340 (England and Wales)

AUDITORS:

Davies Edwards & Co

Chartered Certified Accountants

and Statutory Auditors

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

Turnover was £24,474,440 (2024 - £23,121,929) for the year, which is a 5.84% increase on the previous year.

This turnover was made up of 6.08% sales to Europe, 3.58% to the rest of the world, and 90.34% generated within the UK. (2024 - 5.61%, 7.38% and 87.01% respectively)

Gross profit margins:

2025 - 16.1%

2024 - 15.8%

2023 - 17.5%

2022 - 15.1%

2021 - 17%

Despite a challenging economy and political pressures on the farming industry, profitability has remained stable.

Net assets of the company stand at £31.47m as at 30 November 2025 (£26.86m 2024).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the business remain that of the general economic conditions.

Inflationary pressures continue to be a concern, with the costs of new products increasing significantly. Customers are reluctant to invest in new equipment, and as a result, demand for quality used tractors and machinery remains strong.

Due to current political uncertanties, both in the UK and around the world, the directors have made the decision to maintain sufficient cash reserves in order to smooth the effects of cashflow volatility going forwards.

The company is well placed to manage competitive risk having worked hard to maintain a reputation for providing high quality new and used machinery and after-sales service, building a loyal, repeat customer base.

ON BEHALF OF THE DIRECTORS:

G Pykett - Director

6 August 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of sales and service of agricultural machinery, farming, and hire of agricultural machinery.

DIVIDENDS

Interim dividends of £10 per share were paid on 31.03.2025 in respect of Ordinary A shares.

Interim dividends of £50 per share were paid on 31.03.2025 in respect of Ordinary B shares.

Dividends paid for the year ending 30 November 2025 total £2,000.

DIRECTORS

The directors during the year under review were:

G Pykett

R Pykett

The beneficial interests of the directors holding office on 30 November 2025 in the issued share capital of the company were as follows:

30.11.25

1.12.24

Ordinary £1 shares

G Pykett

-

50

R Pykett

-

50

Ordinary B £0.01 shares

G Pykett

-

-

R Pykett

-

-

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE DIRECTORS:

G Pykett - Director

6 August 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance including targets for income and net profit;

- Results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, including any related to the General Data Protection Regulations or Bribery Act 2010.

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- The internal controls to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the ability of management to manipulate revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companys Act 2006 and the Financial Reporting Standards 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include The General Data Protection Regulations, the Bribery Act 2010 and Health and Safety policies.

Audit Response to Risks Identified

Our procedures to respond to risks identified above include the following:

-Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statement;

- Enquiring of management and directors concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulation and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Adrian Edwards (Senior Statutory Auditor)

for and on behalf of Davies Edwards & Co

Chartered Certified Accountants

and Statutory Auditors

West Lodge

Rainbow Street

Leominster

Herefordshire

HR6 8DQ

12 August 2026

TURNOVER

3

24,474,440

23,121,929

Cost of sales

20,530,579

19,457,718

GROSS PROFIT

3,943,861

3,664,211

Administrative expenses

1,344,847

1,022,720

2,599,014

2,641,491

Other operating income

280,063

174,803

OPERATING PROFIT

5

2,879,077

2,816,294

Interest receivable and similar income

594,330

395,561

PROFIT BEFORE TAXATION

3,473,407

3,211,855

Tax on profit

6

866,508

804,481

PROFIT FOR THE FINANCIAL YEAR

2,606,899

2,407,374

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,606,899

2,407,374

FIXED ASSETS

Tangible assets

8

9,993,536

9,888,686

CURRENT ASSETS

Stocks

9

5,816,628

7,774,108

Debtors

10

1,482,185

1,258,215

Cash at bank and in hand

17,661,472

14,146,970

24,960,285

23,179,293

CREDITORS

Amounts falling due within one year

11

1,437,959

2,322,084

NET CURRENT ASSETS

23,522,326

20,857,209

TOTAL ASSETS LESS CURRENT LIABILITIES

33,515,862

30,745,895

PROVISIONS FOR LIABILITIES

13

2,049,486

1,884,418

NET ASSETS

31,466,376

28,861,477

CAPITAL AND RESERVES

Called up share capital

14

100

100

Non distributable reserves

15

234,080

234,080

Retained earnings

15

31,232,196

28,627,297

SHAREHOLDERS' FUNDS

31,466,376

28,861,477

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

G Pykett - Director

R Pykett - Director

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 December 2023

100

26,241,923

234,080

26,476,103

Changes in equity

Dividends

-

(22,000

)

-

(22,000

)

Total comprehensive income

-

2,407,374

-

2,407,374

Balance at 30 November 2024

100

28,627,297

234,080

28,861,477

Changes in equity

Dividends

-

(2,000

)

-

(2,000

)

Total comprehensive income

-

2,606,899

-

2,606,899

Balance at 30 November 2025

100

31,232,196

234,080

31,466,376

Cash flows from operating activities

Cash generated from operations

1

4,148,780

5,155,369

Tax paid

(670,000

)

(493,629

)

Net cash from operating activities

3,478,780

4,661,740

Cash flows from investing activities

Purchase of tangible fixed assets

(2,109,714

)

(2,651,218

)

Transfer of assets to stock

1,498,274

1,147,537

Interest received

594,330

395,561

Net cash from investing activities

(17,110

)

(1,108,120

)

Cash flows from financing activities

Amount introduced by directors

23,419

48,029

Amount withdrawn by directors

(27,831

)

(43,166

)

Equity dividends paid

(2,000

)

(22,000

)

Net cash from financing activities

(6,412

)

(17,137

)

Increase in cash and cash equivalents

3,455,258

3,536,483

Cash and cash equivalents at beginning of year

2

14,146,803

10,610,320

Cash and cash equivalents at end of year

2

17,602,061

14,146,803

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

2025

2024

£

£

Profit before taxation

3,473,407

3,211,855

Depreciation charges

742,144

500,407

Profit on disposal of fixed assets

(235,554

)

(171,435

)

Provision for bad debts

-

(16,596

)

Provision for warranty costs

26,567

63,684

Finance income

(594,330

)

(395,561

)

3,412,234

3,192,354

Decrease in stocks

1,957,480

1,302,028

(Increase)/decrease in trade and other debtors

(223,970

)

133,541

(Decrease)/increase in trade and other creditors

(996,964

)

527,446

Cash generated from operations

4,148,780

5,155,369

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 November 2025

30/11/25

1/12/24

£

£

Cash and cash equivalents

17,661,472

14,146,970

Bank overdrafts

(59,411

)

(167

)

17,602,061

14,146,803

Year ended 30 November 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

14,146,970

10,610,983

Bank overdrafts

(167

)

(663

)

14,146,803

10,610,320

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/24

Cash flow

At 30/11/25

£

£

£

Net cash

Cash at bank and in hand

14,146,970

3,514,502

17,661,472

Bank overdrafts

(167

)

(59,244

)

(59,411

)

14,146,803

3,455,258

17,602,061

Total

14,146,803

3,455,258

17,602,061

1.	STATUTORY INFORMATION

G. & R. Pykett Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Depreciation, market values of assets, provisions for warranty costs and realiseable value of stocks require such judgement. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

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

Tangible fixed assets

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

Freehold property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire fleet

-

10% on reducing balance

Land is not depreciated.

Depreciation is calculated on a monthly basis.

Impairment of Fixed Assets

At each reporting date the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that any assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount , the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Revenue Account for the year unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Parts stock cost is calculated on an AVCO basis.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Transfer of hire fleet assets to stock

Assets held as part of the Hire Fleet are transferred to stock before sale. Market value at the date of transfer is calculated as 90% of the sale price. This is to allow for servicing, other pre-delivery expenses, and selling costs.

Provision for bad debts

Specific provision for doubtful debts is included as a liability. Bad debts provided for during the year are recognised in profit and loss.

Provision for warranty costs

A provision for costs expected to be incurred under warranty obligations is included as a liability. The Directors have based the estimated costs on past experience, by applying as a percentage, historical warranty costs incurred as a percentage of sales during the relevant year. Movement of this provision during the year is recognised in profit and loss.

3.

TURNOVER

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

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

2025

2024

£

£

Sale of Goods

22,940,440

21,366,387

Rendering of Services

1,256,585

1,288,701

Farming

178,906

192,088

Commissions

98,509

274,753

24,474,440

23,121,929

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

22,106,778

20,118,199

Europe

1,489,840

1,297,751

Rest of World

877,822

1,705,979

24,474,440

23,121,929

Turnover from sale of Goods and Livestock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Commissions and bonuses receivable are recognised when the company's right to receive payment is established.

Turnover from the rendering of services is recognised when the outcome of a transaction can be estimated reliably, with reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to contract dates. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Rental income is recognised in line with the period of occupation.

Interest income is recognised using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

794,117

762,586

Social security costs

63,525

66,169

Other pension costs

17,132

15,667

874,774

844,422

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

2025

2024

Administration and support

4

3

Sales and service

12

12

16

15

2025

2024

£

£

Directors' remuneration

66,840

75,045

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

20,000

20,000

Depreciation - owned assets

742,142

500,407

Profit on disposal of fixed assets

(235,546

)

(171,435

)

Auditors' remuneration

12,000

11,500

Foreign exchange differences

(3,687

)

-

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

728,007

604,508

Deferred tax

138,501

199,973

Tax on profit

866,508

804,481