Company registration number 06236827 (England and Wales)
CORNTHWAITE AGRICULTURAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CORNTHWAITE AGRICULTURAL LIMITED
COMPANY INFORMATION
Directors
Mr S A Cornthwaite
Mr B N Shield
Mr A Hodgkinson
Mrs H C Cornthwaite
Mr J Melling
Secretary
Mr B N Shield
Company number
06236827
Registered office
Hall Lane
Bispham Green
Ormskirk
L40 3SB
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
CORNTHWAITE AGRICULTURAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
CORNTHWAITE AGRICULTURAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The Company is a member of the Cornthwaite Holdings Group who hold the John Deere franchise for Cheshire, Lancashire, Cumbria and Southwest Scotland from its outlets in Nantwich, Bispham Green, Kendal, Carlisle and Dumfries.

Our multi-year strategy is focused around improving both our efficiencies and margins in s ales and aftermarket, to further strengthen our business and place ourselves in a robust position for future opportunities.

Turnover for the company for the year ended 31 December 2025 was £98.7m compared to £108.2m in the previous year.

Gross margins rose from 5.46% in 2024 to 7.65%.

The directors are pleased with the performance of the company during the year.

The key performance indicators of the business are turnover, gross profit and asset turn, all of which are monitored on a regular basis.

CORNTHWAITE AGRICULTURAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

In any entrepreneurial business there are risks and uncertainties that are faced; the assessment of that risk and the measures taken to mitigate it are integral to the strategic direction taken by the Directors.

The principal risks are considered to be:

Economic and market risks

Demand for the group’s products and services is affected by both wider economic cycles and conditions specific to the sectors in which the group operates. Although the group is active in a number of different market segments the majority of turnover is generated from the Agricultural sector.

As well as wider factors such as the outcome of the UK leaving the European Union and the alternative that will be proposed to the current subsidies available to the farming community, the market is also affected by factors such as commodity prices, themselves affected by factors such as global conflict and climate change.

To mitigate these risks, the intention is to operate in as many market sectors as possible whilst in the main sector of agriculture to deal with customers in diverse segments. To this end the expansion of the group’s territory means that a variety of operations and weather patterns are now encompassed in the group’s operational area.

Financial risk

The Group is exposed to risk as it entered a period of rapid expansion in 2017/18 and continues in the process of consolidating that expansion whilst managing the impact of the pandemic. Having robust reporting and communication frameworks with continued development of the Outlet and Group management teams alongside an enhanced Finance and Admin structure are all part of the Directors’ strategy to mitigate this risk.

The Company and Group have enjoyed a strong relationship with the Company’s Bankers, RBS Group, since the formation of the Group in 2007. The Bank has given strong support to all investment decisions since that time and has since the Balance Sheet date renewed the group’s facilities at the existing levels.

In order to minimise credit risk, the Group monitors and checks the credit ratings of customers and has in place an Aged Debt Committee, consisting of two Credit Controllers, two Directors and all Outlet Managers. Monthly meetings are held to review outstanding accounts and agree follow up actions to ensure a continued healthy ageing profile of Debtors.

During 2021 a revised cash management strategy was adopted whereby asset finance stocking loans provided by Lombard (via RBS relationship) and John Deere Financial have been more greatly utilised. This has resulted in a lower utilisation of the overdraft facilities and an improved ability to retail used machinery domestically. This in turn is resulting in strengthened margins and growth in aftersales opportunities.

Competitor risk

The Company and Group operate in a competitive marketplace and continue to invest in activities designed to lead in customer service and promote premium products and new technologies. The Directors monitor competitor financial performance, individual sales and market share in all of our leading franchises and employ marketing intelligence to monitor attraction and retention of our customer base.

Key performance indicators

The company monitors its performance using a number of measures. These include:

Turnover - £98.66m (2024: £108.23m)

Gross profit margin - 7.65% (2024: 5.46%)

Net profit - £1,812k (2024: £155k)

Asset turn - 1.7 times (2024: 1.9 times)

CORNTHWAITE AGRICULTURAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Section 172(1) statement

The board of Cornthwaite Agricultural Limited have a legal responsibility under Section 172 of the Companies Act 2006 to act in a way that we believe is most likely to promote the group’s success for the benefit of its members as a whole and to have regard to the long term effects of our decisions on the group and its stakeholders. This statement addresses the ways in which the board meets its responsibilities.

Promoting the company’s success for its members

Cornthwaite Agricultural started trading in 2007 as a single outlet dealer for John Deere, the market leader in the manufacture of agricultural machinery worldwide-principally Tractors and large Harvesting Equipment.

Since that time the business has expanded its area of responsibility from South and West Lancashire to an area that now encompasses parts of North Shropshire/North Wales/Staffordshire and all of Cheshire/Lancashire/Cumbria, parts of North Yorkshire/County Durham and Dumfries and Galloway, together with the Isle of Man.

The group holds additional prestigious brands in its portfolio of equipment and the Directors continue to explore possibilities for future growth with the aim of building a strong, sustainable and profitable business which will benefit the members.

Engagement with key stakeholder groups

Our people

A skilled, motivated team committed to delivering exceptional customer service is fundamental to the continued success of the business.

We have a number of mechanisms where we engage with and encourage feedback from our employees. We continually monitor training needs and are committed to increasing levels of investment in staff development.

Strong business ethics underpin our relationship with customers, suppliers and staff and we strive to provide an inspiring environment for people to work.

Our customers

The group is committed to provide the highest level of service – to treat customers fairly – and to foster long term relationships.

We continuously monitor Customer satisfaction through surveys and ongoing customer contact.

Our suppliers

The business of the group comprises the operation of a number of franchises and has therefore developed and continues to develop strong relationships with manufacturers and finance partners.

The group is regulated under the FCA as it acts as an introducer of business to finance companies.

Community and Environment

The group engages with the local community in each of the areas in which it operates, recognising the importance of making a positive impact, acting in an environmentally friendly manner as much as is possible and being socially responsible.

On behalf of the board

Mr S A Cornthwaite
Director
29 July 2026
CORNTHWAITE AGRICULTURAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the supply of new and used agricultural machinery, together with the ancillary services of repair, maintenance and supply of spare parts.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £402,001. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S A Cornthwaite
Mr B N Shield
Mr A Hodgkinson
Mrs H C Cornthwaite
Mr J Melling
Financial instruments

Financial risk management objectives and policies.

The operations of the company expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring the financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company’s finance department.

The directors will revisit the appropriateness of the policy should the company’s operation change size or nature.

Future developments

The directors intend to explore any future opportunities to expand the company’s customer base or its activities.

Auditor

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Energy and carbon report

As the company is the subsidiary in a large group, its emissions, energy consumption and energy efficiency activities are included within the report included in the accounts of the parent entity, Cornthwaite Holdings Limited.

CORNTHWAITE AGRICULTURAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Statement of disclosure to auditor

Each of the directors in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board
Mr S A Cornthwaite
Director
29 July 2026
CORNTHWAITE AGRICULTURAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

The directors are responsible for preparing the Directors' Report and the accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 those accounts, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and 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 accounts 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 accounts 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.

In so far as the directors are aware:

- there is no relevant audit information of which the company's auditor is unaware; and

- the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

CORNTHWAITE AGRICULTURAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORNTHWAITE AGRICULTURAL LIMITED
- 7 -
Opinion

We have audited the financial statements of Cornthwaite Agricultural Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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 Auditor 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 ethical responsibilities in accordance with those 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

CORNTHWAITE AGRICULTURAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORNTHWAITE AGRICULTURAL LIMITED (CONTINUED)
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

Matters on which we are required to report by exception

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, 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' r esponsibilities s tatement, 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 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.

Auditor 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 auditor's 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

CORNTHWAITE AGRICULTURAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORNTHWAITE AGRICULTURAL LIMITED (CONTINUED)
- 9 -

- enquiring of management and those charged with governance of any actual and potential litigation and claims;

- reviewing the financial statement disclosures and testing of supporting documentation to assess compliance with the relevant laws and regulations. For Cornthwaite Agricultural Limited we consider these to be health and safety, compliance with quality management systems accreditations, employment law, and compliance with the Companies Act;

- assessing whether the judgements made in making accounting estimates are indicative of any potential bias;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

- auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue occurred in the financial statements and recognised in the correct accounting period.

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 financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

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 auditor’s 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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
29 July 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
CORNTHWAITE AGRICULTURAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
98,660,656
108,229,131
Cost of sales
(91,109,929)
(102,324,285)
Gross profit
7,550,727
5,904,846
Distribution costs
(2,820,360)
(3,112,898)
Administrative expenses
(4,647,095)
(4,980,113)
Other operating income
2,824,307
3,685,736
Operating profit
4
2,907,579
1,497,571
Interest receivable and similar income
8
14,512
8,756
Interest payable and similar expenses
9
(1,110,273)
(1,351,455)
Profit before taxation
1,811,818
154,872
Tax on profit
10
(526,025)
(96,006)
Profit for the financial year
1,285,793
58,866

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CORNTHWAITE AGRICULTURAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
1,285,793
58,866
Other comprehensive income
-
-
Total comprehensive income for the year
1,285,793
58,866
CORNTHWAITE AGRICULTURAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
12,341,208
13,225,057
Investments
13
11,260
11,260
12,352,468
13,236,317
Current assets
Stocks
14
36,588,728
38,168,949
Debtors
15
5,183,814
3,531,210
Cash at bank and in hand
3,435,485
1,882,845
45,208,027
43,583,004
Creditors: amounts falling due within one year
16
(42,659,319)
(43,129,116)
Net current assets
2,548,708
453,888
Total assets less current liabilities
14,901,176
13,690,205
Creditors: amounts falling due after more than one year
17
(750,423)
(880,060)
Provisions for liabilities
Deferred tax liability
20
1,751,085
1,294,269
(1,751,085)
(1,294,269)
Net assets
12,399,668
11,515,876
Capital and reserves
Called up share capital
22
2,000
2,000
Share premium account
1,734,982
1,734,982
Profit and loss reserves
10,662,686
9,778,894
Total equity
12,399,668
11,515,876
The financial statements were approved by the board of directors and authorised for issue on 29 July 2026 and are signed on its behalf by:
Mr S A Cornthwaite
Director
Company registration number 06236827 (England and Wales)
CORNTHWAITE AGRICULTURAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
2,000
1,734,982
10,029,529
11,766,511
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
58,866
58,866
Dividends
11
-
-
(309,501)
(309,501)
Balance at 31 December 2024
2,000
1,734,982
9,778,894
11,515,876
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
1,285,793
1,285,793
Dividends
11
-
-
(402,001)
(402,001)
Balance at 31 December 2025
2,000
1,734,982
10,662,686
12,399,668
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Cornthwaite Agricultural Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hall Lane, Bispham Green, Ormskirk, L40 3SB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Going concern

The Directors have considered the Group's trading projections for a period of at least 12 months from the date of signing the accounts. Results for 2026 year to date show that the group is on track to achieve our objectives of strengthening margins through the continued development of the aftersales business and robust cash management. The agricultural industry remains positive with strong buying confidence and continued market leadership by our major franchise John Deere.true

The group has enjoyed successful trading for many years and has developed a strong balance sheet with healthy reserves. We continue to enjoy good relationships with our key suppliers and optimise the support they provide to assist in the smooth running of the group.

After considering all the above the Directors have a reasonable expectation that the Group has adequate resources to continue to be operational for the foreseeable future and are satisfied that it is appropriate to prepare the accounts on a going concern basis.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

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

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
50 years
Leasehold improvements
10 years/remainder of lease
Plant and machinery
3 - 10 years
Motor vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, 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 (or cash-generating unit) 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Other operating income

John Deere P4P (Pay for Performance) is recognised as and when it is received from John Deere.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

The company holds a significant volume of tractors, parts, and related inventory, which are subject to risks of technological obsolescence, changing customer demand, and market pricing pressures. Management applies judgement in assessing the appropriate level of provision required to write inventory down to its net realisable value on a line by line basis.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods and services
98,660,656
108,229,131
2025
2024
£
£
Turnover analysed by geographical market
UK
90,138,571
96,639,602
Rest of World
8,522,085
11,589,529
98,660,656
108,229,131
2025
2024
£
£
Other revenue
Interest income
14,512
8,756
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,228
3,272
Depreciation of tangible fixed assets
1,718,595
1,480,132
Profit on disposal of tangible fixed assets
(124,506)
(117,180)
Operating lease charges
351,268
511,347
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,000
25,625
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
5
5
Management/administration
25
29
Sales/after sales
101
106
Total
131
140

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,173,897
5,526,432
Social security costs
643,703
623,080
Pension costs
120,054
133,437
5,937,654
6,282,949

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
328,049
294,234
Company pension contributions to defined contribution schemes
4,268
4,889
332,317
299,123
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
100,730
91,543
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
14,512
8,756
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
26,899
84,821
Interest on finance leases and hire purchase contracts
108,585
35,786
Other interest
974,789
1,230,848
1,110,273
1,351,455
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
69,209
-
0
Adjustments in respect of prior periods
-
0
(2,525)
Total current tax
69,209
(2,525)
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
2025
2024
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
456,816
86,380
Adjustment in respect of prior periods
-
0
12,151
Total deferred tax
456,816
98,531
Total tax charge
526,025
96,006

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,811,818
154,872
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
452,955
38,718
Tax effect of expenses that are not deductible in determining taxable profit
30,328
2,894
Adjustments in respect of prior years
-
0
(2,525)
Deferred tax adjustments in respect of prior years
-
0
12,151
Fixed asset differences
42,742
44,654
Qualifying donations unutilised
-
0
114
Taxation charge for the year
526,025
96,006
11
Dividends
2025
2024
£
£
Interim paid
402,001
309,501

Dividends paid after the balance sheet date totalled £390,500 (2024: £288,000).

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
12
Tangible fixed assets
Freehold buildings
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
2,714,390
1,354,954
10,875,287
1,903,878
16,848,509
Additions
4,906
6,423
6,895,642
415,446
7,322,417
Disposals
-
0
-
0
(7,761,298)
(443,617)
(8,204,915)
At 31 December 2025
2,719,296
1,361,377
10,009,631
1,875,707
15,966,011
Depreciation and impairment
At 1 January 2025
396,650
671,951
1,547,393
1,007,458
3,623,452
Depreciation charged in the year
45,014
173,357
1,215,369
284,855
1,718,595
Eliminated in respect of disposals
-
0
-
0
(1,310,050)
(407,194)
(1,717,244)
At 31 December 2025
441,664
845,308
1,452,712
885,119
3,624,803
Carrying amount
At 31 December 2025
2,277,632
516,069
8,556,919
990,588
12,341,208
At 31 December 2024
2,317,740
683,003
9,327,894
896,420
13,225,057

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and machinery
8,415,799
9,151,689
Motor vehicles
990,588
882,971
9,406,387
10,034,660

The gross amount of land and buildings on which depreciation is being provided is £2,093,735 (2024: £2,052,215). Freehold land and buildings includes £625,561 (2024: £625,561) non depreciable land.

13
Fixed asset investments
2025
2024
£
£
Unlisted investments
11,260
11,260

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
14
Stocks
2025
2024
£
£
Raw materials and consumables
3,052,747
2,993,719
Work in progress
78,816
55,899
Finished goods and goods for resale
33,457,165
35,119,331
36,588,728
38,168,949

Included within this figure is an impairment loss of £2,867,628 (2024: £2,471,511) which was recognised against stock during the year due to slow-moving and obsolete stock.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,500,370
2,641,565
Corporation tax recoverable
-
0
100,000
Other debtors
401,732
407,138
Prepayments and accrued income
281,712
382,507
5,183,814
3,531,210
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
181,601
165,800
Obligations under finance leases
19
5,319,166
5,662,065
Other borrowings
18
7,271,577
10,607,700
Trade creditors
22,322,528
21,101,441
Amounts owed to group undertakings
3,645,023
3,644,946
Corporation tax
69,209
-
0
Other taxation and social security
711,592
597,618
Other creditors
25,123
566,605
Accruals and deferred income
3,113,500
782,941
42,659,319
43,129,116
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Creditors: amounts falling due within one year
(Continued)
- 25 -

The bank facility is secured by a fixed and floating charge over all the assets of the company, together with a 1st legal charge over the company's freehold land and properties. In addition unlimited cross guarantees exist between the company and its parent, Cornthwaite Holdings Limited and its fellow subsidiary, Agricultural Machinery (Nantwich) Limited.

Other borrowings are stocking loans from John Deere S.A. and Lombard on used equipment traded in against new machines. These loans are secured on the equipment traded in.

The obligations under hire purchase contracts are secured on the assets subject to those contracts.

The aggregate amount of secured creditors is £13,522,767 (2024: £17,315,625).

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
67,154
254,045
Obligations under finance leases
19
683,269
626,015
750,423
880,060
18
Loans and overdrafts
2025
2024
£
£
Bank loans
248,755
419,845
Other loans
7,271,577
10,607,700
7,520,332
11,027,545
Payable within one year
7,453,178
10,773,500
Payable after one year
67,154
254,045

Included in the above bank loans balance of £67,154 is the amount of £Nil (2024 - £Nil) which is payable after 5 years.

19
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
5,319,166
5,662,065
After more than one year
683,269
626,015
6,002,435
6,288,080
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Finance lease obligations
(Continued)
- 26 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
5,379,852
5,718,800
In two to five years
750,364
705,117
6,130,216
6,423,917
Less: future finance charges
(127,781)
(135,837)
6,002,435
6,288,080

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
1,751,085
1,579,258
Tax losses
-
(284,989)
1,751,085
1,294,269
2025
Movements in the year:
£
Liability at 1 January 2025
1,294,269
Charge to profit or loss
456,816
Liability at 31 December 2025
1,751,085
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,054
133,437

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,000
2,000
2,000
2,000
23
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee in respect of the bank borrowings of its parent company Cornthwaite Holdings Limited. This guarantee is supported by a debenture on all companies and by legal charges over land and buildings owned by the company.

At the year end the potential liability amounted to £Nil (2024: £Nil).

The company, together with Cornthwaite Holdings Limited, has given a limited guarantee of £1,275,000 in respect of the bank borrowings of Cornthwaite Properties Limited, a company with certain common shareholders. This guarantee is supported by a debenture on Cornthwaite Properties Limited and by legal charges over land and buildings owned by Cornthwaite Properties Limited.

At the year end the potential liability amounted to £683,232 (2024: £740,141).

24
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
145,833
157,500
Years 2-5
108,333
254,167
254,166
411,667
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
2025
2024
£
£
Other related parties
177,571
-
0
CORNTHWAITE AGRICULTURAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Related party transactions
(Continued)
- 28 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Key management personnel
927
927

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
401,942
398,263
Other information

In accordance with section 33.1A of FRS102, as a wholly owned subsidiary company, Cornthwaite Agricultural Limited is not required to disclose transactions with its parent, Cornthwaite Holdings Limited or its subsidiaries.

26
Ultimate controlling party

The ultimate holding company is Cornthwaite Holdings Limited, a company registered in England.

The ultimate controlling party is S A Cornthwaite, a director and majority shareholder of that company.

Copies of the consolidated financial statements of Cornthwaite Holdings Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Cornthwaite Holdings Limited, Hall Lane, Bispham Green, Ormskirk, Lancs. L40 3SB.

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