The directors present the strategic report for the year ended 31 December 2025.
Cornthwaite Holdings Group 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 sales and aftermarket, to further strengthen our business and place ourselves in a robust position for future opportunities.
Turnover for the Group 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.
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 Group has 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 Group operates 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.
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)
The board of Cornthwaite Holdings 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
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 12.
Interim dividends were paid during the period. Full details are included in note 11 to the financial statements.
The directors do not recommend the payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The Articles of Association of the Company permit the directors and officers of the Company to be indemnified in respect of liabilities incurred as a result of their office. These include qualifying third party indemnity provisions (as defined where relevant by the Companies Act 1985 and the Companies Act 2006). These indemnities were adopted during February 2010 and remain in force.
The group has implemented policies that require appropriate credit checks on potential customers before sales are made.
Financial risk management objectives and policies.
The operations of the company's subsidiaries exposes the group 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 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. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the group, 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 directors are implemented by the group's finance department.
The directors will revisit the appropriateness of the policy should the company's operation change size or nature.
The directors intend to explore any future opportunities to expand the group's customer base or its activities.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Greenhouse gas emissions, energy consumption and energy efficiency action
The company is committed to managing its environmental impact and is fully aware that by considering the environment in our decision making we can have a beneficial impact on the company’s performance. Our key environmental impacts arise from:
Energy consumption at our outlets
Transportation of goods
Use of our vehicle fleet
For the purpose of this report we disclose our Scope 1 and 2 emissions in accordance with the Environmental Reporting Guidelines as issued by the Department of Environment, Food & Rural Affairs (DEFRA) and the Department for Business, Energy & Industrial Strategy (BEIS):
Greenhouse gas emissions are calculated in alignment with records used for the production of the financial statements using emission factors produced by the BEIS’s ‘Greenhouse gas reporting: conversion factors 2025’ to calculate Scope 1 & 2 emissions. All emissions required under the Companies Act 2006 are included where stated and include Scope 1 (direct emissions from owned road vehicles) and Scope 2 (indirect emissions from purchased electricity).
Total carbon emissions per £1m of revenue in the year to 31 December 2025 were 6.603 tCO2 compared to 6.627 in the previous year. This is based on group turnover of £98.7m (2024 - £108m).
As a group we endeavour to monitor, review and improve our environmental performance.
We take our Carbon footprint seriously and seek to use the latest technology available to use to minimise our operational emissions.
We have considered climate risk to our company; primarily how it will inhibit our ability to trade and what measures we can take to mitigate those risks. We also consider the risk to our customers so we can advise them how to also act responsibly.
We are fully engaged in promoting the industry leading, intelligent and fuel-efficient products and technology solutions from our Franchise partner John Deere.
We look to reduce and limit non-essential travel between outlets. Group or team meetings are held online wherever possible and practical.
We continue to introduce electric and hybrid vehicles across the group where practical with charging points fully integrated into every depot.
All company vehicles have trackers installed to assist in our monitoring of mileage and driving standards.
We have now implemented a dedicated inter-depot transfer schedule for moving parts between depots to reduce fuel consumption.
As we continue to make improvements to all of our depots, energy efficient LED lighting are being used to replace our traditional fixtures.
We have an employee led Eco Team who work together on initiatives to improve our waste recycling and operational efficiency in use of consumables.
We have a completed a ESOS audit across all five depots and are currently developing our action plan.
The company was a close company within the provisions of the Corporation Tax Act 2010 and this position has not changed since the end of the financial year.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Cornthwaite Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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).
Basis for 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 and 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.
Other information
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' report 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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:
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 Holdings 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 is complete 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 increase 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 is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
Cornthwaite Holdings Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Hall Lane, Bispham Green, Nr Ormskirk, Lancashire, L40 3SB.
The Group consists of Cornthwaite Holdings Limited and all of its subsidiaries.
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 amounts 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.
The consolidated accounts incorporate the accounts of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over ten years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.
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.
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.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
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.
The group 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.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
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.
Other operating income
John Deere P4P (Pay for Performance) is recognised as and when it is received from John Deere.
In the application of the group’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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Dividends paid after the balance sheet date totalled £390,500 (2024 - £288,000).
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:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
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.
Details of the company's subsidiaries at 31 December 2025 are as follows:
The principal activity of Cornthwaite Agricultural Limited is the supply of new and used agricultural machinery, together with the ancillary services of repair, maintenance and supply of spare parts. The principal activity of Cornthwaite Investments (AG) Limited is that of a dormant company and principal activity of Agricultural Machinery (Nantwich) Limited is that of a dormant company.
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.
The bank facility is secured by a fixed and floating charge over all the assets of Cornthwaite Agricultural Limited, together with a 1st legal charge over that company's freehold land and properties, and a fixed and floating charge over all of the assets of 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).
The group has one (2024 - one) bank loan repayable by monthly instalments which carry interest rates of 3.15%.
Finance lease payments represent rentals payable by the company or group 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.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The group operates a number of defined contribution pension schemes. The pension cost charges represent contributions payable by the group to the funds.
The number of directors to whom retirement benefits are accruing under defined contribution schemes in respect of qualifying services - 5 (2024 - 5)
The company has given an unlimited guarantee in respect of the bank borrowings of its subsidiary companies, Cornthwaite Agricultural Limited and Agricultural Machinery (Nantwich) Limited.
The guarantee is supported by a debenture on all companies and by legal charges over land and buildings owned by Cornthwaite Agricultural Limited.
At the year end the potential liability amounted to £248,755 (2024 - £419,845).
The company, together with Cornthwaite Agricultural Limited, has given a limited guarantee of £1,275,000 in respect of 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).
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date: