REGISTERED NUMBER: 00223352 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

JAMES MORTIMER,LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs L M Rowley

S R W Rowley

Miss G E Beevers

REGISTERED OFFICE:

Unit 13

Pexton Road

Kelleythorpe Industrial Estate

Driffield

East Yorkshire

YO25 9DJ

REGISTERED NUMBER:

00223352 (England and Wales)

AUDITORS:

BCO Accountants LLP

Chartered Certified Accountants

and Statutory Auditors

Driffield

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The results for the period and financial position of the company are as shown in the annexed financial statements.

The key financial highlights are as follows:

2026

2025

2024

2023

£

£

£

£

Turnover

27,776

28,885

35,579

42,340

Gross profit

1,739

1,290

1,384

1,543

Profit before tax

409

443

602

886

Cash reserves

1,416

1,900

2,151

2,011

Net assets

3,358

3,106

4,666

4,350

The directors of the company consider the results for the year to be satisfactory given the difficult trading conditions during the year. The directors made good use of markets to ensure that deals were made on a profitable basis.

The directors expect trading to continue being difficult in the current year in view of the volatility of grain prices but believe they have the experience and asset backing to ensure that the company will be in a position to continue trading profitably.

KEY PERFORMANCE INDICATORS

2026

2025

2024

2023

Growth in Revenue

(4)%

(19)%

(16)%

55%

Gross Profit Margin

6%

4%

4%

4%

Net Profit Margin

1%

2%

2%

2%

FUTURE DEVELOPMENTS

In view of the company's continued successful financial results the directors will continue the same business model as previously and expect to continue trading at the same levels as in previous years.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance for the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure risk to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank current and deposit accounts.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:

S R W Rowley - Director

1 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of corn and seed merchants.

DIVIDENDS

Interim dividends of £nil were paid on the ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2026 will be £nil (2025 - £1,261,707).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Mrs L M Rowley

S R W Rowley

Miss G E Beevers

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

S R W Rowley - Director

1 July 2026

Opinion

We have audited the financial statements of James Mortimer,Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to:

- Financial Reporting Standard 102

- Companies Act 2006

- health and safety

- trade assurance schemes

We assessed the risks of material misstatement in respect of fraud through discussions with directors.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquiries were made of management and we corroborated our enquiries by reviewing the company's health and safety manual and external trade assurance scheme compliance records.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the risk of fraud to be low. Accounting policies were reviewed and an element of unpredictability was included in our audit procedures.

We consider that the nature, timing and extent of audit procedures performed increases the likelihood of detection of any irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Nicola Jayne Lyon FCCA (Senior Statutory Auditor)

for and on behalf of BCO Accountants LLP

Chartered Certified Accountants

and Statutory Auditors

Driffield

3 August 2026

TURNOVER

3

27,775,650

28,884,841

Cost of sales

(26,038,836

)

(27,594,828

)

GROSS PROFIT

1,736,814

1,290,013

Administrative expenses

(1,336,858

)

(849,344

)

399,956

440,669

Other operating income

7,040

6,212

OPERATING PROFIT

5

406,996

446,881

Interest receivable and similar income

6,864

4,088

413,860

450,969

Interest payable and similar expenses

6

(5,019

)

(7,599

)

PROFIT BEFORE TAXATION

408,841

443,370

Tax on profit

7

(156,318

)

(135,262

)

PROFIT FOR THE FINANCIAL YEAR

252,523

308,108

PROFIT FOR THE YEAR

252,523

308,108

OTHER COMPREHENSIVE INCOME

Purchase of own shares

-

(606,150

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(606,150

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

252,523

(298,042

)

FIXED ASSETS

Tangible assets

9

1,916,967

1,322,633

CURRENT ASSETS

Stocks

10

116,154

215,442

Debtors

11

2,475,586

2,615,827

Cash at bank and in hand

1,416,219

1,900,131

4,007,959

4,731,400

CREDITORS

Amounts falling due within one year

12

(2,061,126

)

(2,571,074

)

NET CURRENT ASSETS

1,946,833

2,160,326

TOTAL ASSETS LESS CURRENT LIABILITIES

3,863,800

3,482,959

CREDITORS

Amounts falling due after more than one year

13

(51,184

)

(79,184

)

PROVISIONS FOR LIABILITIES

17

(454,470

)

(298,152

)

NET ASSETS

3,358,146

3,105,623

CAPITAL AND RESERVES

Called up share capital

18

2,240

2,240

Capital redemption reserve

19

7,060

7,060

Retained earnings

19

3,348,846

3,096,323

SHAREHOLDERS' FUNDS

3,358,146

3,105,623

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

S R W Rowley - Director

Mrs L M Rowley - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

2,520

4,656,352

6,780

4,665,652

Changes in equity

Reduction in share capital

(280

)

-

-

(280

)

Dividends

-

(1,261,707

)

-

(1,261,707

)

Total comprehensive income

-

(298,322

)

280

(298,042

)

Balance at 31 March 2025

2,240

3,096,323

7,060

3,105,623

Changes in equity

Total comprehensive income

-

252,523

-

252,523

Balance at 31 March 2026

2,240

3,348,846

7,060

3,358,146

1.	STATUTORY INFORMATION

James Mortimer Limited is registered in England and Wales. Its company registration number is 00223352. The company is a private company limited by shares. The registered office of the company is Unit 13, Pexton Road, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ. The principal activities of the company in the year under review were that of corn and seed merchants.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

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.

Turnover

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

Turnover is recognised when the goods are physically delivered to the customer.

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 of tangible fixed assets is provided on the straight line basis in order to write off the valuation/cost of each asset over its estimated useful life as follows:

Per annum

%

Plant and machinery

7.5

Fixtures, fittings and office equipment

10-25

Motor vehicles

25

Stocks

Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

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

2026

2025

£

£

Sale of goods

25,642,887

27,123,177

Services

2,132,763

1,761,664

27,775,650

28,884,841

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

717,402

615,345

Social security costs

84,051

61,686

Other pension costs

58,758

71,368

860,211

748,399

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

2026

2025

Management and administration

6

6

Sales and distribution

18

16

24

22

2026

2025

£

£

Directors' remuneration

105,774

113,978

Directors' pension contributions to money purchase schemes

23,481

33,080

5.	OPERATING PROFIT

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

2026

2025

£

£

Depreciation - owned assets

350,651

433,199

Depreciation - assets on hire purchase contracts

617

-

Profit on disposal of fixed assets

(17,979

)

(2,750

)

Auditors' remuneration

14,000

14,000

Auditors' remuneration for non audit work

5,520

8,980

Operating leases

18,349

9,938

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Other loan interest

4,920

7,417

PAYE interest

15

-

VAT interest

-

29

Corporation tax interest

-

153

Hire purchase

84

-

5,019

7,599

7.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

-

150,018

Deferred tax charge

156,318

(14,756

)

Tax on profit

156,318

135,262

UK corporation tax has been charged at 25% (2025 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

408,841

443,370

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

102,210

110,843

Effects of:

Expenses not deductible for tax purposes

40,655

27,562

Capital allowances in excess of depreciation

-

(2,072

)

Depreciation in excess of capital allowances

523

-

Group loss relief

-

(1,071

)

Tax losses not yet utilised

12,930

-

tax

Total tax charge

156,318

135,262

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2026.

2025

Gross

Tax

Net

£

£

£

Purchase of own shares

(606,150

)

-

(606,150

)

The net reversal of deferred tax liabilities expected to occur in the next year is £121,180. This expected reversal is due to the movement in the accelerated capital allowances timing differences.

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

-

1,261,707

9.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

Plant and

office

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

1,559,192

73,331

1,318,255

2,950,778

Additions

880,831

9,631

61,090

951,552

Disposals

-

-

(68,213

)

(68,213

)

At 31 March 2026

2,440,023

82,962

1,311,132

3,834,117

DEPRECIATION

At 1 April 2025

783,952

38,683

805,510

1,628,145

Charge for year

119,610

4,672

226,986

351,268

Eliminated on disposal

-

-

(62,263

)

(62,263

)

At 31 March 2026

903,562

43,355

970,233

1,917,150

NET BOOK VALUE

At 31 March 2026

1,536,461

39,607

340,899

1,916,967

At 31 March 2025

775,240

34,648

512,745

1,322,633