REGISTERED NUMBER: 16119089 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

SEVERALS HOLDINGS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

S R W Rowley

Mrs L M Rowley

REGISTERED OFFICE:

Unit 13

Pexton Road

Kelleythorpe

Driffield

YO25 9FR

REGISTERED NUMBER:

16119089 (England and Wales)

AUDITORS:

BCO Accountants LLP

Chartered Certified Accountants

and Statutory Auditors

Driffield

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

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

The key financial highlights are as follows:

2026

2025

£

£

Turnover

27,736

28,885

Gross profit

1,736

1,290

Profit before tax

849

439

Cash reserves

1,421

1,900

Net assets

4,639

4,199

The directors of the group consider the results for the year to be satisfactory.

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 group will be in a position to continue trading profitably.

KEY PERFORMANCE INDICATORS

2026

2025

Gross Profit Margin

6%

4%

Net Profit Margin

3%

2%

FUTURE DEVELOPMENTS

In view of the group'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 group'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 group's operations.

Due to the nature of the financial instruments used by the group there is no exposure risk to price risk. The group'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 and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of corn and seed merchants.

DIVIDENDS

Interim dividends of £134,415 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 £134,415 (2025 - £102,500).

DIRECTORS

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

S R W Rowley

Mrs L M Rowley

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Severals Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 (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

(26,042,161

)

(27,594,828

)

GROSS PROFIT

1,733,489

1,290,013

Administrative expenses

(899,966

)

(853,344

)

833,523

436,669

Other operating income

4

13,332

6,212

OPERATING PROFIT

6

846,855

442,881

Interest receivable and similar income

6,864

4,088

853,719

446,969

Interest payable and similar expenses

7

(5,019

)

(7,599

)

PROFIT BEFORE TAXATION

848,700

439,370

Tax on profit

8

(274,236

)

(151,036

)

PROFIT FOR THE FINANCIAL YEAR

574,464

288,334

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

574,464

288,334

Profit attributable to:

Owners of the parent

574,464

288,334

Total comprehensive income attributable to:

Owners of the parent

574,464

288,334

FIXED ASSETS

Tangible assets

11

4,100,630

2,538,301

Investments

12

-

-

4,100,630

2,538,301

CURRENT ASSETS

Stocks

13

122,144

215,442

Debtors

14

1,897,537

2,615,827

Cash at bank and in hand

1,421,229

1,900,131

3,440,910

4,731,400

CREDITORS

Amounts falling due within one year

15

(2,387,574

)

(2,677,574

)

NET CURRENT ASSETS

1,053,336

2,053,826

TOTAL ASSETS LESS CURRENT LIABILITIES

5,153,966

4,592,127

CREDITORS

Amounts falling due after more than one year

16

(51,184

)

(79,184

)

PROVISIONS FOR LIABILITIES

20

(463,716

)

(313,926

)

NET ASSETS

4,639,066

4,199,017

CAPITAL AND RESERVES

Called up share capital

21

2,240

2,240

Capital redemption reserve

22

7,060

7,060

Retained earnings

22

4,629,766

4,189,717

SHAREHOLDERS' FUNDS

4,639,066

4,199,017

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

FIXED ASSETS

Tangible assets

11

2,183,663

1,215,668

Investments

12

2,240

2,240

2,185,903

1,217,908

CURRENT ASSETS

Stocks

13

5,990

-

Debtors

14

6,427

-

Cash at bank

5,010

-

17,427

-

CREDITORS

Amounts falling due within one year

15

(910,924

)

(106,500

)

NET CURRENT LIABILITIES

(893,497

)

(106,500

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,292,406

1,111,408

PROVISIONS FOR LIABILITIES

20

(9,246

)

(15,774

)

NET ASSETS

1,283,160

1,095,634

CAPITAL AND RESERVES

Called up share capital

21

2,240

2,240

Retained earnings

22

1,280,920

1,093,394

SHAREHOLDERS' FUNDS

1,283,160

1,095,634

Company's profit for the financial year

321,941

1,195,894

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 4 December 2024

-

4,003,883

7,060

4,010,943

Changes in equity

Issue of share capital

2,240

-

-

2,240

Dividends

-

(102,500

)

-

(102,500

)

Total comprehensive income

-

288,334

-

288,334

Balance at 31 March 2025

2,240

4,189,717

7,060

4,199,017

Changes in equity

Dividends

-

(134,415

)

-

(134,415

)

Total comprehensive income

-

574,464

-

574,464

Balance at 31 March 2026

2,240

4,629,766

7,060

4,639,066

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

2,240

-

2,240

Dividends

-

(102,500

)

(102,500

)

Total comprehensive income

-

1,195,894

1,195,894

Balance at 31 March 2025

2,240

1,093,394

1,095,634

Changes in equity

Dividends

-

(134,415

)

(134,415

)

Total comprehensive income

-

321,941

321,941

Balance at 31 March 2026

2,240

1,280,920

1,283,160

Cash flows from operating activities

Cash generated from operations

1

1,837,789

1,173,690

Interest paid

(4,935

)

(7,599

)

Interest element of hire purchase payments paid

(84

)

-

Tax paid

(180,275

)

(154,688

)

Net cash from operating activities

1,652,495

1,011,403

Cash flows from investing activities

Purchase of tangible fixed assets

(1,967,620

)

(428,557

)

Sale of tangible fixed assets

23,929

2,750

Interest received

6,864

4,088

Net cash inflow from acquisitions

-

2,150,833

Net cash from investing activities

(1,936,827

)

1,729,114

Cash flows from financing activities

Loan repayments in year

(40,371

)

(37,874

)

Hire purchase repayments in year

(408

)

-

Amount introduced by directors

5,484

7,500

Amount withdrawn by directors

(24,860

)

(55,043

)

Share buyback (subsidiary)

-

(606,430

)

Equity dividends paid

(134,415

)

(148,539

)

Net cash from financing activities

(194,570

)

(840,386

)

(Decrease)/increase in cash and cash equivalents

(478,902

)

1,900,131

Cash and cash equivalents at beginning of year

2

1,900,131

-

Cash and cash equivalents at end of year

2

1,421,229

1,900,131

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

Period

4/12/24

Year ended

to

31/3/26

31/3/25

£

£

Profit before taxation

848,700

439,370

Depreciation charges

418,941

433,199

Profit on disposal of fixed assets

(17,979

)

(2,750

)

Finance costs

5,019

7,599

Finance income

(6,864

)

(4,088

)

1,247,817

873,330

Decrease in stocks

93,298

151,913

Decrease/(increase) in trade and other debtors

748,547

(3,391

)

(Decrease)/increase in trade and other creditors

(251,873

)

151,838

Cash generated from operations

1,837,789

1,173,690

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

1,421,229

1,900,131

Period ended 31 March 2025

31/3/25

4/12/24

£

£

Cash and cash equivalents

1,900,131

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1/4/25

Cash flow

changes

At 31/3/26

£

£

£

£

Net cash

Cash at bank

and in hand

1,900,131

(478,902

)

1,421,229

1,900,131

(478,902

)

1,421,229

Debt

Finance leases

-

408

-

(19,192

)

Debts falling due

within 1 year

(40,635

)

(1,921

)

-

(42,556

)

Debts falling due

after 1 year

(79,184

)

42,292

-

(36,892

)

(119,819

)

40,779

-

(98,640

)

Total

1,780,312

(438,123

)

-

1,322,589

1.	STATUTORY INFORMATION

Severals Holdings Ltd ("the Company") is a private company limited by shares. The Company is incorporated and domiciled in England and Wales. Its company registration number is 16119089. The registered office of the company is Unit 13, Pexton Road, Kelleythorpe, Driffield, East Yorkshire, YO25 9FR.

The group consists of Severals Holdings Ltd and its subsidiary company.

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.

Basis of consolidation

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Judgements and key sources of estimation uncertainty

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.

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.