REGISTERED NUMBER: 03775484

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2025

FOR

EMYR EVANS A'I GWMNI CYF

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr E. Evans

Mrs G. E. Evans

Mr R. G. Evans

Mr B. O. Evans

SECRETARY:

Mrs G. E. Evans

REGISTERED OFFICE:

19 Gorseddfa

Criccieth

Gwynedd

LL52 0DW

REGISTERED NUMBER:

03775484

SENIOR STATUTORY AUDITOR:

Mr E. R. Williams

AUDITORS:

Richard Williams & Co

Chartered Accountants

The Old Police Station

Gaerwen

Anglesey

LL60 6BL

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

REVIEW OF BUSINESS

The company has had a successful trading year and was able to maintain its market share in a competitive market.

The overall result of the Company shows that it is placed in a good and strong position.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties that face the company relate to foreign exchange movements which may affect the cost of it's stock.

.

The other risks relate to the economic uncertainties within the agricultural industry.

CORPORATE RESPONSIBILITY

The company follows a specific health, safety and environmental procedures.

Operations also ensure that policies and actions closely follow industry best practice.

ON BEHALF OF THE BOARD:

Mr E. Evans - Director

24th August 2026

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

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 5.60 per share.

The total distribution of dividends for the year ended 30th November 2025 will be £ 56,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st December 2024 to the date of this report.

Mr E. Evans

Mrs G. E. Evans

Mr R. G. Evans

Mr B. O. Evans

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' Report 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.

AUDITORS

The auditors, Richard Williams & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr E. Evans - Director

24th August 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, 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 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.

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 Directors' Report.

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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Assessing the design and implementation of controls which management has in place, to prevent and detect fraud.

Challenging the assumptions and judgement made by management where significant accounting estimates were made, such as the useful economic lives of assets and residual values.

Assessing the extent of compliance with relevant laws and regulation as part of our procedures on the related financial statement.

In assessing the potential risk of material misstatement, we obtained an understanding of the company's operations.

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.

Mr E. R. Williams (Senior Statutory Auditor)

for and on behalf of Richard Williams & Co

Chartered Accountants

The Old Police Station

Gaerwen

Anglesey

LL60 6BL

24th August 2026

TURNOVER

32,905,223

25,101,302

Cost of sales

29,124,986

21,772,349

GROSS PROFIT

3,780,237

3,328,953

Administrative expenses

2,563,695

2,805,784

OPERATING PROFIT

3

1,216,542

523,169

Interest receivable and similar income

123,098

87,017

PROFIT BEFORE TAXATION

1,339,640

610,186

Tax on profit

4

256,693

86,803

PROFIT FOR THE FINANCIAL YEAR

1,082,947

523,383

PROFIT FOR THE YEAR

1,082,947

523,383

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,082,947

523,383

FIXED ASSETS

Tangible assets

6

3,942,945

3,725,916

Investments

7

1,301,000

-

5,243,945

3,725,916

CURRENT ASSETS

Stocks

8

5,721,543

5,655,636

Debtors

9

2,071,496

1,311,997

Cash at bank and in hand

2,595,625

2,744,274

10,388,664

9,711,907

CREDITORS

Amounts falling due within one year

10

4,246,643

3,086,286

NET CURRENT ASSETS

6,142,021

6,625,621

TOTAL ASSETS LESS CURRENT LIABILITIES

11,385,966

10,351,537

PROVISIONS FOR LIABILITIES

11

245,241

237,759

NET ASSETS

11,140,725

10,113,778

CAPITAL AND RESERVES

Called up share capital

12

100

100

Revaluation reserve

2,800,000

2,800,000

Retained earnings

8,340,625

7,313,678

SHAREHOLDERS' FUNDS

11,140,725

10,113,778

The financial statements were approved by the Board of Directors and authorised for issue on 24th August 2026 and were signed on its behalf by:

Mr E. Evans - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st December 2023

100

6,846,295

2,800,000

9,646,395

Changes in equity

Dividends

-

(56,000

)

-

(56,000

)

Total comprehensive income

-

523,383

-

523,383

Balance at 30th November 2024

100

7,313,678

2,800,000

10,113,778

Changes in equity

Dividends

-

(56,000

)

-

(56,000

)

Total comprehensive income

-

1,082,947

-

1,082,947

Balance at 30th November 2025

100

8,340,625

2,800,000

11,140,725

Cash flows from operating activities

Cash generated from operations

1

1,462,836

662,394

Accrual

8,776

23,584

Tax paid

(86,802

)

(84,409

)

Net cash from operating activities

1,384,810

601,569

Cash flows from investing activities

Purchase of tangible fixed assets

(420,713

)

(321,132

)

Purchase of fixed asset investments

(1,301,000

)

-

Sale of tangible fixed assets

125,000

-

Interest received

123,098

87,017

Net cash from investing activities

(1,473,615

)

(234,115

)

Cash flows from financing activities

Amount introduced by directors

121,156

856,001

Amount withdrawn by directors

(125,000

)

(3,577

)

Equity dividends paid

(56,000

)

(56,000

)

Net cash from financing activities

(59,844

)

796,424

(Decrease)/increase in cash and cash equivalents

(148,649

)

1,163,878

Cash and cash equivalents at beginning of year

2

2,744,274

1,580,396

Cash and cash equivalents at end of year

2

2,595,625

2,744,274

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

2025

2024

£

£

Profit before taxation

1,339,640

610,186

Depreciation charges

78,684

58,970

Finance income

(123,098

)

(87,017

)

1,295,226

582,139

Increase in stocks

(65,907

)

(278,946

)

(Increase)/decrease in trade and other debtors

(759,499

)

508,634

Increase/(decrease) in trade and other creditors

993,016

(149,433

)

Cash generated from operations

1,462,836

662,394

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 30th November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

2,595,625

2,744,274

Year ended 30th November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

2,744,274

1,580,396

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

2,744,274

(148,649

)

2,595,625

2,744,274

(148,649

)

2,595,625

Total

2,744,274

(148,649

)

2,595,625

1.	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.

Turnover

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

Tangible fixed assets

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

Leasehold property improvements over period of the lease per annum

Freehold Property 2% reducing balance

Motor vehicles 25% reducing balance

Plant, machinery and equipment 20% on cost

Fixtures and fittings 20% on cost

Stocks

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

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.

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.

Grants received

Grants received as a contribution towards specific expenditure on fixed assets are held in a deferred income account and recognised in the profit and loss account over the estimated life of the related asset or over the lease term as appropriate.

Other grants received are recognised in the profit and loss account so as to match them with the expenditure to which they are intended to contribute.

2.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,493,732

1,381,338

Other pension costs

32,470

501,183

1,526,202

1,882,521

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

2025

2024

Directors

4

4

Admin and other workers

33

34

37

38

2025

2024

£

£

Directors' remuneration

113,530

111,255

3.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

78,684

58,970

Auditors' remuneration

12,518

11,390

4.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

249,211

86,803

Deferred tax

7,482

-

Tax on profit

256,693

86,803

5.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

56,000

56,000

6.	TANGIBLE FIXED ASSETS

Short

Plant and

Building

leasehold

machinery

£

£

£

COST

At 1st December 2024

1,332,311

84,639

2,551,343

Additions

-

-

403,713

Disposals

(125,000

)

-

-

At 30th November 2025

1,207,311

84,639

2,955,056

DEPRECIATION

At 1st December 2024

86,100

84,639

371,017

Charge for year

3,496

-

21,803

At 30th November 2025

89,596

84,639

392,820

NET BOOK VALUE

At 30th November 2025

1,117,715

-

2,562,236

At 30th November 2024

1,246,211

-

2,180,326

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st December 2024

119,254

588,147

4,675,694

Additions

17,000

-

420,713

Disposals

-

-

(125,000

)

At 30th November 2025

136,254

588,147

4,971,407

DEPRECIATION

At 1st December 2024

54,350

353,672

949,778

Charge for year

6,490

46,895

78,684

At 30th November 2025

60,840

400,567

1,028,462

NET BOOK VALUE

At 30th November 2025

75,414

187,580

3,942,945

At 30th November 2024

64,904

234,475

3,725,916

7.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

Additions

1,301,000

At 30th November 2025

1,301,000

NET BOOK VALUE

At 30th November 2025

1,301,000

8.

STOCKS

2025

2024

£

£

Stocks

5,721,543

5,655,636

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,974,161

1,311,997

VAT

97,335

-

2,071,496

1,311,997

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,707,372

1,476,905

Tax

249,212

86,803

VAT

-

237,451

Directors' current accounts

1,262,096

1,265,940

Accrued expenses

27,963

19,187

4,246,643

3,086,286

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

141,262

133,780

Other provisions

103,979

103,979

245,241

237,759

Deferred

Other

tax

provisions

£

£

Balance at 1st December 2024

133,780

103,979

Provided during year

7,482

-

Movement during the period

Balance at 30th November 2025

141,262

103,979

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

13.	RELATED PARTY DISCLOSURES

The controlling party is Mr E. Evans.