REGISTERED NUMBER: 03927388 (England and Wales)

HORIZONS AGRICULTURE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

to

22

DIRECTORS:

Mrs S J Needham

A P Needham

REGISTERED OFFICE:

Chestnut Court

Stubton Road

Brandon

Grantham

Lincolnshire

NG32 2AX

REGISTERED NUMBER:

03927388 (England and Wales)

SENIOR STATUTORY AUDITOR:

Theo Banos BA FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BANKERS:

Barclays Bank

Leicester

Leicestershire

LE87 2BB

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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the non-complex nature of our business.

REVIEW OF BUSINESS

The company's principal activity is the sale of chemical products. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit and profit before tax, as shown on the Statement of Comprehensive Income.

Turnover has decreased 7.60% (2025 - 6.84%) from the previous year. The company continues to be profitable and the balance sheet remains strong with net assets of £6,149,623 (2025 - £5,680,587).

KEY PERFORMANCE INDICATORS

2026

2025

% inc/(dec)

£'000

£'000

Revenue

14,252

15,424

(7.60

)

Gross profit

920

929

(1.01

)

Gross profit %

6.46

6.03

Net profit before taxation

817

912

(10.41

)

Net profit before taxation %

5.73

5.91

In view of the straight forward nature of the business, we do not consider that any more detailed financial analysis is necessary for an understanding of the development, performance and position of the company.

Overall, the directors are pleased with the performance in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise sterling cash and bank deposits, together with trade debtors and trade creditors that arise directly from its operations.

The main risk arising from the company's financial instruments can be analysed as follows:

Liquidity risk

The company's policy has been to ensure continuity of funding through maintaining a reasonable bank balance.

Credit risk

The company's principal financial assets are bank balances and cash which represent the company's maximum exposure to credit risk in relation to financial assets.

The credit risk on liquid funds is limited as the company has no significant concentration of credit risk, with exposure spread over a large number of customers.

Market risk

As for many of our customers and competitors, the business environment in which we operate continues to be challenging due to a number of market conditions. We believe the company is able to continue to meet the challenges within the current environment due to its well established business operations and strong reputation.

ON BEHALF OF THE BOARD:

Mrs S J Needham - Director

23 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the wholesale of chemical products.

DIVIDENDS

An interim dividend of £75,000 per share was paid on 17 June 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2026 will be £ 150,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mrs S J Needham

A P Needham

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:

Mrs S J Needham - Director

23 July 2026

Opinion

We have audited the financial statements of Horizons Agriculture Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 January 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase reported profitability and management bias in accounting estimates and judgemental areas of the financial statements such as depreciation policies. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Theo Banos BA FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

1 September 2026

TURNOVER

3

14,251,869

15,423,753

Cost of sales

13,331,782

14,494,320

GROSS PROFIT

920,087

929,433

Administrative expenses

243,296

185,522

676,791

743,911

Other operating income

4,049

46,537

OPERATING PROFIT

5

680,840

790,448

Income from fixed asset investments

15,655

-

Interest receivable and similar income

124,455

122,919

140,110

122,919

820,950

913,367

Interest payable and similar expenses

6

4,338

1,867

PROFIT BEFORE TAXATION

816,612

911,500

Tax on profit

7

197,576

218,655

PROFIT FOR THE FINANCIAL YEAR

619,036

692,845

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

619,036

692,845

FIXED ASSETS

Tangible assets

9

417,277

869,463

Investments

10

488,417

-

Investment property

11

720,000

720,000

1,625,694

1,589,463

CURRENT ASSETS

Stocks

12

1,662,725

859,309

Debtors

13

469,175

416,268

Cash at bank

4,218,153

3,769,277

6,350,053

5,044,854

CREDITORS

Amounts falling due within one year

14

1,712,438

809,708

NET CURRENT ASSETS

4,637,615

4,235,146

TOTAL ASSETS LESS CURRENT LIABILITIES

6,263,309

5,824,609

PROVISIONS FOR LIABILITIES

16

113,686

144,022

NET ASSETS

6,149,623

5,680,587

CAPITAL AND RESERVES

Called up share capital

17

2

2

Fair value reserve

18

304,745

373,224

Retained earnings

18

5,844,876

5,307,361

SHAREHOLDERS' FUNDS

6,149,623

5,680,587

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2026 and were signed on its behalf by:

Mrs S J Needham - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2024

2

4,714,516

373,224

5,087,742

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

692,845

-

692,845

Balance at 31 January 2025

2

5,307,361

373,224

5,680,587

Changes in equity

Dividends

-

(150,000

)

-

(150,000

)

Total comprehensive income

-

687,515

(68,479

)

619,036

Balance at 31 January 2026

2

5,844,876

304,745

6,149,623

Cash flows from operating activities

Cash generated from operations

1

735,862

945,410

Interest paid

(4,338

)

(1,867

)

Tax paid

(210,727

)

(176,474

)

Net cash from operating activities

520,797

767,069

Cash flows from investing activities

Purchase of tangible fixed assets

(62,147

)

(260,000

)

Purchase of fixed asset investments

(515,655

)

-

Sale of tangible fixed assets

438,466

150,000

Sale of fixed asset investments

-

192,048

Interest received

124,455

122,919

Dividends received

15,655

-

Net cash from investing activities

774

204,967

Cash flows from financing activities

Amount introduced by directors

151,046

100,169

Amount withdrawn by directors

(73,741

)

(127,303

)

Equity dividends paid

(150,000

)

(100,000

)

Net cash from financing activities

(72,695

)

(127,134

)

Increase in cash and cash equivalents

448,876

844,902

Cash and cash equivalents at beginning of year

2

3,769,277

2,924,375

Cash and cash equivalents at end of year

2

4,218,153

3,769,277

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

2026

2025

£

£

Profit before taxation

816,612

911,500

Depreciation charges

59,286

66,305

Loss/(profit) on disposal of fixed assets

16,581

(71,357

)

(Gains)/losses on investments

27,238

(8,707

)

Finance costs

4,338

1,867

Finance income

(140,110

)

(122,919

)

783,945

776,689

(Increase)/decrease in stocks

(803,416

)

327,141

Increase in trade and other debtors

(104,781

)

(107,729

)

Increase/(decrease) in trade and other creditors

860,114

(50,691

)

Cash generated from operations

735,862

945,410

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

4,218,153

3,769,277

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

3,769,277

2,924,375

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank

3,769,277

448,876

4,218,153

3,769,277

448,876

4,218,153

Total

3,769,277

448,876

4,218,153

1.	STATUTORY INFORMATION

Horizons Agriculture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the fair value of consideration received for net invoiced sales of chemicals, secretarial fees and contracting services, excluding value added tax, as well as rents received from the company's investment properties.

Sales of chemicals are recognised on despatch and revenue from secretarial fees and contracting services are recognised on the day the work is undertaken. Revenue from rents is recognised in the period receivable.

Tangible fixed assets

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

Freehold property

-

Nil

Improvements to property

-

Nil

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 20% on reducing balance

Freehold property is held at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. All other tangible fixed assets are held at cost less accumulated depreciation.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Fixed asset investments

Fixed asset investments are initially recognised at cost and are subsequently revalued to fair value at each financial reporting date, with movements through the statement of comprehensive income.

3.

TURNOVER

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

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

2026

2025

£

£

Wholesale of chemical products

14,133,089

15,320,750

Contracting

83,226

60,853

Secretarial fees

35,554

42,150

14,251,869

15,423,753

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

147,532

185,334

Social security costs

6,345

5,304

Other pension costs

4,672

9,813

158,549

200,451

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

2026

2025

Directors

2

2

Employees

3

4

5

6

2026

2025

£

£

Directors' remuneration

11,700

20,475

5.	OPERATING PROFIT

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

2026

2025

£

£

Depreciation - owned assets

59,286

66,305

Loss/(profit) on disposal of fixed assets

16,581

(71,357

)

Auditors' remuneration

11,000

10,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank charges

1,973

1,867

Other interest

2,365

-

4,338

1,867

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

227,912

210,727

Deferred tax

(30,336

)

7,928

Tax on profit

197,576

218,655

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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

816,612

911,500

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

204,153

227,875

Effects of:

Expenses not deductible for tax purposes

10,829

6,374

Capital allowances in excess of depreciation

-

(28,763

)

Depreciation in excess of capital allowances

12,930

-

Deferred tax movement

(30,336

)

13,169

Total tax charge

197,576

218,655

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1 each

Interim

150,000

100,000