Company No: 00508027 (England and Wales)

Contents

• Company Information
• Group Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Consolidated Profit and Loss Account
• Consolidated Statement of Comprehensive Income
• Consolidated Balance Sheet
• Company Balance Sheet
• Consolidated Statement of Changes in Equity
• Company Statement of Changes in Equity
• Consolidated Statement of Cash Flows
• Notes to the Consolidated Financial Statements

DIRECTORS	D R Hawes
	J S Hawes
	R S Hawes

SECRETARY

N Hawes

REGISTERED OFFICE	Unit 2 Bellinger Close
	Chippenham
	SN15 1BN
	United Kingdom

BUSINESS ADDRESS	19 Love Lane
	Cirencester
	Gloucestershire
	GL7 1YG

COMPANY NUMBER

00508027 (England and Wales)

AUDITOR	Old Mill Audit Limited
	Statutory Auditor
	Unit 2
	Greenways Business Park
	Bellinger Close
	Chippenham
	Wiltshire
	SN15 1BN

The directors present their Strategic Report for the financial year ended 30 September 2025.

REVIEW OF THE BUSINESS

Watermoor Meat Supply Limited had a year end of 30 September 2025 . The group achieved a profit before tax of £532,340 (2024: £515,261). Turnover has increased by £2,331,546 (24%) compared to the previous year. Gross margin increased to 51.4% (2024: 50.2%). Shareholders’ funds of £3,539,041 (2024: £3,202,909) have been retained at the year end.

The directors are determined to continue with the progress made in 2025; cost controls and significant investment during the year will assist to improve efficiencies and ensure a continuation of the company’s profitability.

In June 25 & July 25 we opened two new stores in Oxford city centre, our first city location & The Cotswold designer outlet centre, our first outlet centre, to further develop the offering to the local area.

KEY PERFORMANCE INDICATORS ('KPIS')

The directors monitor the performance of the company by preparing annual budgets in advance and using a number of financial and other key performance indicators, including:
- Turnover
- Gross profit margin
- Stock levels

PRINCIPAL RISKS AND UNCERTAINTIES

The principal business risks faced by the company are explosive growth – opening 2 new sites in the year.
The company manages these risks by managing cashflow weekly
The company has increased focus on its Prime cost control and financial modelling.

FUTURE DEVELOPMENTS

The directors are committed to building on the progress made in 2025 through the opening of new sites, closely monitoring site performance, and continuing to identify further opportunities.

Approved by the Board of Directors and signed on its behalf by:

D R Hawes Director

Unit 2 Bellinger Close
Chippenham
SN15 1BN
United Kingdom

28 August 2026

The directors present their annual report on the affairs of the Company and the Group, together with the financial statements and auditors’ report, for the financial year ended 30 September 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Group during the financial year was the sale of meats and fish products in specialised stores and the production and sale of baked goods.

GOING CONCERN

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £11,815,614 (2024: £9,484,068). The Group earned a profit after taxation totalling £348,556 (2024: £321,411).

The net current liability position of the Group as at the financial year end amounted to £1,177,179 (2024: net current liability £991,294). This is primarily due to increased investment throughout the year with the intention of growing the group.

The net asset position of the Group as at the financial year end amounted to £3,502,686 (2024: net asset £3,190,104).

DIVIDENDS

The directors paid a dividend of £74,856 in the current financial year (2024: £92,410).

FUTURE DEVELOPMENTS

Details of future developments can be found in the Strategic Report.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.

Cash flow risk

The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates, the volume of these transactions is small and is not considered a material risk.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The Group's principal financial assets are bank balances and cash, trade debtors and other receivables, and investments.

The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are net of allowances for doubtful trade debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

D R Hawes
J S Hawes
R S Hawes

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.


Old Mill Audit Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

D R Hawes Director

Unit 2 Bellinger Close
Chippenham
SN15 1BN
United Kingdom

28 August 2026

The directors are responsible for preparing the annual 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 Group and of the profit or loss of the Group for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Opinion

We have audited the financial statements of Watermoor Meat Supply Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the financial year ended 30 September 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 25, including 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 of Watermoor Meat Supply Limited (the ‘Company’):
* Give a true and fair view of the state of the Company and Group's affairs as at 30 September 2025 and of the Group's profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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 auditor's 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 and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors’ Responsibilities Statement, 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 is 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 and 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 and Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor's report 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:

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial
statement disclosures to underlying supporting documentation, enquiries with management and review of quality inspection reports. There are inherent limitations in the audit procedures described above and, the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities,
including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations

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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Mills MSc BA ACA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited
Statutory Auditor

Unit 2
Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
SN15 1BN

08 September 2026

	Note	2025		2024
		£		£
				Restated - note 3
Turnover	4	11,815,614		9,484,068
Cost of sales		( 5,741,371)		( 4,725,937)
Gross profit		6,074,243		4,758,131
Administrative expenses		( 5,863,382)		( 4,316,587)
Other operating income		474,782		240,434
Operating profit		685,643		681,978
Interest receivable and similar income	5	0		9,267
Interest payable and similar expenses	5	( 153,303)		( 175,984)
Profit before taxation	6	532,340		515,261
Tax on profit	10	( 183,784)		( 193,850)
Profit for the financial year		348,556		321,411
Profit for the year attributable to:
Owners of the parent		372,126		299,413
Non-controlling interests		( 23,570)		21,998
		348,556		321,411

	Note	2025		2024
		£		£
				Restated - note 3
Profit for the financial year		348,556		321,411
Gain arising on fair value movement of tangible fixed assets excluding investment properties	13	38,862		0
Other comprehensive income		38,862		0
Total comprehensive income		387,418		321,411
Total comprehensive income attributable to:
Owners of the parent		410,988		299,413
Non-controlling interests		( 23,570)		21,998
		387,418		321,411

	Note	2025		2024
		£		£
				Restated - note 3
Fixed assets
Tangible assets	13	3,032,602		2,247,045
Investment property	14	3,869,916		3,655,576
Investments	15	0		1
		6,902,518		5,902,622
Current assets
Stocks	16	432,067		289,047
Debtors	17	765,386		573,866
Cash at bank and in hand	18	165,425		270,737
		1,362,878		1,133,650
Creditors: amounts falling due within one year	19	( 2,540,057)		( 2,124,944)
Net current liabilities		(1,177,179)		(991,294)
Total assets less current liabilities		5,725,339		4,911,328
Creditors: amounts falling due after more than one year	20	( 1,522,345)		( 1,200,069)
Provision for liabilities	21	( 700,308)		( 521,155)
Net assets		3,502,686		3,190,104
Capital and reserves	22
Called-up share capital		1,000		1,000
Revaluation reserve		308,735		269,873
Profit and loss account		3,229,306		2,932,036
Equity attributable to owners of the parent company		3,539,041		3,202,909
Non-controlling interests		( 36,355)		( 12,805)
		3,502,686		3,190,104

The financial statements of Watermoor Meat Supply Limited (registered number: 00508027) were approved and authorised for issue by the Board of Directors on 28 August 2026. They were signed on its behalf by:

D R Hawes Director

Unit 2 Bellinger Close
Chippenham
SN15 1BN
United Kingdom

28 August 2026

	Note	2025		2024
		£		£
				Restated - note 3
Fixed assets
Tangible assets	13	1,827,642		1,832,433
Investment property	14	3,869,916		3,655,576
Investments	15	81		81
		5,697,639		5,488,090
Current assets
Stocks	16	325,159		230,097
Debtors	17	982,372		888,496
Cash at bank and in hand	18	161,016		183,996
		1,468,547		1,302,589
Creditors: amounts falling due within one year	19	( 1,914,491)		( 1,897,403)
Net current liabilities		(445,944)		(594,814)
Total assets less current liabilities		5,251,695		4,893,276
Creditors: amounts falling due after more than one year	20	( 929,982)		( 1,181,127)
Provision for liabilities	21	( 579,437)		( 453,803)
Net assets		3,742,276		3,258,346
Capital and reserves	22
Called-up share capital		1,000		1,000
Revaluation reserve		308,735		269,873
Profit and loss account		3,432,541		2,987,473
Total shareholders' funds		3,742,276		3,258,346

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit of the parent company was £519,924 (2024: profit of £215,634).

The financial statements of Watermoor Meat Supply Limited (registered number: 00508027) were approved and authorised for issue by the Board of Directors on 28 August 2026. They were signed on its behalf by:

D R Hawes Director

Unit 2 Bellinger Close
Chippenham
SN15 1BN
United Kingdom

28 August 2026

	Called-up share capital		Revaluation reserve		Profit and loss account		Equity attributable to owners of parent company		Non-controlling interests		Total
	£		£		£		£		£		£
At 01 October 2023	1,000		297,384		2,697,522		2,995,906		( 34,803)		2,961,103
Profit for the financial year	0		0		299,413		299,413		21,998		321,411
Total comprehensive income	0		0		299,413		299,413		21,998		321,411
Dividends paid on equity shares (note 11)	0		0		( 92,410)		( 92,410)		0		( 92,410)
Transfer of deferred tax in relation to revaluation	0		( 27,511)		27,511		0		0		0
At 30 September 2024 (as restated)	1,000		269,873		2,932,036		3,202,909		( 12,805)		3,190,104
At 01 October 2024 (as previously stated)	1,000		2,218,065		1,128,381		3,347,446		( 12,805)		3,334,641
Prior year adjustment (note 3)	0		( 1,948,192)		1,803,655		( 144,537)		0		( 144,537)
At 01 October 2024 (as restated)	1,000		269,873		2,932,036		3,202,909		( 12,805)		3,190,104
Profit for the financial year	0		0		372,126		372,126		( 23,570)		348,556
Gain arising on fair value movement of tangible fixed assets excluding investment properties	0		38,862		0		38,862		0		38,862
Total comprehensive income	0		38,862		372,126		410,988		( 23,570)		387,418
Dividends paid on equity shares (note 11)	0		0		( 74,856)		( 74,856)		0		( 74,856)
Elimination of investment in subsidiaries	0		0		0		0		20		20
At 30 September 2025	1,000		308,735		3,229,306		3,539,041		( 36,355)		3,502,686

	Called-up share capital		Revaluation reserve		Profit and loss account		Total
	£		£		£		£
At 01 October 2023	1,000		297,384		2,836,738		3,135,122
Profit for the financial year	0		0		215,634		215,634
Transfer of deferred tax in relation to revaluation	0		( 27,511)		27,511		0
Total comprehensive income	0		( 27,511)		243,145		215,634
Dividends paid on equity shares (note 11)	0		0		( 92,410)		( 92,410)
At 30 September 2024 (as restated)	1,000		269,873		2,987,473		3,258,346
At 01 October 2024 (as previously stated)	1,000		2,218,065		1,183,819		3,402,884
Prior year adjustment (note 3)	0		( 1,948,192)		1,803,654		( 144,538)
At 01 October 2024 (as restated)	1,000		269,873		2,987,473		3,258,346
Profit for the financial year	0		0		519,924		519,924
Gain arising on fair value movement of tangible fixed assets excluding investment properties	0		38,862		0		38,862
Total comprehensive income	0		38,862		519,924		558,786
Dividends paid on equity shares (note 11)	0		0		( 74,856)		( 74,856)
At 30 September 2025	1,000		308,735		3,432,541		3,742,276

	2025		2024
	£		£
			Restated - note 3
Operating profit	685,643		681,978
Adjustment for:
Increase in fair value of investment property	( 156,069)		0
Depreciation and amortisation	297,271		258,329
Loss on sale of plant and equipment	59,685		0
Operating cash flows before movement in working capital	886,530		940,307
Increase in stocks	( 143,020)		( 43,658)
Increase in debtors	( 190,727)		( 41,134)
Increase in creditors	258,587		14,152
Cash generated by operations	811,370		869,667
Income taxes paid	( 5,426)		( 14,788)
Interest paid	( 153,303)		( 161,196)
Net cash flows from operating activities	652,641		693,683
Cash flows from investing activities
Proceeds from sale of plant and machinery	301		0
Purchase of plant and machinery	( 930,945)		( 349,871)
Interest received	0		9,267
Investment property additions	(58,271)		0
Net cash flows from investing activities	( 988,915)		( 340,604)
Cash flows from financing activities
Repayments of borrowings	( 369,182)		( 68,173)
New bank loans raised	675,000		0
Dividends paid	(74,856)		(92,410)
Net cash flows from financing activities	230,962		( 160,583)
Net (decrease)/increase in cash and cash equivalents	( 105,312)		192,496
Cash and cash equivalents at beginning of year	270,737		78,241
Cash and cash equivalents at end of year	165,425		270,737
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	165,425		260,916
Cash equivalents	0		9,821
Cash and cash equivalents at end of year	165,425		270,737

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Watermoor Meat Supply Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Group's registered office is Unit 2 Bellinger Close, Chippenham, SN15 1BN, United Kingdom. The principal place of business is 19 Love Lane, Cirencester, Gloucestershire, GL7 1YG.

The principal activities are set out in the Strategic Report.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Watermoor Meat Supply Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the group has net assets of £4,171,468. The group is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the group. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The Group financial statements consolidate the financial statements of the Group and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Turnover

Turnover represents amounts chargeable, net of VAT and trade discounts, in respect of goods sold to customers and is recognised on an accruals basis.

Other operating income

Rental income comprises monies received and receivable from investment property.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.

Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Group and the Group intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Intangible assets

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Leasehold improvements	depreciated over the life of the lease
Plant and machinery	10 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	10 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Group as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Group as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group's net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the Group reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Revaluation of properties

Individual freehold and leasehold properties are revalued to fair value every financial year with the surplus or deficit on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value with changes in fair value recognised through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year
of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Group’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Valuation of investment property

The fair value of the Group's investment property at 30 September 2025 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of the property being valued. The valuations performed conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.

The comparison approach was used for all investment properties which involved reviewing recent market evidence from the sales of similar properties during the financial year.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free financial years. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Key source of estimation on uncertainty – useful economic lives of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Key source of estimation uncertainty – impairment of intangible assets

Determining whether intangible assets are impaired requires an estimation of their value in use to the Group. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.

Key source of estimation uncertainty – bad debt provision

In assessing the recoverability of debtors, amounts falling due within one year, the directors have made the assumption that any impairment resulting from the non-recoverability of the debtors owed to the Group will not be in excess of the bad debt provision that has been put in place. The directors believe that the bad debt provision represents an appropriate estimate and as a result no further provisioning is required. The provision is based on reviews of specific balances, including, historic collectability and the aging of the balance.

3. Prior year adjustment

The directors have considered the classification of the properties and concluded that some properties meet the definition of investment property rather than freehold property. A prior period adjustment has therefore been recognised in respect of these properties, to give a truer and fairer view of the company's assets. This adjustment has resulted in an increase to investment property of £3,655,576 and a decrease in freehold property in tangible fixed assets of £3,655,576.

This has also resulted in a decrease in revaluation reserve in relation to the freehold property of £1,948,192 and an increase in profit and loss reserves of £1,948,192, and an adjustment required in relation to the provision for deferred tax of an increase in the provision of £144,537 resulting in a total increase in retained earnings of £1,803,655.

Group

		As previously reported		Adjustment		As restated
Year ended 30 September 2024		£		£		£
Tangible Fixed Assets		5,488,009		(3,655,576)		1,832,433
Investment Property		0		3,655,576		3,655,576
Provision for deferred tax		376,618		144,537		521,155
Revaluation Reserve		2,218,065		(1,948,192)		269,873
Retained Earnings		1,183,819		1,948,192		3,132,011

4. Turnover

Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.

Breakdown by business class

An analysis of the Group's turnover by class of business is set out below.

	2025		2024
	£		£
Butchery Sales	8,946,700		6,946,951
Bakery Sales	2,868,914		2,537,117
	11,815,614		9,484,068

Breakdown by geographical market:

An analysis of the Group's turnover by geographical market is set out below.

	2025		2024
	£		£
United Kingdom	11,815,614		9,484,068

5. Interest receivable and interest payable

	2025		2024
	£		£
Interest receivable and similar income	0		9,267
Interest payable and similar expenses	( 153,303)		( 175,984)
	(153,303)		(166,717)

6. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2025		2024
	£		£
Depreciation of tangible fixed assets (note 13)	291,920		258,329
Government grants	( 26,764)		( 21,764)
Operating lease rentals	130,354		167,275
Gain on fair value movement of investment property (note 14)	( 156,069)		0

7. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	2025		2024
	£		£
Fees payable to the Group’s auditor and its associates for the audit of the Group's annual financial statements:	14,000		19,000
Fees payable to the Group’s auditor and its associates for other services:
Audit of the accounts of subsidiaries	8,000		1,000
Other services	33,222		11,210
Total audit fees	55,222		31,210

8. Staff number and costs

	Group		Group		Company		Company
	2025		2024		2025		2024
	Number		Number		Number		Number
The average monthly number of employees (including directors) was:
Retail and administration	126		102		79		65

Their aggregate remuneration comprised:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Wages and salaries	3,060,385		2,431,649		1,870,575		1,538,703
Social security costs	236,598		188,669		162,981		120,713
Other retirement benefit costs	158,780		39,295		150,359		26,430
	3,455,763		2,659,613		2,183,915		1,685,846

9. Directors' remuneration

	2025		2024
	£		£
Directors' emoluments	120,264		75,084
Company contributions to money purchase pension schemes	380		380
	120,644		75,464

	2025		2024
	Number		Number
Members of a money purchase pension scheme	1		1

10. Tax on profit

	2025		2024
	£		£
Current tax on profit
UK corporation tax	0		0
Adjustments in respect of prior years
UK corporation tax	4,631		0
Total current tax	4,631		0
Deferred tax
Origination and reversal of timing differences	172,708		21,802
Capital gains	59,481		172,048
Losses and other deductions	(53,036)		0
Total deferred tax	179,153		193,850
Total tax on profit	183,784		193,850

Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

	2025		2024
	£		£
Profit before taxation	532,340		515,261
Tax on profit at standard UK corporation tax rate of 25% (2024: 25%)	133,085		128,815
Effects of:
Expenses not deductible for tax purposes	12,822		64,831
Income not taxable in determining taxable profit	( 39,017)		0
Utilisation of tax losses not previously recognised	0		( 156,124)
Adjustments in respect of prior years	4,631		0
Capital allowances	0		(37,522)
Chargable gains	59,481		0
Fixed asset differences	18,246		0
Unrecognised deferred tax movement	(5,464)		0
Total tax charge for year	183,784		0

11. Dividends on equity shares

	2025		2024
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 30 September 2025 of £74.856 (2024: £92.41) per ordinary share	74,856		92,410

12. Intangible assets

Group

	Goodwill		Total
	£		£
Cost
At 01 October 2024	21,750		21,750
Disposals	( 21,750)		( 21,750)
At 30 September 2025	0		0
Accumulated amortisation
At 01 October 2024	21,750		21,750
Disposals	( 21,750)		( 21,750)
At 30 September 2025	0		0
Net book value
At 30 September 2025	0		0
At 30 September 2024	0		0

Company

	Goodwill		Total
	£		£
Cost
At 01 October 2024	21,750		21,750
Disposals	( 21,750)		( 21,750)
At 30 September 2025	0		0
Accumulated amortisation
At 01 October 2024	21,750		21,750
Disposals	( 21,750)		( 21,750)
At 30 September 2025	0		0
Net book value
At 30 September 2025	0		0
At 30 September 2024	0		0

13. Tangible assets

Group

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£		£
Cost
At 01 October 2024	401,302		1,375,272		1,697,395		500,238		372,755		60,526		16,941		4,424,429
Additions	0		708,407		78,799		71,976		226,387		7,611		10,772		1,103,952
Revaluations	38,863		0		0		0		0		0		0		38,863
Disposals	( 59,729)		( 430)		0		0		0		0		0		( 60,159)
At 30 September 2025	380,436		2,083,249		1,776,194		572,214		599,142		68,137		27,713		5,507,085
Accumulated depreciation
At 01 October 2024	0		503,850		1,192,565		308,207		110,382		59,361		3,019		2,177,384
Charge for the financial year	0		125,563		66,901		61,742		36,992		4,055		2,019		297,272
Disposals	0		( 173)		0		0		0		0		0		( 173)
At 30 September 2025	0		629,240		1,259,466		369,949		147,374		63,416		5,038		2,474,483
Net book value
At 30 September 2025	380,436		1,454,009		516,728		202,265		451,768		4,721		22,675		3,032,602
At 30 September 2024	401,302		871,422		504,830		192,031		262,373		1,165		13,922		2,247,045
Leased assets included above:
Net book value
At 30 September 2025	28,323		0		36,167		184,451		125,035		0		0		373,976
At 30 September 2024	0		0		40,185		100,803		56,201		0		0		197,189

Company

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 October 2024	341,221		1,290,150		1,697,395		449,768		60,526		3,839,060
Additions	0		0		78,799		50,333		7,611		136,743
Revaluations	38,863		0		0		0		0		38,863
Disposals	0		( 430)		0		0		0		( 430)
At 30 September 2025	380,084		1,289,720		1,776,194		500,101		68,137		4,014,236
Accumulated depreciation
At 01 October 2024	0		481,384		1,192,565		273,317		59,361		2,006,627
Charge for the financial year	0		60,703		66,901		48,481		4,055		180,140
Disposals	0		( 173)		0		0		0		( 173)
At 30 September 2025	0		541,914		1,259,466		321,798		63,416		2,186,594
Net book value
At 30 September 2025	380,084		747,806		516,728		178,303		4,721		1,827,642
At 30 September 2024	341,221		808,766		504,830		176,451		1,165		1,832,433
Leased assets included above:
Net book value
At 30 September 2025	0		0		36,167		164,161		0		200,328
At 30 September 2024	0		0		40,185		100,803		0		140,988

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Fisher German MRICS, an independent valuer, to fair value at 23 July 2025, with subsequent additions at cost, which the directors consider reflect fair value.

Freehold land and buildings with a carrying amount of £4.3 million (2024: £3.4 million) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

If freehold property had not been revalued it would have been included at the following historical cost:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Carrying value	12,017		13,352		12,017		13,352

14. Investment property

Group

	Investment property
	£
Valuation
As at 01 October 2024	3,655,576
Additions	58,271
Fair value movement	156,069
As at 30 September 2025	3,869,916

Company

	Investment property
	£
Valuation
As at 01 October 2024	3,655,576
Additions	58,271
Fair value movement	156,069
As at 30 September 2025	3,869,916

Valuation

A full market valuation of investment property was completed by Fisher German LLP Chartered Surveyors on 23 July 2025. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 30 September 2025 have been arrived at on the basis of valuations carried out on 23 July 2025 by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Historic cost	1,717,252		1,428,226		1,717,252		1,428,226

15. Fixed asset investments

Company

	Investments in subsidiaries		Total
	£		£
Cost or valuation before impairment
At 01 October 2024	12,080		12,080
At 30 September 2025	12,080		12,080
Provisions for impairment
At 01 October 2024	11,999		11,999
At 30 September 2025	11,999		11,999
Carrying value at 30 September 2025	81		81
Carrying value at 30 September 2024	81		81

Investments in subsidiaries

The following were subsidiary undertakings of the Company:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.09.2025	Ownership 30.09.2024	Held
Knead Bakery Limited	Unit 2 Bellinger Close, Chippenham, SN15 1BN , United Kingdom	Manufacture of bread	Ordinar	80.00%	80.00%	Direct
Hawes & Son (Cirencester) Limited	Hillside, Albion Street, Chipping Norton, Oxon, OX7 5BH	Dormant	Ordinary	100.00%	100.00%	Direct
Knead Bakery (Elkstone) Limited	Unit 13a Love Land, Cirencester, Gloucestershire, United Kingdom, GL7 1YG	Dormant	Ordinary	80.00%	80.00%	Indirect
Knead Bakery (Cirencester) Limited	Unit 13a Love Land, Cirencester, Gloucestershire, United Kingdom, GL7 1YG	Dormant	Ordinary	80.00%	80.00%	Indirect
Hawes & Son (CirencestKnead Bakery (Tetbury) Limiteder) Limited	Unit 13a Love Land, Cirencester, Gloucestershire, United Kingdom, GL7 1YG	Dormant	Ordinary	80.00%	80.00%	Indirect

16. Stocks

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Stocks	432,067		289,047		325,159		230,097

17. Debtors

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Trade debtors	535,870		462,427		534,587		457,562
Amounts owed by Group undertakings (note 25)	0		0		378,100		333,087
Amounts owed by related parties (note 25)	250		0		0		0
VAT recoverable	37,857		52,681		22,748		56,534
Corporation tax	793		4,938		0		4,938
Other debtors	59,730		12,620		0		12,620
Prepayments	59,126		41,200		18,563		23,755
Deposits	40,750		0		0		0
Amounts owed by directors (note 25)	31,010		0		28,374		0
	765,386		573,866		982,372		888,496

18. Cash and cash equivalents

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Cash at bank and in hand	165,425		270,737		161,016		183,996

19. Creditors: amounts falling due within one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	304,670		156,905		169,259		139,367
Obligations under finance leases and hire purchase contracts (secured)	144,682		140,897		91,331		111,665
Directors loans (note 25)	395,538		414,967		387,835		401,923
Other loans	175,000		175,000		175,000		175,000
Trade creditors	820,114		647,916		576,943		547,292
Payroll taxes payable	76,010		64,233		45,049		33,370
Taxation and social security	0		14,043		0		14,043
Government grants	229,484		251,248		229,484		251,248
Accruals and deferred income	343,647		223,799		199,972		194,204
Other creditors	50,912		35,936		39,618		29,291
	2,540,057		2,124,944		1,914,491		1,897,403

Bank loans of £304,670 (2024: £156,905) bear fixed and floating charges over the assets of the group.

Obligations under finance leases and hire purchase contracts of £144,682 (2024: £140,897) are secured over the assets to which they relate.

20. Creditors: amounts falling due after more than one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	1,040,582		719,227		530,234		719,227
Obligations under finance leases and hire purchase contracts (secured)	138,237		132,316		56,222		113,374
Other loans	343,526		348,526		343,526		348,526
	1,522,345		1,200,069		929,982		1,181,127

Bank loans of £1,040,582 (2024: £719,227) bear fixed and floating charges over the assets of the group.

Obligations under finance leases and hire purchase contracts of £138,237 (£132,316) are secured over the assets to which they relate.

Bank loans
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	294,724		136,780		171,377		136,780
Between two and five years	710,447		450,129		323,446		450,129
After five years	35,411		132,318		35,411		132,318
	1,040,582		719,227		530,234		719,227
On demand or within one year	304,670		156,905		169,259		139,367
	1,345,252		876,132		699,493		858,594

Finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	133,604		132,316		51,589		113,374
Between two and five years	4,633		0		4,633		0
After five years	0		0		0		0
	138,237		132,316		56,222		113,374
On demand or within one year	144,682		140,897		91,331		111,665
	282,919		273,213		147,553		225,039

Directors loans
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	0		0		0		0
Between two and five years	0		0		0		0
After five years	0		0		0		0
	0		0		0		0
On demand or within one year	395,538		414,967		387,835		401,923
	395,538		414,967		387,835		401,923

Total borrowings including finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	428,328		269,096		222,966		250,154
Between two and five years	715,080		450,129		328,079		450,129
After five years	35,411		132,318		35,411		132,318
	1,178,819		851,543		1,178,819		851,543
On demand or within one year	844,890		712,769		648,425		652,955
	2,023,709		1,564,312		1,234,881		1,485,556

21. Provision for liabilities

Group

	Deferred taxation		Total
	£		£
At 01 October 2024	521,155		521,155
Charged to the Profit and Loss Account	179,153		179,153
At 30 September 2025	700,308		700,308

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	380,282		140,220
Tax losses available	( 112,862)		380,935
Other timing differences	432,888		0
Provision for deferred tax	700,308		521,155

Company

	Deferred taxation		Total
	£		£
At 01 October 2024	453,803		453,803
Charged to the Profit and Loss Account	125,634		125,634
At 30 September 2025	579,437		579,437

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	146,549		140,220
Tax losses available	0		( 59,824)
Other timing differences	432,888		373,407
Provision for deferred tax	579,437		453,803

22. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000
Presented as follows:
Called-up share capital presented as equity	1,000		1,000

The Group's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

23. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Within one year	93,527		44,360		93,527		44,360
Between one and five years	187,857		247,023		187,857		247,023
After five years	60,130		94,490		60,130		94,490
	341,514		385,873		341,514		385,873

24. Net debt reconciliation

	Balance at 01 October 2024		Cash flows		New finance leases		Balance at 30 September 2025
	£		£		£		£
Cash at bank and in hand	183,996		( 22,980)		0		161,016
	183,996		( 22,980)		0		161,016
Bank loans	( 876,132)		( 469,120)		0		( 1,345,252)
Finance leases	( 273,213)		163,302		( 173,008)		( 282,919)
	( 1,149,345)		( 305,818)		( 173,008)		( 1,628,171)
Net debt	( 965,349)		( 328,798)		( 173,008)		( 1,467,155)

25. Related party transactions

The Group has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Group is a wholly owned member.

Transactions with related parties or connected persons

Amounts owed by related parties

	2025		2024
	£		£
Other related parties	250		0

Amounts owed to related parties

	2025		2024
	£		£
Other related parties	175,000		175,000
Other related parties	343,526		348,526
	518,526		523,526

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	2025		2024
	£		£
Directors' Loan Account	8,697		0
Directors' Loan Account	22,313		0
	31,010		0

During the year a Director maintained a director's loan account with the group. Advances of £48,694 (2024: £42,175) and repayments of £37,428 (2024: £45,432) were made on this loan. At the balance sheet date, the director owed the group £8,697 (2024 (owed by the company): £2,569). The loan is repayable on demand.

During the year a director maintained a director's loan account with the group. Advances of £59,064 (2024: £45,824) and repayments of £37,429 (2024: £45,835) were made on this loan. At the balance sheet date, the director owed the group £22,313 (2024: £678). The loan is repayable on demand.

Amounts owed to directors

	2025		2024
	£		£
Directors' Loan	395,538		414,967
Directors' Loan	0		3,569
Directors' Loan	0		323
	395,538		418,859