The directors present the strategic report for the year ended 31 December 2025.
Strategy, business model and future developments
Agri-Linc Limited continues to operate as a leading supplier of agricultural machinery, livestock equipment, wearing parts and associated products throughout the United Kingdom, Europe, and international markets. The group remains headquartered at Randalls Farm, near Bourne, Lincolnshire, a site that has been associated with the Whyles family since 1924. Operations also continue from the company's Essex facility following the acquisition of the agricultural parts division of J Brock & Sons in 2019.
The group's business model combines machinery sales, replacement wearing parts, own-brand product development, and distribution agreements with many leading brands. This diversified approach enables the business to support customers across the full farming cycle while generating recurring revenue through both capital equipment and parts sales.
A key strategic focus during 2025 was the continued expansion of Agri-Linc's proprietary and exclusive brands. The group is the owner and exclusive UK and European distributor of the Proforge machinery and parts range and the Bison range of high-performance wearing parts. These brands continue to strengthen the group's market position by providing greater control over product development, supply chains and customer relationships whilst supporting long-term margin growth. During 2025, a new Proforge distributor was set up for New Zealand – this is a region that has been strong for the brand since 2015.
During the year, the group further strengthened its position within key European markets through a strategic partnership with an established French agricultural group. This relationship provides access to an experienced sales and distribution network across France and wider European territories, increasing the visibility and availability of the group's leading brands, including Proforge and Moore Unidrill. The partnership supports the group's ongoing export growth strategy and creates opportunities to develop new customer relationships and further expand its presence within important agricultural markets across Europe.
The group also continued to develop its position within the livestock sector as the exclusive UK and European distributor for Hustler Equipment, a Best-in-Class manufacturer of livestock feeding and bale handling equipment. This partnership provides sales of a product that boosts winter (Q4 and Q1) revenue, and a growing livestock market and complements Agri-Linc's strategy of supplying productivity-enhancing solutions to modern farming businesses.
The group also continued to perform strongly for its main suppliers. During 2025, Agri-Linc remained the East Region dealer for Moore Unidrill, becoming the UK's largest retailer of Moore Unidrill drills and replacement parts. Agri-Linc also strengthened its position as UK East Region dealer for SUMO, another Best-in-Class manufacturer of tillage and cultivation equipment, achieving the notable distinction of being SUMO's highest-performing dealer globally.
Agri-Linc further grew its coverage as dealer and distributor for Talex grassland machinery and Herbst trailers. The long-standing partnership with Herbst continues to be an important element of the company's machinery portfolio.
While the UK agricultural sector experienced continued uncertainty during 2025, driven by fluctuating commodity prices, reduced confidence in the arable sector, evolving support schemes and wider economic pressures, the company continued to gain market share in several product categories. The directors believe this reflects the strength of the Agri-Linc brand, its customer-focused approach and the resilience provided by its diversified product portfolio. However, market share gains have not always translated directly into increased sector-wide demand, reflecting challenging trading conditions across the broader agricultural machinery market. Agri-Linc’s online presence and e-commerce/web sales grew significantly during 2025 as the product range broadened by several thousand SKUs.
The group remains committed to the long-term "20 x 28" strategic growth plan, which focuses on strengthening proprietary brands, improving operational efficiency, expanding online and export sales channels and creating sustainable value for customers, employees, and shareholders. Agri-Linc continues to invest in leadership development, technology, inventory management, and infrastructure to support future growth opportunities.
Business Review
Turnover decreased by 0.6% to £22,745,146.
Gross margin decreased by 1.6%.
Net assets fell by 19.7% to £3,660,269.
The directors continually monitor the risks facing the business and seek to mitigate their potential impact through strategic planning, prudent financial management and diversification of products and markets.
Agri-Linc Group faces several operational risks:
Market Risk: Demand for agricultural machinery and associated products remains influenced by commodity prices, farm profitability, and customer confidence. During 2025, many arable farming businesses continued to experience uncertainty resulting from volatile crop prices, changing government support policies, and increasing operating costs. While Agri-Linc has continued to gain market share, overall sector demand remains susceptible to economic conditions affecting farm investment decisions.
Supply Chain and Geopolitical Risk: The business operates within global supply chains and is therefore exposed to international events that may affect product availability, manufacturing costs, and freight costs. Geopolitical tensions, including conflicts affecting global trade routes and energy markets, have contributed to increasing cost pressures and uncertainty within international supply chains.
Input Cost Inflation Risk: The agricultural sector continues to experience inflationary pressure across several key inputs, including machinery manufacturing, transportation, labour, and fertiliser. The introduction of additional environmental and regulatory costs within the fertiliser market may further increase pressure on farm profitability and influence customer purchasing behaviour.
Seasonal and Climate Risk: Agricultural activity remains highly dependent upon weather conditions. Increasing frequency of extreme weather events and changing climatic conditions may affect crop establishment, yields and farm cashflow, resulting in delays or reductions in machinery and parts purchasing decisions. Risk is being mitigated by increasing the range of products to include those with Winter demand.
Regulatory Risk: Changes to agricultural support schemes, environmental regulations, post-Brexit trading arrangements, and product compliance requirements may affect the timing and level of customer investment. The group maintains ongoing monitoring of legislative developments to ensure continued compliance and to respond effectively to changing market conditions.
Inventory and Availability Risk: Maintaining appropriate stock levels remains critical to customer service and revenue generation. Failure to accurately forecast demand or disruptions within supplier networks could impact product availability and customer satisfaction.
The company monitors performance through the following KPIs:
Sales Targets: Tracked daily, weekly, and monthly.
Customer Interactions: Measured through engagement frequency.
Service Accuracy: Target error rate below 0.5% in order fulfilment.
Product Innovation: 20 new or improved products weekly.
Productivity: Targeting a fourfold productivity factor.
Inventory Turns: Aiming to reduce inventory days to 92.
These KPIs are regularly reviewed to ensure alignment with strategic objectives.
Despite ongoing sector challenges, the UK agricultural industry remains a vital contributor to the national economy, generating £127 billion and employing approximately 4.25 million people. Agri-Linc is well-positioned to grow its market share through a robust business model, strategic investments, and a steadfast commitment to its customers and community.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £463,600. The directors do not recommend payment of a further dividend.
Principal activities
Details of the group's principal activities are provided in the Strategic Report.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Details of future developments are given in the Strategic Report.
Donations
During the year the company made charitable donations totalling £30,000 (2024 - £Nil).
The auditor, Benee Consulting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Agri-Linc Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
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's 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 or parent company or to cease operations, or have no realistic alternative but to do so.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £932,968 (2024 - £507,851 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Agri-Linc Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Agri-Linc Holdings Limited and all of its subsidiaries.
The principal activity of the group continued to be that of a supplier of new and used agricultural machinery and associated parts and equipment.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The consolidated group financial statements consist of the financial statements of the parent company Agri-Linc Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. Where a subsidiary is distributed to shareholders by way of a dividend in specie, and the transaction is between parties under common control, the distribution is recognised in equity at the carrying amount of the net assets distributed, including any related goodwill. No gain or loss is recognised in profit or loss.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
Demerger of subsidiary
On the 30 June 2025 the company distributed its shareholding in Moore Unidrill Manufacturing Limited to Moore Unidrill Holdings Ltd by way of a dividend in specie. Moore Unidrill Holdings Ltd is a company under the control of the same shareholders as Agri-Linc Holdings Limited. The transaction accordingly represents a distribution of a non-cash asset to owners between companies under common control.
The distribution has been recorded at the book value of the net assets transferred, and no gain or loss has been recognised in profit or loss. In the company's individual financial statements, the carrying amount of the investment in Moore Unidrill Manufacturing Limited has been derecognised and charged directly to retained earnings. In these consolidated financial statements, the net assets of Moore Unidrill Manufacturing Limited, at the date of distribution, have been derecognised and charged directly to retained earnings. The distribution is presented within the statement of changes in equity.
The results of Moore Unidrill Manufacturing Limited have been consolidated up to the date of the distribution and are presented within discontinued operations in the group profit and loss account.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Other income
Interest income is recognised in profit or loss using the effective interest method.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Freehold land is not depreciated.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and 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. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Warranty work
No provision is recognised in the financial statements in relation to the warranty provided to its customers. This is due to the warranty cost being immaterial to the group as the majority of new machines and parts are supplied with Original Equipment Manufacturer (OEM) warranty and no warranty is provided on used machines and parts. The sale of used machinery is sold as seen with no contractual warranty.
FRS102 revisions
In September 2024, The Financial Reporting Council issued a revised edition of FRS102, effective for accounting periods beginning on or after 1 January 2026. The group has not early adopted the revised standard. The directors are assessing the impact of the revised requirements, particularly in relation to revenue recognition and lease accounting. At the date of approval of these financial statements, it is not practicable to quantify the effect of the changes.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of the assets is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
No directors received remuneration during the prior year.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Deferred tax of £96,071 is expected to reverse in the next year as accelerated capital allowances reduce (see note 23).
Factors that may affect future tax charges
The company expects capital allowances to be broadly in line with the depreciation charged in the financial statements in future years. As a result, no significant timing differences are anticipated from fixed assets expenditure that would materially affect taxable profits.
On the 30 June 2025, the company distributed its entire shareholding in Moore Unidrill Manufacturing Limited, representing 100% of its issued share capital, to Moore Unidrill Holdings Ltd by way of a dividend in specie. The transaction was undertaken as part of a group reorganisation to separate the trading activities of the company's subsidiaries to be under the ownership and control of their own separate parent companies.
The carrying amount of net assets distributed totalled £954,815 and included:
| £ |
Intangible assets | 44,208 |
Tangible assets | 35,298 |
Stocks | 758,007 |
Debtors | 775,814 |
Cash at bank and in hand | 10,996 |
Creditors | (662,701) |
Provision for liabilities | (6,807) |
Net assets | 954,815 |
In the company's individual financial statements, the carrying amount of the investment in Moore Unidrill Manufacturing Limited has been derecognised and charged directly to retained earnings.
In these consolidated financial statements, the net assets of Moore Unidrill Manufacturing Limited, at the date of distribution, have been derecognised and charged directly to retained earnings. The distribution is presented within the statement of changes in equity.
The results of Moore Unidrill Manufacturing Limited have been consolidated up to the date of the distribution and are presented within discontinued operations in the group profit and loss account.
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
On the 30 June 2025, the company made a distribution in specie of its shareholding in its subsidiary Moore Unidrill Manufacturing Ltd to Moore Unidrill Holdings Ltd. The shareholders of Agri-Linc Holdings Limited, at the date of the distribution, were issued with shares in Moore Unidrill Holdings Ltd in proportion to their shareholding in Agri-Linc Holdings Limited.
Details of the company's subsidiaries at 31 December 2025 are as follows:
The group's policy for accounting for financial instruments is detailed in note 1.14.
The carrying amount of group financial assets include debt instruments measured at amortised cost totalling £1,609,510 (2024: £1,410,872). The group has no financial assets measured at fair value through profit or loss.
Financial assets include trade debtors of £1,452,910 (2024: £1,408,772), and interest free loans to related parties of £156,600 (2024: £2,100).
The carrying amount of group financial liabilities measured at amortised cost is £4,197,477 (2024: £4,798,268). The group has no financial liabilities measured at fair value through profit or loss.
Financial liabilities include obligations under finance leases of £100,161 (2024: £77,138), other borrowings of £1,921,166 (2024: £1,037,552), trade creditors of £1,657,790 (2024: £3,364,978), and interest free loans from related parties of £518,360 (2024: £318,600).
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments.
The difference between purchase price or production cost of stocks and their replacement cost is not material.
The amount of inventories recognised as an expense during the year was £15,882,782 (2024: £15,452,604).
Information on the company's borrowings are provided in the loans and overdrafts note below (see note 21).
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Obligations under finance leases and hire purchase contracts of £54,141 (2024: £42,065), are secured against the assets to which they relate.
Information on the company's borrowings are provided in the loans and overdrafts note below (see note 21).
Obligations under finance leases and hire purchase contracts of £46,020 (2024: £35,073), are secured against the assets to which they relate.
Other loans includes the following arrangements:
A stocking plan loan with a balance of £Nil (2024: £590,993). This balance is secured against assets held within the company and is repayable within 28 days if demanded.
Other interest free miscellaneous stock related borrowings of £50,065 (2024: £Nil).
A loan from an unrelated company with a balance of £Nil (2024: £68,684). Interest is payable at a rate of 8.5% per annum. The loan is unsecured and repayable within 3 months if demanded.
Cash advances received from a payment service provider with a balance of £155,710 (2024: £140,570). The advances are interest free, but a a fixed fee is charged dependant on the amount of the advances made, and for 2025 this varied from 5% to 8.7%. The advances are secured against future receivables of the company. Repayments are variable and made by deduction from sales receipts processed by the payment service provider, with the minimum amount being 5-10% of the initial advances every 90 days.
A loan from a peer-to-peer lending platform with a balance of £191,875 (2024: £237,305). The amount falling due after more than one year is £141,313. Interest is payable at a rate of 10.75% per annum. The loan is repayable in monthly instalments over five years.
A supplier finance facility with the company's bankers with a balance of £1,523,516 (2024: £Nil). This balance is secured against assets held within the company and is repayable on demand. The maximum loan period is 125 days and interest is payable at a rate of 2.75% per annum over the Bank of England Base Rate.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £3,580 (2024: £2,954) were payable to the fund at the reporting date and are included in other creditors.
The company has multiple classes of ordinary shares in issue. Each ordinary share has equal voting and distribution rights, including repayment of capital in the event of winding up.
The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.
Non-controlling interests
Non controlling interests in the consolidated balance sheet relates to preference shares owned by the shareholders of the group but in a personal capacity directly in their own names.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Included within other creditors falling due within one year is a loan from a related company totalling £19,000 (2024: £19,000). The loan is unsecured, interest free and repayable on demand.
Included within other creditors falling due within one year are loans from directors totalling £13,248 (2024: £16,583). The loans are unsecured, interest free and repayable on demand.
Included within other debtors is a balance due from Agri-Linc, a partnership, of which directors and shareholders of Agri-Linc Holdings Limited are partners, totalling £25,204 (2024: £44,584). This amount is interest free and repayable on demand.
Included within other creditors is a balance due to Agri-Linc, a partnership, of which directors and shareholders of Agri-Linc Holdings Limited are partners, totalling £237,600 (2024: £318,600). This amount is interest free and repayable on demand.
Included within other creditors falling due within one year is a loan from a related company totalling £280,760 (2024: £Nil). The loan is unsecured, interest free and repayable on demand.
Dividends totalling £463,500 (2024: £712,000) were paid in the year in respect of shares held by the company's directors.
Included within other debtors due within one year are loans to directors totalling £156,600 (2024: £2,100). This represents the maximum outstanding during the year. The advances have been made on an interest free basis, are unsecured, and are repayable on demand.