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 company 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 company'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 company 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 company 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 company's leading brands, including Proforge and Moore Unidrill. The partnership supports the company'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 company 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 business 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 company 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.

•    Turnover increased by 12.7% to £22,072,223.

•    Gross margin remained stable, with a minor 0.06% increase.

•    Net assets fell by 7.5% to £3,030,346.

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 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 company 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 principal activity of the company continued to be that of a supplier of new and used agricultural machinery and associated parts and equipment.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,067,625. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company 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 £Nil (2024: £43,245).

The auditor, Benee Consulting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

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). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

We have audited the financial statements of Agri-linc Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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 our 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

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

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

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

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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

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 entity 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Agri-linc Limited is a private company limited by shares incorporated in England and Wales. The registered office is Randalls Farm Scottlethorpe Road, Edenham, Bourne, PE10 OLN.

The principal activity of the company 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.

This 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:

• 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 financial statements of the company are consolidated in the financial statements of Agri-Linc Holdings Limited for the year ended 31 December 2024. These consolidated financial statements are available from its registered office, Randalls Farm Scottlethorpe Road, Edenham, Bourne, England, PE10 0LN.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has 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.

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.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

At each reporting period end date, the company 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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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 current liabilities.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 company 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 company 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases 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 company 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 company 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 company’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 company 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 company 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 whole of the turnover is attributable to the principal activities of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

No directors received remuneration from the entity 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 £89,564 is expected to reverse in the next year as accelerated capital allowances reduce (see note 21).

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.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

The company's policy for accounting for financial instruments is detailed in note 1.11.

The carrying amount of financial assets include debt instruments measured at amortised cost totalling £2,623,900 (2024: £2,031,903). The company has no financial assets measured at fair value through profit or loss.

Financial assets include trade debtors of £1,448,925 (2024: £935,330), and interest free loans to group undertakings of £1,174,975 (2024: £1,096,573).

The carrying amount of financial liabilities measured at amortised cost is £3,668,290 (2024: £3,854,380). The company 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 £1,646,963 (2024: £2,701,445), and interest free loans to group undertakings of £Nil (2024: £38,245).

The difference between purchase price or production cost of stocks and their replacement cost is not material.

The amount of stocks recognised as an expense during the year was £15,526,634 (2024: £13,544,717).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Information on the company's borrowings are provided in the loans and overdrafts note below (note 19).

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 (note 19).

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 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.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totaling £3,580 (2024: £2,765) were payable to the fund at the reporting date and are included in other creditors.

The company has one class of ordinary shares. Each ordinary share has equal voting and distribution rights, including repayment of capital in the event of winding up.

The company has one class of preference shares. Each preference share has no voting rights, priority to return of capital, but no right to share in surplus, in the event of winding up. The shares are redeemable at nominal value at the discretion of the company. Dividends for this class are also at the directors' discretion.

The profit and loss reserve represents cumulative profits or losses net of dividends paid and other adjustments.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company has taken advantage of the exemption contained in FRS 102 section 33.1A not to disclose transactions or balances with wholly owned entities which form part of the group.

Moore Unidrill Holdings Ltd and Moore Unidrill Manufacturing Limited are under the control of the shareholders who control the group parent company. During the period from 1 July 2025 to the year end, the company made purchases from Moore Unidrill Manufacturing Limited totalling £284,148. At 31 December 2025, £187,011 was owed by the company to Moore Unidrill Manufacturing Limited. The balance is unsecured, interest free and repayable on demand.

During the period from 1 July 2025 to the year end, the company made recharges to Moore Unidrill Manufacturing Limited totalling £38,429. At 31 December 2025, £Nil was owed to the company by Moore Unidrill Manufacturing Limited.

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.

The company's immediate and ultimate parent company is Agri-Linc Holdings Limited, a company incorporated in England and Wales, and holds all of the issued ordinary shares in this company. The registered office of Agri-Linc Holdings Limited is Randalls Farm Scottlethorpe Road, Edenham, Bourne, PE10 0LN.

There is no ultimate controlling party.