The directors present their strategic report for R. W. Crawford Agricultural Machinery Limited (“Crawfords”) for the period ended 31 December 2025.

The principal activities of the business during the year remained that of selling and maintaining agricultural machinery and utility vehicles.

On 31 March 2025, R.W. Crawford Agricultural Machinery Limited acquired all the trade and assets of a fellow group undertaking, Agwood Limited, as part of a group restructure.

Management use a range of performance measures to monitor and manage the business. The more relevant key performance indicators used are listed below:

Overall performance for the business was strong, showing a pre-​tax profit of £356,148. Gross profit margin increased from 4.2% in the previous 15-month period to 6.6% in the current 9-month period, reflecting improved trading performance and margin management. The operating profit margin (excluding exceptional items) is 2.6% this year, which is in line with the prior year margin of 2.7%. Sales revenue decreased by 40.8% compared with the previous period. However, the prior period covered 15 months whereas the current period covers 9 months following the change in accounting reference date and acquisition of the Agwood trade and assets. On a like-for-like basis, performance in wholegoods and parts improved during the period.

The solvency ratio has remained consistent with the ratio of current assets to current liabilities at 1.28 in comparison to 1.20 last year and this ratio remains healthy. The cash collection within the business remains strong, and debtor days have decreased to 26 days (31 March 2025: 31 days). The balance sheet shows that the company’s net assets at the period-​end have increased from £6,716,002 to £6,809,922.

We recognise the importance of non-financial KPIs in providing a comprehensive view of our company's health and performance. These include:

Staff Turnover Rate – Monitoring our staff turnover rate helps us understand employee satisfaction and retention. For instance, a lower turnover rate indicates a stable and satisfied workforce, while a higher rate may prompt us to investigate and address potential issues.

Employee Satisfaction – We regularly survey our employees to gauge their satisfaction and engagement. High levels of employee satisfaction often correlate with increased productivity and a positive workplace culture. For example, in a recent employee engagement survey over 90% of people responded positively when asked if they would recommend working at Crawfords to a friend or relative.

Customer Satisfaction – We measure customer satisfaction through feedback and surveys, aiming to maintain high levels of customer loyalty and positive reviews. This helps us identify areas for improvement and enhance our service offerings.

By addressing these non-financial KPIs, we can better manage our human resources, customer relations, and overall company reputation, ultimately supporting our long-term success and sustainability.

The directors of RW Crawford Agricultural Machinery Limited are fully aware of their duty under Section 172(1) of the Companies Act 2006 to act in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing so, the directors must have regard to, among other matters, the likely consequences of any decisions in the long term; the interests of employees; the need to foster business relationships with suppliers, customers and others; the impact of the company’s operations on the community and the environment; the desirability of maintaining a reputation for high standards of business conduct; and the need to act fairly between members of the company. Throughout the financial year, the directors have had regard to these factors in their decision-making. Key examples include:

1. Long-Term Consequences: The company is committed to long-term, sustainable growth and stability. Decisions are made with the future in mind, supported by robust budgeting and forecasting. Strategic investments in cutting-edge agricultural technologies are made to ensure our machinery continues to lead the market in performance, efficiency, and durability.

2. Employees: Our employees are at the heart of our success. We invest in retention, training, and professional development across all levels of the business. A comprehensive apprenticeship scheme is in place for technicians, in partnership with local colleges, to attract and train the next generation of skilled professionals.

We actively promote open communication across all departments through regular team meetings, encouraging staff at every level to participate in shaping the business. Employees are involved in key decisions, including those relating to operational performance, capital investment, and strategic direction.

We also maintain high standards of health and safety through the use of accredited third-party training providers, ensuring all staff are trained in the latest compliance and safety protocols.

3. Business Relationships: We value and nurture long-standing partnerships with our customers and suppliers. Our approach is built on mutual respect, trust, and a shared commitment to innovation and continuous improvement. Our customer relationships are centred on understanding individual needs and delivering tailored solutions that add genuine value. For suppliers, we support growth through close collaboration and knowledge sharing, helping them expand their capabilities and adapt to market needs.

4. Community and Environment: We are actively involved in supporting the local community, including sponsoring agricultural events and partnering with local institutions. Environmental considerations form part of our operational decision-making, with initiatives in place to reduce emissions, recycle waste, and promote eco-efficient practices.

5. Reputation: Maintaining our reputation for ethical conduct and professionalism is a core priority. We uphold high standards in all dealings, supported by internal guidelines and a commitment to transparency with stakeholders.

6. Members’ Interests: We act in the best interests of our shareholders, ensuring long-term value creation through strategic investment, disciplined cost control, and effective risk management. We maintain regular financial reporting and communication to ensure our shareholders are well informed.

The directors are committed to ensuring that the principles of Section 172 are consistently embedded in the company’s strategy, culture, and day-to-day decision-making.

Employees

Our employees, with their expertise and dedication, are essential to the long-term success of our business. Recognising this, human resources planning is a fundamental part of our strategy. We place a dedicated focus on employee retention and development at every level, ensuring our team members feel valued and supported in their roles.

We operate a comprehensive apprenticeship scheme for our technicians, collaborating closely with local colleges to attract and nurture new talent. This program not only provides valuable opportunities for young professionals but also ensures we have a steady pipeline of skilled workers ready to contribute to our success.

Open dialogue is strongly encouraged within our organisation, allowing employees to actively participate in shaping the company. This fosters a culture of change and performance, where everyone feels empowered to contribute ideas and improvements. Regular internal team and department meetings are held to promote the flow of information, enhance communication, and ensure cooperation among all employees. These meetings are crucial for aligning our collective efforts towards common goals.

We are committed to maintaining consistently high standards of safety and compliance training. To achieve this, we utilise third-party experts who provide specialised training programs, ensuring our employees are well-versed in the latest safety protocols and industry regulations. This commitment to safety not only protects our workforce but also enhances our overall operational efficiency.

Our staff play an active role in decisions surrounding strategy, operational performance, capital investments, and financial structure. Their input is highly valued and factored into all significant decisions made by the senior leadership team. This inclusive approach ensures that our strategies are well-rounded and considerate of diverse perspectives within the company.

Customers and Suppliers

We pride ourselves on fostering strong, collaborative relationships with both our customers and suppliers, formed over forty years of successful trading. These partnerships are built on trust, mutual respect, and a shared commitment to continuous growth and improvement.

Our approach to customer relationships is centred around understanding and addressing their unique needs. We recognise that each customer has distinct requirements, and we are dedicated to providing tailored solutions through our team of industry experts and specialists. By leveraging our deep knowledge of local conditions and the specific applications of our products, we create real added value for our customers. This customer-centric approach ensures that we not only meet but exceed their expectations.

We support our suppliers in developing and growing their businesses by maintaining close working relationships. Through continuous innovation and development, we help them expand their capabilities and enhance their offerings. Our commitment to these partnerships is unwavering, and we constantly strive to provide the right solutions to meet their evolving needs.

Our business operates on a "Farmer First" approach, ensuring that the unique needs and challenges faced by farmers are at the forefront of our efforts. Our experts share their knowledge and insights, helping our partners make informed decisions that drive success. This approach not only strengthens our relationships with customers and suppliers but also reinforces our reputation as a trusted and reliable partner in the industry.

As part of our commitment to continuous improvement, we regularly review our business model to identify and leverage further potential. This proactive approach allows us to adapt to changing market conditions and seize new opportunities, ensuring the long-term success of our business and the prosperity of our partners.

This report was approved by the board of directors and signed on behalf of the board by:

The directors present their annual report and financial statements for the period ended 31 December 2025.

The principal activity of the company continued to be that of selling and maintaining agricultural machinery and utility vehicles.

The results for the period are set out on page 11.

Ordinary dividends were paid amounting to £81,297. The directors do not recommend payment of a further dividend.

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

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.

The company is a subsidiary and is included in the consolidated financial statements of Crawfords Group Holdings Limited and therefore it is not required to report on its emissions, energy consumption or energy efficiency activities as these are included in the group accounts.

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; and

• 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.

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 have chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of results for the year, principal risks and uncertainties, corporate and social responsibility, engagement with customers and suppliers.

We have audited the financial statements of R.W. Crawford Agricultural Machinery Limited (the 'company') for the period ended 31 December 2025 which comprise 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 period 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 period 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and anti-corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

• Challenging assumptions made by management in its significant accounting estimates in particular: stock obsolescence;

• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, and journal entries crediting revenue accounts;

• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

• Ensuring that testing undertaken on both the performance statements, and the Statement of Financial Position includes a number of items selected on a random basis; and

• Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

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.

R.W. Crawford Agricultural Machinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Fox Burrows Lane, Writtle, Chelmsford, Essex, CM1 3SS.

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:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Crawfords Group Holdings Limited. These consolidated financial statements are available from Companies House.

These financial statements have been prepared under the going concern basis. true

At 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.

The company has changed its year end and the current results represent the 9 month period ending 31 December 2025. The results are therefore not directly comparable with the prior 15 month period.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue 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 revenue 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.

Revenue from contracts for the provision of services is recognised over the life of the service contract. Turnover is shown as the total amount of work having been done in that period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Warranty income is recognised at the fair value of any work carried out on warranty contracts, if the final outcome can be assessed with reasonable certainty. Turnover is recognised when the work has been completed and consideration is due from the manufacturer.

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 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.

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’ 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 and loans from fellow group companies 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 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.

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.

Exceptional items

Income and expenses classified as exceptional are shown separately on the face of the profit and loss account. Income and expenses are treated as exceptional in nature if they are significant one off income or expenses and are not expected to reoccur.

FRS 102 (September 2024)

Following the FRC’s periodic review, the FRC have issued a revised FRS 102 (September 2024) effective for periods commencing on or after 1 January 2026. The first period the company will adopt the revised standard is the period ending 31 December 2026. The revised standard is expected to have a material impact on the company’s financial statements. The directors are still in the process of identifying the full impact of these changes. Set out below are the expected changes:

• Operating leases committed to as at 1 January 2026 as disclosed in the notes to the financial statements will be brought onto the balance sheet as a right of use asset to be included within fixed assets and a corresponding lease liability to be included within creditors as at 1 January 2026. There will be no restatement of the results and financial position of the company for the periods ended 31 March 2025 or 31 December 2025 as a result of this change.

• The revised FRS 102 introduces a 5 step model to revenue recognition. The impact of adopting this 5 step approach is not anticipated to impact revenue recognition and no restatement is expected.

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 directors have made provisions against certain finished goods where they estimate that its recoverable value is less than its cost based on the age of this stock.

This relates to an amount owed by a fellow subsidiary being fully provided for as it is no longer deemed recoverable. This is a one-off expenditure and is not expected to reoccur.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2025 - 1).

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

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

Fixed assets are included within the floating charge over all such assets that have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. There is also a fixed charge over the land.

The title of goods in stock is pledged as security for liabilities. The directors have made a provision for old stock. During the year there was a credit to cost of sales in respect of this provision totalling £24,420 (31 March 2025: £289,607 charge).

The stocking loan facility, totaling £9,263,037 (31 March 2025: £14,916,979), represents amounts advanced to finance the purchase of stock for resale. The finance is secured on the underlying asset.

Finance lease obligations are secured on the assets to which they relate.

The bank loans and overdrafts are secured by fixed charges over the freehold property and floating charges over the assets of the company.

Included within creditors falling due after more than one year are amounts of £803,073 (31 March 2025: £529,724) repayable after five years by instalments. The bank loans are secured by a fixed charge on the freehold land and buildings and carry an interest rate of 1.85% over 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. The average lease term is 4 years. 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 not expected to reverse within 12 months.

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.

The holders of Ordinary shares are entitled to receive dividends as declared are entitled to one vote per share at meetings of the Company, and are entitled to capital distributions.

The holders of 'B' and 'C' shares are entitled to receive dividends as declared, but shall not be entitled to receive notice, attend or vote at any general meeting of the Company. The 'B' and 'C' shares do not entitle the holders thereof to participate in any capital distribution other than to reclaim the capital paid up on such shares.

The company is party to an unlimited cross guarantee in favour of company's bankers. At the period end the maximum liability represented by group borrowings was £1,160,385 (31 March 2025: £1,324,523).

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 profit and loss reserves are wholly distributable.

As at the balance sheet date the company was owed £150,384 (31 March 2025: £135,535) by its parent undertaking.

As at the balance sheet date the company was owed £243,435 (31 March 2025: owed £53,111 to) by a fellow group company. This balance has been fully provided for.

During the period cleaning services totalling £1,480 (31 March 2025: £1,445) were purchased by the company from a relative of a director.

During the period motor vehicles totalling £Nil (31 March 2025: £15,500) were purchased by the company from a relative of a director. As at the balance sheet date the company owed £4,942 (31 March 2025: £4,292) to a relative of a director.

During the period a loan totalling £13,000 (31 March 2025: £Nil) was made to a relative of a director. As at the balance sheet date the company was owed £10,708 (31 March 2025: £Nil) from a relative of a director. No interest is chargeable on this loan.

During the period salaries totalling £144,722 (31 March 2025: £223,990) were paid to related parties of the directors.

Included within debtors is a loan due from a director of £1,519 (31st March 2025: £1,857). During the period, the company made net loans to the director of £nil (31st March 2025: £1,857). The interest rate applied to the loan is nil.

The ultimate parent company is Crawfords Group Holdings Limited, a company registered in England and Wales. The registered office is 16 Fox Burrows Lane, Writtle, Chelmsford, Essex, CM1 3SS. Crawfords Group Holdings Limited is the parent of the largest and smallest group that prepares group consolidated financial statements and copies can be obtained from the Registrar of Companies.

For both the current and prior periods, the ultimate controlling party was W.D. Crawford by virtue of his share holding.