REGISTERED NUMBER: 08197385 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Alvan Blanch Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

15

DIRECTOR:

A A Blanch

SECRETARY:

Mrs. H Blanch

REGISTERED OFFICE:

Chelworth Manor

Chelworth

Crudwell

Malmesbury

Wiltshire

SN16 9SG

REGISTERED NUMBER:

08197385 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

The director presents his strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

Throughout 2025 the business - and industry in general - continued to be impacted by poor sales driven by the uncertainty farmers are facing across the UK and Europe in relation to historically low real-term grain prices coupled with high input costs (especially fertilizer), increasingly unpredictable weather, high interest rates and reduced subsidies.

We maintained our 2024 strategy in keeping production costs down, ensuring that our gross margin improved significantly on previous years and finished well above our 30% target. Meanwhile, we invested intensively in new product development to broaden our range and to take full advantage of our investment in manufacturing automation. Whilst we continued to carefully monitor overheads, the impact of reduced sales saw our net profit fall to -1.7%.

Our order book grew significantly over the course of the year and especially in the fourth quarter, with orders of over £7m by the close of the year, standing us in good stead for a strong start to 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

2025 was another challenging year after the downturn in sales seen in 2024, as outlined above. In addition, we continue to see the following as areas of concern:

- Significant raw material and shipping cost increases, as a result of the US-Iran conflict

- Supply challenges, affecting our ability to meet delivery schedules.

- Availability of skilled labour - a key driver for our continued commitment to automation.

- Increased business taxation (e.g. National Insurance costs).

The long-term strength that underlies our position is that we operate in markets that are permanent and fundamental: agriculture and food production. Moreover, thanks to our having committed so much resource in both product development and manufacturing automation, we have positioned ourselves strongly for the anticipated increase in sales and a return to positive net profit in 2026.

KEY OBJECTIVES

Having taken on a wider array of work during 2025 to maintain output, our attention now returns to business development and production efficiency around our primary product lines.

Key objectives for the coming year include further automation across all aspects of production (including continuing the transition towards robotic welding where possible), to drive down costs, ensure consistent quality, and minimise the impact of skilled labour constraints.

ON BEHALF OF THE BOARD:

A A Blanch - Director

21 August 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT

Expenditure on research and development, incurred in the year other than on fixed assets, is charged to the profit and loss as incurred.

DIRECTOR

A A Blanch held office during the whole of the period from 1 January 2025 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A A Blanch - Director

21 August 2026

Opinion

We have audited the financial statements of Alvan Blanch Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Davis (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

21 August 2026

TURNOVER

3

9,601,097

10,804,980

Cost of sales

5,643,579

6,780,694

GROSS PROFIT

3,957,518

4,024,286

Distribution costs

4,219

14,484

Administrative expenses

4,252,213

4,108,818

4,256,432

4,123,302

(298,914

)

(99,016

)

Other operating income

22,849

2,622

OPERATING LOSS

5

(276,065

)

(96,394

)

Income from interest in associated undertakings

8,820

87,716

Interest receivable and similar income

168

6,789

8,988

94,505

(267,077

)

(1,889

)

Interest payable and similar expenses

6

88,566

43,659

LOSS BEFORE TAXATION

(355,643

)

(45,548

)

Tax on loss

7

(34,705

)

(20,112

)

LOSS FOR THE FINANCIAL YEAR

(320,938

)

(25,436

)

OTHER COMPREHENSIVE INCOME

Actuarial gains on pension scheme

31,000

55,000

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

31,000

55,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(289,938

)

29,564

Loss attributable to:

Owners of the parent

(320,938

)

(25,436

)

Total comprehensive income attributable to:

Owners of the parent

(289,938

)

29,564

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

6,591,209

6,484,342

Investments

11

Interest in associate

500

500

6,591,709

6,484,842

CURRENT ASSETS

Stocks

12

3,057,850

3,054,140

Debtors

13

1,631,464

1,829,182

Cash at bank and in hand

865,759

97,937

5,555,073

4,981,259

CREDITORS

Amounts falling due within one year

14

4,361,560

3,806,242

NET CURRENT ASSETS

1,193,513

1,175,017

TOTAL ASSETS LESS CURRENT LIABILITIES

7,785,222

7,659,859

CREDITORS

Amounts falling due after more than one year

15

(1,165,220

)

(787,823

)

PROVISIONS FOR LIABILITIES

19

(154,904

)

(117,000

)

NET ASSETS

6,465,098

6,755,036

CAPITAL AND RESERVES

Called up share capital

20

86,356

86,356

Revaluation reserve

21

1,226,463

1,226,463

Retained earnings

21

5,152,279

5,442,217

SHAREHOLDERS' FUNDS

6,465,098

6,755,036

The financial statements were approved by the director and authorised for issue on 21 August 2026 and were signed by:

A A Blanch - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

86,356

86,356

86,356

86,356

TOTAL ASSETS LESS CURRENT LIABILITIES

86,356

86,356

CAPITAL AND RESERVES

Called up share capital

20

86,356

86,356

SHAREHOLDERS' FUNDS

86,356

86,356

Company's profit for the financial year

-

-

The financial statements were approved by the director and authorised for issue on 21 August 2026 and were signed by:

A A Blanch - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

86,356

5,412,653

1,226,463

6,725,472

Changes in equity

Total comprehensive income

-

29,564

-

29,564

Balance at 31 December 2024

86,356

5,442,217

1,226,463

6,755,036

Changes in equity

Total comprehensive income

-

(289,938

)

-

(289,938

)

Balance at 31 December 2025

86,356

5,152,279

1,226,463

6,465,098

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

86,356

-

86,356

Changes in equity

Balance at 31 December 2024

86,356

-

86,356

Changes in equity

Balance at 31 December 2025

86,356

-

86,356

Cash flows from operating activities

Cash generated from operations

1

1,746,932

(138,505

)

Interest paid

(52,679

)

(12,424

)

Interest element of hire purchase payments paid

(35,887

)

(31,235

)

Tax paid

95,579

(76,332

)

Net cash from operating activities

1,753,945

(258,496

)

Cash flows from investing activities

Purchase of tangible fixed assets

(690,173

)

(763,888

)

Sale of tangible fixed assets

27,087

2,384

Interest received

168

6,789

Dividends received

8,820

87,716

Net cash from investing activities

(654,098

)

(666,999

)

Cash flows from financing activities

New loans in year

400,000

-

Loan repayments in year

(42,959

)

(21,350

)

Capital repayments in year

(182,720

)

(174,161

)

Net cash from financing activities

174,321

(195,511

)

Increase/(decrease) in cash and cash equivalents

1,274,168

(1,121,006

)

Cash and cash equivalents at beginning of year

2

(408,409

)

712,597

Cash and cash equivalents at end of year

2

865,759

(408,409

)

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

31.12.25

31.12.24

£

£

Loss before taxation

(355,643

)

(45,548

)

Depreciation charges

579,570

571,044

Profit on disposal of fixed assets

(23,350

)

(2,384

)

Pension expenses

31,000

55,000

Finance costs

88,566

43,659

Finance income

(8,988

)

(94,505

)

311,155

527,266

Increase in stocks

(3,710

)

(110,541

)

Decrease in trade and other debtors

174,748

63,514

Increase/(decrease) in trade and other creditors

1,264,739

(618,744

)

Cash generated from operations

1,746,932

(138,505

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

865,759

97,937

Bank overdrafts

-

(506,346

)

865,759

(408,409

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

97,937

712,597

Bank overdrafts

(506,346

)

-

(408,409

)

712,597

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

97,937

767,822

865,759

Bank overdrafts

(506,346

)

506,346

-

(408,409

)

1,274,168

865,759

Debt

Finance leases

(768,724

)

182,720

(586,004

)

Debts falling due within 1 year

(21,000

)

(22,546

)

(43,546

)

Debts falling due after 1 year

(138,384

)

(334,496

)

(472,880

)

(928,108

)

(174,322

)

(1,102,430

)

Total

(1,336,517

)

1,099,846

(236,671

)

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Furniture, fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

20% on cost

No depreciation is provided on freehold land, included within freehold property.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The cost of work in progress includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a multiple benefit scheme, comprising a defined benefit section for pre 1 October 1992 service and a defined contribution section for post 1 October 1992 service. The assets of the scheme are held separately from those of the company in an independently administered fund.

Operating leases as lessor

Assets leased under operating leases are included in tangible fixed assets and are depreciated over their estimated useful lives. Rental income from operating leases is included in the profit and loss on a straight line basis over the period of the lease.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

1,399,657

2,741,356

Europe

2,858,847

2,868,266

Rest of World

5,342,593

5,195,358

9,601,097

10,804,980

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

3,362,791

3,254,235

Social security costs

404,377

385,162

Other pension costs

137,510

127,161

3,904,678

3,766,558

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

31.12.25

31.12.24

Office, management & sales

46

47

Production & distribution

36

44

82

91

The average number of employees by undertakings that were proportionately consolidated during the year was 91 (2024 - NIL ) .

31.12.25

31.12.24

£

£

Director's remuneration

61,863

54,385

Director's pension contributions to money purchase schemes

30,000

30,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1