M. Keys Limited 31/12/2025 iXBRL

Company registration number: NI613387

M. Keys Limited

Group financial statements

for the year ended

31 December 2025

M. Keys Limited

Contents

Directors and other information

Strategic report

Directors' report

Independent auditor's report to the members

Consolidated Statement of comprehensive income

Consolidated statement of financial position

Company Statement of financial position

Consolidated Statement of changes in equity

Company Statement of changes in equity

Consolidated Statement of cash flows

Notes to the financial statements

M. Keys Limited

Directors and other information


Directors	Mr Malcolm Keys
	Mrs Darlene Keys	(Resigned 13 December 2025)


Secretary	Mrs Darlene Keys	(Resigned 13 December 2025)


Company number	NI613387


Registered office	5 Bolies Road
	Fivemiletown
	Co. Tyrone
	BT75 0TT


Auditor	Hassard McClements Limited
	32 East Bridge Street
	Enniskillen
	Co. Fermanagh
	BT74 7BT




	Bankers	Bank of Ireland
		25 Campsie Road
		Omagh
		Co. Tyrone
		BT79 0AE


	Solicitors	Falls & Hanna Solicitors Limited
		125 Main Street
		Fivemiletown
		Co. Tyrone
		BT75 0PG

		Carson McDowell LLP
		Murray House
		4 Murray Street
		Belfast
		Co. Antrim
		BT1 6DN

M. Keys Limited

Strategic report

Year ended 31 December 2025

Strategic Report

The directors present their strategic report on the Group for the year ended 31 December 2025.

Basis of preparation

The Group and Company financial statements of M. Keys Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" ("FRS 102") and the Companies Act 2006, under the provision of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410).

Principal activity

The principal activity of the group continues to be the farming of pigs, dairy and beef and haulage.

Review of the business

The group had a strong trading period. Although turnover has decreased by 4.1%, gross profit has remained consistent. Administrative expenses have increased resulting in a fall in net profit of 5.3% which is in line with the directors expectations. The profit for the year of £5,052,075 (2024: £7,452,018) has been taken to reserves. Final dividends were settled during the year of £1,500,000 (2024: £2,300,000).

Development and Financial Performance during the year

During the year to 31 December 2025 the directors focused on the following principal areas: continuing development of the current business; to become and remain a major supplier of production pigs to local slaughter houses; to maintain the highest standards in animal welfare; to provide the highest standards to its haulage operations; to ensure full compliance with environmental regulations and obligations; to maximise profit and continue to create local employment; to continue to build and work on relationships with customers and suppliers and to continue the growth strategy managing the risks in the business. The board manages the business through regular meetings and both directors are actively involved in the day to day running of the business. The board are constantly examining ways in which the business can be strengthened and further growth achieved. The financial performance of the group is as noted above under the heading "Review of the business". Both the level of the business and the year end financial position were satisfactory, and the directors expect that the present level of activity will be sustainable for the foreseeable future.

Financial Risk Management objectives and policies

The management of the business and the execution of the group's strategy are subject to a number of risks. The group's principal financial instruments comprise cash, trade debtors and creditors and certain other debtors and accruals. The main risks associated with these financial assets are set out below.

Liquidity Risk

The group manages its cash and borrowing requirements to maximise interest income and minimise interest expense exposure, whilst ensuring that there are sufficient liquid resources to meet the operating needs of the business. The directors do not believe that the group has significant exposures arising from liquidity risks.

Foreign Currency Risk

The majority of the group's revenue and expenses are denominated in sterling; however, it is exposed to some foreign exchange risk during the normal course of business. This risk is managed by the directors through daily assessment, and if needs be, forward contracts.

Commercial Risk

The principal commercial risk to the business are the major components of production costs, price per Kg of meat sold, legislative and customer requirements. The directors continually assess production costs, major elements being animal feeds, fuel costs and energy costs.

Key Performance Indicators

2025 2024

Turnover growth (4.1)% 9.2%

Gross profit margin 29.4% 29.8%

Average employee numbers 168 149

Section 172(1) statement

The directors, under section 172 of the Companies Act 2006, must act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard to:

- The likely consequences of any decision in the long term;

- The interest of the company and group's employees;

- The need to foster the company and group's business relationships with suppliers, customers and others;

- The impact of the company and group's operations on the community and the environment;

- The desirability of the company and group maintaining a reputation for high standards of business conduct; and

- The need to act fairly as members of the company and group.

The directors are aware of these responsibilities and ensure that these matters are taken into consideration as part of the decision-making process for all major corporate decisions that are made. Strategic and key decisions are taken in consultation with the M Keys Group across all areas of the business and their representation at regular board meetings ensures that key matters are notified to all stakeholders within the Group.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

Mr Malcolm Keys

Director

M. Keys Limited

Directors report

Year ended 31 December 2025

The directors present their report and the financial statements of the company and group for the year ended 31 December 2025.

Directors

The directors who served the company during the year were as follows:


Mr Malcolm Keys
Mrs Darlene Keys				(Resigned 13 December 2025)

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The section on future developments, which is detailed in the Strategic Report, is included in the report by cross reference.

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the company is responsible	tCO2e	8,082	8,357
Emissions resulting from the purchase of electricity by the company
for its own use	tCO2e	631	962
		_______	_______
Total emissions	tCO2e	8,713	9,319
Total energy consumed	kWh	6,891,505	8,065,366
User defined description	Tonnes of CO2e per £1m of turnover	147.68	150.31
		_______	_______

Methodologies for energy and emissions calculations

Electricity consumption data and meter readings are taken from supplier invoices and internal data. The conversion factors used to calculate the emissions are those calculated in the UK Government GHG Conversion Factors for Company Reporting Standard Set Version 2.0 for the year 2022. Our GHG emissions have been calculated in line with the methodology set out in the UK Government's Environmental Reporting Guidelines 2019.

Principal measures taken to increase energy efficiency

The company continues to invest in green energy and has installed a large number of solar panels across one site with a view to installing more across other sites in the future in order to reduce it's carbon footprint and operate sustainability.

Disclosure of information in the strategic report.

In accordance with section 414c(11) of the Companies Act 2016 (Strategic Report and Directors' Report) Regulations 2013, the Directors' have choosen to include the Strategic Report which details the Company and Group's business activities, together with the factors likely to affect it's future development, performance and position.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors 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 group and the profit or loss of the company and group for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgments 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 and group will continue in business.

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

Auditor

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

-so far as they are aware, there is no relevant audit information of which the company and group's auditor is unaware; and

-they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company and group's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 23 September 2026 and signed on behalf of the board by:

Mr Malcolm Keys

Director

M. Keys Limited

Independent auditor's report to the members of

M. Keys Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of M. Keys Limited (the 'company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and 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 FRS 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 and group'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 applicable to Smaller Entities; 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 and group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company or group'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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 company and group and their 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 where 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company and group’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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 obtained an understanding of the legal and regulatory framework of the group and of the company and industry in which it operates. We identified the principal risks of non-compliance with laws and regulations related to compliance with industry regulations, employment legislation and tax legislation, and we considered the extent to which non-compliance might have a material effect on the amended financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the amended financial statements such as Companies Act 2006 and determined the appropriate reporting framework was FRS102. We obtained an understanding of the how the company and group is complying with those legal, regulatory and financial frameworks by making inquiries with management; and We assessed the susceptibility of the company and group's financial statements to material misstatement, including how fraud might occur. Based on the results of our risk assessment the audit procedures carried out included: - Identifying the nature of the industry sector and business performance; - Enquiring from management of their own assessment of the risk of irregularities and whether they have any knowledge of actual, suspected or alleged fraud; - Identifying internal controls management have in place to mitigate the risk of irregularities and / or fraud and examining the effectiveness of these controls and whether there is the possibility of management override; - Performing analytical procedures to identify any unusual or unexpected variances which may indicate the risk of material misstatement or fraud; - In addressing the risk of management overrides, testing the appropriateness of journals or other adjustments and assessing whether accounting estimates show any management bias and if the judgement used is reasonable; and - Enquiring of management and legal representatives of the company and group of any actual or potential litigation and claims. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations which are not closely related to events and transactions reflected in the amended financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 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 auditors 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.

Mr Neville McClements FCA (Senior Statutory Auditor)

For and on behalf of

Hassard McClements Limited

Chartered Accountants and Statutory Auditors

32 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

23 September 2026

M. Keys Limited

Consolidated statement of comprehensive income

Year ended 31 December 2025

		2025		2024
	Note	£		£


Turnover	4		59,145,349		61,655,609

Cost of sales			( 41,746,011)		( 43,286,303)
			_______		_______
Gross profit			17,399,338		18,369,306

Administrative expenses			( 11,336,530)		( 9,121,771)

Other operating income	5		107,423		75,540
			_______		_______
Operating profit	6		6,170,231		9,323,075

Other interest receivable and similar income			120,229		96,663

Interest payable and similar expenses	10		( 377,692)		( 376,921)
			_______		_______
Profit before taxation			5,912,768		9,042,817

Tax on profit	11		( 860,693)		( 1,590,799)
			_______		_______
Profit for the financial year and total comprehensive income			5,052,075		7,452,018
			_______		_______

All the activities of the company are from continuing operations.

The company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the company statement of comprehensive income. The profit before taxation for the company for the year ended 31 December 2025 was £1,543,288 (2024: £2,300,000).

M. Keys Limited

Consolidated statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	13	379,117		405,865
Tangible assets	14	29,881,025		25,233,977
Investments	15	559,857		465,697
		_______		_______
			30,819,999		26,105,539

Current assets
Stocks	16	9,548,612		9,660,437
Debtors	17	6,009,823		4,939,104
Cash at bank and in hand		5,895,477		7,367,681
		_______		_______
		21,453,912		21,967,222
Creditors: amounts falling due
within one year	19	( 12,113,666)		( 12,194,764)
		_______		_______
Net current assets			9,340,246		9,772,458
			_______		_______
Total assets less current liabilities			40,160,245		35,877,997

Creditors: amounts falling due
after more than one year	20		( 5,343,821)		( 5,072,472)

Provisions for liabilities	22		( 2,107,304)		( 1,648,480)

			_______		_______
Net assets			32,709,120		29,157,045
			_______		_______

Capital and reserves
Called up share capital	25		1,000		1,000
Profit and loss account			32,708,120		29,156,045
			_______		_______
Shareholders funds			32,709,120		29,157,045
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

Mr Malcolm Keys

Director

Company registration number: NI613387

M. Keys Limited

Company statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Fixed asset investments	15	6,001		6,001
		_______		_______
			6,001		6,001
Current assets
Debtors		43,288

Creditors: amounts falling due
within one year	19	(5,001)		(5,001)
		_______		_______
Net current assets			38,287		(5,001)
			_______		_______
Net assets			44,288		1,000
			_______		_______


Capital and reserves
Called up share capital	25		1,000		1,000
Profit and loss account			43,288		(-)
			_______		_______
Shareholders funds			44,288		1,000
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 23 September 2026 , and are signed on behalf of the board by:

Mr Malcolm Keys

Director

Company registration number: NI613387

M. Keys Limited

Consolidated Statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2024	1,000	24,004,027	24,005,027

Profit for the year		7,452,018	7,452,018
	_______	_______	_______
Total comprehensive income for the year	-	7,452,018	7,452,018

Dividends paid and payable		( 2,300,000)	( 2,300,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 2,300,000)	( 2,300,000)

	_______	_______	_______
At 31 December 2024 and 1 January 2025	1,000	29,156,045	29,157,045

Profit for the year		5,052,075	5,052,075
	_______	_______	_______
Total comprehensive income for the year	-	5,052,075	5,052,075

Dividends paid and payable		( 1,500,000)	( 1,500,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 1,500,000)	( 1,500,000)

	_______	_______	_______
At 31 December 2025	1,000	32,708,120	32,709,120
	_______	_______	_______

M. Keys Limited

Company statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	£	£	£



At 1 January 2024	1,000	(-)	1,000

Profit for the year	-	2,300,000	2,300,000
	_______	_______	_______
Total comprehensive income for the year	-	2,300,000	2,300,000

Dividends paid and payable	-	( 2,300,000)	( 2,300,000)
	_______	_______	_______
Total investments by and distributions to owners	-	(2,300,000)	( 2,300,000)

	_______	_______	_______
At 31 December 2024 and 1 January 2024	1,000	(-)	1,000

Profit for the year	-	1,543,288	1,543,288
	_______	_______	_______
Total comprehensive income for the year	-	1,543,288	1,543,288

Dividends paid and payable	-	( 1,500,000)	( 1,500,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 1,500,000)	(1,500,000)

	_______	_______	_______
At 31 December 2025	1,000	43,288	44,288
	_______	_______	_______

M. Keys Limited

Consolidated Statement of cash flows

Year ended 31 December 2025

		2025	2024
	Note	£	£

Cash flows from operating activities
Profit for the financial year		5,052,075	7,452,018

Adjustments for:
Depreciation of tangible assets		1,606,360	1,357,303
Amortisation of intangible assets		31,763	31,763
Amounts written off investments		(94,160)	(74,012)
Other interest receivable and similar income		( 120,229)	( 96,663)
Interest payable and similar expenses		377,692	376,921
Gain/(loss) on disposal of tangible assets		55,715	47,777
Tax on profit		860,693	1,590,799

Changes in:
Stocks		111,825	( 416,381)
Trade and other debtors		( 880,680)	( 34,132)
Trade and other creditors		( 35,268)	1,735,614
		_______	_______
Cash generated from operations		6,965,786	11,971,007

Interest paid		( 377,692)	( 376,921)
Interest received		120,229	96,663
Tax paid		( 1,211,635)	( 12,984)
		_______	_______
Net cash from operating activities		5,496,688	11,677,765
		_______	_______

Cash flows from investing activities
Purchase of tangible assets		( 5,947,748)	( 8,706,714)
Proceeds from sale of tangible assets		436,394	384,419
Purchase of intangible assets		( 5,015)	( 317,628)
		_______	_______
Net cash used in investing activities		( 5,516,369)	( 8,639,923)
		_______	_______

Cash flows from financing activities
Proceeds from borrowings		955,051	1,740,282
Payment of finance lease liabilities		( 913,670)	( 759,725)
Equity dividends paid		( 1,500,000)	( 2,300,000)
		_______	_______
Net cash used in financing activities		( 1,458,619)	( 1,319,443)
		_______	_______

Net increase/(decrease) in cash and cash equivalents		( 1,478,300)	1,718,399
Cash and cash equivalents at beginning of year	18	7,366,377	5,647,978
		_______	_______
Cash and cash equivalents at end of year	18	5,888,077	7,366,377
		_______	_______

M. Keys Limited

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 5 Bolies Road, Fivemiletown, Co. Tyrone, BT75 0TT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006, under the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI2008/410).

3. Accounting policies

Basis of preparation

The consolidated and company financial statements have been prepared on a going concern basis under the historical cost convention.The Group financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 31 December 2025.A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control.Where a subsidiary has different accounting policies to the Group, adjustments are made to those financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually by the board and may vary depending on a variety of factors such as technological innovation, maintenance programmes, changes in market conditions, remaining useful life and projected disposal values.- Biological assets (pig livestock and other livestock) are measured based on the lower of the estimated input cost of production and estimated selling price less costs to complete and sell. The input costs are reviewed by the board regularly, compared to selling price and adjusted accordingly.- Trade and other debtors are recognised to the extent that they are judged recoverable. Management review the debtors listing for irrecoverable debt and provisions are made against invoices where recoverability is uncertain.

Turnover

Turnover is measured at fair value of the consideration received or receivable for the supply of goods and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the provision of services is recognised in the income statement on the delivery of those services based on the proportion of total delivered at the balance sheet date; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	4 %	straight line
Plant and machinery	-	5 %	reducing balance
Plant and machinery	-	15%	reducing balance
Fittings fixtures and equipment	-	5 %	reducing balance
Fittings fixtures and equipment	-	15%	reducing balance
Motor vehicles	-	15 %	reducing balance
Motor vehicles	-	20%	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

The freehold property in one of the subsidiaries was not depreciated in the year as building works finished during the year and the property was only brought into use at the year end.

Fixed asset investments

Investments in subsidiary companies are held at cost. Investment income is recognised in the statement of comprehensive income when received.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.Biological assetsIn accordance with Section 34 FRS102, biological assets (pig livestock and other livestock) are measured using the cost model based on the lower of the estimated input cost of production and estimated selling price less costs to complete and sell.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only enters into basic financial instruments transactions that result in recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank facilities, are initially valued at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

Debtors

Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Plant and machinery salternative rate

15% reducing balance

4. Turnover

The whole of the turnover is attributable to the principal activity of the Group and company wholly undertaken in the United Kingdom and the Republic of Ireland.No analysis of turnover is presented as the directors consider such disclosure to be seriously prejudicial to the Group and Company's interests.

5. Other operating income

	2025	2024
	£	£
Contribution for benefit in kind	7,683	1,528
Share of profit from joint venture	99,740	74,012
	_______	_______
	107,423	75,540
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Amortisation of intangible assets	31,763	31,763
Depreciation of tangible assets	1,606,360	1,357,303
(Gain)/loss on disposal of tangible assets	55,715	47,777
Cost of stocks recognised as an expense	14,741,557	13,693,958
Impairment of trade debtors	-	(10,110)
Foreign exchange differences	( 154,868)	( 104,691)
Fees payable for the audit of the financial statements	24,200	22,250
	_______	_______

7. Auditors remuneration

	2025	2024
	£	£
Fees payable to Hassard McClements Limited
Fees payable for the audit of the financial statements	24,200	22,250
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Other non-audit services	8,140	8,250
	_______	_______

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Production staff	61	59
Distribution staff	99	82
Administrative staff	8	8
	_______	_______
	168	149
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	6,168,492	5,152,380
Social security costs	718,498	512,951
Other pension costs	232,797	225,281
	_______	_______
	7,119,787	5,890,612
	_______	_______

9. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Company contributions to pension schemes in respect of qualifying services	120,000	120,000
	_______	_______

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	Number	Number
Defined contribution plans	2	2
	_______	_______

10. Interest payable and similar expenses

		2025	2024
		£	£
Bank loans and overdrafts		55	1,525
Other loans made to the company:
	Finance leases and hire purchase contracts	86,639	80,479
Other interest payable and similar expenses		290,998	294,917
		_______	_______
		377,692	376,921
		_______	_______

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	401,869	1,020,079

Deferred tax:
Origination and reversal of timing differences	458,824	570,720
	_______	_______
Tax on profit	860,693	1,590,799
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	5,912,768	9,042,817
	_______	_______

Profit multiplied by rate of tax	1,478,192	2,260,704
Effect of expenses not deductible for tax purposes	2,565	1,443
Effect of capital allowances and depreciation	( 448,699)	( 99,109)
Utilisation of tax losses	( 5,237)	( 269,588)
Unrelieved tax losses	61,439	5,237
Joint Ventures	( 16,335)	( 9,904)
Deferred tax movement	458,824	570,720
Research and development	( 670,044)	( 868,441)
Marginal rate relief	( 12)	( 263)
	_______	_______
Tax on profit	860,693	1,590,799
	_______	_______

12. Dividends

Equity dividends

	2025	2024
	£	£
Dividends paid during the year	1,500,000	2,300,000
	_______	_______

13. Intangible assets - Group

	Goodwill	Basic payment entitlements	Total
	£	£	£
Cost
At 1 January 2025	317,628	120,000	437,628
Additions	-	5,015	5,015
	_______	_______	_______
At 31 December 2025	317,628	125,015	442,643
	_______	_______	_______
Amortisation
At 1 January 2025	31,763	-	31,763
Charge for the year	31,763	-	31,763
	_______	_______	_______
At 31 December 2025	63,526	-	63,526
	_______	_______	_______
Carrying amount
At 31 December 2025	254,102	125,015	379,117
	_______	_______	_______
At 31 December 2024	285,865	120,000	405,865
	_______	_______	_______

Intangible assets - Company

The company had no intangible assets at 31 December 2025 (2024: £NIL).

14. Tangible assets - Group

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2025	19,485,273	11,808,514	160,202	537,788	31,991,777
Additions	3,702,550	2,857,828	68,748	95,815	6,724,941
Disposals	( 75,000)	( 782,625)	-	( 97,169)	( 954,794)
	_______	_______	_______	_______	_______
At 31 December 2025	23,112,823	13,883,717	228,950	536,434	37,761,924
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2025	2,171,967	4,301,678	64,937	219,218	6,757,800
Charge for the year	670,676	848,383	12,514	74,785	1,606,358
Disposals	-	( 455,855)	-	( 27,404)	( 483,259)
	_______	_______	_______	_______	_______
At 31 December 2025	2,842,643	4,694,206	77,451	266,599	7,880,899
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2025	20,270,180	9,189,511	151,499	269,835	29,881,025
	_______	_______	_______	_______	_______
At 31 December 2024	17,313,306	7,506,836	95,265	318,570	25,233,977
	_______	_______	_______	_______	_______

Tangible assets - Company

The company had no tangible assets at 31 December 2025 (2024: £NIL).

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


	Plant and machinery	Motor vehicles
	£	£
At 31 December 2025	2,796,927	56,093
	_______	_______
At 31 December 2024	2,368,099	65,315
	_______	_______

15. Investments - Group

	Joint Ventures	Total
	£	£
Cost
At 1 January 2025	465,697	465,697
Share of profit	94,160	94,160
	_______	_______
At 31 December 2025	559,857	559,857
	_______	_______
Impairment
At 1 January 2025 and 31 December 2025	-	-
	_______	_______
Carrying amount
At 31 December 2025	559,857	559,857
	_______	_______
At 31 December 2024	465,697	465,697
	_______	_______

Investments - Company

Shares in group undertakings Total

£ £

Cost

At 1 January 2025 6,001 6,001

_______ | _______ |

At 31 December 2025 6,001 6,001

_______ | _______ |

Impairment

At 1 January 2025 and 31 December 2025 - -

_______ | _______ |

Carrying amount

At 31 December 2025 6,001 6,001

_______ | _______ |

At 31 December 2024 6,001 6,001

_______ | _______ |

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
M Keys Farms Limited	Northern Ireland	Ordinary	100

M Keys Transport Limited	Northern Ireland	Ordinary	100

Castlebrook Farms Limited	Northern Ireland	Ordinary	100

KW Farms Limited	Northern Ireland	Ordinary	100

Corbally Farms Limited	Northern Ireland	Ordinary	100

Annagh Farms Limited	Northern Ireland	Ordinary	100

Joint Venture
Dobson Keys Property LLP	Northern Ireland	Ordinary	50

Pig Innovation Centre Ltd	Northern Ireland	Ordinary	50

16. Stocks - Group

	2025	2024
	£	£
Livestock (biological assets)	840,550	805,625
Raw materials and consumables	100,787	11,455
Feedstuff and medicines	723,355	686,911
Pig livestock (biological assets)	7,883,920	8,156,446
	_______	_______
	9,548,612	9,660,437
	_______	_______

Stocks - Company

The company had no stocks at 31 December 2025 (2024: £NIL).

17. Debtors - Group

	2025	2024
	£	£
Trade debtors	3,778,005	3,295,006
Amounts owed by group undertakings	541,424	456,229
Prepayments and accrued income	551,289	322,059
Other debtors	1,194,105	890,810
	_______	_______
	6,064,823	4,964,104
	_______	_______

Debtors - Company

2025 2024

£ £

Amounts owed by group undertakings 43,288 -

_______ | _______ |

18. Cash and cash equivalents - Group

	2025	2024
	£	£
Cash at bank and in hand	5,895,477	7,367,681
Bank overdrafts	( 7,400)	( 1,304)
	_______	_______
	5,888,077	7,366,377
	_______	_______

Cash and cash equivalents - Company

The company had no cash and cash equivalents at 31 December 2025 (2024: £NIL).

19. Creditors: amounts falling due within one year - Group

	2025	2024
	£	£
Bank loans and overdrafts	797,242	542,002
Trade creditors	8,658,122	8,616,285
Accruals and deferred income	838,100	929,853
Corporation tax	400,694	1,020,079
Social security and other taxes	192,177	176,956
Obligations under finance leases	731,101	801,950
Director loan accounts	407,243	18,079
Other creditors	88,987	89,560
	_______	_______
	12,113,666	12,194,764
	_______	_______

The bank loans and overdrafts are secured on the assets of the group and the personal assets of the directors.

Creditors: amounts falling due within one year - Company

2025 2024

£ £

Director loan accounts 5,001 5,001

_______ | _______ |

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

	2025	2024
	£	£
Bank loans and overdrafts	4,718,675	4,401,932
Obligations under finance leases	625,146	670,540
	_______	_______
	5,343,821	5,072,472
	_______	_______

The bank loans are secured on the assets of the group and the personal assets of the directors.

Creditors: amounts falling due after more than one year - Company

The company had no creditors falling due after more than one year at 31 December 2025 (2024: £NIL).

21. Obligations under finance leases

Company lessee - Group

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	801,982	874,767
Later than 1 year and not later than 5 years	685,409	733,641
	_______	_______
	1,487,391	1,608,408
Less: future finance charges	( 131,143)	( 135,918)
	_______	_______
Present value of minimum lease payments	1,356,248	1,472,490
	_______	_______

Company lessee - Company

The company had no obligations under finance leases at 31 December 2025 (2024: £NIL).

22. Provisions - Group

	Deferred tax (note 23)	Total
	£	£
At 1 January 2025	1,648,480	1,648,480
Additions	458,824	458,824
	_______	_______
At 31 December 2025	2,107,304	2,107,304
	_______	_______

Provisions - Company

The company had no provisions at 31 December 2025 (2024: £NIL).

23. Deferred tax - Group

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 22)	2,107,304	1,648,480
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	2,197,944	1,680,799
Unused tax losses	( 90,640)	( 32,319)
	_______	_______
	2,107,304	1,648,480
	_______	_______

Deferred tax - Company

The company had no deferred tax at 31 December 2025 (2024: £NIL).

24. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 232,797 (2024: £ 225,281 ).

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares of £ 1.00 each	1,000	1,000	1,000	1,000
	_______	_______	_______	_______

26. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
M Keys Beef & Dairy	23,275	-	171,990	148,715
ALZ Estates Limited	55,195	54,000	486,424	431,229
CJK Transport Ltd	30,000	-	55,000	25,000
	_______	_______	_______	_______

The group and company have taken advantage of the exemption under paragraph 33.1A from the provisions of FRS 102 not to disclose related party transactions with wholly owned subsidiaries.

27. Key management personnel

The directors are considered to be the key management personnel.

28. Controlling party

The directors consider the ultimate controlling party to be Mr Malcolm Keys.