REGISTERED NUMBER: 03046514 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

MANOR FARM FEEDS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

M G Kirkwood

R Kirkwood

O S Kirkwood

H F Kirkwood

SECRETARY:

M G Kirkwood

REGISTERED OFFICE:

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

REGISTERED NUMBER:

03046514 (England and Wales)

AUDITORS:

Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The company derives its turnover and profits from the sale of animal feed.

The key financial highlights are as follows:

31.03.26

31.03.25

31.03.24

Turnover

£41,260,498

£40,429,648

£40,116,606

Gross profit

14.86%

13.38%

12.75%

Profit before tax

£625,223

£634,066

£507,894

Turnover has increased 2.06% from the previous year (2025 - 0.78% increase).

The company has continued to invest in new equipment in the year, which has enabled it to become more efficient and meet the demands of the customers. Within the feed industry, the company is in a strong position to fulfil any extra feed demand.

Combinable crops make up a significant proportion of the company's costs. Volumes and prices are agreed in advance for much of the crop purchased and remain within contracted terms throughout the contract period. Contracts are negotiated with customers and suppliers on an ongoing basis to mitigate risk to the business.

The directors are pleased with the performance in the year under review.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's future is linked with that of the farming industry as a whole. Although farming is subject to many variables, both natural and commercial, the directors feel that the nature of the business will sustain its demand.

FUTURE DEVELOPMENTS

In order to continue to grow, the company continues to invest in new plant and equipment, to maintain its existing assets, as well as maintaining good relationships with customers and suppliers.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank loans and hire purchase liabilities, trade creditors and trade debtors. The main purpose of these financial instruments is to raise funds to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is minimal exposure to currency risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

Trade debtors are managed through credit and cash flow risk by assessing the credit offered to customers and the regular monitoring of amounts outstanding at a given time.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due.

The company's bank accounts are monitored to ensure the company has sufficient funds to meet their current commitments, making use of overdraft and loan facilities, where appropriate.

Hire purchase and bank loans are used to fund the acquisition of fixed assets.

RESEARCH AND DEVELOPMENT

Research and development activities continue to play an important role in the development of new techniques.

ON BEHALF OF THE BOARD:

M G Kirkwood - Secretary

20 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and sale of animal feeds and there has been no significant change.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £ 150,500 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

M G Kirkwood

R Kirkwood

O S Kirkwood

H F Kirkwood

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

M G Kirkwood - Secretary

20 July 2026

Opinion

We have audited the financial statements of Manor Farm Feeds Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in, including whether the company is complying with those legal and regulatory frameworks;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to animal feed legislation, health and safety, data protection, road haulage and employment laws. We performed audit procedures to inquire of management whether the company is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;

-

testing material journal entries throughout the year and evaluating their business rationale;

-

reviewing key controls and account reconciliations;

-

testing material bank transactions for business rationale;

-

on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting documentation.

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.

Charlotte Foreman FCCA (Senior Statutory Auditor)

for and on behalf of Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

6 October 2026

TURNOVER

41,260,498

40,429,648

Cost of sales

35,130,525

35,021,540

GROSS PROFIT

6,129,973

5,408,108

Administrative expenses

5,649,866

4,899,676

OPERATING PROFIT

4

480,107

508,432

Interest receivable and similar income

145,355

127,191

625,462

635,623

Interest payable and similar expenses

5

239

1,557

PROFIT BEFORE TAXATION

625,223

634,066

Tax on profit

6

160,818

159,586

PROFIT FOR THE FINANCIAL YEAR

464,405

474,480

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

464,405

474,480

FIXED ASSETS

Tangible assets

8

1,096,806

1,160,397

Investment property

9

300,000

300,000

1,396,806

1,460,397

CURRENT ASSETS

Stocks

10

1,047,448

1,060,009

Debtors

11

7,110,179

7,557,056

Cash at bank and in hand

1,899,199

1,262,302

10,056,826

9,879,367

CREDITORS

Amounts falling due within one year

12

3,457,116

3,641,707

NET CURRENT ASSETS

6,599,710

6,237,660

TOTAL ASSETS LESS CURRENT LIABILITIES

7,996,516

7,698,057

CREDITORS

Amounts falling due after more than one year

13

-

(1,767

)

PROVISIONS FOR LIABILITIES

17

(238,277

)

(251,956

)

NET ASSETS

7,758,239

7,444,334

CAPITAL AND RESERVES

Called up share capital

18

1,400

1,400

Revaluation reserve

19

(12,454

)

(12,454

)

Retained earnings

19

7,769,293

7,455,388

SHAREHOLDERS' FUNDS

7,758,239

7,444,334

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2026 and were signed on its behalf by:

M G Kirkwood - Director

R Kirkwood - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

1,400

6,980,908

(12,454

)

6,969,854

Changes in equity

Total comprehensive income

-

474,480

-

474,480

Balance at 31 March 2025

1,400

7,455,388

(12,454

)

7,444,334

Changes in equity

Dividends

-

(150,500

)

-

(150,500

)

Total comprehensive income

-

464,405

-

464,405

Balance at 31 March 2026

1,400

7,769,293

(12,454

)

7,758,239

Cash flows from operating activities

Cash generated from operations

1

560,320

1,109,463

Interest paid

(188

)

(852

)

Interest element of hire purchase payments paid

(60

)

(710

)

Tax paid

(182,498

)

(94,510

)

Net cash from operating activities

377,574

1,013,391

Cash flows from investing activities

Purchase of tangible fixed assets

(265,211

)

(262,542

)

Sale of tangible fixed assets

82,450

10,650

Loan to associated company

481,118

(596,727

)

Interest received

131,212

142

Net cash from investing activities

429,569

(848,477

)

Cash flows from financing activities

Loan repayments in year

(10,461

)

(10,203

)

Hire purchase repayments in year

(15,000

)

(41,090

)

Introduced by directors

5,715

3,139

Equity dividends paid

(150,500

)

-

Net cash from financing activities

(170,246

)

(48,154

)

Increase in cash and cash equivalents

636,897

116,760

Cash and cash equivalents at beginning of year

2

1,262,302

1,145,542

Cash and cash equivalents at end of year

2

1,899,199

1,262,302

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

31.3.26

31.3.25

£

£

Profit before taxation

625,223

634,066

Depreciation charges

315,904

291,810

(Profit)/loss on disposal of fixed assets

(45,568

)

15,600

Finance costs

239

1,557

Finance income

(145,355

)

(127,191

)

750,443

815,842

Decrease/(increase) in stocks

12,561

(131,926

)

(Increase)/decrease in trade and other debtors

(44,082

)

315,439

(Decrease)/increase in trade and other creditors

(158,602

)

110,108

Cash generated from operations

560,320

1,109,463

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 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

1,899,199

1,262,302

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,262,302

1,145,542

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,262,302

636,897

1,899,199

1,262,302

636,897

1,899,199

Debt

Finance leases

(15,000

)

15,000

-

Debts falling due within 1 year

(10,470

)

8,694

(1,776

)

Debts falling due after 1 year

(1,767

)

1,767

-

(27,237

)

25,461

(1,776

)

Total

1,235,065

662,358

1,897,423

1.	STATUTORY INFORMATION

Manor Farm Feeds 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 Company Information page.

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.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Valuation of investment properties

The directors revalue the company's investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income, current market yields and future development costs.

Turnover

Turnover represents the sale of animal feed, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised at the point at which delivery is made to the customer.

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.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income and retained earnings.

Stocks

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

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 the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of income and retained earnings in the period to which they relate.

The company has implemented automatic enrolment into a work place pension scheme for all employees.

Contributions are charged to the statement of income and retained earnings in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,156,109

1,967,831

Social security costs

284,009

237,797

Other pension costs

81,062

62,636

2,521,180

2,268,264

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

31.3.26

31.3.25

Office staff and management

8

9

Mill workers

13

15

Haulage staff

8

9

29

33

31.3.26

31.3.25

£

£

Directors' remuneration

1,151,861

1,040,645

Directors' pension contributions to money purchase schemes

60,000

40,000

Information regarding the highest paid director is as follows:

31.3.26

31.3.25

£

£

Emoluments etc

1,139,291

1,028,075

Pension contributions to money purchase schemes

30,000

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Hire of plant and machinery

14,445

14,446

Other operating leases

10,000

10,000

Depreciation - owned assets

315,904

269,224

Depreciation - assets on hire purchase contracts

-

22,586

(Profit)/loss on disposal of fixed assets

(45,568

)

15,600

Auditors' remuneration

13,480

12,309

Auditors' remuneration for non audit work

15,537

14,830

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Bank interest

-

406

Bank loan interest

179

441

Hire purchase

60

710

239

1,557

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

174,497

182,498

Deferred tax

(13,679

)

(22,912

)

Tax on profit

160,818

159,586

UK corporation tax has been charged at 25% (2025 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.26

31.3.25

£

£

Profit before tax

625,223

634,066

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

156,306

158,517

Effects of:

Expenses not deductible for tax purposes

3,616

220

Depreciation in excess of capital allowances

14,575

23,761

Deferred taxation

(13,679

)

(22,912

)

Total tax charge

160,818

159,586

7.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary B shares of £1 each

Interim

150,500

-

8.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2025

179,258

3,097,079

50,844

3,327,181

Additions

-

289,195

-

289,195

Disposals

-

(259,900

)

-

(259,900

)

At 31 March 2026

179,258

3,126,374

50,844

3,356,476

DEPRECIATION

At 1 April 2025

19,058

2,113,230

34,496

2,166,784

Charge for year

3,585

309,050

3,269

315,904

Eliminated on disposal

-

(223,018

)

-

(223,018

)

At 31 March 2026

22,643

2,199,262

37,765

2,259,670

NET BOOK VALUE

At 31 March 2026

156,615

927,112

13,079

1,096,806

At 31 March 2025

160,200

983,849

16,348

1,160,397

The net book value of tangible fixed assets includes £NIL (2025 - £ 67,758 ) in respect of assets held under hire purchase contracts.