REGISTERED NUMBER: 02873177 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

COUNTY MILK PRODUCTS LIMITED

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Independent Auditors' Report

7

to

10

Consolidated Income Statement

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

to

31

DIRECTORS:

Mr J N Langslow

Mr P J Langslow

Mr M D Langslow

Mr P White

Mr D Murphy

Mr A D Davies

SECRETARY:

Mrs M E Langslow

REGISTERED OFFICE:

Dean Court

85 Adlington Road

Wilmslow

Cheshire

SK9 2BT

REGISTERED NUMBER:

02873177 (England and Wales)

INDEPENDENT AUDITORS:

Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

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

REVIEW OF BUSINESS

The group's principal activity is the trading of dairy commodities and specialist food ingredients. This is carried out by the parent company, supported by its subsidiaries, The Protein Partners Ltd and County Food Ingredients Ltd, and its joint venture, Oak Leaf Dairy Products Ltd.

Group turnover increased by 15.3% to £301m (2024: £261m). UK sales rose by 29.9% to £258m, reflecting increased UK milk supply and new domestic and international partnerships. Gross margin improved to 6.3% (2024: 5.4%) as the group leveraged its position as a key player in the dairy trading sector. Supported by increased manufacturing capabilities, the group was able to convert these additional volumes into a range of profitable commercial opportunities. Profit before tax was £3.0m (2024: £1.2m) reflecting the increased volumes and efficiencies its own manufacturing facilities drove.

At 31 December 2025 the group had net assets of £15.9m (2024: £13.7m). Working capital is funded principally by an invoice discounting facility, and net debt was £17.3m (2024: £17.3m).

KEY PERFORMANCE INDICATORS

2025

2024

Turnover

£301m

£261m

Gross margin

6.3%

5.4%

Profit before tax

£3.0m

£1.2m

Net debt

£17.3m

£17.3m

PRINCIPAL RISKS AND UNCERTAINTIES

- Commodity prices: dairy commodity prices are volatile and can affect both trading margins and the value of stock held.

- Supply: the group depends on the availability of UK milk and on its processing partners.

- Food safety and regulation: a product quality or safety failure could lead to product recalls, regulatory action and damage to the group's reputation.

FINANCIAL RISK MANAGEMENT

- Price risk: raw material price volatility is managed using forward contracts.

- Credit risk: trade debtors are managed through credit limits set for each customer and are insured with an experienced underwriter.

- Liquidity and interest rate risk: working capital is funded by a variable rate invoice discounting facility. The directors monitor headroom and interest costs through regular cash forecasting.

- Foreign exchange risk: the group buys and sells in a number of foreign currencies. Exposure is managed by matching currency receipts and payments where possible, and through forward contracts where appropriate.

FUTURE DEVELOPMENTS

In 2026, core trading along with continued diversification of our operations has allowed, and will further allow, us to take advantage of new strategic opportunities to drive further growth. Continued investment in our subsidiaries (County Food Ingredients and The Protein Partners) in 2026 and beyond will give us greater control over our future, strengthen our position of growth, and enable us to realise our long-term ambitions.

SECTION 172(1) STATEMENT

The directors consider that, during the year ended 31 December 2025, they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006, as described below.

(a) The likely consequences of any decision in the long term

The board reviews monthly management accounts, cash forecasts, the annual budget and future forecast, and considers the effect of significant decisions on the group's funding and long-term performance.

(b) The interests of the company's employees

The group's employees are central to its success. The directors communicate with employees through regular team briefings and appraisals and invest in training and health and safety so that the group can attract, develop and retain the people it needs.

(c) The need to foster business relationships with suppliers, customers and others

The group depends on long-term relationships with milk suppliers, processing partners, customers, hauliers and its finance provider. The directors and senior management meet key suppliers and customers regularly and pay suppliers within agreed terms, and farmers on "best in industry" terms.

(d) The impact of the company's operations on the community and the environment

The group seeks to reduce the environmental impact of its operations by, for example, efficient transport planning and waste reduction. The group's energy use and emissions are reported in the Group Strategic Report.

(e) The desirability of maintaining a reputation for high standards of business conduct

Food safety and product integrity are central to the group's reputation. The group maintains industry accreditations and expects high standards of conduct from its employees and suppliers.

(f) The need to act fairly as between members of the company

The company has three classes of share. The board applies the rights attaching to each class in accordance with the articles of association and consults shareholders on significant matters.

STREAMLINED ENERGY AND CARBON REPORTING

The group's energy use and greenhouse gas emissions for the year ended 31 December 2025 are set out below. All energy use and emissions arose in the UK.

2025

Energy consumption (kWh)

Electricity

2,069,691

Gas

5,430,441

Total energy consumption

7,500,132

Emissions (tCO2e)

Combustion of gas

994

Purchased electricity

366

Total emissions

1,360

Intensity ratio: tCO2e per £m of turnover

4.52

Transport fuel has not been included, as the group does not currently capture fuel or mileage data in a form that allows it to be measured. Systems are being put in place to capture this information from 2026.

This is the first year the group has reported this information, and comparatives are therefore not presented.

Methodology: Energy use is based on supplier invoices and meter readings. Emissions are calculated using the UK Government greenhouse gas conversion factors for company reporting for 2025.

Energy efficiency: No specific measures to improve energy efficiency were taken during the year.

ON BEHALF OF THE BOARD:

Mr J N Langslow - Director

8 October 2026

The directors present their 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 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr J N Langslow

Mr P J Langslow

Mr M D Langslow

Mr P White

Mr D Murphy

Mr A D Davies

MATTERS COVERED IN THE GROUP STRATEGIC REPORT

As permitted by section 414C(11) of the Companies Act 2006, information on financial risk management, future developments, energy and carbon reporting and engagement with suppliers, customers and others is included in the Group Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the 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 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 directors are 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 each director 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, Allens Accountants Limited, have indicated their willingness to continue in office and a resolution for their reappointment will be proposed to the members.

ON BEHALF OF THE BOARD:

Mr J N Langslow - Director

8 October 2026

Opinion

We have audited the financial statements of County Milk Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 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 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 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 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 Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report 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 Directors 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 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 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 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 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 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 five, 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 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 directors either intend to liquidate the group or the parent 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 an Auditors' 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedure to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and the board of directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the 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.

We also 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.

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 Auditors' 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.

Dean McMullan (Senior Statutory Auditor)

for and on behalf of Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

8 October 2026

TURNOVER

3

300,706,566

260,715,645

Cost of sales

281,629,136

246,683,735

GROSS PROFIT

19,077,430

14,031,910

Distribution costs

-

2,585

Administrative expenses

14,407,947

11,331,647

14,407,947

11,334,232

OPERATING PROFIT

5

4,669,483

2,697,678

Interest receivable and similar income

919

1,490

4,670,402

2,699,168

Interest payable and similar expenses

6

1,664,283

1,509,494

PROFIT BEFORE TAXATION

3,006,119

1,189,674

Tax on profit

7

825,727

149,249

PROFIT FOR THE FINANCIAL YEAR

2,180,392

1,040,425

FIXED ASSETS

Tangible assets

9

4,468,641

4,290,884

Investments

10

1,052,500

2,122,500

5,521,141

6,413,384

CURRENT ASSETS

Stocks

11

25,942,302

27,970,428

Debtors

12

29,910,060

28,760,959

Cash at bank and in hand

1,995,360

286,091

57,847,722

57,017,478

CREDITORS

Amounts falling due within one year

13

46,679,707

49,230,457

NET CURRENT ASSETS

11,168,015

7,787,021

TOTAL ASSETS LESS CURRENT LIABILITIES

16,689,156

14,200,405

CREDITORS

Amounts falling due after more than one year

14

(114,480

)

(183,229

)

PROVISIONS FOR LIABILITIES

18

(711,053

)

(333,945

)

NET ASSETS

15,863,623

13,683,231

CAPITAL AND RESERVES

Called up share capital

19

6,888

6,888

Share premium

20

119,856

119,856

Revaluation reserve

20

95,537

144,328

Capital redemption reserve

20

5,100

5,100

Retained earnings

20

15,636,242

13,407,059

SHAREHOLDERS' FUNDS

15,863,623

13,683,231

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2026 and were signed on its behalf by:

Mr J N Langslow - Director

FIXED ASSETS

Tangible assets

9

1,252,004

986,527

Investments

10

1,362,502

2,432,502

2,614,506

3,419,029

CURRENT ASSETS

Stocks

11

24,025,712

24,930,253

Debtors

12

34,598,415

34,358,542

Cash at bank and in hand

1,885,676

69,809

60,509,803

59,358,604

CREDITORS

Amounts falling due within one year

13

45,506,467

47,818,689

NET CURRENT ASSETS

15,003,336

11,539,915

TOTAL ASSETS LESS CURRENT LIABILITIES

17,617,842

14,958,944

PROVISIONS FOR LIABILITIES

18

82,117

117,687

NET ASSETS

17,535,725

14,841,257

CAPITAL AND RESERVES

Called up share capital

19

6,888

6,888

Share premium

20

119,856

119,856

Capital redemption reserve

20

5,100

5,100

Retained earnings

20

17,403,881

14,709,413

SHAREHOLDERS' FUNDS

17,535,725

14,841,257

Company's profit for the financial year

2,694,468

967,273

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2026 and were signed on its behalf by:

Mr J N Langslow - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

6,456

12,337,724

119,856

Changes in equity

Issue of share capital

432

-

-

Total comprehensive income

-

1,040,425

-

Revaluation transfer

-

28,910

-

Balance at 31 December 2024

6,888

13,407,059

119,856

Changes in equity

Total comprehensive income

-

2,180,392

-

Revaluation transfer

-

48,791

-

Balance at 31 December 2025

6,888

15,636,242

119,856

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2024

173,238

5,100

12,642,374

Changes in equity

Issue of share capital

-

-

432

Total comprehensive income

-

-

1,040,425

Revaluation transfer

(28,910

)

-

-

Balance at 31 December 2024

144,328

5,100

13,683,231

Changes in equity

Total comprehensive income

-

-

2,180,392

Revaluation transfer

(48,791

)

-

-

Balance at 31 December 2025

95,537

5,100

15,863,623

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

6,456

13,742,140

119,856

5,100

13,873,552

Changes in equity

Issue of share capital

432

-

-

-

432

Total comprehensive income

-

967,273

-

-

967,273

Balance at 31 December 2024

6,888

14,709,413

119,856

5,100

14,841,257

Changes in equity

Total comprehensive income

-

2,694,468

-

-

2,694,468

Balance at 31 December 2025

6,888

17,403,881

119,856

5,100

17,535,725

Cash flows from operating activities

Cash generated from operations

1

3,738,770

1,817,178

Interest paid

(1,644,099

)

(1,481,422

)

Interest element of hire purchase payments paid

(20,184

)

(28,072

)

Tax paid

-

68,459

Net cash from operating activities

2,074,487

376,143

Cash flows from investing activities

Purchase of tangible fixed assets

(1,036,018

)

(1,184,902

)

Sale of tangible fixed assets

116,463

11,202

Loan advances to joint ventures

-

(215,000

)

Loan repayments from joint ventures

270,000

-

Interest received

919

1,490

Net cash from investing activities

(648,636

)

(1,387,210

)

Cash flows from financing activities

Capital repayments in year

(68,713

)

(68,712

)

Amount withdrawn by directors

(1,413,605

)

(590,336

)

Share issue

-

432

Invoice discounting facility

1,765,736

1,638,862

Net cash from financing activities

283,418

980,246

Increase/(decrease) in cash and cash equivalents

1,709,269

(30,821

)

Cash and cash equivalents at beginning of year

2

286,091

316,912

Cash and cash equivalents at end of year

2

1,995,360

286,091

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

2025

2024

£

£

Profit before taxation

3,006,119

1,189,674

Depreciation charges

762,437

675,511

(Profit)/loss on disposal of fixed assets

(20,637

)

1,568

Impairment of joint venture loan

800,000

300,000

Finance costs

1,664,283

1,509,494

Finance income

(919

)

(1,490

)

6,211,283

3,674,757

Decrease/(increase) in stocks

2,028,126

(5,480,685

)

Increase in trade and other debtors

(606,392

)

(1,153,267

)

(Decrease)/increase in trade and other creditors

(3,894,247

)

4,776,373

Cash generated from operations

3,738,770

1,817,178

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

1,995,360

286,091

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

286,091

316,912

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

286,091

1,709,269

1,995,360

286,091

1,709,269

1,995,360

Debt

Finance leases

(251,905

)

68,713

(183,192

)

Debts falling due within 1 year

(17,365,290

)

(1,765,736

)

(19,131,026

)

(17,617,195

)

(1,697,023

)

(19,314,218

)

Total

(17,331,104

)

12,246

(17,318,858

)