REGISTERED NUMBER: 05217234 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2026

for

Soanes Poultry Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

A M Soanes

J A Soanes

S V Soanes

C L Wright

B Lee

REGISTERED OFFICE:

Church Hill Farm

Middleton-on-the-Wolds

Driffield

East Yorkshire

YO25 9UG

REGISTERED NUMBER:

05217234 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

Barclays Bank PLC

Leicester

Leicestershire

LE87 2BB

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

REVIEW OF BUSINESS

The key performance indicators of turnover, turnover growth, gross profit and net profit before taxation communicate the financial performance of the company as a whole.

The key performance indicators are as follows:

2026

2025

2024

2023

£

£

£

£

Turnover

42,504,073

39,271,520

35,677,847

35,143,741

Turnover Growth

8.2%

10.1%

1.5%

25.5%

Gross Profit Margin

20.6%

19.4%

14.3%

12.7%

Net Profit

3,597,576

2,838,854

627,051

429,828

Net Profit Margin

8.5%

7.2%

1.7%

1.2%

During the financial year, Soanes Poultry has maintained a strong financial position and continued to demonstrate resilience in a challenging trading environment.

Market conditions across the poultry sector have remained volatile, with sustained pressure in the live bird market resulting in increased input costs. This has been further impacted by the ongoing effects of avian influenza, which have continued to influence supply dynamics and pricing. Notwithstanding these factors, the Company has performed robustly, supported by its established market position and disciplined operational approach.

The Company has continued to demonstrate commercial adaptability, maintaining performance while responding effectively to market pressures. Its ongoing focus on quality, provenance, and traceability remains aligned with customer requirements and continues to underpin its competitive position.

During the year, the Company has made significant progress on its ammonia glycol refrigeration replacement programme, a major capital investment across the site. The project is now nearing completion and represents a key step in improving operational efficiency and reducing environmental impact. This investment reflects the Company's ongoing commitment to modernising infrastructure and supporting sustainable production practices.

The Company has also enhanced its operational efficiency through increased use of data collection and analysis, which are now central to management decision-making processes. This improved data-led approach has supported better performance monitoring and more informed strategic planning.

In addition, the Company has continued to invest in its workforce, further developing its management structure and capabilities to support increased staff numbers and the ongoing growth of the business.

During the year, the Company received a number of external accolades, including Large Business of the Year, Environmental and sustainability Business of the Year at the Hull and East Yorkshire Business Awards, and the East Riding of Yorkshire Council Chairman's Award for Large Business of the Year. These awards reflect the Company's continued commitment to operational excellence and environmental responsibility.

The Directors remain satisfied with the performance of the business and its overall financial position at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

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

Price risk

The company is a wholesale distributor of poultry and game. The prices of such products tend to reduce on account of pricing pressure and competition. This risk is managed by maintaining adequate levels of stock and by monitoring the market continuously.

Foreign exchange risk

The company does not deal in any foreign currencies.

Credit risk

Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company does experience bad debts but believes it has systems in place to mitigate these risks.

Debts for major creditors are insured and the company has sought to reduce credit of material creditor balances where insurance is not secured.

Liquidity risk

The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

FUTURE DEVELOPMENTS

The Company will continue to pursue a strategy of sustainable growth, supported by targeted capital investment and operational development.

The ammonia glycol refrigeration replacement programme is nearing completion, with full implementation expected in October 2026. This investment is anticipated to deliver improved operational efficiency and environmental benefits, including the elimination of F-gas usage.

Expansion of the Company's farming capacity is currently underway, with construction in progress on two new poultry sheds. Upon completion, these are expected to increase annual production capacity by in excess of 360,000 birds.

In response to ongoing challenges within the labour market, the Company is planning to invest in automation during the 2026/27 financial year. This is expected to enhance operational stability and efficiency, while maintaining the hand-finished elements of production that are integral to product quality.

The Company is also working in conjunction with its sister companies to further strengthen supply chain security, including plans for the development of an additional local farm to support long-term supply requirements.

The Directors remain confident that these initiatives will support the continued development of the business and reinforce its position within the market.

ON BEHALF OF THE BOARD:

A M Soanes - Director

28th September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of poultry production and processing.

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2026.

FUTURE DEVELOPMENTS

These details have been provided in the company's strategic report.

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 1st April 2025 to the date of this report.

A M Soanes

J A Soanes

S V Soanes

C L Wright

B Lee

FINANCIAL INSTRUMENTS

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

Revenue maintenance

The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products, can contribute to the future profits of the business.

Risks and uncertainties

These details have been provided in the company's 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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.

AUDITORS

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

ON BEHALF OF THE BOARD:

A M Soanes - Director

28th September 2026

Opinion

We have audited the financial statements of Soanes Poultry Ltd (the 'company') for the year ended 31st 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 31st 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, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other informed management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 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.

A Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

29th September 2026

TURNOVER

42,504,073

39,271,520

Cost of sales

33,760,211

31,645,751

GROSS PROFIT

8,743,862

7,625,769

Distribution costs

930,837

935,975

Administrative expenses

4,391,669

3,988,481

5,322,506

4,924,456

3,421,356

2,701,313

Other operating income

57,708

53,476

OPERATING PROFIT

4

3,479,064

2,754,789

Interest receivable and similar income

118,512

84,065

PROFIT BEFORE TAXATION

3,597,576

2,838,854

Tax on profit

6

907,984

716,511

PROFIT FOR THE FINANCIAL YEAR

2,689,592

2,122,343

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,689,592

2,122,343

FIXED ASSETS

Intangible assets

7

5,021

9,244

Tangible assets

8

6,315,349

4,093,178

6,320,370

4,102,422

CURRENT ASSETS

Stocks

9

305,889

174,419

Debtors

10

3,855,866

3,555,570

Cash at bank and in hand

5,133,183

4,694,751

9,294,938

8,424,740

CREDITORS

Amounts falling due within one year

11

4,609,991

4,746,316

NET CURRENT ASSETS

4,684,947

3,678,424

TOTAL ASSETS LESS CURRENT LIABILITIES

11,005,317

7,780,846

PROVISIONS FOR LIABILITIES

13

(978,787

)

(392,993

)

ACCRUALS AND DEFERRED INCOME

14

(347,128

)

(398,043

)

NET ASSETS

9,679,402

6,989,810

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

9,679,302

6,989,710

SHAREHOLDERS' FUNDS

9,679,402

6,989,810

The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2026 and were signed on its behalf by:

A M Soanes - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2024

100

4,867,367

4,867,467

Changes in equity

Total comprehensive income

-

2,122,343

2,122,343

Balance at 31st March 2025

100

6,989,710

6,989,810

Changes in equity

Total comprehensive income

-

2,689,592

2,689,592

Balance at 31st March 2026

100

9,679,302

9,679,402

Cash flows from operating activities

Cash generated from operations

1

3,925,497

2,962,690

Tax paid

(692,988

)

(117,724

)

Net cash from operating activities

3,232,509

2,844,966

Cash flows from investing activities

Purchase of intangible fixed assets

-

(7,617

)

Purchase of tangible fixed assets

(2,929,489

)

(716,112

)

Sale of tangible fixed assets

16,900

4,502

Interest received

118,512

84,065

Net cash from investing activities

(2,794,077

)

(635,162

)

Increase in cash and cash equivalents

438,432

2,209,804

Cash and cash equivalents at beginning of year

2

4,694,751

2,484,947

Cash and cash equivalents at end of year

2

5,133,183

4,694,751

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

2026

2025

£

£

Profit before taxation

3,597,576

2,838,854

Depreciation charges

693,330

627,711

Loss on disposal of fixed assets

1,311

19,366

Government grants

(51,208

)

(53,476

)

Finance income

(118,512

)

(84,065

)

4,122,497

3,348,390

(Increase)/decrease in stocks

(131,470

)

70,646

Increase in trade and other debtors

(301,701

)

(308,213

)

Increase/(decrease) in trade and other creditors

236,171

(148,133

)

Cash generated from operations

3,925,497

2,962,690

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 31st March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

5,133,183

4,694,751

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

4,694,751

2,484,947

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

4,694,751

438,432

5,133,183

4,694,751

438,432

5,133,183

Total

4,694,751

438,432

5,133,183

1.	STATUTORY INFORMATION

Soanes Poultry Ltd 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, such as including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are as follows:

Useful life and residual values

Estimations in residual values and useful lives of tangible and intangible assets are assessed annually. Judgement has been made in estimating the useful lives of the asset categories aligned to the company's depreciation and write-off policies.

Impairment of Assets

The company assesses the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. This assessment requires management to make judgements about the recoverable amount of the assets, which is the higher of the asset's fair value less costs of disposal and its value in use. In making these judgements, management considers various factors, including any changes in market conditions that may affect the asset's value. These judgements are based on historical experience and other factors that are believed to be reasonable under the circumstances. Any changes in these assumptions or estimates could result in a material adjustment to the carrying amount of the assets within the next financial year.

Turnover

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

Intangible assets

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

Computer software is being amortised over 5 years on a straight line basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost, 10% on cost and 4% on cost

Plant and machinery

-

20% on cost

Office equipment

-

20% on cost

Motor vehicles

-

33% on reducing balance

Government grants

Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

Stocks

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

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Board has undertaken a comprehensive review of the Company's financial position, operational performance, and future prospects in assessing the appropriateness of adopting the going concern basis in the preparation of the financial statements for the year ending 2025/26.

The Board remains confident in the resilience and long-term viability of the business. As a leading provider of premium poultry in Yorkshire, Soanes Poultry continues to benefit from a strong market position, a loyal customer base, and a well-established reputation for quality, welfare, and provenance.

Throughout the period, the Company has continued to invest strategically across key areas of the business, including site infrastructure, technological advancement, and employee well-being. These investments are designed to enhance operational efficiency, support sustainable growth, and ensure the consistent delivery of high-quality, award-winning products.

The Board has considered current trading performance, cash flow forecasts, available banking facilities, and potential risks and uncertainties facing the business. Based on this assessment, and after making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the Board continues to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

5,813,943

5,085,640

Social security costs

799,638

542,040

Other pension costs

119,729

64,031

6,733,310

5,691,711

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

2026

2025

Factory

148

134

Management and Office

23

20

171

154

2026

2025

£

£

Directors' remuneration

479,601

471,146

Directors' pension contributions to money purchase schemes

51,642

2,641

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

294,911

262,162

Pension contributions to money purchase schemes

1,321

1,320

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Other operating leases

26,000

26,000

Depreciation - owned assets

689,107

623,488

Loss on disposal of fixed assets

1,311

19,366

Computer software amortisation

4,223

4,223

5.	AUDITORS' REMUNERATION

2026

2025

£

£

Accountancy fees

5,300

6,000

Audit fees

7,650

8,700

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

322,190

692,988

Deferred taxation

585,794

23,523

Tax on profit

907,984

716,511

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:

2026

2025

£

£

Profit before tax

3,597,576

2,838,854

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

899,394

709,714

Effects of:

Depreciation on non-qualifying assets

18,469

16,676

Capital grants relating to non-qualifying assets

(9,879

)

(9,879

)

Total tax charge

907,984

716,511