REGISTERED NUMBER: 09187968 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2026

for

Millets Farm Centre Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

N J Carter

A D Carter

Mrs S C Viney

B N Carter

Mrs L Baggott LaVelle

REGISTERED OFFICE:

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

REGISTERED NUMBER:

09187968 (England and Wales)

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

REVIEW OF BUSINESS

The principal activities of the company in the period included retail farm shop sales, growing fruit and letting commercial property.

The company's results for the year are in line with the directors expectations and show an operating profit of £1,184,838 (2025 - £1,286,596) for the period and sales of £10,716,799 (2025 - £10,920,868).

Post year end the directors have been encouraged by the continued trend of good trading results, turnover and profit levels. Net assets at the period end were £9,133,655 (2025 - £8,943,182).

Business Development

The directors are pleased with the business and the site but are always looking at opportunities to expand their offering.

Principal Risks and Uncertainties

The directors have considered the impact of the ongoing general increase in costs on the business and continue to proactively managing activities to minimise the risk to the business by increasing prices where they can. Due to the general profile of the company's customer base and diverse income streams, the directors are confident that the impact of the ongoing situation is manageable. Even if there is a potential downturn in income, the company has sufficient resources to continue to operate as a going concern.

Key performance indicators (KPIs)

Given the straight forward nature of the business, the company's directors use gross profit margin, net profit margin and return on capital employed for an understanding of the development, performance or position of the business.

2026

2025

Gross profit margin

62.1%

58.5%

Operating profit margin

11.1%

11.8%

Return on capital employed (excluding revaluation)

5.6%

6.1%

The results are in line with the directors expectations, given the improved trading circumstances and they intend to maintain the results obtained in 2026.

Future Outlook

As with all businesses, there is concern over the general retail industry. However, the company has a good reputation and the directors are confident that they stand in good stead for the future.

The company will continue working to exceed customer expectations and work with all stakeholders to provide a unique experience for it's clientèle.

No events have occurred post year end which require adjustments to be made in these financial statements.

ON BEHALF OF THE BOARD:

N J Carter - Director

16 October 2026

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

DIVIDENDS

During the period the company has paid dividends totalling £515,001 (2025 £357,386). The directors recommend that no final dividends be paid.

DIRECTORS

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

N J Carter

A D Carter

Mrs S C Viney

B N Carter

Mrs L Baggott LaVelle

FINANCIAL INSTRUMENTS

The Company's financial instruments comprise cash at bank, overdraft and loans. The main purpose of these financial instruments is to raise adequate finance for the Company's operations.

The main risks arising from the Company's financial instruments are interest rate fluctuations and liquidity risk. It is the Company's policy to finance its operations through a mixture of long and short term borrowings and to review periodically the mix of these instruments with regard to the projected cash flow requirements of the Company and an acceptable level of risk exposure.

DISCLOSURE IN THE STRATEGIC REPORT

The directors' business review, including an assessment of the risks and uncertainties the business faces and the expected future developments, is included in 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

N J Carter - Director

16 October 2026

Opinion

We have audited the financial statements of Millets Farm Centre Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 January 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 three, 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance

with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Reviewing Board of Directors minutes;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

16 October 2026

TURNOVER

10,716,799

10,920,868

Cost of sales

4,061,461

4,528,053

GROSS PROFIT

6,655,338

6,392,815

Administrative expenses

5,523,968

5,106,219

1,131,370

1,286,596

Other operating income

53,468

-

OPERATING PROFIT

5

1,184,838

1,286,596

Interest receivable and similar income

173

582

1,185,011

1,287,178

Gain/(loss) on revaluation of

investment property

-

(2,182,549

)

1,185,011

(895,371

)

Interest payable and similar expenses

6

283,330

310,871

PROFIT/(LOSS) BEFORE TAXATION

901,681

(1,206,242

)

Tax on profit/(loss)

7

196,207

(414,131

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

705,474

(792,111

)

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

-

(5,646,424

)

Income tax relating to other comprehensive income

-

1,397,788

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(4,248,636

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

705,474

(5,040,747

)

FIXED ASSETS

Intangible assets

9

-

6,875

Tangible assets

10

7,822,773

7,785,264

Investment property

11

8,800,000

8,800,000

16,622,773

16,592,139

CURRENT ASSETS

Stocks

12

340,085

381,760

Debtors

13

343,573

270,954

Cash at bank and in hand

676,686

665,258

1,360,344

1,317,972

CREDITORS

Amounts falling due within one year

14

1,932,690

1,824,921

NET CURRENT LIABILITIES

(572,346

)

(506,949

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,050,427

16,085,190

CREDITORS

Amounts falling due after more than one year

15

(5,639,754

)

(5,852,903

)

PROVISIONS FOR LIABILITIES

20

(1,277,018

)

(1,289,105

)

NET ASSETS

9,133,655

8,943,182

CAPITAL AND RESERVES

Called up share capital

21

110,008

110,008

Share premium

22

3,492,935

3,492,935

Capital contributions

22

825,580

825,580

Retained earnings

22

4,705,132

4,514,659

SHAREHOLDERS' FUNDS

9,133,655

8,943,182

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2026 and were signed on its behalf by:

N J Carter - Director

A D Carter - Director

Mrs S C Viney - Director

B N Carter - Director

Mrs L Baggott LaVelle - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 February 2024

110,008

5,664,156

3,492,935

Changes in equity

Dividends

-

(357,386

)

-

Total comprehensive income

-

(792,111

)

-

Balance at 31 January 2025

110,008

4,514,659

3,492,935

Changes in equity

Dividends

-

(515,001

)

-

Total comprehensive income

-

705,474

-

Balance at 31 January 2026

110,008

4,705,132

3,492,935

Revaluation

Capital

Total

reserve

contributions

equity

£

£

£

Balance at 1 February 2024

4,248,636

825,580

14,341,315

Changes in equity

Dividends

-

-

(357,386

)

Total comprehensive income

(4,248,636

)

-

(5,040,747

)

Balance at 31 January 2025

-

825,580

8,943,182

Changes in equity

Dividends

-

-

(515,001

)

Total comprehensive income

-

-

705,474

Balance at 31 January 2026

-

825,580

9,133,655

Cash flows from operating activities

Cash generated from operations

25

1,652,793

2,015,299

Interest paid

(259,319

)

(285,662

)

Interest element of hire purchase payments paid

(24,011

)

(25,209

)

Tax paid

(195,700

)

-

Net cash from operating activities

1,173,763

1,704,428

Cash flows from investing activities

Purchase of tangible fixed assets

(269,874

)

(764,261

)

Sale of tangible fixed assets

6,200

41,570

Interest received

173

582

Net cash from investing activities

(263,501

)

(722,109

)

Cash flows from financing activities

Loan repayments in year

(210,954

)

(204,773

)

Capital repayments in year

(135,891

)

(106,241

)

Amount introduced by directors

444,387

361,378

Amount withdrawn by directors

(481,375

)

(399,716

)

Equity dividends paid

(515,001

)

(357,386

)

Net cash from financing activities

(898,834

)

(706,738

)

Increase in cash and cash equivalents

11,428

275,581

Cash and cash equivalents at beginning of year

26

665,258

389,677

Cash and cash equivalents at end of year

26

676,686

665,258

1.	STATUTORY INFORMATION

Millets Farm Centre 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.

The functional and presentational currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss.

Going concern

After considering the position of the company, the directors have a reasonable expectation that the company will have sufficient resources to meet future obligations and therefore the accounts are prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Farm shop and pumpkin sales

Turnover from goods sold in the farm shop and pick-your-own pumpkin sales is recognised at the point of sale.

Restaurant sales

Turnover from restaurant sales is recognised upon rendering of service.

Event sales

Turnover from events hosted by the company is recognised at the point of service. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Rental income

Income from the letting of commercial property is recognised in the period to which is relates.

Leisure income

Income from leisure activities, such as adventure golf, is recognised at the point of sale or rendering of service.

Goodwill

Goodwill acquired on the merger with Millets Farm Restaurant Ltd, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Computer software costs

Where the company's website is expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset and amortised over three years. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred. Development costs that are capitalised in accordance with the requirements of FRS 102 are not treated, for dividend purposes, as a realised loss.

Tangible fixed assets

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

Freehold property

-

2% on straight line basis

Plant and machinery

-

20% on reducing balance, 15% on straight line basis and 10% on straight line basis

Solar

-

Straight line over 15 years

Motor vehicles

-

20% on reducing balance

Revaluation of freehold property & solar installation

The company's freehold property and solar installation are carried at a revalued amount, being the property's fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Surpluses arising from the professional valuation of properties are taken directly to the revaluation reserve. Deficits arising from the revaluation of properties shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that property, the excess shall be recognised in profit or loss.

All other classes of tangible fixed assets are held at cost less accumulated depreciation and impairment losses.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

Cost includes materials, direct labour and an attributable proportion of relevant overheads based on normal levels of activity. Cost is calculated using the average costing method (last 5 deliveries).

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Purchase ledger balances are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

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

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

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

Pension costs and other post-retirement benefits

The company operates a 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.

Related party transactions

The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property

As described in note 11 to the financial statements, investment property is stated at fair value based on valuation performed by an independent professional valuer Savills with experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. The directors have updated the valuation in subsequent periods.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

3,065,141

2,974,209

Social security costs

398,870

294,498

Other pension costs

68,246

63,656

3,532,257

3,332,363

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

2026

2025

Management

7

7

Other staff

147

154

154

161

2026

2025

£

£

Directors' remuneration

170,116

193,564

5.	OPERATING PROFIT/(LOSS)

The operating profit (2025 - operating loss) is stated after charging/(crediting):

2026

2025

£

£

Hire of plant and machinery

49,356

12,848

Other operating leases

56,132

86,117

Depreciation - owned assets

310,434

210,743

Depreciation - assets on hire purchase contracts

62,816

58,446

(Profit)/loss on disposal of fixed assets

(6,200

)

10,619

Goodwill amortisation

6,875

7,500

Computer software amortisation

-

1,083

Auditors' remuneration

29,500

27,500

Auditors' remuneration for non audit work

9,833

11,918

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Loan interest

259,319

285,662

Hire purchase

24,011

25,209

283,330

310,871

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

208,294

195,700

Deferred tax

(12,087

)

(609,831

)

Tax on profit/(loss)

196,207

(414,131

)

UK corporation tax was charged at 25%) in 2025.