Registration number:
Keyo Agricultural Services Ltd
for the Year Ended 31 March 2026
Keyo Agricultural Services Ltd
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Statement of Comprehensive Income |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
Keyo Agricultural Services Ltd
Company Information
|
Directors |
G Baugh B G Baugh J M Van Den Bos C D W Ramskill D Y Croft |
|
Company secretary |
D Y Croft |
|
Registered office |
|
|
Auditors |
|
Keyo Agricultural Services Ltd
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the company is services to the poultry industry.
Fair review of the business
Keyo Agricultural Services Ltd continued to operate as a key provider of specialist services to the poultry industry during the year ended 31 March 2026. The company’s activities include poultry handling, transportation, and related agricultural services.
Trading conditions during the year were challenging, reflecting a combination of increased costs, regulatory pressures, and ongoing sector-specific challenges such as avian influenza outbreaks and labour shortages. Despite this, the company maintained its core service provision and upheld strong relationships with its customer base.
Revenue levels remained broadly stable compared with the prior year, with efficiency initiatives helping to offset cost pressures. The company invested in operational improvements to support service quality, compliance, and sustainability, achieving ISO 45001(H&S) and 14001(environmental) later in the year.
Our strategy moving forward is centred on key pillars: efficiencies, innovations, compliance, training. We are committed to investing in technology to drive efficiency and customer satisfaction.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£'000 |
29,948 |
27,845 |
|
Operating profit |
£'000 |
3,021 |
2,725 |
|
Net assets |
£'000 |
7,262 |
5,769 |
|
Number of employees |
No. |
71 |
92 |
Principal risks and uncertainties
The company faces several risks and uncertainties, including:
• Disease Outbreaks: The poultry industry continues to be significantly impacted by avian influenza and other livestock health risks, which can disrupt production volumes and demand for services.
• Regulatory Environment: Increasing regulation around animal welfare specific to bird collection, biosecurity, and environmental practices poses compliance and operational risks.
• Cost Pressures: Rising fuel, energy, and labour costs remain a challenge to profitability.
• Labour Availability: Recruiting and retaining skilled staff is a continuing risk given industry-wide shortages.
Keyo Agricultural Services Ltd
Strategic Report for the Year Ended 31 March 2026 (continued)
Key Achievements
• Maintained continuity of service despite significant industry disruption from disease-related movement restrictions.
• Strengthened compliance and welfare procedures, reinforcing the company’s reputation for high standards in poultry handling and transport.
• Invested in upgrading fleet and equipment to improve efficiency, reliability, and environmental performance.
• Enhanced staff training programmes, supporting employee retention and welfare.
• Preserved strong relationships with key clients through responsive service delivery and flexible solutions.
Future Plans
• Regulatory and Operational Challenges: Large investment required over the next 3 years in Automatic Handling Machines to meet welfare legislation requirements.
• Workforce Development: Expanding training and welfare initiatives to attract and retain staff.
• IT: Investment on a bespoke logistics programme to cut overheads, and repetitive non-essential staff jobs.
• Sustainability: Exploring further measures to reduce carbon footprint and align with customers’ environmental priorities.
• Client Partnerships: Deepening long-term partnerships with major poultry producers by offering value-added services and tailored solutions to challenges they want to offload.
Challenges
The company expects ongoing challenges from:
• The uncertain impact of automatic machines for collection
• Continued pressure on margins due to rising costs in fuel, insurance, compliance, forklifts and sub-contractors.
• Labour shortages across the agricultural sector.
Looking Ahead
Despite these challenges, Keyo Agricultural Services Ltd is well-positioned to continue serving the poultry industry as a trusted and resilient partner. With strong industry expertise, long-standing customer relationships, and a commitment to compliance and sustainability, the business aims to remain adaptable to evolving market conditions.
The directors remain confident that, through ongoing investment in people, equipment, and processes, the company can sustain its position within the poultry services sector and deliver long-term value for its stakeholders.
Keyo Agricultural Services Ltd
Strategic Report for the Year Ended 31 March 2026 (continued)
Key Achievements
• Maintained continuity of service despite significant industry disruption from disease-related movement restrictions.
• Strengthened compliance and welfare procedures, reinforcing the company’s reputation for high standards in poultry handling and transport.
• Invested in upgrading fleet and equipment to improve efficiency, reliability, and environmental performance.
• Enhanced staff training programmes, supporting employee retention and welfare.
• Preserved strong relationships with key clients through responsive service delivery and flexible solutions.
Future Plans
• Regulatory and Operational Challenges: Large investment required over the next 3 years in Automatic Handling Machines to meet welfare legislation requirements.
• Workforce Development: Expanding training and welfare initiatives to attract and retain staff.
• IT: Investment on a bespoke logistics programme to cut overheads, and repetitive non-essential staff jobs.
• Sustainability: Exploring further measures to reduce carbon footprint and align with customers’ environmental priorities.
• Client Partnerships: Deepening long-term partnerships with major poultry producers by offering value-added services and tailored solutions to challenges they want to offload.
Challenges
The company expects ongoing challenges from:
• The uncertain impact of automatic machines for collection
• Continued pressure on margins due to rising costs in fuel, insurance, compliance, forklifts and sub-contractors.
• Labour shortages across the agricultural sector.
Looking Ahead
Despite these challenges, Keyo Agricultural Services Ltd is well-positioned to continue serving the poultry industry as a trusted and resilient partner. With strong industry expertise, long-standing customer relationships, and a commitment to compliance and sustainability, the business aims to remain adaptable to evolving market conditions.
The directors remain confident that, through ongoing investment in people, equipment, and processes, the company can sustain its position within the poultry services sector and deliver long-term value for its stakeholders.
Approved and authorised by the
|
......................................... |
Keyo Agricultural Services Ltd
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
Detailed information in respect of principal activities, future developments, review of business performance, principal risks and uncertainties and KPI's can be found in the strategic report and form part of this report by cross-reference.
Results and dividend
The results for the company are set out in the financial statements.
The directors do not recommend the payment of a final dividend.
Disclosure of information to the auditors
Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
|
......................................... |
Keyo Agricultural Services Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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.
Keyo Agricultural Services Ltd
Independent Auditor's Report to the Members of Keyo Agricultural Services Ltd
Opinion
We have audited the financial statements of Keyo Agricultural Services Ltd (the 'company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, 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 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 Auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
Keyo Agricultural Services Ltd
Independent Auditor's Report to the Members of Keyo Agricultural Services Ltd (continued)
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Keyo Agricultural Services Ltd
Independent Auditor's Report to the Members of Keyo Agricultural Services Ltd (continued)
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. 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 the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
|
• |
Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
|
• |
Reviewing minutes of Board meetings; |
|
• |
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
|
• |
Challenging assumptions and judgements made by management in their significant accounting estimates; |
|
• |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Keyo Agricultural Services Ltd
Independent Auditor's Report to the Members of Keyo Agricultural Services Ltd (continued)
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 auditor’s 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.
......................................
For and on behalf of
5 Sidings Court
White Rose Way
South Yorkshire
DN4 5NU
Keyo Agricultural Services Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
|
27,844,808 |
|
|
Cost of sales |
( |
(15,501,796) |
|
|
Gross profit |
|
12,343,012 |
|
|
Administrative expenses |
( |
(9,618,499) |
|
|
Operating profit |
|
2,724,513 |
|
|
Other interest receivable and similar income |
|
21,599 |
|
|
Interest payable and similar charges |
( |
(380,112) |
|
|
Profit before tax |
|
2,366,000 |
|
|
Taxation |
( |
(596,501) |
|
|
Profit for the financial year |
|
1,769,499 |
|
|
Total comprehensive income for the year |
1,893,332 |
1,769,499 |
The above results were derived from continuing operations.
Keyo Agricultural Services Ltd
(Registration number: 02765898)
Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
These financial statements were approved and authorised for issue by the
|
......................................... |
Keyo Agricultural Services Ltd
Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2025 |
1,000 |
5,768,004 |
5,769,004 |
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Accounting policies |
Statutory information
Keyo Agricultural Services Ltd is a private company, limited by shares, domiciled in England and Wales, company number 02765898. The registered office is at Ancholme Business Park, Europa Way, Atherton Way, Brigg, DN20 8AR.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Summary of disclosure exemptions
The company is a qualifying entity for the purposes of Financial Reporting Standard 102 and therefore has taken advantage of the disclosure exemption available in Financial Reporting Standard 102 not to produce a cash flow statement..
Related party exemption
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with other wholly owned members of the group and any parent undertaking. |
Group accounts not prepared
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
1 |
Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
The company has entered into leases as a lessee to obtain the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Turnover is recognised when the service has been provided.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in statement of comprehensive income, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
1 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Improvements to property |
20% straight line |
|
Van and lorries |
25% straight line |
|
Motor vehicles |
25% straight line |
|
Office equipment |
20% straight line |
|
Computer equipment |
25% straight line |
|
Plant and machinery |
16% to 25% straight line |
Stocks
Stock comprises fuel stock and is valued at cost.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Grants receivable
Grants received in respect of revenue expenditure are credited to the Statement of Comprehensive Income in the year which the relevant expenditure is incurred.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Statement of Comprehensive Income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
1 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods |
|
|
|
Other revenue |
|
|
|
|
|
The turnover was all achieved in the UK.
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
( |
|
|
|
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,112,737 |
814,946 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
9 |
Taxation (continued) |
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from other tax effects |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Total tax charge |
|
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Tangible assets |
|
Improvements to property |
Office equipment |
Plant and machinery |
Computer equipment |
Motor vehicles |
Vans and lorries |
Total |
|
|
Cost |
|||||||
|
At 1 April 2025 |
|
|
|
|
|
|
|
|
Additions |
|
|
|
|
- |
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 April 2025 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 March 2026 |
|
|
|
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
10 |
Tangible assets (continued) |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2026 |
2025 |
|
|
Motor vehicles |
35,636 |
76,567 |
|
Vans and lorries |
1,892,635 |
1,687,761 |
|
Plant and machinery |
1,335,986 |
701,277 |
|
3,264,257 |
2,465,605 |
|
Stocks |
|
2026 |
2025 |
|
|
Consumable stores |
|
|
|
Debtors |
|
2026 |
2025 |
|
|
Trade debtors |
|
|
|
Owed by group undertakings |
|
|
|
Director's loan account |
- |
152,802 |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Corporation tax recoverable |
|
|
|
|
|
|
Cash and cash equivalents |
|
2026 |
2025 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Creditors |
|
2026 |
2025 |
|
|
Due within one year |
||
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Director's loan account |
|
- |
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
233,414 |
94,371 |
|
|
|
|
|
Due after one year |
||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2025 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2026 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates two defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £
Contributions totalling £
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,000 |
|
1,000 |
|
Loans and borrowings |
Current loans and borrowings
|
2026 |
2025 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2026 |
2025 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Secured debts
Bank borrowings are secured by a charge on all assets of the company, and a legal charge on the parent company's land and buildings. The company's bankers hold an unlimited cross guarantee dated 25 March 2019 between the company and the immediate parent company, Keyo Holdings Limited.
The gross sum due to the bank by the company and subject to the guarantee, amounted to £1,414,459 (2025: £1,513,668).
The hire purchase borrowings are secured on the assets to which they relate.
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2026 |
2025 |
|||
|
Interim dividend of £ |
|
|
||
|
Related party transactions |
As set out in note 1, the company has taken advantage of the disclosure exemption available in Financial Reporting Standard 102 not to disclose related party transactions with other wholly owned members of the group and any parent undertaking.
Summary of transactions with key management
Key management personnel include the executive directors and all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £809,178 (2025: £880,582).
|
Transactions with directors |
|
2026 |
At 1 April 2025 |
Advances to director |
Repayments by director |
At 31 March 2026 |
|
G Baugh |
||||
|
Director's loan account |
|
|
( |
- |
|
|
- |
- |
- |
- |
|
152,801 |
369,572 |
(522,373) |
- |
|
Keyo Agricultural Services Ltd
Notes to the Financial Statements for the Year Ended 31 March 2026 (continued)
|
21 |
Related party transactions (continued) |
|
2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
|
G Baugh |
||||
|
Director's loan account |
|
|
( |
|
|
|
- |
- |
- |
- |
|
293,670 |
200,326 |
(341,195) |
152,801 |
|
|
M Van Den Bos |
||||
|
Former director's loan account |
|
- |
( |
- |
|
|
- |
- |
- |
- |
|
48,043 |
- |
(48,043) |
- |
|
Interest has been charged at the official HMRC rate of interest at 2.25% per annum in both years.
|
Director's loan account |
Included in Creditors as £17,876 owing to the directors. The amount is interest free without any formal repayment terms (2025: £nil).
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is
The parent of the smallest group in which these financial statements are consolidated is Demeter (Brigg) Limited, incorporated in England.
The address of Demeter (Brigg) Limited is:
Europa Way,
Off Atherton Way,
Brigg,
North Lincolnshire,
DN20 8AR