REGISTERED NUMBER: 11797241 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2026

FOR

HUNT HOLDCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr T J Hunt

Mrs F D Hunt

Mrs S B Clarke

Mr G T Hunt

REGISTERED OFFICE:

The Warren

Martins Lane

Chilbolton

Stockbridge

Hampshire

SO20 6BL

REGISTERED NUMBER:

11797241 (England and Wales)

SENIOR STATUTORY AUDITOR:

Graham Taylor

AUDITORS:

Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

The directors present their strategic report of the company and the group for the year ended 31st January 2026.

REVIEW OF BUSINESS

The principal activities of the group are; the sale of new and used machinery in the agricultural, professional turf, groundscare, construction and residential markets; providing machinery servicing and repairs; selling of spare parts; and hire of machinery. This is mainly specialising in John Deere products as a group of John Deere dealerships in the UK but in addition to this we supply a range of products from other suppliers to ensure that our customers' business needs are met. We traded throughout the year from the following locations in the South of England; Chilbolton & Blashford in Hampshire, Tilshead in Wiltshire, Ventnor on the Isle of Wight, Nether Stowey & Green Ore in Somerset, and Dorchester in Dorset.

ANALYSIS OF FINANCIAL PERFORMANCE

During the year ended 31st January 2026, the business managed to grow its revenue despite a significant reduction in the level of tractor registrations. Market and environmental conditions continued to be difficult for customers, requiring the business to focus on inventory management and cost control, both of which were successfully achieved to maintain profitability at a good level. Having a broader portfolio of products also proved to be instrumental in enabling the business to show revenue growth in such a challenging time for its main product line.

The key financial performance indicators of the group are considered to be turnover, gross profit and net profit.

Turnover for the year ended 31st January 2026 was £114,366,657 compared to £112,561,549 for the preceding year. This represents an increase in turnover of £1,805,108 which equates to 1.6%.

Gross profit for the year ended 31st January 2026 was £12,609,642 compared to £12,603,390 for the preceding year. This represents a small increase in gross profit of £6,252 which equates to a small decrease in the gross profit margin from 11.2% to 11.0%.

Profit before tax for the year was £2,082,308 compared to £1,934,618 for the preceding year and profit after tax for the year was £1,529,255 compared to £1,471,521 for the preceding year.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks affecting the group are market risk, credit risk, liquidity risk and interest rate risk. The directors continuously seek to minimise the group's exposure to financial risk.

Market risk

This is largely driven by the impact of the weather and other factors that affect our customers' product yields and product prices which in turn impacts upon their spending power. Increasingly, the cost of finance is becoming a consideration for customer purchase decisions. Adverse conditions in the business environment that may impact upon our new machinery sales, would be managed by a steady or increased demand for our service and parts departments as consumers decide to retain their machinery for longer. This provides us with a level of protection against market volatility.

Credit risk

As a group we manage our credit risk through the use of credit checks and credit limits which are carefully monitored.

Liquidity and cashflow risk

By maintaining suitable cash levels and reserves and regular monitoring of cashflow we consider that sufficient measures are in place to manage our liquidity risk.

Interest rate risk

The group uses various stocking facilities and has an overdraft and a bank loan, all of which are variable and linked to the Bank of England Base Rate. The company also has hire purchase liabilities at the year end and the interest rate on these is fixed.

SECTION 172(1) STATEMENT

The directors of the company, as those of all UK companies, must act in accordance with the duties set out under Chapter 2 of the Companies Act 2006. This includes the provisions set out under Section 172 of the Act which covers the 'Duty to promote the success of the company'.

In summary, these require that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

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

(b) the interests of the company's employees,

(c) the need to foster the company's business relationships with suppliers, customers and others,

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

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

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

The board of directors of Hunt Forest Group Limited consider, both individually and together, that we have acted in a way that we consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the stakeholders and matters set out above, in the decisions we have taken in the year ended 31st January 2026.

In this regard we have been working as a board towards achieving a number of strategic aims during the year. These include the development and growth of the business, the alignment of operations in order to achieve synergies in the future and using the combined knowledge of staff within the company to create a successful operation across all depots.

In our decision making process we consider both short term and long term consequences of our actions and ensure that we also take into careful consideration the impact of any decisions on other stakeholders. These include our employees, customers, suppliers and the local community in which we operate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group's success continues to be driven by enduring relationships with suppliers, customers and other stakeholders. The board, both individually and collectively, recognises that these relationships are fundamental to the group's ongoing success and therefore considers the impact of decisions on stakeholders throughout its decision-making processes.

STREAMLINED ENERGY AND CARBON REPORTING

During the year, the group's cumulative energy consumption and equivalent greenhouse gas emissions across all depots were as follows;

Annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from:

2026

2025

Combustion of gas

14

15

Consumption of fuel for the purposes of transport

1,147

1,276

Purchase of electricity for own use including for transport

66

81

Energy consumed from our activities in kWh:

2026

2025

Combustion of gas

72,719

65,209

Consumption of fuel for the purposes of transport

4,693,873

5,320,467

Purchase of electricity for own use including for transport

376,467

388,923

Data has been collated centrally from utility bills, fuel cards and fuel delivery bills. These have been converted into kWh and tonnes of carbon dioxide equivalent using government published conversion factors.

This usage above equates to 10.76 (2025: 12.18) tonnes of carbon dioxide equivalent per £1m of turnover.

The group actively works to improve energy efficiency across its operations. Measures taken include:

- The installation of electric vehicle charging points and a move towards electric vehicles.

- The installation of solar panels on commercial premises to reduce the level of purchased energy.

EMPLOYEES

During the year we employed an average of 188 staff as shown in note 5 to the financial statements. Staffing levels have been maintained at an appropriate level for the volume of business in the period. Our staff are largely drawn from local areas to our depots and this helps the business to support local communities.

As a board of directors we recognise the risk of losing key staff members and succession plans are in place which are regularly monitored. We undertake regular reviews to build engagement with our staff and identify opportunities for further growth and development of them within the business, as well as providing training to assist them in achieving their goals. Our ongoing staff retention level demonstrates our success in this area.

HEALTH AND SAFETY

We take the health and safety of our employees very seriously and in addition to the work undertaken by an external consultant who is used to ensure compliance with Health and Safety regulations, we believe that there is a culture within the company that promotes safe working. We provide suitable training necessary for our employees to undertake their jobs safely and ensure that appropriate policies and procedures are in place.

THE ENVIRONMENT

The nature of our business means that we are acutely aware of the importance of the environment and accordingly take pride in working to preserve it. John Deere are continually developing new technologies to minimise emissions to reduce the environmental impact of the products it produces and as a group we have also taken steps to start introducing electronic charging points at our depots as well as looking at other initiatives to reduce our environmental impact.

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT

The board of directors regularly explores new opportunities for growth and development of the group. We continuously review our product portfolio and brand offering to broaden our customer base and provide some diversity to our business. This further expands our presence along the south of England.

As a company we also continue to look at further opportunities to advance our technological solutions and improve our business processes to create a business of the modern world.

SUMMARY

At the year end the group was in a strong financial position and has an excellent customer base that we continue to look after carefully. By maintaining careful cost control and monitoring general economic developments we are confident that we can adapt to any challenges that could present themselves in the future.

Having grown the group to a size which makes it well established in the agricultural machinery sector, the management policies that are currently in place should enable the group to deal with risks that it is exposed to and to ensure it maintains a healthy market position in the future.

ON BEHALF OF THE BOARD:

Mr T J Hunt - Director

23rd October 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31st January 2026 amounted to £336,000.

DIRECTORS

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

Mr T J Hunt

Mrs F D Hunt

Mrs S B Clarke

Mr G T Hunt

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T J Hunt - Director

23rd October 2026

Opinion

We have audited the financial statements of Hunt Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2026 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the group based upon our knowledge of the group, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102.

Audit procedures performed by the engagement team in relation to laws and regulations included making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, undertaking a review of the accident logs and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Graham Taylor (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

23rd October 2026

TURNOVER

4

114,366,657

112,561,549

Cost of sales

101,757,015

99,958,159

GROSS PROFIT

12,609,642

12,603,390

Administrative expenses

9,953,428

9,742,614

OPERATING PROFIT

6

2,656,214

2,860,776

Interest receivable and similar income

4,450

6,742

2,660,664

2,867,518

Interest payable and similar expenses

7

578,356

932,900

PROFIT BEFORE TAXATION

2,082,308

1,934,618

Tax on profit

8

553,053

463,097

PROFIT FOR THE FINANCIAL YEAR

1,529,255

1,471,521

Profit attributable to:

Owners of the parent

1,233,631

1,187,855

Non-controlling interests

295,624

283,666

1,529,255

1,471,521

PROFIT FOR THE YEAR

1,529,255

1,471,521

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,529,255

1,471,521

Total comprehensive income attributable to:

Owners of the parent

1,233,631

1,187,855

Non-controlling interests

295,624

283,666

1,529,255

1,471,521

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

5,696,338

5,982,893

Investments

13

-

-

5,696,338

5,982,893

CURRENT ASSETS

Stocks

14

39,083,543

39,044,264

Debtors

15

5,718,423

6,727,640

Cash at bank and in hand

99,933

112,941

44,901,899

45,884,845

CREDITORS

Amounts falling due within one year

16

23,206,629

25,577,155

NET CURRENT ASSETS

21,695,270

20,307,690

TOTAL ASSETS LESS CURRENT LIABILITIES

27,391,608

26,290,583

CREDITORS

Amounts falling due after more than one year

17

(1,126,847

)

(1,055,139

)

PROVISIONS FOR LIABILITIES

21

(582,266

)

(692,204

)

NET ASSETS

25,682,495

24,543,240

CAPITAL AND RESERVES

Called up share capital

22

1,600

1,600

Other reserves

23

10,018,696

10,018,696

Retained earnings

23

10,746,251

9,848,620

SHAREHOLDERS' FUNDS

20,766,547

19,868,916

NON-CONTROLLING INTERESTS

24

4,915,948

4,674,324

TOTAL EQUITY

25,682,495

24,543,240

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2026 and were signed on its behalf by:

Mr T J Hunt - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

422,263

434,912

Investments

13

954

954

423,217

435,866

CURRENT ASSETS

Debtors

15

680,630

710,966

Cash at bank and in hand

70,078

78,901

750,708

789,867

CREDITORS

Amounts falling due within one year

16

4,600

4,500

NET CURRENT ASSETS

746,108

785,367

TOTAL ASSETS LESS CURRENT LIABILITIES

1,169,325

1,221,233

PROVISIONS FOR LIABILITIES

21

64,555

47,599

NET ASSETS

1,104,770

1,173,634

CAPITAL AND RESERVES

Called up share capital

22

1,600

1,600

Retained earnings

23

1,103,170

1,172,034

SHAREHOLDERS' FUNDS

1,104,770

1,173,634

Company's profit for the financial year

267,136

405,194

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2026 and were signed on its behalf by:

Mr T J Hunt - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1st February 2024

1,600

9,012,765

10,018,696

Changes in equity

Dividends

-

(352,000

)

-

Total comprehensive income

-

1,187,855

-

Balance at 31st January 2025

1,600

9,848,620

10,018,696

Changes in equity

Dividends

-

(336,000

)

-

Total comprehensive income

-

1,233,631

-

Balance at 31st January 2026

1,600

10,746,251

10,018,696

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1st February 2024

19,033,061

4,478,658

23,511,719

Changes in equity

Dividends

(352,000

)

(88,000

)

(440,000

)

Total comprehensive income

1,187,855

283,666

1,471,521

Balance at 31st January 2025

19,868,916

4,674,324

24,543,240

Changes in equity

Dividends

(336,000

)

(54,000

)

(390,000

)

Total comprehensive income

1,233,631

295,624

1,529,255

Balance at 31st January 2026

20,766,547

4,915,948

25,682,495

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st February 2024

1,600

1,118,840

1,120,440

Changes in equity

Dividends

-

(352,000

)

(352,000

)

Total comprehensive income

-

405,194

405,194

Balance at 31st January 2025

1,600

1,172,034

1,173,634

Changes in equity

Dividends

-

(336,000

)

(336,000

)

Total comprehensive income

-

267,136

267,136

Balance at 31st January 2026

1,600

1,103,170

1,104,770

Cash flows from operating activities

Cash generated from operations

1

6,019,581

5,904,285

Interest paid

(504,942

)

(883,569

)

Interest element of hire purchase payments paid

(73,414

)

(49,331

)

Tax paid

(397,638

)

(750,078

)

Net cash from operating activities

5,043,587

4,221,307

Cash flows from investing activities

Purchase of tangible fixed assets

(272,858

)

(297,255

)

Sale of tangible fixed assets

325,151

244,516

Interest received

2,470

6,742

Net cash from investing activities

54,763

(45,997

)

Cash flows from financing activities

Bank loan advances/repayments

(38,443

)

(34,446

)

Other loan advances/repayments

(3,640,726

)

(2,103,457

)

Proceeds from financing fixed assets

-

62,678

Capital repayments net of finance raised

(576,914

)

(614,184

)

Subsidiary dividend to minority interest

(54,000

)

(88,000

)

Equity dividends paid

(336,000

)

(352,000

)

Net cash from financing activities

(4,646,083

)

(3,129,409

)

Increase in cash and cash equivalents

452,267

1,045,901

Cash and cash equivalents at beginning of year

2

(452,247

)

(1,498,148

)

Cash and cash equivalents at end of year

2

20

(452,247

)

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

2026

2025

£

£

Profit before taxation

2,082,308

1,934,618

Depreciation charges

913,680

780,073

Profit on disposal of fixed assets

(65,691

)

(79,839

)

Finance costs

578,356

932,900

Finance income

(4,450

)

(6,742

)

3,504,203

3,561,010

(Increase)/decrease in stocks

(39,279

)

8,216,423

Decrease in trade and other debtors

1,011,197

4,447,936

Increase/(decrease) in trade and other creditors

1,543,460

(10,321,084

)

Cash generated from operations

6,019,581

5,904,285

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 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

99,933

112,941

Bank overdrafts

(99,913

)

(565,188

)

20

(452,247

)

Year ended 31st January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

112,941

116,979

Bank overdrafts

(565,188

)

(1,615,127

)

(452,247

)

(1,498,148

)