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Registered number:
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
COMPANY INFORMATION
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HOLBUD LIMITED
CONTENTS
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HOLBUD LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2025
The directors present the strategic report for the year ended 31 October 2025.
The principal activity of the company was that of trading in commodities, however the company ceased to trade in July 2025. It will continue in existence until assets are collected and liabilities settled.
The company had experienced challenging conditions in certain markets resulting in higher-than-expected costs, which resulted in a decrease in gross margin. The key financial highlights of the company are as follows:
The results for the current year reflect provisions against debtors which may be irrecoverable.
The company was subject to changes in commodity prices, however the company sought to trade across a range of commodities thus reducing the risk.
The company’s principal financial instruments at the year end comprise trade debtors and trade creditors. The main risk now relates to recovery of trade debtors, the directors are in regular contact with the debtors.
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HOLBUD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
As the directors of Holbud Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders and in doing so must have regard to the following:
• the likely consequences of any decision in the long term, • the interests of the company’s employees, • the need to foster the company’s business relationships with suppliers, customers and others, • the impact of the company’s operations on the community and the environment, • the desirability of the company maintaining a reputation for high standards of business conduct, and • the need to act fairly as between members of the company. During the year it was decided that it was in the best interests of the company to cease to trade in order that all liabilities could be paid and funds returned to shareholders. The impact on our key stakeholders is as follows: Employees Whilst an orderly exit from the business will result in the need for redundancies these will be paid above the minimum levels. Customers and Suppliers All suppliers have been paid in full and the company continues to work with its customers regarding collection of amounts outstanding. The suppliers and customers are able to sell and buy commodities from other providers in the market and so there should be no impact on them. Standards of Business Conduct The company is committed to conducting business with the highest integrity and the compliance with the law and have standards in place which must be adhered to by everyone who represents the company. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the company's policies but also with laws and regulations applicable.
This report was approved by the board on 28 October 2026 and signed on its behalf.
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HOLBUD LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £40,537,186 (2024 - profit £5,229,117).
Dividends of $59,261,319 (£43,475,289) were proposed and paid during the year.
Post year end dividends of $31,500,000 (£23,264,325) were declared and paid.
The directors who served during the year were:
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HOLBUD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2025
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HOLBUD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLBUD LIMITED
We have audited the financial statements of Holbud Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
We have been unable to obtain sufficient audit evidence regarding the valuation of trade debtors of £45,163,617. Whilst, after the year end, £13,478,341 of this amount has been recovered, amounts of £43,695,881 have been provided against trade debtors for debts that are doubtful. We have been unable to ascertain whether this bad debt provision should be increased or decreased. In addition, were any adjustment to trade debtor balance to be required, the strategic report would also need to be amended.
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HOLBUD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLBUD LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion section of our report, 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 Directors' report.
Arising solely from the limitation on the scope of our work relating to trade debtors referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
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HOLBUD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLBUD LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation.
∙We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were
indicative of management bias.
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HOLBUD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLBUD LIMITED (CONTINUED)
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 Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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HOLBUD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
REGISTERED NUMBER: 01328840
BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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HOLBUD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
Holbud Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Charlotte Street, London, W1T 4PF.
The principal activity of the Company was that of trading in commodities.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Holbud Group Limited as at 31 October 2025 and these financial statements may be obtained from Registrar of Companies.
During the year the Company ceased trade with no intention to restart operations in the future and as a result its ability to continue as a going concern is dependent on it undertaking further activity. The directors have no immediate plans to do so therefore have prepared the financial statements on a basis other than going concern.
Assets have been stated at their estimated recoverable amounts and liabilities have been recognised and measured at the amounts legally due.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following annual basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by the directors. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Purchase invoices in respect of goods are recognised based on the date of the Bill of Lading when the significant risks and rewards of ownership are deemed to have been transferred. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Critical judgements in applying the entity’s accounting policies No significant judgements have had to be made by management in preparing these financial statements. Critical accounting estimates and assumptions Impairment of debtors The Company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers historical experience of the customers as well as the current relationships and ongoing trade with the relevant customers. See note 15 for the net carrying amount of the trade debtors.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
The whole of the turnover is attributable to the one principal activity of the company being that of wholesale of grain, oil seeds, pulses and other agricultural products.
The geographical markets supplied have not been disclosed as the directors feel this information would be seriously prejudicial to the interests of the company.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
13.Tangible fixed assets (continued)
Cost or valuation at 31 October 2025 is as follows:
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
Revaluation reserve
Profit and loss account
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
The Company operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £178,667 (2024 - £71,332). Contributions totaling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date.
23.Financial commitments, guarantees and contingent liabilities
The Company has given cross guarantees to secure the borrowings of fellow subsidiary undertakings of Holbud Group Limited. The total amount secured at the year end was £Nil (2024 - £6,673,747).
During the year, advances and credits have been granted to the directors.
During the year, £12,461 (2024 - £2,400) was advanced to directors and £10,998 (2024 - £2,040) was repaid. At the year end, the directors owed the Company £298,921 (2024 - £297,458). Loans and advances are interest-free and repayable on demand.
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HOLBUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
The immediate and ultimate parent company is Holbud Group Limited, a company registered in England and Wales. Its registered office address is 61 Charlotte Street, London, W1T 4PF.
Holbud Group Limited prepares group financial statements and copies can be obtained from the Registrar of Companies.
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