Year Ended
Registration number:
Green Circle Feeds Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Green Circle Feeds Ltd
Company Information
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Directors |
Mr C R Down Mrs K J Down Mr J M French Dr S Nichols |
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Registered office |
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Auditors |
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Green Circle Feeds Ltd
Strategic Report for the Year Ended 31 January 2026
The directors present their strategic report for the year ended 31 January 2026.
Principal activity
The principal activity of the company is the provision of on-farm milling and technical support services, together with the supply of minerals and associated feed products to support on-farm feed production. The Company also manufactures and supplies compound animal feed.
Fair review of the business
Company turnover increased from £16.8m in 2025 to £28.5m in 2026, principally driven by increased commodity sales and continued growth in compound feed sales.
Gross profit increased from £2.42m to £3.51m, although the gross profit margin reduced from 14.4% to 12.3%.
During the year, the Company incurred significant exceptional and non-recurring costs which had a material impact on the reported result.
The Company reported a loss before tax of £207k (2025: profit of £293k) and a loss after tax of £155k (2025: profit of £165k). The directors remain satisfied with the underlying development of the business and the continued growth in its core trading activities.
As at the balance sheet date, the Company had net current assets of £234k, compared with net current liabilities of £328k in 2025, and net assets of £723k (2025, as restated: £908k).
The key performance indicators of the Company are turnover and gross profit margin.
Principal risks and uncertainties
The Company is exposed to fluctuations in commodity prices and the availability of raw materials, which can be affected by weather, global supply and demand and geopolitical events.
The Company closely monitors market conditions and takes advantage of buying opportunities where appropriate, seeking to secure competitively priced raw materials and reduce the impact of price volatility on its customers.
Through its on-farm milling services, technical expertise and supply of minerals and associated feed products, the Company works closely with customers to improve feed efficiency and support cost-effective livestock production.
Approved by the
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Green Circle Feeds Ltd
Directors' Report for the Year Ended 31 January 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Ordinary dividends were paid amounting to £30,000 (2025: £35,000).
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The company maintains a variety of facilities, including bank overdrafts, bank loans, trade creditors, trade debtors, hire purchase arrangements and loans to and from connected parties as its principal financial instruments. The purpose of these financial instruments is to provide finance for day to day operations and to fund asset purchases to support those activities, as necessary.
Liquidity risk on the overdraft facility is managed by balancing expenditure with available income streams. The overdraft incurs interest at floating rates.The liquidity risk associated with hire purchase arrangements and other loans from financial institutions is managed by ensuring that sufficient funds are available to meet interest and capital calls as they are made. These loans carry a mixture of fixed and variable rates of interest so there is some exposure to changes in Bank of England Base Rate.
Trade debtors are predominantly connected companies. Trade creditors represent a range of enterprises used to service business operations. Settlement is achieved through the bank overdraft facility and managed by balancing receipts from trade debtors with payments to trade creditors.
Loans to and from connected parties are repayable as cash flow permits.
Future developments
The directors anticipate that the company will continue to operate within its current principal activities for the foreseeable future. The focus will remain on delivering value to customers, maintaining effective cost controls and supporting the long-term sustainability of the business. The directors will continue to review business performance and investment opportunities as they arise, whilst managing the risks associated with the wider economic environment. No significant changes to the nature of the company's activities are currently envisaged.
Disclosure of information to the auditors
Each director has taken steps that 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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Green Circle Feeds Ltd
Directors' Report for the Year Ended 31 January 2026
Approved by the
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Green Circle Feeds 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Green Circle Feeds Ltd
Independent Auditor's Report to the Members of Green Circle Feeds Ltd
Qualified opinion
We have audited the financial statements of Green Circle Feeds Ltd (the 'company') for the year ended 31 January 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its loss 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 qualified opinion on financial statements
Consequently we were unable to determine whether any adjustment to this amount at 31 January 2025 was necessary, or whether there was any consequential effect on the cost of sales for the year ended 31 January 2026. In addition were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.
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 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 qualified opinion.
Other matters
The corresponding figures for the year ended 31 January 2025 are unaudited. The company was eligible for audit exemption under section 477 of the Companies Act 2006 for the year ended 31 January 2025.
Green Circle Feeds Ltd
Independent Auditor's Report to the Members of Green Circle Feeds Ltd
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,018,198 held at 31 January 2025. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
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:
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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 |
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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
Except for the matter described in the basis for qualified opinion section of our report, 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 and the Directors' Report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
Green Circle Feeds Ltd
Independent Auditor's Report to the Members of Green Circle Feeds Ltd
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:
• | 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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:
Green Circle Feeds Ltd
Independent Auditor's Report to the Members of Green Circle Feeds Ltd
Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations, the General Data Protection Regulations ("GDPR") and the animal welfare regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the understatement of profit, either through understating revenue, overstating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
● Enquiries to members of senior management regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of material fraud;
● Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
● Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;
● Review of the company's procedures in relation to GDPR and enquiries to management as to the occurrence and outcome of any reportable breaches;
● Review of agricultural contractor conformance reports, and enquiries of management in relation to any ongoing reviews and communications;
● Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
● Challenging assumptions and judgements made by management in its significant accounting estimates;
● Testing, on a sample basis, the recognition of revenue and costs, in particular around the year end date; and
● Examining draft tax computations and involving the use of our specialists.
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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
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.
Green Circle Feeds Ltd
Independent Auditor's Report to the Members of Green Circle Feeds Ltd
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.
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Centenary House
Peninsula Park
Rydon Lane
EX2 7XE
Green Circle Feeds Ltd
Profit and Loss Account
Year Ended 31 January 2026
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Note |
2026 |
Unaudited |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Exceptional administrative expenses |
(1,058,400) |
- |
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Other operating income |
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- |
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Operating (loss)/profit |
(217,396) |
432,990 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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10,145 |
(139,569) |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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Green Circle Feeds Ltd
Balance Sheet
31 January 2026
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Note |
2026 |
Unaudited and as restated |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 13587148
Green Circle Feeds Ltd
Statement of Changes in Equity
Year Ended 31 January 2026
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Share capital |
Profit and loss account |
Total |
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At 1 February 2025 |
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Loss for the year |
- |
( |
( |
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Dividends |
- |
( |
( |
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At 31 January 2026 |
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Share capital |
Profit and loss account |
Total |
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At 1 February 2024 (unaudited and as restated) |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 January 2025 (unaudited and as restated) |
100 |
907,756 |
907,856 |
Green Circle Feeds Ltd
Statement of Cash Flows
Year Ended 31 January 2026
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Note |
2026 |
Unaudited |
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Cash flows from operating activities |
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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(Profit)/loss on disposal of tangible assets |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
( |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Increase in provisions |
- |
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Cash generated from operations |
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Income taxes received/(paid) |
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( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
|
- |
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Repayment of other borrowing |
- |
( |
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Repayment of bank borrowing |
( |
- |
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Drawdown of hire purchase agreements |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
|
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 February |
|
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Cash and cash equivalents at 31 January |
268,948 |
367,253 |
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Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
The Grain Store
Sidmouth Road
Clyst St Mary
Exeter
Devon
EX5 1DR
These financial statements were authorised for issue by the
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Accounting policies |
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 functional currency is considered to be pounds sterling because that is the currency of the primary economic environment in which the company oeprates in.
Going concern
The directors have reviewed financial information for the next 12 months and as a the company has sufficient cash reserves to be able to pay its debts as they fall due for the foreseaable future, the accounts have been prepared on a going concern basis.
Reclassification of comparative amounts
Changes to FRS 102 in future periods
The Financial Reporting Council has published changes to FRS 102 which will take effect in next year’s financial statements. The main rule changes are to revenue and leases.
There is no requirement to restate figures from previous years, so we do not expect any changes to the figures we report here for the year ended 31 January 2026 or any earlier periods.
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
Revenue recognition
Revenue is recognised when the risks and rewards associated with the company's products are transferred to the customer, which is usually on despatch.
Tax
Tax is recognised in profit or loss, 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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
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:
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Asset class |
Depreciation method and rate |
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Property imporvements |
10% reducing balance |
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Plant and machinery |
15% reducing balance |
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Office equipment |
20% reducing balance |
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Motor vehicles |
20% reducing balance |
Additions receive a full year of depreciation in the year of purchase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Hire purchase contracts;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans and hire purchase contracts, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans and hire purchase contracts are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2026 |
Unaudited |
|
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Sale of goods |
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2026 |
Unaudited |
|
|
Miscellaneous other operating income |
|
- |
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2026 |
Unaudited |
|
|
Depreciation expense |
|
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Exceptional administrative expenses |
|
- |
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(Profit)/loss on disposal of property, plant and equipment |
( |
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Exceptional costs in 2026 relate to a legal dispute. The dispute has been settled out of court on confidential terms.
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
Unaudited |
|
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Wages and salaries |
|
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Social security costs |
|
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Pension costs, defined contribution scheme |
|
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Other employee expense |
|
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2026 |
Unaudited |
|
|
Production |
|
|
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Administration and support |
|
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Directors |
|
|
|
|
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Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
Unaudited |
|
|
Remuneration |
|
|
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Contributions paid to money purchase schemes |
|
|
|
205,388 |
207,666 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
Unaudited |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2026 |
Unaudited |
|
|
Remuneration |
|
|
|
Auditor's remuneration |
|
2026 |
Unaudited |
|
|
Audit of the financial statements |
|
- |
|
Other interest receivable and similar income |
|
2026 |
Unaudited |
|
|
Other finance income |
|
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Interest payable and similar expenses |
|
2026 |
Unaudited |
|
|
Interest on bank overdrafts and borrowings |
|
- |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
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Interest expense on other finance liabilities |
- |
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2026 |
Unaudited |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/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 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax decrease from other tax effects |
( |
- |
|
Total tax (credit)/charge |
( |
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
Deferred tax
Deferred tax assets and liabilities
|
2026 |
Asset |
Liability |
|
Differences between accumulated depreciation and amortisation |
- |
|
|
Losses and other deductions |
|
- |
|
Other timing differences |
|
- |
|
|
|
|
2025 |
Asset |
Liability |
|
Differences between accumulated depreciation and amortisation |
- |
|
|
Losses and other deductions |
|
- |
|
|
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Tangible assets |
|
Short leasehold land and buildings |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 February 2025 (unaudited) |
|
|
|
|
|
|
Additions |
- |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 February 2025 (unaudited) |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 January 2026 |
|
|
|
|
|
|
At 31 January 2025 (unaudited) |
|
|
|
|
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
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 |
|
|
Plant and Machinery |
2,162,877 |
1,785,580 |
|
Motor vehicles |
27,744 |
9,307 |
|
2,190,621 |
1,794,887 |
|
Stocks |
|
2026 |
Unaudited |
|
|
Production supplies |
|
|
|
Work in progress |
|
( |
|
|
|
|
Debtors |
|
2026 |
Unaudited |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2026 |
Unaudited |
|
|
Cash at bank |
|
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Analysis of changes in net debt |
|
At 1 February 2025 |
Financing cash flows |
New finance leases |
At 31 January 2026 |
|
|
Cash and cash equivalents |
||||
|
Cash |
367,253 |
(98,305) |
- |
268,948 |
|
Borrowings |
||||
|
Borrowings |
- |
(478,400) |
- |
(478,400) |
|
Lease liabilities |
(1,596,911) |
330,678 |
(715,227) |
(1,981,460) |
|
Redeemable preference shares |
(150,000) |
- |
- |
(150,000) |
|
(1,746,911) |
(147,722) |
(715,227) |
(2,609,860) |
|
|
( |
( |
( |
( |
|
|
|
||||
|
Creditors |
|
Note |
2026 |
Unaudited and as restated |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Other creditors |
|
- |
|
|
|
|
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Loans and borrowings |
Non-current loans and borrowings
|
2026 |
Unaudited and as restated |
|
|
Bank borrowings |
|
- |
|
Redeemable preference shares |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
2026 |
Unaudited |
|
|
Bank borrowings |
|
- |
|
Hire purchase contracts |
|
|
|
|
|
|
Bank loans are secured by an unlimted debenture granted by the company and by personal guarantees given by the company's directors / shareholders.
Hire purchase contracts are secured on assets they relate to.
Included in the loans and borrowings are the following amounts due after more than five years:
|
2026 |
Unaudited |
|
|
After more than five years by instalments |
|
- |
|
- |
- |
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 February 2025 (unaudited) |
|
|
|
Additional provisions |
( |
( |
|
At 31 January 2026 |
|
|
|
|
||
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
Unaudited |
|||
|
No. |
£ |
No. |
£ |
|
|
£0.01 Ordinary A shares of £0.01 each |
10,000 |
100 |
10,000 |
100 |
|
£0.01 Preference B share of £0.01 each |
1 |
- |
1 |
- |
|
£0.01 Preference C share of £0.01 each |
1 |
- |
1 |
- |
|
£0.01 Preference D share of £0.01 each |
1 |
- |
1 |
- |
|
£0.01 Preference E share of £0.01 each |
1 |
- |
1 |
- |
|
£0.01 Preference F share of £0.01 each |
1 |
- |
1 |
- |
|
£0.01 Preference G share of £0.01 each |
1 |
- |
1 |
- |
|
£10,000 Redeemable preference share of £10,000 each |
15 |
150,000 |
15 |
150,000 |
|
|
|
|
|
|
The ordinary shares are shown as equity and the preference shares are included within creditors.
The redeemable preference shares carry preferential dividend and capital rights, but no voting rights.
The preference B shares carry preferential dividend rights, but rank pari passu to the ordinary shares in all other respects.
The different classes of ordinary shares rank pari passu in all respects.
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Dividends |
Interim dividends paid
|
2026 |
2025 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £Nil (2025 - £ |
- |
|
||
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Green Circle Feeds Ltd
Notes to the Financial Statements
Year Ended 31 January 2026
|
Related party transactions |
|
Transactions with related parties |
A company related to two of the director-shareholders of the company:
These financial statements reflect costs totalling £106,250 (2025 - £nil) and sales of £3,632,132 (2025 - £nil) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. The total due by this company under common control was £789,234 (2025 - £nil). Interest was charged at 5% per annum on this balance.
A company related to two of the director-shareholders of the company:
These financial statements reflect costs totalling £114 (2025 - £3,568) and sales of £2,054,173 (2025 - £702,501) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. The total due by this company under common control was £570,127 (2025 - £92,086). Interest was charged at 5% per annum on this balance.
A company related to two of the director-shareholders of the company:
These financial statements reflect costs totalling £26,083 (2025 - £51,335) and sales of £nil (2025 - £5,101) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. The total due to this company under common control was £15,981 (2025 - £60,857).
A company related to two of the director-shareholders of the company:
These financial statements reflect costs totalling £216,599 (2025 - £180,751) and sales of £3,876,441 (2025 - £2,652,077) for goods and services supplied by and to a company of which the directors and shareholders of this company are also directors. The total due to this company under common control was £1,476,909 (2025 - £1,784,721). There was no interest charged in the year.
Partnerships related to two of the director-shareholders of the company:
These financial statements reflect costs totalling £1,490,968 (2025 - £133,313) and sales of £876,412 (2025 - £1,060,720) for goods and services supplied by and to partnerships of which the directors and shareholders of this company are also partners. At the balance sheet date, the amount due by this partnership was £1,925,487 (2025 - £2,110,062). Interest was charged at 5% per annum on this balance.