d r & e g Davies (Holdings) Ltd

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15—27

The directors present their strategic report for the year ended 30 September 2025.

Review of the Business

The principal activities of the Group comprise of farming, retail butchery, weddings and events, campsite operations, woodchip production and property development. The Group's diversified business model enables it to generate income from a range of complementary activities, whilst also exposing it to the different operational and economic risks associated with each sector.

During the year, the Group continued to operate across these activities, with performance varying between the individual businesses. The butchery business experienced a challenging year as increased sales were accompanied by higher operating costs following its expansion. The woodchip business performed well, whilst the property development activities continued to incur costs associated with materials and ongoing development projects. No development sales were completed during the year.

The Group's turnover increased from £11,049,884 in the previous year to £12,101,262 in the current year, representing an increase of approximately 9.5%.

Gross profit increased from £4,706,712 to £4,832,856. However, the gross profit margin decreased from approximately 42.6% to 39.9%.

The reduction in profitability reflects the combined impact of increased operating costs, the cost pressures associated with the expansion of the butchery business and expenditure incurred in the property development activities. Although turnover increased, the Group's ability to convert revenue into profit was affected by the higher overall cost base.

The Group will continue to monitor costs and margins across its individual business activities, with a focus on improving operational efficiency, controlling expenditure and maintaining profitability.

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d r & e g Davies (Holdings) Ltd

Strategic Report (continued)

For The Year Ended 30 September 2025

Principal Risks and Uncertainties

The Group's diversified activities expose it to a range of risks and uncertainties. The principal risks identified include the following.

Weather and Climate Change

Weather conditions represent a significant risk to the farming business, with potential consequences for crop yields, quality and harvesting operations. Increasing variability in rainfall and temperatures, together with the potential for drought, flooding, storms and periods of extreme heat, may adversely affect agricultural production and increase operating costs.

These risks are also relevant to the woodchip, weddings and events, and campsite businesses, where adverse weather may affect the availability of raw materials, access to sites, customer bookings and the use of outdoor facilities.

The Group seeks to manage these risks through operational planning and the ongoing monitoring of weather conditions. However, the extent and timing of adverse weather events remain outside the Group's control.

Inflation and Cost Pressures

The Group is exposed to changes in the cost of materials, energy, fuel, labour, agricultural inputs and other operating expenses.

These pressures are particularly relevant to the butchery and farming businesses and to property development activities, where increases in input costs may not be recoverable through higher selling prices.

Consumer Demand and Market Conditions

The Group's retail, hospitality, events and campsite activities are dependent on customer demand and are exposed to changes in consumer confidence and discretionary spending.

Economic uncertainty, increased household living costs and competition may affect customer purchasing decisions, event bookings and campsite occupancy. A reduction in demand or the inability to increase selling prices in line with costs could adversely affect revenue and profitability.

The property development business is similarly exposed to changes in the property market, including purchaser demand, achievable selling prices and the availability and cost of mortgage finance.

Material Financial Risks and Risk Management

The Group is exposed to a number of financial risks arising from its day-to-day operations and financing arrangements. These principally include liquidity risk, interest rate risk, credit risk and exposure to fluctuations in costs and market conditions. The directors monitor the Group's financial position and seek to manage these risks through appropriate financial planning, cash flow monitoring and the management of working capital.

Future Developments

The Group intends to continue operating across its existing business activities, with a focus on managing costs, maintaining appropriate profit margins and making effective use of its resources.

Following the expansion of the butchery business, attention will be given to controlling the associated cost base and improving the conversion of increased sales into profit.

Across the Group, management will remain focused on operational efficiency, prudent financial management and the identification and management of the principal risks affecting the business.

The future performance of the Group will remain subject to the risks and uncertainties outlined above, including weather conditions, input cost inflation, consumer demand and the timing of property development sales.

On behalf of the board

Mr Dafydd Davies

Director

30/10/2026

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d r & e g Davies (Holdings) Ltd

Company No. 09069900

Directors' Report For The Year Ended 30 September 2025

Directors' Report

The directors present their report and the financial statements for the year ended 30 September 2025.

Principal Activity

The group's principal activity continues to be that of a Holding company.

Directors

The directors who held office during the year were as follows:

Mr Dafydd Davies

Mrs Elizabeth Davies

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Walter Hunter & Co Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Dafydd Davies

Director

30/10/2026

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Independent Auditor's Report

to the Members of

d r & e g Davies (Holdings) Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of d r & e g Davies (Holdings) Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 30 September 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2025 and of the group's profit/(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 Opinion

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

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

d r & e g Davies (Holdings) Ltd

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept 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 or 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 Directors' Responsibilities Statement set out on page 3, 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 group and 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.

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Independent Auditor's Report (continued)

to the Members of

d r & e g Davies (Holdings) Ltd

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we have considered the following:-

The nature of the industry and sector, control environment and business performance.

Results of the enquiries of management about their own identification and assessment of the risks of irregularities;

Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to;

identifying, evaulating and complying with laws and regulations and whether they were aware of any instances of non-compliance
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations,
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the proganisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, provisions and value of stock. In common with all audits under ISAs (UK), we are also required to perfirm specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisons of those laws and regulations that has a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulation we considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations as described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reviewing correspondence with HMRC; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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

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Independent Auditor's Report (continued)

to the Members of

d r & e g Davies (Holdings) 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 that 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.

Jonathan Rhodes (Senior Statutory Auditor)

for and on behalf of Walter Hunter & Co Limited , Statutory Auditor

30/10/2026

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d r & e g Davies (Holdings) Ltd

Consolidated Profit and Loss Account

For The Year Ended 30 September 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	12,101,262	11,049,884
Cost of sales		(7,268,406 )	(6,343,172 )

GROSS PROFIT		4,832,856	4,706,712

Administrative expenses		(4,756,924 )	(4,373,587 )
Other operating income		228,705	103,459

OPERATING PROFIT	5	304,637	436,584
Profit on disposal of fixed assets		61,475	66,698
Other interest receivable and similar income	9	2,362	65
Interest payable and similar charges	10	(208,468 )	(177,304 )

PROFIT BEFORE TAXATION		160,006	326,043
Tax on Profit	11	(124,857 )	(23,993 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		35,149	302,050

The notes on pages 14 to 27 form part of these financial statements.

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d r & e g Davies (Holdings) Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 30 September 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	35,149	302,050
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	35,149	302,050

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d r & e g Davies (Holdings) Ltd

Consolidated Balance Sheet

As At 30 September 2025

Consolidated Balance Sheet

Registered number: 09069900

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		32,500		37,500
Tangible Assets	13		6,095,177		5,362,388
Investment Properties	14		945,609		945,609

			7,073,286		6,345,497
CURRENT ASSETS
Stocks	16	3,118,000		3,079,313
Debtors	17	1,179,381		808,413
Cash at bank and in hand		95,947		246,664

		4,393,328		4,134,390
Creditors: Amounts Falling Due Within One Year	18	(4,372,828 )		(3,359,706 )

NET CURRENT ASSETS (LIABILITIES)			20,500		774,684

TOTAL ASSETS LESS CURRENT LIABILITIES			7,093,786		7,120,181

Creditors: Amounts Falling Due After More Than One Year	19		(3,014,734 )		(3,201,135 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(808,060 )		(683,203 )

NET ASSETS			3,270,992		3,235,843

CAPITAL AND RESERVES
Called up share capital	24		104		104
Profit and Loss Account			3,270,888		3,235,739

SHAREHOLDERS' FUNDS			3,270,992		3,235,843

On behalf of the board

Mr Dafydd Davies

Director

30/10/2026

The notes on pages 14 to 27 form part of these financial statements.

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d r & e g Davies (Holdings) Ltd

Company Balance Sheet

As At 30 September 2025

Company Balance Sheet

Registered number: 09069900

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	14		945,609		945,609
Investments	15		106		106

			945,715		945,715
CURRENT ASSETS
Debtors	17	26,453		64,905
Cash at bank and in hand		1,301		1,890

		27,754		66,795
Creditors: Amounts Falling Due Within One Year	18	(628,604 )		(623,224 )

NET CURRENT ASSETS (LIABILITIES)			(600,850 )		(556,429 )

TOTAL ASSETS LESS CURRENT LIABILITIES			344,865		389,286

Creditors: Amounts Falling Due After More Than One Year	19		(372,532 )		(399,113 )

NET LIABILITIES			(27,667 )		(9,827 )

CAPITAL AND RESERVES
Called up share capital	24		104		104
Profit and Loss Account			(27,771 )		(9,931 )

SHAREHOLDERS' FUNDS			(27,667)		(9,827)

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(17,840 ) (2024: £(15,412 ) loss).

The notes on pages 14 to 27 form part of these financial statements.

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d r & e g Davies (Holdings) Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 30 September 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 October 2023	104	2,933,689	2,933,793
Profit for the year and total comprehensive income	-	302,050	302,050

As at 30 September 2024 and 1 October 2024	104	3,235,739	3,235,843


Profit for the year and total comprehensive income	-	35,149	35,149

As at 30 September 2025	104	3,270,888	3,270,992

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d r & e g Davies (Holdings) Ltd

Consolidated Statement of Cash Flows

For The Year Ended 30 September 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,205,873	1,144,175
Interest paid		(150,474 )	(102,565 )
Interest element of hire purchase payments paid		(57,994)	(74,739)

Net cash generated from operating activities		997,405	966,871

Cash flows from investing activities
Purchase of tangible assets		(1,615,657 )	(883,881 )
Proceeds from disposal of tangible assets		322,070	228,779
Interest received		2,362	65

Net cash used in investing activities		(1,291,225 )	(655,037 )

Cash flows from financing activities
Proceeds from new bank borrowings		1,861,384	-
Repayment of bank borrowings		(274,421 )	(212,256 )
Repayment of finance leases		(630,324 )	-
Amount introduced by directors		-	378,607
Amount withdrawn by directors		(713,944)	(396,062)

Net cash generated from/(used in) financing activities		242,695	(229,711 )



(Decrease)/increase in cash and cash equivalents		(51,125 )	82,123
Cash and cash equivalents at beginning of year	2	(224,189 )	(306,312 )

Cash and cash equivalents at end of year	2	(275,314 )	(224,189 )

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d r & e g Davies (Holdings) Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 30 September 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	35,149	302,050
Adjustments for:
Tax on profit	-	23,993
Interest expense	208,783	177,304
Interest income	(2,362 )	(65 )
Amortisation of intangible assets	5,000	5,000
Depreciation of tangible assets	622,272	578,309
Profit on disposal of tangible assets	(61,475)	(66,698)
Movements in working capital:
Increase in stocks	(38,687 )	(43,670 )
(Increase)/decrease in trade and other debtors	(370,968 )	94,098
Increase in trade and other creditors	683,304	73,854
Movement on deferred tax	124,857	-

Net cash generated from operations	1,205,873	1,144,175

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	95,947	246,664
Overdraft facilities repayable on demand	(371,261 )	(470,853 )

Cash and cash equivalents as stated in the Statement of Cash Flows	(275,314)	(224,189)

3. Analysis of changes in net debt

	As at 1 October 2024	Cash flows	As at 30 September 2025
	£	£	£
Cash at bank and in hand	246,664	(150,717)	95,947
Overdraft facilities repayable on demand	(470,853)	99,592	(371,261)

Cash and cash equivalents	(224,189 )	(51,125)	(275,314 )
Finance leases	(1,039,264)	(85,306)	(1,124,570)
Debts falling due within one year	(192,262 )	(487,262)	(679,524 )
Debts falling due after more than one year	(949,509)	(365,095)	(1,314,604)

	(2,405,224)	(988,788)	(3,394,012)

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements

For The Year Ended 30 September 2025

Notes to the Financial Statements

1. General Information

d r & e g Davies (Holdings) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09069900 . The registered office is Rosedew Farm, Llantwit Major, South Glamorgan, CF61 1PZ.

The presentation currency of the financial statements is Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The Group consists of DR & EG Davies (Holdings) Ltd and all of its subsidiaries.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 September 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% and 15% reducing balance, 25% and 20% on cost
Motor Vehicles	25% reducing balance, 25% and 20% on cost
Fixtures & Fittings	33% and 20% on cost

A comprehensive review of the carrying value of tangible fixed assets in the financial statements of the group will be carried out in 2026. It is intended that the results of this review will be incorporated into the financial statements for the year ended 30th September 2026

2.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Page 16

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Biological assets and agricultural produce

The Group’s agricultural activities are accounted for in accordance with Section 34, Specialised Activities, of FRS 102.

Biological assets comprise livestock and growing crops held by the Group in the course of its agricultural activities. Biological assets are measured at initial recognition and at each reporting date at fair value less costs to sell. Gains and losses arising from changes in fair value less costs to sell are recognised in profit or loss in the period in which they arise.

Agricultural produce harvested from the Group’s biological assets is measured at fair value less costs to sell at the point of harvest. This amount is treated as the cost of the inventory thereafter and accounted for in accordance with Section 13, Inventories, of FRS 102.

Land is accounted for separately and is not classified as a biological asset.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.11. Financial Instruments

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

i. Financial assets

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

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

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

ii. Financial liabilities

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

...CONTINUED

Page 17

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.11. Financial Instruments - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until thedraw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates.

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

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

2.12. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.13. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Rental and camp site income	828,596	724,799
Sale of meat, animals and woodchip	10,967,238	9,911,653
Weddings and events	305,428	413,432

	12,101,262	11,049,884

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

4. Other Operating Income

	2025	2024
	£	£
Other operating income	228,705	103,459

	228,705	103,459

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	100,471	143,623
Depreciation of tangible fixed assets - owned	319,426	222,158
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	293,302	356,151
Amortisation of intangible fixed assets	5,000	5,000

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	12,000	8,000

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,331,669	1,990,116
Social security costs	207,730	157,414
Other pension costs	43,673	38,118

	2,583,072	2,185,648

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Labour	86	141
Director	2	2

	88	143

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

Page 19

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	2,362	65

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	144,975	101,722
Finance charges payable under finance leases and hire purchase contracts	57,994	74,739
Other finance charges	5,499	843

	208,468	177,304

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	25,000
Deferred Tax
Deferred taxation			124,857	(1,007 )


Total tax charge for the period			124,857	23,993

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	160,006	326,043

Tax on profit at 25% (UK standard rate)	40,001	81,511
Goodwill/depreciation not allowed for tax	154,432	145,827
Expenses not deductible for tax purposes	333	1,555
Tax losses utilised	-	(27,029 )
Capital allowances	(208,000 )	(176,864 )
Short term timing differences	124,857	(1,007 )
Tax losses unutilised carried forward	13,234	-

Total tax charge for the period	124,857	23,993

Page 20

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 October 2024	130,000

As at 30 September 2025	130,000

Amortisation
As at 1 October 2024	92,500
Provided during the period	5,000

As at 30 September 2025	97,500

Net Book Value
As at 30 September 2025	32,500

As at 1 October 2024	37,500

Company

The company had no intangible fixed assets as at 30 September 2025 or 30 September 2024.

13. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 October 2024	287,808	1,640,088	6,652,470	467,624
Additions	623,485	12,400	790,643	184,500
Disposals	-	-	(645,100 )	(28,638 )

As at 30 September 2025	911,293	1,652,488	6,798,013	623,486

Depreciation
As at 1 October 2024	-	2,413	3,411,473	289,908
Provided during the period	-	2,413	541,613	69,414
Disposals	-	-	(387,651 )	(25,492 )

As at 30 September 2025	-	4,826	3,565,435	333,830

Net Book Value
As at 30 September 2025	911,293	1,647,662	3,232,578	289,656

As at 1 October 2024	287,808	1,637,675	3,240,997	177,716

Page 21

Page 22

d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025


	Fixtures & Fittings	Total
	£	£
Cost
As at 1 October 2024	106,791	9,154,781
Additions	4,629	1,615,657
Disposals	-	(673,738 )

As at 30 September 2025	111,420	10,096,700

Depreciation
As at 1 October 2024	88,599	3,792,393
Provided during the period	8,833	622,273
Disposals	-	(413,143 )

As at 30 September 2025	97,432	4,001,523

Net Book Value
As at 30 September 2025	13,988	6,095,177

As at 1 October 2024	18,192	5,362,388

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	1,728,094	1,434,560
Motor Vehicles	239,808	128,212

	1,967,902	1,562,772

Company

The company had no tangible fixed assets as at 30 September 2025 or 30 September 2024.

14. Investment Property

Group

	2025
	£
Fair Value
As at 1 October 2024 and 30 September 2025	945,609

Company

	2025
	£
Fair Value
As at 1 October 2024 and 30 September 2025	945,609

Page 22

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d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

15. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 October 2024	106

As at 30 September 2025	106

Provision
As at 1 October 2024	-

As at 30 September 2025	-

Net Book Value
As at 30 September 2025	106

As at 1 October 2024	106

Subsidiaries

Details of the group's subsidiaries as at 30 September 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
DR & EG Davies Ltd	Rosedew Farm Llantwit Major, South Glamorgan CF61 1PZ	Ordinary A and Ordinary B Shares	100.00%	-
Rosedew Developments Ltd	Rosedew Farm Llantwit Major, South Glamorgan CF61 1PZ	Ordinary Shares	100.00%	-
Farmers Barns Ltd	Rosedew Farm Llantwit Major, South Glamorgan CF61 1PZ	Ordinary A and Ordinary B Shares	100.00%	-
Farmers Pantry Ltd	Rosedew Farm Llantwit Major, South Glamorgan CF61 1PZ	Ordinary A and Ordinary B Shares	100.00%	-
RDR Woodchip Ltd	Rosedew Farm Llantwit Major, South Glamorgan CF61 1PZ	Ordinary Shares	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
DR & EG Davies Ltd	1,511,106	58,292
Rosedew Developments Ltd	374,568	(47,988 )
Farmers Barns Ltd	867,103	47,913
Farmers Pantry Ltd	(47,799 )	(83,955 )
RDR Woodchip Ltd	593,682	203,582

Under section 479C of the Companies Act 2006, d r & e g Davies (Holdings) Ltd , registration number 09069900 , being the parent undertaking has guaranteed the liabilities of the following subsidiaries in order that they qualify for the exemption from audit under section 479A of the Companies Act 2006 in respect of the year ended 30 September 2025:

Name of undertaking	Registered Number
DR & EG Davies Ltd	06507974
Rosedew Developments Ltd	09155857
Farmers Barns Ltd	08466632
Farmers Pantry Ltd	07816692
RDR Woodchip Ltd	10012498

Page 23

Page 24

d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

16. Stocks

	2025	2024
	£	£
Stock	1,488,139	1,461,683
Work in progress	1,629,861	1,617,630

	3,118,000	3,079,313

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	996,265	686,877	-	-
Amounts owed by group undertakings	-	-	26,453	64,905
Other debtors	183,116	121,536	-	-

	1,179,381	808,413	26,453	64,905

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	491,225	516,019	-	-
Trade creditors	1,451,997	1,094,014	-	-
Bank loans and overdrafts	1,050,785	663,115	21,654	21,654
Amounts owed to group undertakings	-	-	112,451	112,451
Other creditors	869,481	714,634	482,499	489,119
Corporation tax	25,315	25,000	-	-
Taxation and social security	344,919	202,383	-	-
Accruals and deferred income	139,106	144,541	12,000	-

	4,372,828	3,359,706	628,604	623,224

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	633,345	523,245	-	-
Bank loans	1,314,604	949,509	372,532	399,113
Other creditors	1,066,785	1,728,381	-	-

	3,014,734	3,201,135	372,532	399,113

Page 24

Page 25

d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

Of the creditors the following amounts are secured.

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,124,571	1,039,264
Bank loans and overdrafts	2,387,043	1,612,623

National Westminster Bank PLC hold a fixed and floating charge over all assets and undertaking both present and future.

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	679,524	192,262	21,654	21,654

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	1,314,604	949,509	372,532	399,113

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	491,225	516,019
Later than one year and not later than five years	633,345	523,245

	1,124,570	1,039,264

	1,124,570	1,039,264

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	808,060	683,203

Page 25

Page 26

d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 October 2024	683,203	683,203
Additions	124,857	124,857

Balance at 30 September 2025	808,060	808,060

24. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
46 Ordinary A shares of £ 1.00 each	46	46
46 Ordinary B shares of £ 1.00 each	46	46
4 Ordinary C shares of £ 1.00 each	4	4
4 Ordinary D shares of £ 1.00 each	4	4
4 Ordinary E shares of £ 1.00 each	4	4

	104	104

There has been no movement in share capital during the year. The holders of the shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share.

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £43,673 (2024: £38,118).

At the balance sheet date contributions of £14,178 (2024: £16,587) were due to the fund and are included in creditors.

26. Reserves

	Profit and Loss Account
	£
As at 1 October 2024	3,235,739
Profit for the year and total comprehensive income	35,149

As at 30 September 2025	3,270,888

Page 26

Page 27

d r & e g Davies (Holdings) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

27. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

The Group made sales of £25,000 (2024:£25,000) during the year to Antur Llain Limited, which is a company under common control. At the year end, Antur Llain Limited owed the Group £132,249 (2024: £107,320). The receivable is unsecured, no guarantees have been received.

Director loan account

At 30 September 2025, the Group owed £1,066,785 to Dafydd Rhodri Davies, a director of the parent company. The balance is included within other creditors falling due after more than one year.

Other related-party transactions

Within the year, £137,278 was introduced from the director's son. This was an agreed investment into the Group for the acquisition of additional land. At the year end, the Group owed £137,278.80 and is included within other creditors.

28. Controlling Parties

The company's ultimate controlling party is Mr D R Davies and Mrs E G Davies by virtue of their interest in the share capital of the company.

Page 27