REGISTERED NUMBER: 01677817 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Miko Coffee Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Statement of Financial Position

13

Company Statement of Financial Position

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Consolidated Statement of Cash Flows

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mr F C H Van Tilborg

Mr K A Hermans

Mr S J Michielsen

Mrs K A Vos

SECRETARY:

Mr A L Stagg

REGISTERED OFFICE:

Puro House

Unit 4

Barncoose Industrial Estate

Redruth

Cornwall

TR15 3RQ

REGISTERED NUMBER:

01677817 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alan Kaye FCA

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is a wholly owned subsidiary of a group which is ultimately controlled by Miko NV a company incorporated in Belgium. The company has consolidated its subsidiaries as mentioned in Note no 21, which are all registered in the United Kingdom, whose financial statements are available puplicly.

The company and its immediate parent undertaking Miko Koffie NV are consolidated by Miko NV and its financial statements are available from Steenweg op Mol 177, 2300 Turnhout, Belgium.

Despite uncertain global economic conditions due to Eastern European and Middle Eastern conflicts the company has experienced an increase in turnover. The price of coffee has increased following the harvest conditions in Brazil affecting the wider industry, nevertheless the company experienced an increase in sales margin.

The Miko Coffee group has adapted operations, risen to these challenges and worked constructively with our suppliers and professional advisers. As a result, the Miko Coffee group has performed within expectations and its performance is reflected below.

The consolidated profit for the year after tax amounted to £949,375 (2023: £362,061).

The group retained a positive combined cash and bank balance of £755,244 (2023: £637,481).

The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's principal financial instruments comprise of cash, short term deposits and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the group's operation as well as to manage working capital, liquidity and invest surplus funds.

The business is subject to several risks and uncertainties - including changes in green coffee prices and other input costs, exchange rates, competition and innovation and changes in the customer base. Coffee prices, input costs and exchange rates are monitored with reference to external markets and the company will consider adjusting its pricing to reflect increases or decreases in costs. The company is pro-active in its marketing and product introductions in order to compete in the market. The company aims to be present in all channels where a consumer shops so changes in the customer base should not have a material impact on business performance.

The directors continue to assess the risks facing the group, both the securing of new business and maintaining existing relationship are key to the group's success.

In addition the group adopts a proactive approach to marketing and product innovation to remain competitive and relevant in a dynamic market environment. Efforts are also made to maintain a strong presence across all customer touchpoints, helping to reduce the potential adverse impact of changes in the customer landscape on overall performance.

Environmental regulations, such as the introduction of packaging taxes, will result in increased costs for the business in the future. The group has taken active steps to reduce its exposure by rolling out recyclable packaging solutions across its product portfolio. This initiative not only supports compliance with regulatory requirements but also aligns with the commitments.

Other ongoing challenges are overhead cost control which is kept under regular review by the directors. The directors of the company meet on a regular basis to evaluate risk exposure and risk appetite. The key risk broadly fall into the following categories:

MARKET

The group monitors the general economic and political changes in the beverage sector. The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability.

COMPETITIVE

The main competitive risks to the group arise from changing customer requirements based on market demand. The group continues to monitor changes and has developed effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the directors review the group legislative risk exposure to ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterpart exposure, ensure efficient working capital exists and monitor the management of risk.

FUTURE DEVELOPMENTS

The directors expect some challenges in pricing of commodities and related products due to the continuous evolvement of US Government economic policies. These events are being constantly monitored by the group and corrective action continued.

KEY FINANCIAL PERFORMANCE INDICATORS

The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Group use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

Turnover and operating profit are the key measure of financial performance in the group, and are as follows:

Units

2024

2023

Turnover

£

17,540,795

16,050,206

Operating profit/(loss)

£

1,606,916

931,535

Other key KPIs that demonstrate the level of performance in different parts of the business include:

Average salary levels

Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and are confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr F C H Van Tilborg - Director

3 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

The directors have not recommended any dividend during the year (2023:£Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr F C H Van Tilborg

Mr K A Hermans

Mr S J Michielsen

Mrs K A Vos

FINANCIAL INSTRUMENTS

Treasury Operations and Financial Instruments

The directors have established a risk and financial management framework whose primary objective is to protect the group from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The group's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for group operations.

Liquidity Risk

The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operation needs of the business.

Credit Risk

Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

Going concern

The directors have a reasonable expectation that the Company and the group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr F C H Van Tilborg - Director

3 September 2025

Opinion

We have audited the financial statements of Miko Coffee Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

3 September 2025

TURNOVER

3

17,540,795

16,050,206

Cost of sales

(7,628,802

)

(7,397,124

)

GROSS PROFIT

9,911,993

8,653,082

Distribution costs

(538,236

)

(458,894

)

Administrative expenses

(8,285,344

)

(7,733,301

)

1,088,413

460,887

Other operating income

4

518,503

470,648

OPERATING PROFIT

6

1,606,916

931,535

Interest payable and similar expenses

7

(320,300

)

(404,314

)

PROFIT BEFORE TAXATION

1,286,616

527,221

Tax on profit

8

(337,241

)

(165,160

)

PROFIT FOR THE FINANCIAL YEAR

949,375

362,061

Profit attributable to:

Owners of the parent

949,375

362,061

PROFIT FOR THE YEAR

949,375

362,061

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

949,375

362,061

Total comprehensive income attributable to:

Owners of the parent

949,375

362,061

FIXED ASSETS

Intangible assets

10

11,057,159

11,057,159

Tangible assets

11

2,581,158

2,495,550

Investments

12

-

-

13,638,317

13,552,709

CURRENT ASSETS

Stocks

13

1,869,716

1,794,106

Debtors

14

1,733,880

1,637,148

Prepayments and accrued income

198,582

172,885

Cash at bank and in hand

755,244

637,481

4,557,422

4,241,620

CREDITORS

Amounts falling due within one year

15

(3,343,517

)

(3,569,394

)

NET CURRENT ASSETS

1,213,905

672,226

TOTAL ASSETS LESS CURRENT LIABILITIES

14,852,222

14,224,935

CREDITORS

Amounts falling due after more than one year

16

(9,173,008

)

(9,613,458

)

PROVISIONS FOR LIABILITIES

19

(703,796

)

(585,434

)

NET ASSETS

4,975,418

4,026,043

CAPITAL AND RESERVES

Called up share capital

20

4,356,234

4,356,234

Share premium

21

427,025

427,025

Retained earnings

21

192,159

(757,216

)

SHAREHOLDERS' FUNDS

4,975,418

4,026,043

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mr F C H Van Tilborg - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

659,168

718,320

Investments

12

11,060,164

11,060,164

11,719,332

11,778,484

CURRENT ASSETS

Stocks

13

979,157

823,775

Debtors

14

2,952,154

2,927,091

Prepayments and accrued income

86,914

73,903

Cash at bank and in hand

301,665

180,083

4,319,890

4,004,852

CREDITORS

Amounts falling due within one year

15

(4,239,541

)

(3,514,075

)

NET CURRENT ASSETS

80,349

490,777

TOTAL ASSETS LESS CURRENT LIABILITIES

11,799,681

12,269,261

CREDITORS

Amounts falling due after more than one year

16

(9,104,478

)

(9,542,018

)

PROVISIONS FOR LIABILITIES

19

(219,975

)

(197,688

)

NET ASSETS

2,475,228

2,529,555

CAPITAL AND RESERVES

Called up share capital

20

4,356,234

4,356,234

Share premium

21

10,780

10,780

Retained earnings

21

(1,891,786

)

(1,837,459

)

SHAREHOLDERS' FUNDS

2,475,228

2,529,555

Company's loss for the financial year

(54,327

)

(674,260

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mr F C H Van Tilborg - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

4,356,234

(1,119,277

)

427,025

3,663,982

Changes in equity

Total comprehensive income

-

362,061

-

362,061

Balance at 31 December 2023

4,356,234

(757,216

)

427,025

4,026,043

Changes in equity

Total comprehensive income

-

949,375

-

949,375

Balance at 31 December 2024

4,356,234

192,159

427,025

4,975,418

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

4,356,234

(1,163,199

)

10,780

3,203,815

Changes in equity

Total comprehensive loss

-

(674,260

)

-

(674,260

)

Balance at 31 December 2023

4,356,234

(1,837,459

)

10,780

2,529,555

Changes in equity

Total comprehensive loss

-

(54,327

)

-

(54,327

)

Balance at 31 December 2024

4,356,234

(1,891,786

)

10,780

2,475,228

Cash flows from operating activities

Cash generated from operations

1

1,644,639

1,816,565

Interest paid

(310,804

)

(394,167

)

Interest element of hire purchase payments paid

(9,496

)

(10,147

)

Net cash from operating activities

1,324,339

1,412,251

Cash flows from investing activities

Purchase of tangible fixed assets

(1,324,844

)

(1,441,615

)

Sale of tangible fixed assets

111,836

81,939

Net cash from investing activities

(1,213,008

)

(1,359,676

)

Cash flows from financing activities

Loan repayments in year

(20,194

)

(19,731

)

Capital repayments in year

26,626

4,537

Net cash from financing activities

6,432

(15,194

)

Increase in cash and cash equivalents

117,763

37,381

Cash and cash equivalents at beginning of year

2

637,481

600,100

Cash and cash equivalents at end of year

2

755,244

637,481

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

31.12.24

31.12.23

£

£

Profit before taxation

1,286,616

527,221

Depreciation charges

1,208,493

1,087,166

Profit on disposal of fixed assets

(81,093

)

(60,247

)

Other provisions

22,384

2,623

Finance costs

320,300

404,314

2,756,700

1,961,077

Increase in stocks

(75,610

)

(451

)

(Increase)/decrease in trade and other debtors

(122,429

)

74,661

Decrease in trade and other creditors

(914,022

)

(218,722

)

Cash generated from operations

1,644,639

1,816,565

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

755,244

637,481

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

637,481

794,891

Bank overdrafts

-

(194,791

)

637,481

600,100

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

637,481

117,763

755,244

637,481

117,763

755,244

Debt

Finance leases

(67,329

)

(26,626

)

(93,955

)

Debts falling due within 1 year

(20,218

)

(511

)

(20,729

)

Debts falling due after 1 year

(32,175

)

20,707

(11,468

)

(119,722

)

(6,430

)

(126,152

)

Total

517,759

111,333

629,092