Company Registration No. 03713964 (England and Wales)
RAYNOR FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RAYNOR FOODS LIMITED
COMPANY INFORMATION
Directors
M Raynor
Mrs HA Bell
AP Newland
TÆM Hollands
I Aston
Company number
03713964
Registered office
Unit 4
Farrow Road
Widford Industrial Estate
Chelmsford
Essex
CM1 3TH
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Business address
Unit 4
Farrow Road
Widford Industrial Estate
Chelmsford
Essex
CM1 3TH
RAYNOR FOODS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
RAYNOR FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The principal activity of the company continued to be that of food manufacturers.

This was the company’s first full financial year under the ownership of the Raynor Foods Employee Ownership Trust. We believe that the employee ownership structure provides the best basis for future growth and continuous improvement of employee welfare and motivation.

The year under review saw a continued increase in levels of business with several new contract wins and continued deepening of our relationships with our key customer partners.

Principal risks and uncertainties

We are proud of our record on food safety and consider ourselves to be at the forefront of the UK food manufacturing industry with regards to enhancing food safety throughout our operation and the supply chain.

The business operates in a competitive environment and our customers demand value for money as well as a high quality product. We have built long term partnerships with our key customers that run much deeper than a simple transactional relationship.

The costs of raw materials and other inputs (particularly energy) are driven by global commodity markets that are outside of our direct control. To manage and mitigate this risk we proactively seek efficiency and process improvements, as well as maintaining sound procurement disciplines. Where we cannot mitigate cost increases in full on the supply side, our partnership model with key customers enables us to adjust prices accordingly.

Continued availability of suitable labour is key to the business as we continue to grow. We saw a reduction in the availability of labour after the UK left the EU and have put in place a rigorous recruitment process and reward package that has enabled us to recruit and retain at the appropriate level. We will continue to invest in process efficiency to maximise productivity and mitigate the risk of rising wages in the ongoing inflationary environment.

Key performance indicators

The key performance indicators used to review and monitor the company are shown below:-

2025 2024

Turnover £32,962,608 £27,319,409

Gross profit £7,625,863 £7,091,269

Gross margin 23.1% 26.0%

Maintainable EBITDA £2,193,514 £2,150,224

Maintainable EBITDA margin 6.7% 7.0%

The directors are very pleased with the results for the year under review. Turnover increased by 20.7% and Maintainable EBITDA by 2.0%.

On behalf of the board

AP Newland
Director
18 September 2025
RAYNOR FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Raynor
Mrs HA Bell
AP Newland
TÆM Hollands
I Aston
Financial instruments
Liquidity risk

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

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

On 20 October 2023 ownership of the company was transferred to The Raynor Foods Employee Ownership Trust which exists for the benefit of all employees of the company.

Raynor Foods Trustee Limited is the trustee of The Raynor Foods Employee Ownership Trust. The board of directors of Raynor Foods Trustee Limited includes two employees of the company.

There are regular meetings of the Colleague Forum, which enables the directors of Raynor Foods Trustee Limited to consult and discuss with nominated colleagues matters likely to affect employees' interests, and to share information about matters of concern to employees.

In addition, the company provides regular information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

Rickard Luckin Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

RAYNOR FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Statement of directors' responsibilities

The directors are responsible 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:

- select suitable accounting policies and then apply them consistently;

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

- 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
AP Newland
Director
18 September 2025
RAYNOR FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAYNOR FOODS LIMITED
- 4 -
Opinion

We have audited the financial statements of Raynor Foods Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its 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 Auditor's 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 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 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 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RAYNOR FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAYNOR FOODS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, or 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; 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' r esponsibilities s tatement, 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'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.

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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

RAYNOR FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAYNOR FOODS LIMITED
- 6 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; food safety legislation; trade legislation; data protection legislation; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates, in particular the measurement of depreciation and the useful economic life of fixed assets;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis; and

- Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RAYNOR FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAYNOR FOODS LIMITED
- 7 -

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.

Paul Forster
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
18 September 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
RAYNOR FOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
32,962,608
27,319,409
Cost of sales
(25,336,745)
(20,228,140)
Gross profit
7,625,863
7,091,269
Administrative expenses
(6,153,649)
(5,773,172)
Other operating income
165,740
238,512
Operating profit
4
1,637,954
1,556,609
Interest payable and similar expenses
7
(307,425)
(179,304)
Profit before taxation
1,330,529
1,377,305
Tax on profit
8
(304,376)
(282,944)
Profit for the financial year
1,026,153
1,094,361

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RAYNOR FOODS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,591,779
4,140,808
Investments
10
79
79
5,591,858
4,140,887
Current assets
Stocks
12
1,211,632
920,884
Debtors
13
4,741,457
5,104,932
Cash at bank and in hand
624,994
809,112
6,578,083
6,834,928
Creditors: amounts falling due within one year
14
(7,652,794)
(7,319,527)
Net current liabilities
(1,074,711)
(484,599)
Total assets less current liabilities
4,517,147
3,656,288
Creditors: amounts falling due after more than one year
15
(1,359,395)
(626,160)
Provisions for liabilities
Deferred tax liability
17
985,120
630,500
(985,120)
(630,500)
Net assets
2,172,632
2,399,628
Capital and reserves
Called up share capital
20
115
115
Share premium account
11,501
11,501
Capital redemption reserve
21
5
5
Profit and loss reserves
25
2,161,011
2,388,007
Total equity
2,172,632
2,399,628

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
AP Newland
Director
Company registration number 03713964 (England and Wales)
RAYNOR FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
104
-
0
1
2,018,431
2,018,536
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,094,361
1,094,361
Issue of share capital
20
15
11,501
-
-
11,516
Redemption of shares
20
(4)
-
0
4
-
0
-
0
Capital contributions to Employee Ownership Trust
-
-
-
(724,785)
(724,785)
Balance at 31 March 2024
115
11,501
5
2,388,007
2,399,628
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
1,026,153
1,026,153
Capital contributions to Employee Ownership Trust
-
-
-
(1,253,149)
(1,253,149)
Balance at 31 March 2025
115
11,501
5
2,161,011
2,172,632
RAYNOR FOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,466,481
990,888
Interest paid
(307,425)
(179,304)
Income taxes paid
(42,218)
(104,318)
Net cash inflow from operating activities
2,116,838
707,266
Investing activities
Purchase of tangible fixed assets
(705,106)
(857,973)
Proceeds from disposal of tangible fixed assets
56,394
-
0
Purchase of subsidiaries
-
0
(78)
Loans made to related parties
-
0
(56,920)
Repayment of loans from related parties
-
0
326,923
Net cash used in investing activities
(648,712)
(588,048)
Financing activities
Proceeds from issue of shares
-
0
11,520
Redemption of shares
-
0
(4)
Invoice discounting inflow / (outflow)
(21,866)
844,950
Payment of finance leases obligations
(377,229)
(165,084)
Capital distributions to Employee Ownership Trust
(1,253,149)
(724,785)
Net cash used in financing activities
(1,652,244)
(33,403)
Net (decrease)/increase in cash and cash equivalents
(184,118)
85,815
Cash and cash equivalents at beginning of year
809,112
723,297
Cash and cash equivalents at end of year
624,994
809,112
RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Raynor Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Farrow Road, Widford Industrial Estate, Chelmsford, Essex, CM1 3TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 40 5 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the subsidiary's inclusion in the consolidated accounts is not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.2
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
5 - 10% straight line (land is not depreciated)
Plant and machinery
10 - 33% reducing balance, and 10% straight line
Motor vehicles
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the earnings basis model to determine market value. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible fixed assets

Depreciation is charged annually on relevant tangible fixed assets. The basis for the write down rate requires judgements to be made by the directors to estimate individual assets' expected useful economic lives.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Income from the sale of goods
32,962,608
27,319,409
2025
2024
£
£
Other revenue
Grants received
164,655
238,512

The turnover for the year was all generated within the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
760,360
971,653
Government grants
(164,655)
(238,512)
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
28,540
Depreciation of owned tangible fixed assets
310,759
265,597
Depreciation of tangible fixed assets held under finance leases
243,379
101,181
Loss on disposal of tangible fixed assets
1,422
-
Operating lease charges
326,679
252,994
Government grants

Government grant income relates to various ongoing projects which relate to the development and commercialisation of new products, processes, and services.

There are no unfulfilled conditions or other contingencies attaching to grants that have been recognised in income and there have been no other forms of government assistance from which the entity has directly benefited.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
252
219
Sales and distribution
61
51
Administration
39
34
Directors
5
6
Total
357
310

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,489,524
9,287,231
Social security costs
1,007,272
761,649
Pension costs
183,407
140,765
11,680,203
10,189,645
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
410,160
446,539
Company pension contributions to defined contribution schemes
11,670
16,435
421,830
462,974

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
132,470
120,240
Company pension contributions to defined contribution schemes
6,177
6,243
RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
210,646
140,581
Other finance costs:
Interest on finance leases and hire purchase contracts
94,605
38,723
Other interest
2,174
-
0
307,425
179,304
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(50,244)
42,264
Group tax relief
-
0
180
Total current tax
(50,244)
42,444
Deferred tax
Origination and reversal of timing differences
354,620
240,500
Total tax charge
304,376
282,944

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

2025
2024
£
£
Profit before taxation
1,330,529
1,377,305
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
332,632
344,326
Tax effect of expenses that are not deductible in determining taxable profit
29,571
61,237
Change in unrecognised deferred tax assets
65,336
(2,430)
Depreciation on assets not qualifying for tax allowances
(8,551)
(3,957)
Research and development tax credit
(114,612)
(116,232)
Taxation charge for the year
304,376
282,944
RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
9
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
3,040,940
2,380,031
927,050
6,348,021
Additions
422,283
906,167
734,475
2,062,925
Disposals
-
0
(8,378)
(94,205)
(102,583)
At 31 March 2025
3,463,223
3,277,820
1,567,320
8,308,363
Depreciation and impairment
At 1 April 2024
944,734
932,721
329,758
2,207,213
Depreciation charged in the year
162,748
200,103
191,287
554,138
Eliminated in respect of disposals
-
0
(6,735)
(38,032)
(44,767)
At 31 March 2025
1,107,482
1,126,089
483,013
2,716,584
Carrying amount
At 31 March 2025
2,355,741
2,151,731
1,084,307
5,591,779
At 31 March 2024
2,096,206
1,447,310
597,292
4,140,808

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
1,045,069
470,211
Motor vehicles
1,039,541
525,826
2,084,610
996,037
10
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
11
79
79
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Raynor Logistics Limited
4 Farrow Road, Widford Industrial Estate, Chelmsford, Essex, England, CM1 3TH
Ordinary
100.00
Britannia Lightspeed Technologies Limited
Unit 1-3 Farrow Road, Chelmsford, England, CM1 3TH
Ordinary
52.00
RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
12
Stocks
2025
2024
£
£
Raw materials and consumables
1,112,488
807,863
Finished goods and goods for resale
99,144
113,021
1,211,632
920,884
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,956,705
4,517,072
Corporation tax recoverable
50,244
-
0
Other debtors
339,871
323,587
Prepayments and accrued income
394,637
264,273
4,741,457
5,104,932
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
2,995,036
3,016,902
Obligations under hire purchase and finance leases
16
496,959
249,604
Trade creditors
3,066,197
2,743,773
Amounts owed to group undertakings
2,787
6,187
Corporation tax
-
0
42,218
Other taxation and social security
175,010
178,051
Other creditors
42,943
31,585
Accruals and deferred income
873,862
1,051,207
7,652,794
7,319,527

The hire purchase and finance lease liabilities totalling £496,959 (20 2 4: £249,604) are secured against the relevant assets they are financing.

Included within bank loans and overdrafts is a confidential invoice discounting scheme totalling £2,995,036 (20 2 4: £3,016,902) which is secured against the corresponding sales invoices.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under hire purchase and finance leases
16
1,359,395
626,160

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Creditors: amounts falling due after more than one year
(Continued)
- 21 -

The hire purchase and finance lease liabilities totalling £1,359,395 (20 2 4: £626,160) are secured against the relevant assets they are financing.

16
Hire purchase and finance lease obligations
2025
2024
Future minimum lease payments due under hire purchase and finance leases:
£
£
Within one year
624,405
311,017
In two to five years
1,717,526
793,856
2,341,931
1,104,873
Less: future finance charges
(485,577)
(229,109)
1,856,354
875,764

Hire purchase and finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
985,120
630,500
2025
Movements in the year:
£
Liability at 1 April 2024
630,500
Charge to profit or loss
354,620
Liability at 31 March 2025
985,120

The deferred tax liability set out above is expected to reverse after more than 12 months and relates to accelerated capital allowances.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
183,407
140,765

The company operates defined contribution pension scheme s for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

19
Share-based payment transactions

The following summarises the number and weighted average exercise price for share options:

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at the start of the period
-
0
1,475
-
0
7.81
Exercised
-
0
(1,475)
0
-
0
7.81
Outstanding at the end of the period
-
0
-
0
-
0
-
0
Exercisable at 31 March 2025
-
0
-
0
-
0
-
0

Accumulated Enterprise Management Incentive share options were previously granted to two of the directors on Ordinary £0.01 shares.

These equity-settled share options were due to vest and become exercisable in event of the sale of the business, or by the tenth anniversary of the grant date. The company was acquired by an Employee Ownership Trust (EOT) during the prior year, which triggered the vesting of the options, which were exercised as outlined above.

The fair value of options exercised during the prior year was calculated using the earnings basis model on the basis of being the most appropriate method for the company. Non-vesting conditions and market conditions were taken into account when estimating the fair value of the option at grant date. The market value determined thereon has been approved by HM Revenue & Customs.

20
Share capital
2025
2024
£
£
Ordinary share capital
Allotted, issued and fully paid
11,475 Ordinary shares of 1p each
115
115
115
115

The company has one class of ordinary shares which carry one voting right and no right to fixed income.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Share capital
(Continued)
- 23 -

1,475 Ordinary £0.01 shares were granted u nder options during the prior period, as detailed in note 19.

21
Capital redemption reserve

The capital redemption reserve relates to shares bought back by the company.

22
Financial commitments, guarantees and contingent liabilities

The company is a guarantor for a loan in the name of Raynor Foods Employee Ownership Trust. This loan is in favour of Close Brothers Limited and the guarantee has been created by legal charges. The value of this loan at the year end is £3,796,565 (2024: £4,508,482).

23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
377,568
290,543
Between two and five years
1,075,928
686,882
In over five years
701,381
823,080
2,154,877
1,800,505
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
249,226
547,147
25
Profit and loss reserves

All profit and loss reserves are distributable in both the current and preceding year.

26
Ultimate controlling party

There is no ultimate controlling party, for this and the prior year. Raynor Foods Employee Ownership Trust holds the shares of the company in trust on behalf of the company’s employees. Raynor Foods Trustee Limited acts as the trustee to the Employee Ownership Trust.

RAYNOR FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
27
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,026,153
1,094,361
Adjustments for:
Taxation charged
304,376
282,944
Finance costs
307,425
179,304
Loss on disposal of tangible fixed assets
1,422
-
Depreciation and impairment of tangible fixed assets
554,138
366,778
Movements in working capital:
Increase in stocks
(290,748)
(194,946)
Decrease/(increase) in debtors
413,719
(1,659,516)
Increase in creditors
149,996
921,963
Cash generated from operations
2,466,481
990,888
28
Analysis of changes in net debt
1 April 2024
Cash flows
New leases
31 March 2025
£
£
£
£
Cash at bank and in hand
809,112
(184,118)
-
624,994
Borrowings excluding overdrafts
(3,016,902)
21,866
-
(2,995,036)
Lease liabilities
(875,764)
377,229
(1,357,819)
(1,856,354)
(3,083,554)
214,977
(1,357,819)
(4,226,396)
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