REGISTERED NUMBER: 08199187 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the period

1 January 2024 to 29 December 2024

for

YOUR GRIND LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

Directors:

S Rapoport

P H Turton

C Bull

L Rodwell

N Curran

S L S Reid

Registered office:

A403 The Biscuit Factory

100 Clements Road

London

SE16 4DG

Registered number:

08199187 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69 - 73 Theobalds Road

London

WC1X 8TA

The directors present their strategic report for the period 1 January 2024 to 29 December 2024.

Review of the business

The company's principal activities during the year continued to be producing and selling coffee to businesses and consumers.

The company considers the key financial performance indicators to be Turnover and EBITDA.

2024

2023

Change

£

£

%

Turnover

13,074,754

11,664,197

12

EBITDA

301,658

325,729

-7

Turnover grew by 12% in 2024, with the multichannel strategy generating growth across all four of the core channels (subscription, store, B2B, and grocery).

- The company's marketing strategy has driven revenue and database growth in the subscription channel.

- A strong Christmas campaign significantly boosted store sales.

- The first full year of trading in Waitrose following the successful 2023 launch provided incremental grocery growth.

- B2B continued to expand, with notable success in contract catering and independent coffee shops.

EBITDA reduced by 7%, primarily due to a significant increase in coffee prices in Q4 and increased investment in people costs. The rise in green coffee prices continued into 2025, meaning the cost of goods sold remains challenged. However, management has devised mitigation plans that are expected to offset most of the profitability impact. Despite these headwinds, EBITDA is forecast to grow by circa 100%+ in 2025, underpinned by channel growth and operational efficiency improvements.

The directors are confident that the multichannel strategy will continue to drive double-digit revenue growth and support sustainable profitability, even in the face of volatility in the coffee market.

Principal Risks and Uncertainties

Green coffee price volatility risk

The company is exposed to volatility in the price of green coffee, influenced by factors such as climate change, geopolitical instability, and market speculation. To mitigate this risk, the company closely monitors market conditions, works with a diverse range of suppliers, and enters into forward contracts to secure pricing when appropriate.

Currency risk

The company buys its coffee in US Dollars and is therefore subject to the volatility of exchange rates. Hedging arrangements are in place to mitigate this risk.

Interest rate risk

The company has a bank loan where a floating rate basis determines the interest rate, which is subject to increases in the Bank of England base rate.

Inflation Risk

The business is subject to inflationary pressures, particularly on direct costs. The company regularly reviews its cost base to offset cost increases in other areas.

Credit Risk

The credit risk to the business is primarily with B2B customers paying on credit terms. The company has credit control procedures to mitigate the risk of bad debt.

On behalf of the board:

N Curran - Director

24 September 2025

The directors present their report with the financial statements of the company for the period 1 January 2024 to 29 December 2024.

Principal activity

The principal activity of the company in the period under review was that of producing and selling coffee to businesses and consumers.

Dividends

No dividends will be distributed for the period ended 29 December 2024.

Future developments

There are no significant changes to the business operations expected during 2025.

Directors

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

S Rapoport

P H Turton

C Bull

L Rodwell

N Curran

Other changes in directors holding office are as follows:

S L S Reid was appointed as a director after 29 December 2024 but prior to the date of this report.

Financial instruments

Details of risks related to financial instruments are provided in the strategic report on page 2.

Statement of directors' responsibilities

The directors are responsible for preparing the 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 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;

-	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 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 company'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 company's auditors are aware of that information.

Auditors

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

N Curran - Director

24 September 2025

Opinion

We have audited the financial statements of Your Grind Ltd (the 'company') for the period ended 29 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 29 December 2024 and of its profit for the period 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Paul Hodgett BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69 - 73 Theobalds Road

London

WC1X 8TA

24 September 2025

Turnover

3

13,074,754

11,664,198

Cost of sales

(7,027,441

)

(6,063,012

)

Gross profit

6,047,313

5,601,186

Administrative expenses

(5,848,538

)

(5,436,614

)

Operating profit

6

198,775

164,572

Interest payable and similar expenses

7

(85,603

)

(132,893

)

Profit before taxation

113,172

31,679

Tax on profit

8

139,500

-

Profit for the financial period

252,672

31,679

Profit for the period

252,672

31,679

Other comprehensive income

-

-

Total comprehensive income for the period

252,672

31,679

Fixed assets

Intangible assets

9

666

26,477

Tangible assets

10

114,344

109,763

115,010

136,240

Current assets

Stocks

11

800,645

521,896

Debtors

12

901,868

658,356

Cash at bank

833,108

953,906

2,535,621

2,134,158

Creditors

Amounts falling due within one year

13

1,912,118

1,554,599

Net current assets

623,503

579,559

Total assets less current liabilities

738,513

715,799

Creditors

Amounts falling due after more than one year

14

309,096

539,054

Net assets

429,417

176,745

Capital and reserves

Called up share capital

17

3

3

Share premium

18

5,649,959

5,649,959

Retained earnings

18

(5,220,545

)

(5,473,217

)

Shareholders' funds

429,417

176,745

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

N Curran - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

3

(5,504,896

)

5,649,959

145,066

Changes in equity

Total comprehensive income

-

31,679

-

31,679

Balance at 31 December 2023

3

(5,473,217

)

5,649,959

176,745

Changes in equity

Total comprehensive income

-

252,672

-

252,672

Balance at 29 December 2024

3

(5,220,545

)

5,649,959

429,417

Cash flows from operating activities

Cash generated from operations

1

11,269

483,473

Interest paid

(85,603

)

(132,893

)

Tax paid

-

105,394

Deferred tax adjustment

139,500

-

Net cash from operating activities

65,166

455,974

Cash flows from investing activities

Purchase of tangible fixed assets

(31,412

)

(38,144

)

Net cash from investing activities

(31,412

)

(38,144

)

Cash flows from financing activities

New loans in year

300,000

-

Loan repayments in year

(454,552

)

(261,177

)

Net cash from financing activities

(154,552

)

(261,177

)

(Decrease)/increase in cash and cash equivalents

(120,798

)

156,653

Cash and cash equivalents at beginning of period

2

953,906

797,253

Cash and cash equivalents at end of period

2

833,108

953,906

1.	Reconciliation of profit before taxation to cash generated from operations

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Profit before taxation

113,172

31,679

Depreciation charges

101,472

169,618

Finance costs

85,603

132,893

300,247

334,190

(Increase)/decrease in stocks

(278,749

)

13,051

(Increase)/decrease in trade and other debtors

(243,512

)

27,936

Increase in trade and other creditors

233,283

108,296

Cash generated from operations

11,269

483,473

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 December 2024

29.12.24

1.1.24

£

£

Cash and cash equivalents

833,108

953,906

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

953,906

797,253

3.	Analysis of changes in net funds

At 1.1.24

Cash flow

At 29.12.24

£

£

£

Net cash

Cash at bank

953,906

(120,798

)

833,108

953,906

(120,798

)

833,108

Debt

Finance leases

(91,333

)

(1,107

)

(92,440

)

Debts falling due within 1 year

(223,496

)

(116,667

)

(340,163

)

Debts falling due after 1 year

(487,874

)

223,496

(264,378

)

(802,703

)

105,722

(696,981

)

Total

151,203

(15,076

)

136,127

1.	Statutory information

Your Grind Limited is a private company, limited by shares, registered and domiciled in England and Wales. The address of its registered office is A403 The Biscuit Factory, 100 Clements Road, London. The financial statements are presented in Pound Sterling (£) which is the functional currency of the Company and rounded to the nearest £.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared 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 financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

The directors have prepared a 3 year cash flow forecast. Based on these assessments,and the current resources available, the directors are of the opinion that the above is sufficient to conclude that the company is a going concern.

The financial statements do not include any adjustments to the value of the balance sheet which would result should the going concern basis not be valid.

Based on these assessments, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover represents sales derived from the supply of roasted coffees produced by the company as well as other coffee related hardware. Turnover arising from the sale of goods is recognised when the risks and rewards of ownership are passed to the customer, and usually upon receipt of the goods.

Turnover is presented net of VAT and other taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Straight line over 3 years

Fixtures and fittings

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the

remaining balance of the liability.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

3.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

United Kingdom

13,074,754

11,664,198

13,074,754

11,664,198

4.	Employees and directors

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Wages and salaries

2,647,476

2,444,992

Social security costs

213,619

220,392

Other pension costs

81,831

62,322

2,942,926

2,727,706

The average number of employees during the period was as follows:

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

Sales

14

9

Production

29

22

Management

6

6

Logistics

21

32

70

69

5.	Directors' emoluments

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Directors' remuneration

327,750

292,419

Information regarding the highest paid director is as follows:

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Emoluments etc

155,000

155,400

6.	Operating profit

The operating profit is stated after charging/(crediting):

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Depreciation - owned assets

75,661

138,998

Development costs amortisation

25,811

30,621

Auditors' remuneration

15,000

12,175

Foreign exchange differences

4,891

(2,551

)

7.

Interest payable and similar expenses

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Interest and finance charges

85,603

132,893

8.

Taxation

Analysis of the tax credit

The tax credit on the profit for the period was as follows:

Period

1.1.24

to

Year Ended

29.12.24

31.12.23

£

£

Deferred tax

(139,500

)

-

Tax on profit

(139,500

)

-