Noel Foods Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—4
Profit and Loss Account	5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—15

The directors present their strategic report for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of wholesale food distribution.

Review of the Business

Following a year of strategic growth and consolidation, Noel Foods Limited has successfully closed the 2024 financial year with continued expansion and development.

Distinctive company positioning: As a wholly-owned subsidiary of Noel Alimentaria SAU Spain, Noel Foods Limited continues to play a pivotal role in imports, distribution, marketing, and sales within the UK market. The professional team remains dedicated and efficient, serving the UK market while maintaining optimal operating costs.

Post-Brexit strategic transition: Building on the strategic shift initiated in previous years, the company has further leveraged its position as a key importer into the UK post-Brexit. This strategic advantage has enabled Noel Foods Limited to branch out into new product categories, enhancing its market presence and diversification.

Synergies between companies: Noel Foods Limited continues to benefit from the expertise and resources of its parent company, Noel Alimentaria SAU, which has been instrumental in supporting the company’s growth and resilience.

Expanded supplier network: In 2024, Noel Foods Limited laid the foundations to expand beyond its core activity by initiating trade with a broader range of Spanish suppliers. This strategic move supports the company’s long-term vision of diversification and growth.

Improved product portfolio: While charcuterie remains a core offering, the company is actively exploring the introduction of additional Spanish products not manufactured by its parent company, further enriching its product portfolio.

Commitment to sustainable practices: Noel Foods Limited remains committed to ethical sourcing and high animal welfare standards, in alignment with the sustainability vision of Noel Alimentaria SAU. This commitment is documented in the annual sustainability report covering all subsidiaries.

Financial Aspects

Revenue growth: The company achieved net sales of £69 million in 2024, reflecting growth driven by existing clients with whom strategic relationships continue to flourish.
Gross margin: Gross margin performance will be detailed in the final accounts, with expectations of continued improvement through strategic cost management.

Principal Risks and Uncertainties

Market volatility: Global commodity price fluctuations remain a concern, with potential impacts on operational costs.

Brexit – The way forward: Noel Foods Limited continues to monitor policy developments and legal changes post-Brexit, ensuring stable and consistent trade between Spain and the UK.

Innovative competitive landscape: The UK food industry remains highly innovative and competitive. Noel Foods Limited actively monitors sector trends to remain agile and responsive to market changes.

On behalf of the board

Senor Xavier Boix

Director

30 September 2025

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Noel Foods Limited

Company No. 11835666

Directors' Report For The Year Ended 31 December 2024

Directors' Report

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

Future Developments

Reflecting on the progress made in 2024, Noel Foods Limited has demonstrated its strategic foresight and adaptability. With the support of the Noel Alimentaria group’s vertical integration and diversification strategies, the company is well-positioned for future commercial growth.

The outlook remains optimistic.

Directors

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

Senor Albert Boix

Senor Xavier Boix

Mr Mario Furer

Statement of Directors' Responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company'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.

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

Statement of Disclosure of Information to Auditors

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

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

Independent Auditors

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

On behalf of the board

Senor Xavier Boix

Director

30 September 2025

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Independent Auditor's Report

to the Members of

Noel Foods Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Noel Foods Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

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

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

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

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 Directors' Report.

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

adequate accounting records have not been kept, 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Noel Foods Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.

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 designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
Evaluation of controls designed to prevent and detect irregularities; and
Assessing journals entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits 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.

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

Use Of Our Report

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

Kate Wood FCA FCCA (Senior Statutory Auditor)

for and on behalf of JWR Audit Limited , Statutory Auditor

30 September 2025

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Noel Foods Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER		68,965,052	63,350,778
Cost of sales		(64,476,259 )	(59,777,169 )

GROSS PROFIT		4,488,793	3,573,609

Distribution costs		(3,078,851 )	(2,318,172 )
Administrative expenses		(1,251,796 )	(1,121,916 )
Other operating income		219	-

OPERATING PROFIT	5	158,365	133,521
Interest payable and similar charges	10	(5,831 )	(3,228 )

PROFIT BEFORE TAXATION		152,534	130,293
Tax on Profit	11	(36,726 )	(30,792 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		115,808	99,501

The notes on pages 10 to 15 form part of these financial statements.

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Noel Foods Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	115,808	99,501
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	115,808	99,501

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Noel Foods Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 11835666

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		13,749		7,182

			13,749		7,182
CURRENT ASSETS
Stocks	13	1,810,749		1,746,221
Debtors	14	9,290,036		12,070,282
Cash at bank and in hand		868,587		36,280

		11,969,372		13,852,783
Creditors: Amounts Falling Due Within One Year	15	(11,698,835 )		(13,691,487 )

NET CURRENT ASSETS (LIABILITIES)			270,537		161,296

TOTAL ASSETS LESS CURRENT LIABILITIES			284,286		168,478

NET ASSETS			284,286		168,478

CAPITAL AND RESERVES
Called up share capital	16		100		100
Profit and Loss Account			284,186		168,378

SHAREHOLDERS' FUNDS			284,286		168,478

On behalf of the board

Senor Xavier Boix

Director

30 September 2025

The notes on pages 10 to 15 form part of these financial statements.

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Noel Foods Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	100	68,877	68,977
Profit for the year and total comprehensive income	-	99,501	99,501

As at 31 December 2023 and 1 January 2024	100	168,378	168,478


Profit for the year and total comprehensive income	-	115,808	115,808

As at 31 December 2024	100	284,186	284,286

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Noel Foods Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,178,236	810,740
Interest paid		(5,831 )	(3,228 )
Tax paid		(30,682 )	(17,445 )

Net cash generated from operating activities		3,141,723	790,067

Cash flows from investing activities
Purchase of tangible assets		(8,112 )	(5,353 )

Cash flows from financing activities
Loans from/(to) group companies		(2,301,304)	(907,183)



Increase/(decrease) in cash and cash equivalents		832,307	(122,469 )
Cash and cash equivalents at beginning of year	2	36,280	158,749

Cash and cash equivalents at end of year	2	868,587	36,280

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Noel Foods Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

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

	2024	2023
	£	£
Profit for the financial year	115,808	99,501
Adjustments for:
Tax on profit	36,726	30,792
Interest expense	5,831	3,228
Depreciation of tangible assets	1,545	439
Movements in working capital:
(Increase)/decrease in stocks	(64,528 )	191,518
Decrease in trade and other debtors	2,780,246	366,280
Increase in trade and other creditors	302,608	118,982

Net cash generated from operations	3,178,236	810,740

2. Cash and cash equivalents

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

	2024	2023
	£	£
Cash at bank and in hand	868,587	36,280

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	36,280	832,307	868,587

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Noel Foods Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Noel Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11835666 . The registered office is Hamilton House, Mabledon Place, London, WC1H 9BB.

2. Statement of Compliance

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

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

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

3.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

3.3. Significant judgements and estimations

The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

3.4. Turnover

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

Sale of goods

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

3.5. Tangible Fixed Assets and Depreciation

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

Fixtures & Fittings	50% on cost
Computer Equipment	16.67% on cost

3.6. Stocks and Work in Progress

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

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

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

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Noel Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.7. Cash and Cash Equivalents

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

3.8. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3.9. Taxation

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

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

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

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

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

3.10. Pensions

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

4. Other Operating Income

	2024	2023
	£	£
Other operating income	219	-

	219	-

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	1,545	439

6. Auditor's Remuneration

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

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	11,500	9,550

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Noel Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Staff Costs

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

	2024	2023
	£	£
Wages and salaries	514,456	460,797
Social security costs	59,941	31,107
Other pension costs	13,827	6,528

	588,224	498,432

8. Average Number of Employees

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

	2024		2023

	6		6

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	149,043	154,319

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Factoring charges	5,831	3,228

11. Tax on Profit

	2024	2023
The tax charge on the profit for the year was as follows:
	£	£
Current tax
UK Corporation Tax	36,726	30,682
Prior period adjustment	-	110

	36,726	30,792


Total tax charge for the period	36,726	30,792


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	2024	2023
	£	£
Profit before tax	152,534	130,293

Tax on profit at 0% (UK standard rate)	38,133	30,645
Goodwill/depreciation not allowed for tax	340	104
Expenses not deductible for tax purposes	281	1,215
Capital allowances	(2,028 )	-

...CONTINUED

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Noel Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Prior period adjustment	-	110
Difference in tax rates	-	(1,282 )

Total tax charge for the period	36,726	30,792

12. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	90,130	7,785	97,915
Additions	-	8,112	8,112

As at 31 December 2024	90,130	15,897	106,027

Depreciation
As at 1 January 2024	90,130	603	90,733
Provided during the period	-	1,545	1,545

As at 31 December 2024	90,130	2,148	92,278

Net Book Value
As at 31 December 2024	-	13,749	13,749

As at 1 January 2024	-	7,182	7,182

13. Stocks

	2024	2023
	£	£
Stock	1,810,749	1,746,221

14. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	9,050,519	11,844,031
Other debtors	239,517	226,251

	9,290,036	12,070,282

15. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	778,109	537,409
Amounts owed to participating interests	10,744,100	13,045,405
Corporation tax	36,726	30,682
Taxation and social security	7,746	15,273
Accruals and deferred income	132,154	62,718

	11,698,835	13,691,487

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Noel Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

17. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £13,827 (2023: £6,528).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

18. Controlling Parties

The company's immediate parent undertaking is Noel Alimentaria S.A.U .

The ultimate parent undertaking is Noel Alimentaria S.A.U (incorporated in Spain). Its registered office is Calle Pla de Begudà, 17857 – Sant Joan les Fonts, Girona. .

Copies of the group accounts may be obtained from the company's registered office.

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