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REGISTERED NUMBER: 07876622 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements for the Year Ended 31 March 2025 |

| for |

| Thornton Sugar Limited |

| Thornton Sugar Limited (Registered number: 07876622) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| Thornton Sugar Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | A Thornton

| Miss L I Thornton

| Z D Thornton

| Miss F Thornton

| REGISTERED OFFICE: | Unit 2A, Greenwood Court

| Skyliner Way

| Suffolk Business Park

| Bury St Edmunds

| Suffolk

| IP32 7GY

| REGISTERED NUMBER: | 07876622 (England and Wales)

| AUDITORS: | Knights Lowe Limited

| Eldo House

| Kempson Way

| Suffolk Business Park

| Bury St Edmunds

| Suffolk

| IP32 7AR

| Thornton Sugar Limited (Registered number: 07876622) |

Strategic Report

for the Year Ended 31 March 2025

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

REVIEW OF BUSINESS

During the year Thornton Sugar Limited has continued to grow as an independent supplier to clients in both manufacturing and wholesale. Both turnover and EBITDA experienced growth. Turnover was £40.93m in the year to 31/03/2025 a decrease of 10.6%

PRINCIPAL RISKS AND UNCERTAINTIES

Thornton Sugar Limited operating in sugar industry face several principal risks and uncertainties, these

include:

Sugar Prices

Principal risk being volatile commodity prices.

Weather

Poor growing conditions.

Financial/Political Events

Consumer demand being impacted.

Supply Chain Issues

Cost increases due to fuel/driver/vehicle shortages.

KEY PERFORMANCE INDICATORS

This is Thornton Sugar's third year trading as a medium sized company. The director considers the key performance indicators for the business are turnover, gross profit and pre-tax profit.

Turnover amounted to £40.93m (2024: £45.81m)

Gross profit amounted to £4.96m (2024: £4.46m)

Profit / (loss) before tax amounted to £2.27m (2024: £3.29m)

FINANCIAL INSTRUMENTS

The financial instruments used by the company arise wholly and directly from its activities. The financial instruments comprise trade debtors, cash at bank and trade creditors. The company has put in place the following measures to manage financial risks arising from these financial instruments:

1. The company utilises Credit Insurance and also monitors clients via a third-party rating agency; regularly monitoring the level of debtors to ensure that they are kept at reasonable levels within a predetermined strict credit limit.

2. The company carefully manages its cash position by regularly monitoring its cash flow.

3. The company regularly monitors the trade balance and credit terms for all suppliers.

4. Currency risk is managed principally using currency contracts, both on a spot and forward basis.

| Thornton Sugar Limited (Registered number: 07876622) |

Strategic Report

for the Year Ended 31 March 2025

FUTURE DEVELOPMENT

The directors plan to continue to grow the business by maintaining strong relationships with both clients, suppliers and employees.

ON BEHALF OF THE BOARD:

A Thornton - Director

30 September 2025

| Thornton Sugar Limited (Registered number: 07876622) |

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of sugar and sugar confectionery.

DIVIDENDS

An interim dividend of £11,905 per share on the shares was paid on 31 March 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 833,333 .

DIRECTORS

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

A Thornton

Miss L I Thornton

Z D Thornton

Miss F Thornton

DONATIONS AND EXPENDITURE

During the year a chartiable donation of £25,000 was given to Kingdom Way Trust, a registered charity in England and Wales.

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). 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.

| Thornton Sugar Limited (Registered number: 07876622) |

Report of the Directors

for the Year Ended 31 March 2025

AUDITORS

The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Thornton - Director

30 September 2025

Report of the Independent Auditors to the Members of

Thornton Sugar Limited

Opinion

We have audited the financial statements of Thornton Sugar Limited (the 'company') for the year ended 31 March 2025 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 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 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.

Report of the Independent Auditors to the Members of

Thornton Sugar Limited

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 four, 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.

Report of the Independent Auditors to the Members of

Thornton Sugar Limited

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

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

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

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

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

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

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

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions;

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of

Thornton Sugar Limited

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.

James Knights ACA BSc (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

30 September 2025

| Thornton Sugar Limited (Registered number: 07876622) |

Income Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 40,934,095 |  | 45,806,506 |  |

Cost of sales | 35,971,336 |  | 41,348,735 |  |

GROSS PROFIT | 4,962,759 |  | 4,457,771 |  |

Administrative expenses | 2,639,228 |  | 1,083,130 |  |

2,323,531 |  | 3,374,641 |  |

Other operating income | - |  | 22,047 |  |

OPERATING PROFIT | 4 | 2,323,531 |  | 3,396,688 |  |

Interest receivable and similar income | 1,672 |  | 8,178 |  |

2,325,203 |  | 3,404,866 |  |

Interest payable and similar expenses | 5 | 50,422 |  | 118,527 |  |

PROFIT BEFORE TAXATION | 2,274,781 |  | 3,286,339 |  |

Tax on profit | 6 | 578,270 |  | 825,980 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,696,511 |  | 2,460,359 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Other Comprehensive Income

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,696,511 |  | 2,460,359 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,696,511 |  | 2,460,359 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 13,082 |  | 10,867 |  |

13,082 |  | 10,867 |  |

CURRENT ASSETS

Stocks | 10 | 130,128 |  | 1,389,661 |  |

Debtors | 11 | 7,612,413 |  | 7,026,700 |  |

Cash at bank | 1,367,758 |  | 1,149,967 |  |

9,110,299 |  | 9,566,328 |  |

CREDITORS

Amounts falling due within one year | 12 | 5,223,189 |  | 5,764,423 |  |

NET CURRENT ASSETS | 3,887,110 |  | 3,801,905 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,900,192 |  | 3,812,772 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 116 |  |

Share premium | 17 | 1,249,967 |  | 1,249,967 |  |

Capital redemption reserve | 17 | 33 |  | 17 |  |

Retained earnings | 17 | 2,650,092 |  | 2,562,672 |  |

3,900,192 |  | 3,812,772 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A Thornton - Director | Miss F Thornton - Director

Miss L I Thornton - Director | Z D Thornton - Director

| Thornton Sugar Limited (Registered number: 07876622) |

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 133 |  | 1,759,888 |  | 1,249,967 |  | - |  | 3,009,988 |  |

Changes in equity

Profit for the year | - |  | 2,460,359 |  | - |  | - |  | 2,460,359 |  |

Total comprehensive income | - |  | 2,460,359 |  | - |  | - |  | 2,460,359 |  |

Dividends | - |  | (833,333 | ) | - |  | - |  | (833,333 | ) |

Purchase of own shares | (17 | ) | (824,242 | ) | - |  | 17 |  | (824,242 | ) |

Balance at 31 March 2024 | 116 |  | 2,562,672 |  | 1,249,967 |  | 17 |  | 3,812,772 |  |

Changes in equity

Profit for the year | - |  | 1,696,511 |  | - |  | - |  | 1,696,511 |  |

Total comprehensive income | - |  | 1,696,511 |  | - |  | - |  | 1,696,511 |  |

Dividends | - |  | (833,333 | ) | - |  | - |  | (833,333 | ) |

Purchase of own shares | (16 | ) | (775,758 | ) | - |  | 16 |  | (775,758 | ) |

Balance at 31 March 2025 | 100 |  | 2,650,092 |  | 1,249,967 |  | 33 |  | 3,900,192 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,844,497 |  | 3,277,857 |  |

Interest paid | (48,255 | ) | (114,866 | ) |

Finance costs paid | (2,167 | ) | (3,661 | ) |

Tax paid | (1,029,407 | ) | (567,078 | ) |

Net cash from operating activities | 1,764,668 |  | 2,592,252 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (7,319 | ) | (5,883 | ) |

Interest received | 1,672 |  | 8,178 |  |

Net cash from investing activities | (5,647 | ) | 2,295 |  |

Cash flows from financing activities

New loans in year | - |  | 292,723 |  |

Loan repayments in year | (295,212 | ) | - |  |

Amount introduced by directors | 363,073 |  | 6,851 |  |

Amount withdrawn by directors | - |  | (1,050,844 | ) |

Share buyback | (775,758 | ) | (824,242 | ) |

Equity dividends paid | (833,333 | ) | (833,333 | ) |

Net cash from financing activities | (1,541,230 | ) | (2,408,845 | ) |

Increase in cash and cash equivalents | 217,791 |  | 185,702 |  |

Cash and cash equivalents at beginning of year | 2 | 1,149,967 |  | 964,265 |  |

Cash and cash equivalents at end of year | 2 | 1,367,758 |  | 1,149,967 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,274,781 |  | 3,286,339 |  |

| Depreciation charges | 2,266 |  | 2,367 |  |

| Loss on disposal of fixed assets | 2,839 |  | 855 |  |

| Finance costs | 50,422 |  | 118,527 |  |

| Finance income | (1,672 | ) | (8,178 | ) |

2,328,636 |  | 3,399,910 |  |

| Decrease in stocks | 1,259,533 |  | 493,569 |  |

| Increase in trade and other debtors | (948,786 | ) | (998,202 | ) |

| Increase in trade and other creditors | 205,114 |  | 382,580 |  |

| Cash generated from operations | 2,844,497 |  | 3,277,857 |  |

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:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 1,367,758 |  | 1,149,967 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 1,149,967 |  | 971,936 |  |

| Bank overdrafts | - |  | (7,671 | ) |

1,149,967 |  | 964,265 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,149,967 |  | 217,791 |  | 1,367,758 |  |

1,149,967 |  | 217,791 |  | 1,367,758 |  |

| Debt

| Debts falling due within 1 year | (1,220,965 | ) | 295,211 |  | (925,754 | ) |

(1,220,965 | ) | 295,211 |  | (925,754 | ) |

| Total | (70,998 | ) | 513,002 |  | 442,004 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Thornton Sugar Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

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.

| Turnover

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

| Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

| consideration received or receivable, excluding discounts, rebates, value added tax and other sales

| taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied

| - the Company has transferred the significant risks and rewards of ownership to the buyer;

| - the Company retains neither continuing managerial involvement to the degree usually

| associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| 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.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less

| costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in

| progress and finished goods include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying

| amount is reduced to its selling price less costs to complete and sell. The impairment loss is

| recognised immediately in profit or loss.

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Company enters into basic financial instrument transactions that result in the recognition of

| financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

| third parties, loans to related parties and investments in ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans

| and other accounts receivable and payable, are initially measured at present value of the future cash

| flows and subsequently at amortised cost using the effective interest method. Debt instruments that

| are payable or receivable within one year, typically trade debtors and creditors, are measured, initially

| and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid

| or received. However, if the arrangements of a short-term instrument constitute a financing

| transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an

| out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially

| at the present value of future cash flows discounted at a market rate of interest for a similar debt

| instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the

| case of a small company, or a public benefit entity concessionary loan.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each

| reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

| impairment loss is recognised in the Statement of Income and Retained Earnings.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference

| between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate

| for measuring any impairment loss is the current effective interest rate determined under the

| contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the

| difference between an asset's carrying amount and best estimate of the recoverable amount, which is

| an approximation of the amount that the Company would receive for the asset if it were to be sold at

| the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when

| there is an 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.

| Taxation

| Taxation for the year 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.

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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 year 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.

| Defined contribution pension plan

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independent administered funds.

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

| Transactions and balances

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Foreign exchange gains and losses resulting from settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,056,975 |  | 1,080,840 |  |

| Social security costs | 137,120 |  | 110,516 |  |

| Other pension costs | 309,021 |  | 5,827 |  |

1,503,116 |  | 1,197,183 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 4 |  | 4 |  |

| Admin | 6 |  | 6 |  |

10 |  | 10 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 607,667 |  | 968,565 |  |

| Directors' pension contributions to money purchase schemes | 304,759 |  | 2,642 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 250,000 |  | 534,565 |  |

| Pension contributions to money purchase schemes | 53,325 |  | 1,321 |  |

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 2,266 |  | 2,367 |  |

| Loss on disposal of fixed assets | 2,839 |  | 855 |  |

| Auditors' remuneration | 7,085 |  | 6,750 |  |

| Foreign exchange differences | 794,958 |  | (416,750 | ) |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Factoring charges | 32,187 |  | 114,697 |  |

| CT Interest | 16,068 |  | - |  |

| Interest payable | - |  | 169 |  |

| Bank charges | 2,167 |  | 3,661 |  |

50,422 |  | 118,527 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 578,270 |  | 825,980 |  |

| Tax on profit | 578,270 |  | 825,980 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,274,781 |  | 3,286,339 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 568,695 |  | 821,585 |  |

| Effects of:

| Expenses not deductible for tax purposes | 11,124 |  | 5,365 |  |

| Income not taxable for tax purposes | - |  | 214 |  |

| Capital allowances in excess of depreciation | (1,549 | ) | (1,184 | ) |

| Total tax charge | 578,270 |  | 825,980 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| shares of each |

| Interim | 833,333 |  | 833,333 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 3,500,000 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 3,500,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 6,198 |  | 14,141 |  | 20,339 |  |

| Additions | - |  | 7,319 |  | 7,319 |  |

| Disposals | (5,160 | ) | (5,805 | ) | (10,965 | ) |

| At 31 March 2025 | 1,038 |  | 15,655 |  | 16,693 |  |

| DEPRECIATION

| At 1 April 2024 | 4,919 |  | 4,553 |  | 9,472 |  |

| Charge for year | 59 |  | 2,207 |  | 2,266 |  |

| Eliminated on disposal | (4,941 | ) | (3,186 | ) | (8,127 | ) |

| At 31 March 2025 | 37 |  | 3,574 |  | 3,611 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,001 |  | 12,081 |  | 13,082 |  |

| At 31 March 2024 | 1,279 |  | 9,588 |  | 10,867 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 130,128 |  | 1,389,661 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 5,477,312 |  | 6,126,298 |  |

| Other debtors | 1,685,022 |  | 159,845 |  |

| Directors' loan accounts | 309,651 |  | 672,724 |  |

| VAT | 20,591 |  | 51,581 |  |

| Prepayments | 119,837 |  | 16,252 |  |

7,612,413 |  | 7,026,700 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 925,754 |  | 1,220,965 |  |

| Trade creditors | 3,489,825 |  | 3,496,257 |  |

| Corporation tax | 180,843 |  | 631,980 |  |

| Social security and other taxes | 38,851 |  | 99,029 |  |

| Other creditors | 455,505 |  | 134,451 |  |

| Directors' loan accounts | 6,851 |  | 6,851 |  |

| Accruals | 125,560 |  | 174,890 |  |

5,223,189 |  | 5,764,423 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 925,754 |  | 1,220,965 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 48,761 |  | 48,761 |  |

| Between one and five years | 37,319 |  | 86,080 |  |

86,080 |  | 134,841 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 925,754 |  | 1,220,965 |  |

| Bank Loans of £905,138 (2024: £1,220,965) are secured against the assets of the Company.

16. | CALLED UP SHARE CAPITAL

|  | No. Allotted |  | Value |  |

| Ordinary A |  | 70 |  | 70 |  |

| Ordinary B |  | 15 |  | 15 |  |

| Ordinary C |  | 15 |  | 15 |  |

|  | 100 |  | 100 |  |

| The buy back of 16 Ordinary D Shares took place on 24th September 2024 for £775,758.

17. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | 2,562,672 |  | 1,249,967 |  | 17 |  | 3,812,656 |  |

| Profit for the year | 1,696,511 |  | 1,696,511 |  |

| Dividends | (833,333 | ) | (833,333 | ) |

| Purchase of own shares | (775,758 | ) | - |  | 16 |  | (775,742 | ) |

| At 31 March 2025 | 2,650,092 |  | 1,249,967 |  | 33 |  | 3,900,092 |  |

18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| A Thornton

| Balance outstanding at start of year | 672,724 |  | (378,120 | ) |

| Amounts advanced | 790,260 |  | 1,884,177 |  |

| Amounts repaid | (1,153,333 | ) | (833,333 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 309,651 |  | 672,724 |  |

| Thornton Sugar Limited (Registered number: 07876622) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

19. | RELATED PARTY DISCLOSURES

| The Company is owed £309,651 (2024: £672,724) from directors, repayable on demand, on which interest has been charged at the HMRC-approved rate. The Company separately owes directors £6,851 (2024: £6,851), these amounts are interest free and repayable on demand. These directors' loans are held within Debtors due within one year and Creditors due within on year, respectively.

| The Company owes shareholders £93,847 (2024: £129,584). These amounts are interest free and repayable on demand, and are held within Other Creditors due within on year.

| A purchase of own shares was carried out in the year by the company to buyback 16 ordinary D shares from David Thornton for £775,758.

| During the year, Thornton Sugar Limited advanced a loan of £1.6m to Sugar House Properties Limited, a company owned by the directors. The loan is interest-free, unsecured, and not repayable on demand. The balance is included within Other Debtors at the balance sheet date.

| During the year, the company advanced a loan of £55,000 to Thornton Events Properties Limited, a company under common control of the directors. The loan is interest-free, unsecured, and has no fixed repayment terms. The balance is included within Other Debtors at the balance sheet date.

20. | FINANCIAL INSTRUMENTS

| Subsequent to the year end, forward foreign exchange contracts were settled, giving rise to additional realised profits of £19,329. As these profits arose after the reporting date and do not provide evidence of conditions existing at that date, no adjustments have been made to these financial statements. This has been disclosed as a non-adjusting post balance sheet event in accordance with FRS 102 Section 32.