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REGISTERED NUMBER: 03721777 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| D H FOODS LIMITED |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Cash Flow Statement | 11 |

| Notes to the Cash Flow Statement | 12 |

| Notes to the Financial Statements | 13 |

| D H FOODS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | T Hale

| REGISTERED OFFICE: | Unit 25A

| Bourne Court

| Southend Road

| Woodford Green

| Essex

| IG8 8HD

| REGISTERED NUMBER: | 03721777 (England and Wales)

| AUDITORS: | Goldwyns Limited

| Statutory Auditors and Chartered Accountants

| Rutland House

| 90-92 Baxter Avenue

| Southend on Sea

| Essex

| SS2 6HZ

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

DH Foods is still quite well positioned in the marketplace, although prices for raw material remain high.

Our relationship with both customers and suppliers remains strong as we take pride in supplying top quality raw material at competitive prices.

The Asia markets do not feature as highly any more in our business, China has become more self sufficient after the African swine fever had depleted their herds and the building of many super farms have stopped the spread and increased their production.

The war in Ukraine still has an impact on animal feeds around the world and fuel prices, so pork production has remained expensive and whilst we hope food inflation will ease next year it will remain relatively high for the time being.

The cost-of-living does impact the overall trade as people look for cheaper alternatives in the food chain.

Pork usually fares well as it historically has been the cheaper of the proteins available.

On reflection, DH Foods remains in a reasonably strong position. The reserves we have keep our cashflow in good order to pay our creditors in good time.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to the normal commercial risks that arise in the ordinary course of business. These risks are reviewed by the Board of Directors as part of ongoing Corporate Governance procedures.

Bad debts

The company has credit insurance in place in order to limit exposure to bad debts.

Customer base

The company has a large number of customers that they deal with on a regular basis. The director believes it is important to maintain a large customer base to prevent the company becoming overly reliant on one or more particular customers.

Foreign currency

Some of the company's transactions have been in foreign currencies. The company trades in Sterling, Euros and US Dollars. In order to reduce exposure to foreign currency fluctuations, the company uses forward exchange contracts.

Exposure to credit, liquidity and cash flow risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to fulfil their obligation. The company aims to minimise such losses by securing appropriate instruments with a reputable bank.

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations as they fall due. The company aims to reduce this risk by managing cash operations and considering future cash obligations before any material cash flows are undertaken.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The company manages this risk, where significant, by use of forward exchange contracts as explained above.

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

KEY PERFORMANCE INDICATORS

The company uses the following key performance indicators to monitor the performance of the business:

| 2025 |  | 2024 |  |

Turnover |  | £22,294k |  | £27,057k |  |

Profit/(loss) before tax |  | (£169k | ) | £354k |  |

Gross profit margin |  | 3.6% |  | 3.4% |  |

Debtor days |  | 63 days |  | 59 days |  |

ON BEHALF OF THE BOARD:

T Hale - Director

24 October 2025

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 are as described in the notes to the financial statements.

FUTURE DEVELOPMENTS

The company intends to continue to develop its customer base and to increase its market share in Asia. Where demand is anticipated, the company's product range will be expanded to suit.

DIRECTOR

T Hale held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS

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

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

T Hale - Director

24 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

D H FOODS LIMITED

Opinion

We have audited the financial statements of D H Foods Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

D H FOODS 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

- |  | obtained an understanding of the key laws and regulations applicable to the company, including the Companies Act 2006 and applicable taxation legislation; |

- |  | assessed the company's own internal controls and systems for the prevention and detection of irregularities and particularly the control environment within which they operate; |

- |  | determined a materiality level and audit approach sufficient to identify most irregularities, including fraud, that may occur; |

- |  | considered our own involvement in the preparation of the company's statutory financial statements and taxation returns; |

- |  | conducted audit verification work, on a sample basis, on the key audit areas and risks we have identified; and |

- |  | reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of other areas of potential irregularity. |

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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

D H FOODS 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.

S T Blundell FCA (Senior Statutory Auditor)

for and on behalf of Goldwyns Limited

Statutory Auditors and Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

3 November 2025

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

TURNOVER | 3 | 22,294 |  | 27,057 |  |

Cost of sales | 21,488 |  | 26,145 |  |

GROSS PROFIT | 806 |  | 912 |  |

Administrative expenses | 1,042 |  | 723 |  |

(236 | ) | 189 |  |

Other operating income | 47 |  | 58 |  |

OPERATING (LOSS)/PROFIT | 5 | (189 | ) | 247 |  |

Interest receivable and similar income | 25 |  | 111 |  |

(164 | ) | 358 |  |

Interest payable and similar expenses | 7 | 5 |  | 4 |  |

(LOSS)/PROFIT BEFORE TAXATION | (169 | ) | 354 |  |

Tax on (loss)/profit | 8 | (97 | ) | 162 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (72 | ) | 192 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of unlisted investments | 8 |  | 12 |  |

Income tax relating to other comprehensive income | (2 | ) | (3 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 6 |  | 9 |  |

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (66 | ) | 201 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 10 | 1,033 |  | 1,039 |  |

Investments | 11 | 577 |  | 571 |  |

Investment property | 12 | 396 |  | - |  |

2,006 |  | 1,610 |  |

CURRENT ASSETS

Debtors | 13 | 5,224 |  | 6,503 |  |

Cash at bank | 1,043 |  | 666 |  |

6,267 |  | 7,169 |  |

CREDITORS

Amounts falling due within one year | 14 | 1,910 |  | 2,332 |  |

NET CURRENT ASSETS | 4,357 |  | 4,837 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,363 |  | 6,447 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (98 | ) | (80 | ) |

PROVISIONS FOR LIABILITIES | 18 | (8 | ) | (42 | ) |

NET ASSETS | 6,257 |  | 6,325 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1 |  | 1 |  |

Revaluation reserve | 20 | 24 |  | 18 |  |

Retained earnings | 20 | 6,232 |  | 6,306 |  |

SHAREHOLDERS' FUNDS | 6,257 |  | 6,325 |  |

The financial statements were approved by the director and authorised for issue on 24 October 2025 and were signed by:

T Hale - Director

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 April 2023 | 1 |  | 6,116 |  | 9 |  | 6,126 |  |

Changes in equity

Dividends | - |  | (2 | ) | - |  | (2 | ) |

Total comprehensive income | - |  | 192 |  | 9 |  | 201 |  |

Balance at 31 March 2024 | 1 |  | 6,306 |  | 18 |  | 6,325 |  |

Changes in equity

Dividends | - |  | (2 | ) | - |  | (2 | ) |

Total comprehensive loss | - |  | (72 | ) | 6 |  | (66 | ) |

Balance at 31 March 2025 | 1 |  | 6,232 |  | 24 |  | 6,257 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

Cash flows from operating activities

Cash generated from operations | 1 | 903 |  | (121 | ) |

Interest paid | (5 | ) | (4 | ) |

Tax paid | (120 | ) | (171 | ) |

Net cash from operating activities | 778 |  | (296 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (64 | ) | (129 | ) |

Purchase of fixed asset investments | - |  | (205 | ) |

Purchase of investment property | (396 | ) | - |  |

Sale of fixed asset investments | - |  | 159 |  |

Interest received | 25 |  | 111 |  |

Net cash from investing activities | (435 | ) | (64 | ) |

Cash flows from financing activities

New loans in year | 52 |  | 128 |  |

Capital repayments in year | (28 | ) | (32 | ) |

Net movement of director's funds | 12 |  | (12 | ) |

Equity dividends paid | (2 | ) | (2 | ) |

Net cash from financing activities | 34 |  | 82 |  |

Increase/(decrease) in cash and cash equivalents | 377 |  | (278 | ) |

Cash and cash equivalents at beginning of year | 2 | 666 |  | 944 |  |

Cash and cash equivalents at end of year | 2 | 1,043 |  | 666 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£'000 | £'000 |

| (Loss)/profit before taxation | (169 | ) | 354 |  |

| Depreciation charges | 69 |  | 74 |  |

| Loss on disposal of fixed assets | - |  | 8 |  |

| Finance costs | 5 |  | 4 |  |

| Finance income | (25 | ) | (111 | ) |

(120 | ) | 329 |  |

| Decrease/(increase) in trade and other debtors | 1,331 |  | (402 | ) |

| Decrease in trade and other creditors | (308 | ) | (48 | ) |

| Cash generated from operations | 903 |  | (121 | ) |

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

£'000 | £'000 |

| Cash and cash equivalents | 1,043 |  | 666 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£'000 | £'000 |

| Cash and cash equivalents | 666 |  | 944 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£'000 | £'000 | £'000 |

| Net cash |

| Cash at bank | 666 |  | 377 |  | 1,043 |  |

666 |  | 377 |  | 1,043 |  |

| Debt

| Finance leases | (96 | ) | (24 | ) | (120 | ) |

(96 | ) | (24 | ) | (120 | ) |

| Total | 570 |  | 353 |  | 923 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| D H Foods 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.

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 as modified by the revaluation of certain assets.

| Turnover

| Turnover in the year represents both the amount derived from the provision of goods and commissions received for the facilitation of the provision of goods after deduction of trade discounts and value added tax.

| Turnover, when relating to the provision of goods, is recognised as soon as the goods become the responsibility of the customer or their transport agents, which is typically on a 'back to back' arrangement with the corresponding supplier dispatch.

| Turnover relating to commission income is recognised when the goods to which it relates are loaded onto the container for shipping.The company charges for commission in the month after which the goods are shipped.

| Tangible fixed assets

| Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

| Freehold property | - Straight line over 50 years |

| Fixtures and fittings | - Straight line over 3 years |

| Computer equipment |  | - Straight line over 3 years |  |

| Motor vehicles |  | - Straight line over 3 years |  |

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

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.

| 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.

| Investments

| The company makes fixed asset investments which are disclosed at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of profit or loss.

| Derivative financial instruments

| Derivative financial instruments are recognised at fair value with any gains or losses being charged to profit and loss in the period to which they relate.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£'000 | £'000 |

| Trade | 21,920 |  | 26,651 |  |

| Commission | 374 |  | 406 |  |

22,294 |  | 27,057 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£'000 | £'000 |

| United Kingdom | 13,662 |  | 18,862 |  |

| EU countries | 8,550 |  | 7,937 |  |

| Non-EU countries | 82 |  | 258 |  |

22,294 |  | 27,057 |  |

4. | EMPLOYEES AND DIRECTORS

|  | 2025 |  |  | 2024 |

|  | £'000 |  |  | £'000 |

| Wages and salaries |  | 401 |  |  | 418 |

| Social security costs |  | 43 |  |  | 44 |

| Other pension costs |  | 35 |  |  | 83 |

|  | 479 |  |  | 545 |

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

|  | 2025 |  |  | 2024 |

| Sales and management |  | 3 |  |  | 3 |

| Administration |  | 4 |  |  | 4 |

|  | 7 |  |  | 7 |

|  | 2025 |  |  | 2024 |

|  | £'000 |  |  | £'000 |

| Director's remuneration |  | 16 |  |  | 16 |

| Director's pension contributions to money purchase schemes |  | 12 |  |  | 60 |

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

| Money purchase schemes |  | 1 |  |  | 1 |

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging:

| 2025 |  | 2024

£'000 | £'000 |

| Depreciation - owned assets | 70 |  | 73 |  |

| Loss on disposal of fixed assets | - |  | 8 |  |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£'000 | £'000 |

| Fees payable to the company's auditors for the audit of the company's financial statements | 8 |  | 7 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£'000 | £'000 |

| Hire purchase interest | 5 |  | 4 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2025 |  | 2024

£'000 | £'000 |

| Current tax:

| UK corporation tax | (63 | ) | 120 |  |

| Deferred tax | (34 | ) | 42 |  |

| Tax on (loss)/profit | (97 | ) | 162 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 2025 |  | 2024

£'000 | £'000 |

| (Loss)/profit before tax | (169 | ) | 354 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (42 | ) | 89 |  |

| Effects of:

| Expenses not deductible for tax purposes | 5 |  | 65 |  |

| Depreciation in excess of capital allowances | 2 |  | 8 |  |

| Adjustments to tax charge in respect of previous periods | (63 | ) | - |  |

| Revaluation of unlisted investments | 1 |  | - |  |

| Total tax (credit)/charge | (97 | ) | 162 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Revaluation of unlisted investments | 8 |  | (2 | ) | 6 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Revaluation of unlisted investments | 12 |  | (3 | ) | 9 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | DIVIDENDS

| 2025 |  | 2024

£'000 | £'000 |

| A Ordinary shares of £1 each |

| Interim | 1 |  | 1 |  |

| B Ordinary shares of £1 each |

| Interim | 1 |  | 1 |  |

2 |  | 2 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Motor |  | Computer |

| property |  | fittings |  | vehicles |  | equipment |  | Totals

£'000 | £'000 | £'000 | £'000 | £'000 |

| COST

| At 1 April 2024 | 899 |  | 168 |  | 128 |  | 37 |  | 1,232 |  |

| Additions | - |  | 11 |  | 53 |  | - |  | 64 |  |

| At 31 March 2025 | 899 |  | 179 |  | 181 |  | 37 |  | 1,296 |  |

| DEPRECIATION

| At 1 April 2024 | 21 |  | 120 |  | 16 |  | 36 |  | 193 |  |

| Charge for year | 16 |  | 28 |  | 25 |  | 1 |  | 70 |  |

| At 31 March 2025 | 37 |  | 148 |  | 41 |  | 37 |  | 263 |  |

| NET BOOK VALUE

| At 31 March 2025 | 862 |  | 31 |  | 140 |  | - |  | 1,033 |  |

| At 31 March 2024 | 878 |  | 48 |  | 112 |  | 1 |  | 1,039 |  |

| Fixed assets, included in the above, which are held under finance lease have a total net book value figure of £140k.

11. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£'000 |

| COST OR VALUATION

| At 1 April 2024 | 571 |  |

| Revaluations | 6 |  |

| At 31 March 2025 | 577 |  |

| NET BOOK VALUE

| At 31 March 2025 | 577 |  |

| At 31 March 2024 | 571 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | FIXED ASSET INVESTMENTS - continued

| Cost or valuation at 31 March 2025 is represented by:

| Unlisted

| investments

£'000 |

| Valuation in 2017 | 5 |  |

| Valuation in 2018 | (2 | ) |

| Valuation in 2021 | (149 | ) |

| Valuation in 2022 | 4 |  |

| Valuation in 2023 | (98 | ) |

| Valuation in 2024 | 8 |  |

| Valuation in 2025 | 6 |  |

| Cost | 803 |  |

577 |  |

| There are five different fixed asset investments included in the above balance. One of the investments was valued on an open market basis on 31 March 2025 by EFG Harris Allday, another on the 4 April 2025 by Atlas Fine Wines Limited and the values of the other three have been considered by the director.

12. | INVESTMENT PROPERTY

| Total

£'000 |

| FAIR VALUE

| Additions | 396 |  |

| At 31 March 2025 | 396 |  |

| NET BOOK VALUE

| At 31 March 2025 | 396 |  |

13. | DEBTORS

2025 | 2024 |

£'000 | £'000 |

| Amounts falling due within one year:

| Trade debtors | 3,834 |  | 4,332 |  |

| Other debtors | 1,164 |  | 1,896 |  |

| Director's current account | - |  | 12 |  |

| Tax | 63 |  | - |  |

| Prepayments and accrued income | 56 |  | 49 |  |

5,117 |  | 6,289 |  |

| Amounts falling due after more than one year:

| Other debtors | 107 |  | 214 |  |

| Aggregate amounts | 5,224 |  | 6,503 |  |

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

£'000 | £'000 |

| Hire purchase contracts (see note 16) | 22 |  | 16 |  |

| Trade creditors | 1,787 |  | 2,098 |  |

| Corporation tax | - |  | 120 |  |

| Social security and other taxes | 14 |  | 17 |  |

| Other creditors | 2 |  | 21 |  |

| Accruals and deferred income | 85 |  | 60 |  |

1,910 |  | 2,332 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£'000 | £'000 |

| Hire purchase contracts (see note 16) | 98 |  | 80 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£'000 | £'000 |

| Net obligations repayable:

| Within one year | 22 |  | 16 |  |

| Between one and five years | 98 |  | 80 |  |

120 |  | 96 |  |

| The company has a formal lease agreement in place with its tenant - this will generate future income over the following periods:

| 2025 |  |

| £'000 |  |

| Within one year |  | 15 |  |

| Total |  | 15 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£'000 | £'000 |

| Hire purchase contracts | 121 |  | 96 |  |

| Hire purchase liabilities are secured on the assets to which they relate.

| Lloyds TSB Bank plc and T Hale (the company director) have debentures dated 8 May 2007 and 22 February 2011 respectively securing all monies due or to become due from the company on any account whatsoever. Both carry fixed and floating charges over the undertaking of all property and assets present and future. At the balance sheet date the company did not owe any monies to T Hale.

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£'000 | £'000 |

| Deferred tax | 8 |  | 42 |  |

| Deferred |

| tax |

£'000 |

| Balance at 1 April 2024 | 42 |  |

| Provided during year | (34 | ) |

| Balance at 31 March 2025 | 8 |  |

| The deferred tax provision noted above reflects timing differences between depreciation and accelerated capital allowances, net gains on the revaluation of unlisted investments and a deficit carried forward.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 750 | A Ordinary | £1 | 750 |  | 750 |  |

| 250 | B Ordinary | £1 | 250 |  | 250 |  |

1,000 |  | 1,000 |  |

20. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£'000 | £'000 | £'000 |

| At 1 April 2024 | 6,306 |  | 18 |  | 6,324 |  |

| Deficit for the year | (72 | ) | (72 | ) |

| Dividends | (2 | ) | (2 | ) |

| Unlisted investments | - |  | 6 |  | 6 |  |

| At 31 March 2025 | 6,232 |  | 24 |  | 6,256 |  |

21. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme in respect of certain employees. During the year premiums paid by the company amounted to £35k (2024 - £83k). At the balance sheet date there was £12k outstanding at the period end (2024 - £nil).

| D H FOODS LIMITED (REGISTERED NUMBER: 03721777) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

22. | DIRECTOR'S 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 |

£'000 | £'000 |

| T Hale

| Balance outstanding at start of year | 12 |  | - |  |

| Amounts advanced | - |  | 12 |  |

| Amounts repaid | (12 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 12 |  |

23. | RELATED PARTY DISCLOSURES

| During the year, the company's total compensation to key management personnel (including directors) amounted to £367k (2024 - £430k). At the balance sheet date, the company did not owe key management personnel any monies.

| During the year the company charged £21k (2024 - £21k) in respect of office and management services to a partnership controlled by key management personnel, and at the balance sheet date, the company was owed £29k by that partnership (2024 - owed £18k).