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REGISTERED NUMBER: 03262617 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2025

for

Newberry International Produce Ltd

Newberry International Produce Ltd (Registered number: 03262617)

Contents of the Financial Statements

for the year ended 28 February 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Profit and Loss Account | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 16 |

Newberry International Produce Ltd

Company Information

for the year ended 28 February 2025

| Directors: | Mrs G L Taylor

| S Taylor

| L K Rowley

| Registered office: | Hazel Park

| Dymock Road

| Ledbury

| HR8 2JQ

| Registered number: | 03262617 (England and Wales)

| Senior statutory auditor: | Russell John Spencer

| Auditors: | Acre Accountancy Limited

| Statutory Auditor

| Certified Accountants

| Unit 2 Foley Works

| Foley Trading Estate

| Hereford

| Herefordshire

| HR1 2SF

Newberry International Produce Ltd (Registered number: 03262617)

Strategic Report

for the year ended 28 February 2025

The directors present their strategic report for the year ended 28 February 2025.

Review of business

The directors are pleased to report sales growth for the year of £1.1m over 2024 levels whilst output volumes increased by 9.2% . The growth was primarily achieved from the continued development of international markets. Margins in the second half of the year came under pressure, primarily through an increase in certain raw material prices but, despite this, Gross profit remained strong at £7.125m.

Overhead increases of £1.65m are largely attributed to the new manufacturing site at Ledbury, notably depreciation rising to £931,000.

The company continued to invest in personnel, plant and technology to deliver longer term growth plans, resulting in a reduction in operating profit to £3m.

The balance sheet has continued to be strengthened from the retained profits with net assets improving to £6.7m.

Principal risks and uncertainties

The principal risks faced by the business continue to be the supply of quality produce, exposure to foreign exchange movements and capacity risk. These are being addressed as follows:

- Produce risks are managed through carrying increased stock in key product categories and entering into

medium term agreements with the company's global supplier network;

- Foreign currency exposure is managed through entry into forward hedging products; and

- Medium term capacity risk is addressed through ongoing investment in the company's new operating site in the

UK which become operational in 2024.

Section 172(1) statement

The Directors of the Company are required by Section 172 of the Companies Act 2006 to act in a way that promotes the success of the Company for the benefit of stakeholders as a whole and in doing so, they must also have regard to wider expectations of responsible business behaviour, specifically:

(a) the likely consequences of any decision in the long term;

(b) the interests of the Company's people;

(c) the need to foster the Company's business relationships with suppliers, customers and others;

(d) the impact of the Company's operations on the community and the environment;

(e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly between members of the Company.

The Shareholders who are also Directors of the company, understand the importance of engagement with its key stakeholders as only in this way can it truly understand their needs and concerns to support its decision making, and the likely impact of those decisions on each stakeholder group. The Company uses a variety of methods to engage, both formally and informally, believing that much can be gained from personal interaction.

The Directors consider they have fulfilled their duty in respect of Section 172, both individually and collectively, and that it has acted in the way it considers would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a) to (f) of the Act) in the decisions taken during the year ended 28 February 2025.

Key performance indicators

The company monitors a range of KPIs covering financial performance, working capital management, technical, health and safety, customer complaints and environmental matters.

In April 2025 Newberry's Ledbury site was awarded the highest achievable AA+ quality rating from the British Retail Consortium reflecting the focus on quality assurance and food safety throughout the company.

Newberry International Produce Ltd (Registered number: 03262617)

Strategic Report

for the year ended 28 February 2025

Future developments

The directors consider the Business well placed for further expansion over the next 24 months with further investment planned in new lines and automation at the production facility at Ledbury. Future performance is largely underpinned by contracted revenues with key customers through to 2026.

On behalf of the board:

Mrs G L Taylor - Director

19 November 2025

Newberry International Produce Ltd (Registered number: 03262617)

Report of the Directors

for the year ended 28 February 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

Principal activity

The principal activity of the company in the year under review was that of trading of fruit and vegetable products.

Dividends

Interim dividends of £4,119.85 (2024 £1,895.13) per share were declared by the directors.

The total distribution of dividends for the year ended 28 February 2025 was £1,100,000 (2024 £506,000).

Directors

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

Mrs G L Taylor

S Taylor

L K Rowley

Political donations and expenditure

There were no political donations in the year.

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;

- | state whether applicable accounting standards 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.

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.

Newberry International Produce Ltd (Registered number: 03262617)

Report of the Directors

for the year ended 28 February 2025

Auditors

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

On behalf of the board:

Mrs G L Taylor - Director

19 November 2025

Report of the Independent Auditors to the Members of

Newberry International Produce Ltd

Opinion

We have audited the financial statements of Newberry International Produce Ltd (the 'company') for the year ended 28 February 2025 which comprise the Profit and Loss Account, 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 28 February 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

Newberry International Produce Ltd

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.

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.

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

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

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

Newberry International Produce Ltd

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.

Russell John Spencer (Senior Statutory Auditor)

for and on behalf of Acre Accountancy Limited

Statutory Auditor

Certified Accountants

Unit 2 Foley Works

Foley Trading Estate

Hereford

Herefordshire

HR1 2SF

19 November 2025

Newberry International Produce Ltd (Registered number: 03262617)

Profit and Loss Account

for the year ended 28 February 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 48,168,635 |  | 47,043,448 |  |

Cost of sales | (41,043,978 | ) | (39,460,400 | ) |

GROSS PROFIT | 7,124,657 |  | 7,583,048 |  |

Administrative expenses | (4,137,905 | ) | (2,468,170 | ) |

OPERATING PROFIT | 6 | 2,986,752 |  | 5,114,878 |  |

Income from fixed asset investments | 25,724 |  | - |  |

Interest receivable and similar income | 1,147 |  | 17,500 |  |

3,013,623 |  | 5,132,378 |  |

Interest payable and similar expenses | 7 | (874,442 | ) | (901,536 | ) |

PROFIT BEFORE TAXATION | 2,139,181 |  | 4,230,842 |  |

Tax on profit | 8 | (529,396 | ) | (1,007,673 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,609,785 |  | 3,223,169 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Other Comprehensive Income

for the year ended 28 February 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,609,785 |  | 3,223,169 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,609,785 |  | 3,223,169 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Balance Sheet

28 February 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 10,943,942 |  | 11,183,980 |  |

Investments | 11 | 32,849 |  | 28,557 |  |

10,976,791 |  | 11,212,537 |  |

CURRENT ASSETS

Stocks | 12 | 8,010,084 |  | 6,856,025 |  |

Debtors | 13 | 6,726,210 |  | 5,364,355 |  |

Cash at bank | 386,840 |  | 571,567 |  |

15,123,134 |  | 12,791,947 |  |

CREDITORS

Amounts falling due within one year | 14 | (13,334,135 | ) | (11,895,545 | ) |

NET CURRENT ASSETS | 1,788,999 |  | 896,402 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,765,790 |  | 12,108,939 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (4,448,845 | ) | (4,641,352 | ) |

PROVISIONS FOR LIABILITIES | 19 | (1,639,584 | ) | (1,300,011 | ) |

NET ASSETS | 6,677,361 |  | 6,167,576 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 267 |  | 267 |  |

Share premium | 21 | 289,765 |  | 289,765 |  |

Capital redemption reserve | 21 | 1,084 |  | 1,084 |  |

Retained earnings | 21 | 6,386,245 |  | 5,876,460 |  |

SHAREHOLDERS' FUNDS | 6,677,361 |  | 6,167,576 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2025 and were signed on its behalf by:

Mrs G L Taylor - Director

Newberry International Produce Ltd (Registered number: 03262617)

Statement of Changes in Equity

for the year ended 28 February 2025

| Called up |  | Capital |

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

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

£ | £ | £ | £ | £ |

Balance at 1 March 2023 | 267 |  | 3,159,291 |  | 289,765 |  | 1,084 |  | 3,450,407 |  |

Changes in equity

Dividends | - |  | (506,000 | ) | - |  | - |  | (506,000 | ) |

Total comprehensive income | - |  | 3,223,169 |  | - |  | - |  | 3,223,169 |  |

Balance at 29 February 2024 | 267 |  | 5,876,460 |  | 289,765 |  | 1,084 |  | 6,167,576 |  |

Changes in equity

Dividends | - |  | (1,100,000 | ) | - |  | - |  | (1,100,000 | ) |

Total comprehensive income | - |  | 1,609,785 |  | - |  | - |  | 1,609,785 |  |

Balance at 28 February 2025 | 267 |  | 6,386,245 |  | 289,765 |  | 1,084 |  | 6,677,361 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Cash Flow Statement

for the year ended 28 February 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,403,621 |  | 6,901,350 |  |

Interest paid | (756,715 | ) | (855,914 | ) |

Interest element of hire purchase payments paid | (117,727 | ) | (45,622 | ) |

Amount received/loaned to joint venture | 58,371 |  | 76,686 |  |

Tax paid | 52,218 |  | (94,484 | ) |

Net cash from operating activities | 639,768 |  | 5,982,016 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (698,931 | ) | (6,719,424 | ) |

Purchase of fixed asset investments | (4,292 | ) | - |  |

Sale of tangible fixed assets | 12,000 |  | - |  |

Sale of fixed asset investments | - |  | 431,004 |  |

Interest received | 1,147 |  | 17,500 |  |

Dividends received | 25,724 |  | - |  |

Net cash from investing activities | (664,352 | ) | (6,270,920 | ) |

Cash flows from financing activities

New loans in year | - |  | 750,000 |  |

Loan repayments in year | (1,564,079 | ) | (613,796 | ) |

Capital repayments in year | (471,857 | ) | (214,366 | ) |

Amount introduced by directors | 1,674 |  | 33,290 |  |

Amount withdrawn by directors | (10,000 | ) | (33,290 | ) |

Additional finance lease capital | 1,474,241 |  | 1,248,966 |  |

Equity dividends paid | (1,100,000 | ) | (506,000 | ) |

Net cash from financing activities | (1,670,021 | ) | 664,804 |  |

(Decrease)/increase in cash and cash equivalents | (1,694,605 | ) | 375,900 |  |

Cash and cash equivalents at beginning of year | 2 | (4,647,188 | ) | (5,023,088 | ) |

Cash and cash equivalents at end of year | 2 | (6,341,793 | ) | (4,647,188 | ) |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Cash Flow Statement

for the year ended 28 February 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,139,181 |  | 4,230,842 |  |

| Depreciation charges | 930,902 |  | 174,965 |  |

| Profit on disposal of fixed assets | (3,933 | ) | (373,889 | ) |

| Finance costs | 874,442 |  | 901,536 |  |

| Finance income | (26,871 | ) | (17,500 | ) |

3,913,721 |  | 4,915,954 |  |

| (Increase)/decrease in stocks | (1,154,059 | ) | 2,615,686 |  |

| (Increase)/decrease in trade and other debtors | (1,496,776 | ) | 861,665 |  |

| Increase/(decrease) in trade and other creditors | 140,735 |  | (1,491,955 | ) |

| Cash generated from operations | 1,403,621 |  | 6,901,350 |  |

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 28 February 2025

| 28.2.25 |  | 1.3.24

£ | £ |

| Cash and cash equivalents | 386,840 |  | 571,567 |  |

| Bank overdrafts | (6,728,633 | ) | (5,218,755 | ) |

(6,341,793 | ) | (4,647,188 | ) |

| Year ended 29 February 2024

| 29.2.24 |  | 1.3.23

£ | £ |

| Cash and cash equivalents | 571,567 |  | 2,155,161 |  |

| Bank overdrafts | (5,218,755 | ) | (7,178,249 | ) |

(4,647,188 | ) | (5,023,088 | ) |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Cash Flow Statement

for the year ended 28 February 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.3.24 | Cash flow | At 28.2.25

£ | £ | £ |

| Net cash |

| Cash at bank | 571,567 |  | (184,727 | ) | 386,840 |  |

| Bank overdrafts | (5,218,755 | ) | (1,509,878 | ) | (6,728,633 | ) |

(4,647,188 | ) | (1,694,605 | ) | (6,341,793 | ) |

| Debt

| Finance leases | (1,230,767 | ) | (1,002,384 | ) | (2,233,151 | ) |

| Debts falling due within 1 year | (1,449,676 | ) | 644,100 |  | (805,576 | ) |

| Debts falling due after 1 year | (3,719,515 | ) | 919,979 |  | (2,799,536 | ) |

(6,399,958 | ) | 561,695 |  | (5,838,263 | ) |

| Total | (11,047,146 | ) | (1,132,910 | ) | (12,180,056 | ) |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements

for the year ended 28 February 2025

1. | STATUTORY INFORMATION

| Newberry International Produce Ltd 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. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for sales of good and services in the ordinary course of the business. Turnover is shown net of Value Added Tax, for goods and services provided to customers and recognised upon receipt of delivery.

| Tangible fixed assets

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

| Freehold property | - | 5% on cost

| Improvements to property | - | 20% on cost

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 15% on cost

| Motor vehicles | - | 20% on cost

| Office equipment | - | 15% on cost

| Investments in subsidiaries and associates

| Investments in subsidiary and associate undertakings are recognised at cost.

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

3. | 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.

| Forward foreign exchange gains and losses are assessed and provided for at the balance sheet date.

| Hire purchase and leasing commitments

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

| 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.

| Financial instruments

| Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 36,154,577 |  | 37,321,363 |  |

| Europe | 11,107,656 |  | 9,332,913 |  |

| Rest of the world | 906,402 |  | 389,172 |  |

48,168,635 |  | 47,043,448 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,622,838 |  | 2,088,192 |  |

| Social security costs | 200,474 |  | 164,221 |  |

| Other pension costs | 112,816 |  | 210,197 |  |

2,936,128 |  | 2,462,610 |  |

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

| 2025 |  | 2024

| Directors | 3 |  | 3 |  |

| Admin | 23 |  | 25 |  |

| Production | 54 |  | 44 |  |

80 |  | 72 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 131,472 |  | 128,960 |  |

| Directors' pension contributions to money purchase schemes | 80,490 |  | 179,534 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 26,800 |  | 23,050 |  |

| Depreciation - owned assets | 930,902 |  | 174,965 |  |

| Profit on disposal of fixed assets | (3,933 | ) | (373,889 | ) |

| Auditors' remuneration | 18,165 |  | 17,736 |  |

| Foreign exchange differences | 70,470 |  | 160,984 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 632,524 |  | 763,279 |  |

| HMRC interest | - |  | 4,512 |  |

| Mortgage | 124,191 |  | 88,123 |  |

| Hire purchase | 117,727 |  | 45,622 |  |

874,442 |  | 901,536 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

8. | 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 | 189,823 |  | - |  |

| Over/under provision | - |  | (52,257 | ) |

| Total current tax | 189,823 |  | (52,257 | ) |

| Deferred tax | 339,573 |  | 1,059,930 |  |

| Tax on profit | 529,396 |  | 1,007,673 |  |

| Reconciliation of total tax 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

£ | £ |

| Profit before tax | 2,139,181 |  | 4,230,842 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 534,795 |  | 1,057,711 |  |

| Effects of:

| Expenses not deductible for tax purposes | 498 |  | 3,198 |  |

| Depreciation in excess of capital allowances | 534 |  | 535 |  |

| Adjustments to tax charge in respect of previous periods | - |  | 21,470 |  |

| provision rate to 25% |

| Effect of superdeduction claims | - |  | (4,273 | ) |

| Effect of prior year capital allowances claim rate change 6% | - |  | 22,505 |  |

| Exempt gain on sale of shares | - |  | (93,473 | ) |

| Exempt income received | (6,431 | ) | - |  |

| Total tax charge | 529,396 |  | 1,007,673 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 1,100,000 |  | 506,000 |  |

| The above dividends were paid to the directors of the company.

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

10. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| Cost

| At 1 March 2024 | 4,433,159 |  | 84,266 |  | 7,229,372 |  |

| Additions | 82,902 |  | - |  | 591,362 |  |

| Disposals | - |  | - |  | (30,250 | ) |

| At 28 February 2025 | 4,516,061 |  | 84,266 |  | 7,790,484 |  |

| Depreciation

| At 1 March 2024 | - |  | 80,338 |  | 1,049,013 |  |

| Charge for year | 98,254 |  | 2,131 |  | 737,966 |  |

| Eliminated on disposal | - |  | - |  | (22,183 | ) |

| At 28 February 2025 | 98,254 |  | 82,469 |  | 1,764,796 |  |

| Net book value

| At 28 February 2025 | 4,417,807 |  | 1,797 |  | 6,025,688 |  |

| At 29 February 2024 | 4,433,159 |  | 3,928 |  | 6,180,359 |  |

| Fixtures |

| and |  | Motor |  | Office |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Cost

| At 1 March 2024 | 510,264 |  | 54,640 |  | 141,608 |  | 12,453,309 |  |

| Additions | 9,731 |  | - |  | 14,936 |  | 698,931 |  |

| Disposals | - |  | - |  | - |  | (30,250 | ) |

| At 28 February 2025 | 519,995 |  | 54,640 |  | 156,544 |  | 13,121,990 |  |

| Depreciation

| At 1 March 2024 | 1,720 |  | 53,241 |  | 85,017 |  | 1,269,329 |  |

| Charge for year | 77,346 |  | 1,399 |  | 13,806 |  | 930,902 |  |

| Eliminated on disposal | - |  | - |  | - |  | (22,183 | ) |

| At 28 February 2025 | 79,066 |  | 54,640 |  | 98,823 |  | 2,178,048 |  |

| Net book value

| At 28 February 2025 | 440,929 |  | - |  | 57,721 |  | 10,943,942 |  |

| At 29 February 2024 | 508,544 |  | 1,399 |  | 56,591 |  | 11,183,980 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

11. | FIXED ASSET INVESTMENTS

| Shares in |  | Interest |  | Interest |

| group |  | in joint |  | in |

| undertakings |  | venture |  | associate |  | Totals

£ | £ | £ | £ |

| Cost

| At 1 March 2024 | - |  | 28,557 |  | - |  | 28,557 |  |

| Additions | 4,292 |  | - |  | - |  | 4,292 |  |

| Reclassification/transfer | - |  | (28,557 | ) | 28,557 |  | - |  |

| At 28 February 2025 | 4,292 |  | - |  | 28,557 |  | 32,849 |  |

| Net book value

| At 28 February 2025 | 4,292 |  | - |  | 28,557 |  | 32,849 |  |

| At 29 February 2024 | - |  | 28,557 |  | - |  | 28,557 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Newberry International Unipessoal Lda

| Registered office: Portugal

| Nature of business: Distribution of fruit and vegetables

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31/12/24 |  |

£ |  |

| Aggregate capital and reserves | 45,476 |  |

| Profit for the year | 41,292 |  |

| The above company commenced trading in September 2024 and the results have not been included in group accounts as it is not considered material.

| Associated company

| Love Life Smoothies & Fruit Solutions S.L.

| Registered office: Spain

| Nature of business: Wholesale of fruit and vegetables

| %

| Class of shares: | holding |

| Ordinary | 30.00 |

| 31/12/24 |  | 31/12/23

£ | £ |

| Aggregate capital and reserves | 654,055 |  | 326,841 |  |

| Profit for the year | 321,570 |  | 195,889 |  |

| Further shares were issued during the year diluting the shareholding from 33.33% to 30%. The results of this company are not included in these accounts.

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

12. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 8,010,084 |  | 6,856,025 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 5,218,190 |  | 3,930,342 |  |

| Amounts owed by joint ventures | - |  | 58,371 |  |

| Other debtors | 17,970 |  | 17,050 |  |

| Smootheelicious loan | 50,269 |  | 69,782 |  |

| Tax | - |  | 76,550 |  |

| VAT | 1,305,855 |  | 1,108,635 |  |

| Prepayments | 133,926 |  | 103,625 |  |

6,726,210 |  | 5,364,355 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 7,534,209 |  | 6,668,431 |  |

| Hire purchase contracts (see note 17) | 583,842 |  | 308,930 |  |

| Trade creditors | 4,178,511 |  | 3,831,152 |  |

| Tax | 189,823 |  | 24,332 |  |

| Social security and other taxes | 47,926 |  | 33,287 |  |

| Other creditors | 16,612 |  | 62,952 |  |

| Directors' loan accounts | 286,650 |  | 294,976 |  |

| Accrued expenses | 496,562 |  | 671,485 |  |

13,334,135 |  | 11,895,545 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 16) | 2,799,536 |  | 3,719,515 |  |

| Hire purchase contracts (see note 17) | 1,649,309 |  | 921,837 |  |

4,448,845 |  | 4,641,352 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

16. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 6,728,633 |  | 5,218,755 |  |

| Bank loans | 805,576 |  | 1,449,676 |  |

7,534,209 |  | 6,668,431 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 695,914 |  | 742,387 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 1,103,045 |  | 1,549,500 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans payable after more than 5 years by instalments | 1,000,577 |  | 1,427,628 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 583,842 |  | 308,930 |  |

| Between one and five years | 1,649,309 |  | 921,837 |  |

2,233,151 |  | 1,230,767 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 107,696 |  | 46,431 |  |

| Between one and five years | 263,694 |  | 190,344 |  |

| In more than five years | - |  | 17,472 |  |

371,390 |  | 254,247 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 6,728,633 |  | 5,218,755 |  |

| Bank loans | 3,605,112 |  | 5,169,191 |  |

| Hire purchase contracts | 2,233,151 |  | 1,230,767 |  |

12,566,896 |  | 11,618,713 |  |

| The company's bank borrowings are secured by fixed and floating charges over the assets of the company. There is a right of set-off between the bank overdraft and credit balances held in the same bank. The bank overdraft disclosed above includes £6,728,632 (2024: £5,218,755) in respect of borrowings provided under a confidential invoice discounting facility (that is secured on the trade debtors of the company) and an import finance facility.

| The bank also hold an unlimited multilateral guarantee given by the company and Smootheelicious Limited a related company.

| Coronavirus Business Interruption Loans were taken out in 2021 with guarantees given by the UK Government under CBILS (The CBILS Guarantee). A further loan was taken out in 2022 under the Recovery Loan Scheme (RLS) which also has guarantees given by the UK government.

| Hire purchase creditors are secured on fixed assets to which they relate.

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax - accelerated

| capital allowances | 1,639,584 |  | 1,300,011 |  |

1,639,584 |  | 1,300,011 |  |

| Deferred |

| tax |

£ |

| Balance at 1 March 2024 | 1,300,011 |  |

| Provided during year | 339,573 |  |

| Balance at 28 February 2025 | 1,639,584 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 267 | Ordinary | £1 | 267 |  | 267 |  |

Newberry International Produce Ltd (Registered number: 03262617)

Notes to the Financial Statements - continued

for the year ended 28 February 2025

21. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 March 2024 | 5,876,460 |  | 289,765 |  | 1,084 |  | 6,167,309 |  |

| Profit for the year | 1,609,785 |  | 1,609,785 |  |

| Dividends | (1,100,000 | ) | (1,100,000 | ) |

| At 28 February 2025 | 6,386,245 |  | 289,765 |  | 1,084 |  | 6,677,094 |  |

22. | RELATED PARTY DISCLOSURES

| Smootheelicious Limited is a company, the shareholdings in which are the same as for Newberry International Produce Limited.

| In addition to transactions and trading balances that are conducted on an arms-length basis, the company has also provided a loan to Smootheelicious Limited that is not subject to interest. The balance as at 28 February 2025 was £50,269 (2024 - £69,782).

| Mrs G L Taylor, a director and shareholder Newberry International Produce Limited, has provided a loan to the company during the period. At the year end the amount due from the company was £284,976 (2024: £294,976). There is no interest charged on the loan and the outstanding amount is repayable on demand.

| Mr L K Rowley, a director at Newberry International Produce Limited, has provided a loan to the company during the period. At the year end the amount due from the company was £1,674 (2024: £Nil). There is no interest charged on the loan and the outstanding amount is repayable on demand.

| During 2021 Newberry International Produce Limited entered into a Joint Venture and acquired 50% of the share capital of Love Life Smoothies & Fruit Solutions S.L, the remaining 50% was aquired in 2023, but subsequently sold a 66.67% stake in October 2023 . In order to assist with the working capital the company provided a loan to Love Life Smoothies & Fruit Solutions S.L. that is not subject to interest. The balance as at 28th February 2025 was £Nil (2024 £58,371).The company also supplies Love Life Smoothies & Fruit Solutions S.L. on an arms length basis, as at 28th February 2025 an amount of £97,368 (2024 £90,580) is included in trade debtors in respect of amounts owing to Newberry International Produce Limited.

| During the year the company acquired a 100% shareholding in Newberry International Unipessoal Lda. The company commenced trading in September 2024 and supplies of £1,639,517 were made on an arms length basis to this subsidiary company during the year and an amount of £376,728 included in trade debtors in respect of amounts owing to Newberry International Produce Limited..