Company registration number 00988034 (England and Wales)
P. & B. (FOODS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
P. & B. (FOODS) LIMITED
COMPANY INFORMATION
Directors
Mr M S Bhatoa
Mr C K Patel
Secretary
Mr M S Bhatoa
Company number
00988034
Registered office
Prologis Park
Newhall Way
Bradford
West Yorkshire
England
BD5 8LZ
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
P. & B. (FOODS) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
P. & B. (FOODS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business and key performance indicators

The company’s Balance Sheet, outlined on page 12, shows a satisfactory outturn against some strong headwinds. Whilst Shareholder funds rose to £38,963,902 (2024: £31,234,801), the Cash position dropped to £3,511,640 (2024: £4,184,504) as Stock levels rose by 16%, in line with management expectation and also due to increased product lines. The fixed assets growth slowed to 11.9% (2024: 65.8%) as projects were concluded and resources were prioritised onto working capital and intercompany support. Debtor levels also increased primarily due to revenue growth but also due to the timing of Ramadan.

The board oversees operations by regularly evaluating gross profit margins, debtor levels, turnover, and inventory levels. The Statement of Comprehensive Income on page 11, shows the performance for the year. The Directors are satisfied with the results. As anticipated growth had slowed to 6.2% (2024: 30.9%) and operating profits fell to £15.7m (2024: 17.4m) as overheads increased sharply. Gross margin was marginally down at 31% (2024: 32%), demonstrating that the prior years improvements have largely been retained.

Despite significant economic turbulence, including steep inflationary trends, the company has secured its position. Rising operational costs continue to be challenge in the market place and are addressed through well-considered pricing strategies, promotional efforts, and a consistent media presence enabling the company to broaden its appeal.

Trading during the current financial year (ending 31 March 2026) has continued to perform as expected, broadly in line with the period to 31 March 2025. The Directors continue to look at targeted capital investments to benefit the business.

Principal risks and uncertainties

The company’s strategy is influenced by two primary risks:

Timely Procurement and Pricing of Products:

The company's procurement process combines proactive and reactive strategies honed over decades. A robust network of secondary suppliers mitigates risks of primary supplier failure. While supply chain issues occasionally arise due to external factors (e.g. political or environmental events), the company’s extensive planning ensures continuity in sourcing competitively priced products globally.

Compliance with Quality Standards and Regulations:

The company aims not just to meet, but to exceed, industry standards. The long established Quality Assurance team who oversee ISO 9001:20015 Quality Standard accreditation has led to consistent strides in meeting and surpassing quality standards as well as hugely mitigating the risks associated with non-compliance both in terms of quality of products and regulatory requirements.

The QA team plays a pivotal role in developing processes across multiple areas, including health and safety, warehouse management, production and distribution operations.

Directors' statement of compliance with duty to promote the success of the company

The year 2025 marked 55 years of operations for P&B Foods Ltd, underscoring the success of effective long-term planning and sound decision-making.

We aim to operate with honesty and integrity with all stakeholders and also adhere to various standards to ensure we maintain a reputation for high standards of business and conduct.

Our Quality Management System helps us to ensure that we are providing quality products and services consistently to our customers. Complaints are thoroughly investigated to identify root causes, implement corrective actions, and prevent recurrence. Customers are kept informed throughout the resolution process, reinforcing trust and satisfaction.

P. & B. (FOODS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial risk management

The company's operations are exposed to a variety of financial risks that include currency risk, price risk, credit risk and liquidity risk

• Currency Risk: The management team monitors exchange rates and currency fluctuations closely but does not engage in forward buying. At the end of the reporting period, no forward contracts were in place.

• Price Risk: Short-term agreements with suppliers and customers are employed to mitigate exposure to price volatility.

• Credit Risk: Long-standing relationships with clients, alongside robust credit management policies, help minimize risk. New customers are typically subjected to proforma invoicing or cash-on-delivery terms. The recent expansion of the credit control team reflects increased revenue and demonstrates the company’s dedication to risk management.

• Liquidity Risk: Daily monitoring of cash flow, coupled with substantial cash reserves, ensures resilience against potential liquidity challenges.

Stakeholders

Under Section 172 of the Companies Act 2006, the directors are mindful of their duty to act in the company’s best interests while balancing:

• The long-term implications of decisions,

• Employee welfare,

• Relationships with suppliers and customers and others,

• The community and environmental impact of operations,

• The desire to maintaining a reputation for high standards of business conduct,

• The need to act fairly between members of the company.

Engagement with employees

The company owes much to the loyalty and skillset of its workforce.

The founders made a concerted effort to support and provide opportunities for those who may struggle to find work elsewhere and a majority of the P&B workforce have a considerable number of years of service. For many, the company is the only place they have ever worked.

The company actively provides employees with up-skilling opportunities through various training courses which not only benefit employees in their immediate working life but also open up opportunities to individuals should they ever decide to leave the P&B family.

Due to the diverse ethnic background of the staff, many employees have close family members living abroad. Due to this, on many occasions the group has allowed individuals to have extended periods of compassionate leave whilst maintaining their position within the business until such time as they can return to the UK and resume their role.

The company is also sympathetic to religious requirements and have allowed for the adjustment of Friday lunchtime hours in line with GMT +1 to allow Muslim employees to attend Friday Prayers at the correct time. We also go out of our way to ensure all staff members can practice their beliefs with dignity and appropriately.

P. & B. (FOODS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Engagement with suppliers, customers and others

A major factor in the company's success is the relationships nurtured with all parts of the supply chain right through to our customers. In regards to suppliers, years of experience in the market have allowed the business to condense the supply chain to a few highly trusted, highly reputed suppliers. The relationships that have been forged with these select few have ensured the company is always at the front of the queue for procuring high quality products at the most competitive prices.

Conversely, suppliers trust the company to "buy big" , honour contracts, pay on time and thus feel confident to make the company their priority customer. These strong relationships have also provided the company with the confidence to invest back into our suppliers.

In regards to customer relations, a key factor in the company's strategy is the focus on individual customer requirements and the strengthening of relations between our Representatives and the businesses they service. This commitment to customers has palpably been demonstrated on occasions when the company has offered significant extensions of credit to long standing customers during times of business difficulty. Taking calculated risks such as this when other companies may have backed off has often resulted in permanent bonds being forged with these customers.

Environmental matters

The directors of the company understand that we have a moral obligation to both environment and community and we take both of these very seriously. We believe any adverse effect on either the environment or the immediate community will ultimately have negative consequences for the business. We are constantly taking advice on how we could make the business more sustainable and have taken measures which reduce the emissions from our transport fleet, increase the recycling of waste materials and increase the amount of short life food going to foodbanks rather than food waste.

As the business grows and as green technologies develop, we will continue to explore all avenues that will assist us in becoming a greener, more environmentally friendly business including a planned shift to more recyclable, plastic tax negating packaging. The company actively places an emphasis on sourcing services and equipment from local companies and actively aims to support other local business and enterprise.

Future developments

A specialised Sales Team were recruited in January 2025 and continue to work on opening new business opportunities and channels. This will remain a focus for growth in the coming months and years.

The construction of 2 warehouse facilities in the Republic of Ireland continues to progress to schedule with the first property scheduled for handover during Autumn 2025. A tenant for this property has already been identified - an existing customer - with terms of the lease to be agreed and confirmed in 2025.

The second property is set for completion in late 2025.

The warehouse property purchased last year within close vicinity of the U.K. Headquarters has now been vacated and plans are under way on how to most efficiently create production facilities within the new site to further expand the company’s capabilities as a manufacturer.

The directors will remain vigilant for opportunities for expansion through acquisition of businesses, brands and/or investment properties or facilities which broaden the company’s manufacturing capability.

On behalf of the board

Mr C K Patel
Director
20 November 2025
P. & B. (FOODS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of importers, exporters and distributors of Afro-Asian foodstuffs.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £4,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M S Bhatoa
Mr C K Patel
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report and Directors' report. The financial position of the company, its cash flows and liquidity position are also described in the Strategic report.

The directors have prepared profit and cash flow forecasts for the company for the period ending 31 March 2028. The company continues to be in a positive financial position, with adequate cash reserves and no outstanding short or long-term loans.

The directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

The financial statements therefore continue to be prepared on a going concern basis.

Future developments

Details can be found in the Strategic report, on page 3.

Auditor

BHP LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

P. & B. (FOODS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Energy and carbon report

The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires the company to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR (Streamlined Energy and Carbon Reporting) regulated sources.

GHG emissions have been internally calculated using a template provided by the Carbon Trust which followed the GHG protocol guidelines. The reporting period covers 1 April 2024 to 31 March 2025.

Reported energy and GHG emissions has been calculated in accordance with the GHG Protocol guidelines.

Energy and GHG emissions are reported from buildings and transport where operational control is held - this includes electricity, natural gas, refrigerants and all travel in company owned vehicles.

The table below details the regulated SECR energy and GHG emission sources from the current and the previous periods.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,034,049
826,060
- Electricity purchased
1,227,963
867,299
- Fuel consumed for transport
4,936,667
4,145,499
7,198,679
5,838,858
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
189.00
152.00
- Fuel consumed for owned transport
-
-
189.00
152.00
Scope 2 - indirect emissions
- Electricity purchased
274.00
202.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
1,229.00
1,014.00
Total gross emissions
1,692.00
1,368.00
Intensity ratio
Tonnes CO2e per employee
7.3
6.8
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

P. & B. (FOODS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
On behalf of the board
Mr C K Patel
Director
20 November 2025
P. & B. (FOODS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

P. & B. (FOODS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P. & B. (FOODS) LIMITED
- 8 -
Opinion

We have audited the financial statements of P. & B. (Foods) Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

P. & B. (FOODS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P. & B. (FOODS) LIMITED (CONTINUED)
- 9 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the senior statutory auditor 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 management, and from our commercial knowledge and experience of the 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 Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments 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; and

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

P. & B. (FOODS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P. & B. (FOODS) LIMITED (CONTINUED)
- 10 -

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 accounting estimates were indicative of potential bias; and

•  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; and

•  enquiring of management as to actual and potential litigation and claims.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Jamie Williams (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
20 November 2025
P. & B. (FOODS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
110,886,597
104,456,059
Cost of sales
(76,881,214)
(70,935,631)
Gross profit
34,005,383
33,520,428
Distribution costs
(10,394,590)
(3,769,318)
Administrative expenses
(7,904,883)
(12,358,883)
Operating profit
4
15,705,910
17,392,227
Interest payable and similar expenses
8
(248,688)
(66,144)
Profit before taxation
15,457,222
17,326,083
Tax on profit
9
(3,728,121)
(4,092,529)
Profit for the financial year
11,729,101
13,233,554

The profit and loss account has been prepared on the basis that all operations are continuing operations.

P. & B. (FOODS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,662,984
5,956,194
Investments
12
87
87
6,663,071
5,956,281
Current assets
Stocks
14
19,292,077
16,561,496
Debtors
15
23,279,297
18,236,325
Cash at bank and in hand
3,511,640
4,184,504
46,083,014
38,982,325
Creditors: amounts falling due within one year
16
(12,408,855)
(12,576,181)
Net current assets
33,674,159
26,406,144
Total assets less current liabilities
40,337,230
32,362,425
Provisions for liabilities
Deferred tax liability
18
1,373,328
1,127,624
(1,373,328)
(1,127,624)
Net assets
38,963,902
31,234,801
Capital and reserves
Called up share capital
20
68,340
68,340
Share premium account
21
5,138
5,138
Profit and loss reserves
38,890,424
31,161,323
Total equity
38,963,902
31,234,801
The financial statements were approved by the board of directors and authorised for issue on 20 November 2025 and are signed on its behalf by:
Mr C K Patel
Director
Company registration number 00988034 (England and Wales)
P. & B. (FOODS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
68,340
5,138
27,527,769
27,601,247
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
13,233,554
13,233,554
Dividends
10
-
-
(9,600,000)
(9,600,000)
Balance at 31 March 2024
68,340
5,138
31,161,323
31,234,801
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
11,729,101
11,729,101
Dividends
10
-
-
(4,000,000)
(4,000,000)
Balance at 31 March 2025
68,340
5,138
38,890,424
38,963,902
P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

P. & B. (Foods) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prologis Park, Newhall Way, Bradford, West Yorkshire, England, BD5 8LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of P. & B. Foods Holdings Limited. These consolidated financial statements are available from its registered office, Prologis Park, Newhall Way, Bradford, West Yorkshire, England, BD5 8LZ.

1.2
Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report and Directors' report. The financial position of the company, its cash flows and liquidity position are also described in the Strategic report.true

The directors have prepared profit and cash flow forecasts for the company for the period ending 31 March 2028. The company continues to be in a positive financial position, with adequate cash reserves and no outstanding short or long-term loans.

The directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

The financial statements therefore continue to be prepared on a going concern basis.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line basis
Fixtures and fittings
20% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Inventory provision

Management estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. Management review all the age and quality of all inventories during the audit and estimate a provision for items that may no longer be in a sell-able state. The provision is reviewed and stock is adjusted if there is a material impact to the overall value of the inventories.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into accounts residual values where appropriate. The estimated useful lives of the assets and residual values are assessed annually and may vary depending of a number of factors. In re-assessing asset lives, all relevant known factors are taken in to account but there is inherent uncertainty present in making this assessment.

Bad debt provision

Management is required to make judgement on the recoverability of amounts due from customers. A provision is only recognised when it is probable that amounts will not be recoverable and a reliable estimate can be made of the unrecoverable amount.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
110,886,597
104,456,059
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
91,229,561
85,728,582
Rest of Europe
19,244,879
18,194,989
Rest of the World
412,157
532,488
110,886,597
104,456,059
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(365,874)
83,208
Depreciation of owned tangible fixed assets
1,833,434
1,486,317
Loss on disposal of tangible fixed assets
139
-
Operating lease charges
22,885
19,165
P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
48,500
46,000
For other services
All other non-audit services
2,110
2,000

In addition to the above fees disclosed P. & B. Foods Limited incurred audit fees of £9,700 and accountancy services fees of £2,690 on behalf of P. & B. Foods Holdings Limited.

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
2
2
Administration
42
36
Operations
187
162
Total
231
200

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,476,461
8,183,208
Social security costs
996,255
857,440
Pension costs
505,798
221,629
10,978,514
9,262,277
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
698,814
690,830
Company pension contributions to defined contribution schemes
52,000
52,000
750,814
742,830

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
572,524
568,295
Company pension contributions to defined contribution schemes
12,000
12,000
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
48,688
38,421
Other interest
200,000
27,723
248,688
66,144
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,658,172
3,519,934
Adjustments in respect of prior periods
(175,755)
(24,724)
Total current tax
3,482,417
3,495,210
Deferred tax
Origination and reversal of timing differences
245,704
597,319
Total tax charge
3,728,121
4,092,529
P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
15,457,222
17,326,083
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,864,306
4,331,521
Tax effect of expenses that are not deductible in determining taxable profit
3,427
2,647
Adjustments in respect of prior years
(175,755)
(24,724)
Group relief
-
0
(307,822)
Deferred tax adjustments in respect of prior years
36,143
9,151
Underprovision
-
0
81,756
Taxation charge for the year
3,728,121
4,092,529
10
Dividends
2025
2024
£
£
Final paid
4,000,000
9,600,000
P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
11
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
1,442,237
4,895,037
403,477
2,524,770
9,265,521
Additions
-
0
1,997,860
328,209
214,155
2,540,224
Disposals
-
0
(559,017)
(22,713)
(435,260)
(1,016,990)
Transfers
(1,442,237)
1,442,237
-
0
-
0
-
0
At 31 March 2025
-
0
7,776,117
708,973
2,303,665
10,788,755
Depreciation and impairment
At 1 April 2024
-
0
1,758,543
203,826
1,346,958
3,309,327
Depreciation charged in the year
-
0
1,268,951
84,424
480,059
1,833,434
Eliminated in respect of disposals
-
0
(559,017)
(22,713)
(435,260)
(1,016,990)
At 31 March 2025
-
0
2,468,477
265,537
1,391,757
4,125,771
Carrying amount
At 31 March 2025
-
0
5,307,640
443,436
911,908
6,662,984
At 31 March 2024
1,442,237
3,136,494
199,651
1,177,812
5,956,194
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
87
87
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
P & B (Foods) Europe B.V.
Bredaseweg 108A4902 NS Oosterhout, Netherlands
Ordinary
100.00
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
19,292,077
16,561,496

The difference between purchase price or production costs of stocks and their replacement cost is not material.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
14,646,339
13,889,298
Amounts owed by group undertakings
5,347,688
1,335,566
Other debtors
397,314
379,738
Prepayments and accrued income
2,887,956
2,631,723
23,279,297
18,236,325

A provision for irrecoverable debts of £284,423 (2024: £204,103) is held within accruals.

Amounts owed by group undertakings are interest free and repayable on demand.

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
5,069
Trade creditors
7,953,820
7,178,688
Amounts owed to group undertakings
186,562
239,486
Corporation tax
2,555,913
3,533,496
Other taxation and social security
339,694
279,809
Other creditors
-
0
19,556
Accruals and deferred income
1,372,866
1,320,077
12,408,855
12,576,181

Amounts owed to group undertakings are interest free and payable on demand.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
5,069
Payable within one year
-
0
5,069
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,373,328
1,127,624
2025
Movements in the year:
£
Liability at 1 April 2024
1,127,624
Charge to profit or loss
245,704
Liability at 31 March 2025
1,373,328

Of the deferred tax liability set out above, £410,000 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature in the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
505,798
221,629

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

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
68,340
68,340
68,340
68,340

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
21
Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior year retained profits and losses.

22
Financial commitments, guarantees and contingent liabilities

The company has a cross guarantee and debenture in place with P. & B. Foods Holdings Limited.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
20,629
20,629
Between two and five years
8,827
29,456
29,456
50,085
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
1,317,595
582,519
25
Related party transactions

The directors of the company have taken advantage of the exemption available to them under Section 33, FRS 102, not to disclose information regarding transactions and balances with other companies within the group. There are no transactions with other related parties that are not group entities.

P. & B. (FOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
26
Ultimate controlling party

The controlling party and ultimate parent undertaking is P. & B. Foods Holdings Limited, a company registered in England and Wales.

The largest and smallest group in which the results of the company are consolidated is headed by P. & B. Foods Holdings Limited. The financial statements of P. & B. Foods Holding Limited are available from:

The Secretary

P. & B. Foods Holdings Ltd

Prologis Park

Newhall Way

Bradford

West Yorkshire

England

BD5 8LZ

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