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

The group’s Balance Sheet, outlined on page 12, shows a satisfactory outturn against some strong headwinds. Whilst Shareholder funds rose to £79,548,024 (2024: £68,159,626), the Cash position dropped to £11,123,066 (2024: £11,698,848) as Stock levels rose by 16%, in line with management expectation and also due to increased product lines. The fixed assets grew by 22% (2024: 19%) driven mostly through property. 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 6.0% (2024: 30.9%) and operating profits fell to £16.0m (2024: 17.6m) 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 group 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 group 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.

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

Timely Procurement and Pricing of Products:

The group'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 group’s extensive planning ensures continuity in sourcing competitively priced products globally.

Compliance with Quality Standards and Regulations:

The group 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.

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.

The group'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 group’s     dedication to risk management.

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

Under Section 172 of the Companies Act 2006, the directors are mindful of their duty to act in the group’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 group.

Engagement with employees

The group 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 group is the only place they have ever worked.

The group 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 group 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.

Engagement with suppliers, customers and others

A major factor in the group'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 group is always at the front of the queue for procuring high quality products at the most competitive prices.

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

In regards to customer relations, a key factor in the group'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 group 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 group 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 group 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 group’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 group’s manufacturing capability.

On behalf of the board

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

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

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

Ordinary dividends were paid amounting to £653,000. The directors do not recommend payment of a further dividend.

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

The group 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.

Going concern

The group'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 group, its cash flows and liquidity position are also described in the Strategic report.

The directors have prepared profit and cash flow forecasts for the group for the period ending 31 March 2028. The group 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 group 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.

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

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.

The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires the group 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 group owned vehicles.

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

periods.

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 auditor of the company 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 auditor of the company is aware of that information.

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 group and company, and of the profit or loss of the group 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of P. & B. Foods Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 group and parent 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 group's and parent 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' report 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.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 group 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 group, 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 group'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.

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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,304,701 (2024 - £9,371,838 profit).

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

The group consists of P. & B. Foods Holdings Limited and all of its subsidiaries.

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 amounts in these financial statements are rounded to the nearest £.

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

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• 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.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company P. & B. Foods Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

The group'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 group, its cash flows and liquidity position are also described in the Strategic report.

The directors have prepared profit and cash flow forecasts for the group for the period ending 31 March 2028. The group 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 group 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.

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.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

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

Land and buildings are held at valuation. The company adheres to a policy of engaging a RIGS certified expert to revaluing both its land and buildings on a triennial cycle. In the years there is no external valuation is carried out, management carry out an internal assessment of fair value at the year end.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

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 recognised in the profit and loss account.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

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.

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.

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.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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.

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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

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 group after deducting all of its 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 payments 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. Amounts 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.

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 subsequently 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 through 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.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

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.

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

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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

In the application of the group’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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The Group account for freehold land and buildings and investment properties at valuation and as such are required to determine the fair value of the assets each year end. The directors relied on a combination of insights from our valuation experts and market research to ascertain whether there had been a change in the current valuations.

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.

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 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.

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.

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

Their aggregate remuneration comprised:

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

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:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Amortisation on intangible assets is charged to administrative expenses.    

The fair value of the freehold property has been arrived at on the basis of a valuation carried out in March 2025 by Eddisons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The fair value of the properties under construction has been arrived at on the basis of a valuation carried out in April 2024 by Harvey Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year ended March 2025, further additions at cost have been made, increasing the value of the properties.

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

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

Trade debtors are stated after a provision for irrecoverable debts of £284,423 (2024: £204,103).

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

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

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

Of the deferred tax liability set out above, £407,000 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature in the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

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

Includes all current and prior year retained profits and losses.

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.

During the current financial period, the directors have corrected an immaterial historical misclassification between share premium and reserves. This has no impact on prior year comparatives.

Revaluation reserve

Includes all current and prior year revaluations of land and buildings.

Capital redemption reserve

This reserve account was created following the repurchase and cancellation of 3,040 shares in prior financial periods.

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

The company has agreed to provide financial support to P & B Foods Investments (Ireland) Ltd in case of financial difficulties and emergencies.

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

Amounts contracted for but not provided in the financial statements:

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.

Dividends totalling £126,350 (2024 - £126,350) were paid in the year in respect of shares held by the company's directors.

The company has no ultimate controlling party by virtue of shareholding.