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REGISTERED NUMBER: 06545275 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SOUTH AFRICAN FOODS LIMITED

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

SOUTH AFRICAN FOODS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | M J Malde

| J J Malde

| D J Malde

| SECRETARY: | J J Malde

| REGISTERED OFFICE: | 11 Greenhill Crescent

| Watford Business Park

| Watford

| Hertfordshire

| WD18 8QU

| REGISTERED NUMBER: | 06545275 (England and Wales)

| ACCOUNTANTS: | MGR MAP Limited

| Chartered Accountants

| 55 Loudoun Road

| St John's Wood

| London

| NW8 0DL

| BANKERS: | HSBC Bank Plc

| 73 High Street

| Watford

| Hertfordshire

| WD17 2DS

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

BALANCE SHEET

31 MARCH 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 101,572 |  | 99,001 |  |

Investments | 5 | 10,000 |  | 10,000 |  |

111,572 |  | 109,001 |  |

CURRENT ASSETS

Stocks | 148,602 |  | 162,011 |  |

Debtors | 6 | 290,913 |  | 271,120 |  |

Cash at bank | 407,835 |  | 531,950 |  |

847,350 |  | 965,081 |  |

CREDITORS

Amounts falling due within one year | 7 | (72,980 | ) | (197,686 | ) |

NET CURRENT ASSETS | 774,370 |  | 767,395 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 885,942 |  | 876,396 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (23,895 | ) | (40,802 | ) |

PROVISIONS FOR LIABILITIES | (20,026 | ) | - |  |

NET ASSETS | 842,021 |  | 835,594 |  |

CAPITAL AND RESERVES

Called up share capital | 300 |  | 300 |  |

Retained earnings | 841,721 |  | 835,294 |  |

842,021 |  | 835,594 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

BALANCE SHEET - continued

31 MARCH 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

J J Malde - Director

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Short leasehold | - | evenly over the period of the lease

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Stocks

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

| 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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

| 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.

| 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.

| 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.

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Operating leases

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Defined contribution plans

| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2024 - 19 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | - |  | 273,090 |  | 273,090 |  |

| Additions | 16,068 |  | 11,781 |  | 27,849 |  |

| At 31 March 2025 | 16,068 |  | 284,871 |  | 300,939 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 174,089 |  | 174,089 |  |

| Charge for year | 744 |  | 24,534 |  | 25,278 |  |

| At 31 March 2025 | 744 |  | 198,623 |  | 199,367 |  |

| NET BOOK VALUE

| At 31 March 2025 | 15,324 |  | 86,248 |  | 101,572 |  |

| At 31 March 2024 | - |  | 99,001 |  | 99,001 |  |

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 10,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 10,000 |  |

| At 31 March 2024 | 10,000 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 34,659 |  | 53,919 |  |

| Other debtors | 256,254 |  | 217,201 |  |

290,913 |  | 271,120 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts | 10,462 |  | 10,000 |  |

| Trade creditors | 23,044 |  | 30,522 |  |

| Taxation and social security | 16,299 |  | 77,536 |  |

| Other creditors | 23,175 |  | 79,628 |  |

72,980 |  | 197,686 |  |

| Included under other creditors is £10,637 (2024 - £10,281) in respect of hire purchase contracts which are secured over the assets concerned.

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans | 1,769 |  | 12,439 |  |

| Other creditors | 22,126 |  | 28,363 |  |

23,895 |  | 40,802 |  |

| Other creditors relate to hire purchase contracts which are secured over the assets concerned.

SOUTH AFRICAN FOODS LIMITED (REGISTERED NUMBER: 06545275)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | LEASING AGREEMENTS

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 174,996 |  | - |  |

| Between one and five years | 699,984 |  | - |  |

| In more than five years | 627,069 |  | - |  |

1,502,049 |  | - |  |

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Dividends totalling £1,500 (2024 - £3,000) were paid in the year in respect of shares held by the directors.

11. | RELATED PARTY DISCLOSURES

| The Company made purchases of £784,879 (2024 - £964,812) from JDM Distributors Limited, a company under common control.

| Included under other debtors is £202,710 (2024 - £171,195) due from JDM Distributors Limited.

| The Company made purchases of £217,094 (2024 - £314,110) and sales of £250,042 (2024 - £291,672 to Nutrition Brands Limited, a company in which Mr J Malde, Mr M Malde and Mr D Malde are directors and shareholders. Included under other debtors is £8,510 (2024 - £11,881) due from Nutrition Brands Limited.