DDC Foods Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—7
Income Statement	8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Statement of Cash Flows	13
Notes to the Financial Statements	14—23

The directors present their strategic report for the year ended 30 April 2025.

Review of the Business

The results for the year and the financial position at the year end were considered satisfactory by the directors.

Principal Risks and Uncertainties

The management of the business and the execution of the company's strategies are subject to risks, the key risks being the competition in the market place, operational risk and liquidity risk.

Financial Risk and Uncertainties

The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and balances due from associated individuals. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's trading activities.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and bank loan.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring funds are available to meet amounts due.

Key Performance Indicators

The key performance indicators used to determine the progress and performance of the company are set out below:

	2025	2024
Turnover	£26,070,177	£25,459,925
Gross profit	£4,345,938	£4,039,102
EBITDA	£2,065,635	£1,959,992

The directors view EBITDA (earnings before interest, tax, depreciation and amortisation) as a key performance indicator for the business and this is reviewed regularly. The EBITDA has improved by 5.4%, which is greater than the increase in turnover, this is due to better margins per customer.

The gross profit margin is a another important measure of the performance of the business and this has increased from 15.9% in the previous year to 16.7% in the current year. The results are considered acceptable in light of the challenging market conditions. It is the intention of the company to improve its financial performance in the industry by concentrating on and improving the management processes and further expanding the company's market share, whilst at the same time closely monitoring both direct and indirect costs.

On behalf of the board

Mr Christopher Christofi

Director

8 December 2025

Page 1

Page 2

DDC Foods Limited

Company No. 03662079

Directors' Report For The Year Ended 30 April 2025

Directors' Report

The directors present their report and the financial statements for the year ended 30 April 2025.

Principal Activity

The company's principal activity continues to be that of wholesale of soft drinks, mineral water and snacks and distribution of chilled products.

Dividends

The value of dividends paid amounted to £372,672 .

The directors recommended a final dividend of £372,672 .

Directors

The directors who held office during the year were as follows:

Mr Christopher Christofi

Mrs Polly Christofi

Mr Stephen Morgan

Mr Jack Morgan

Mr Steven Tyler

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 2

Page 3

DDC Foods Limited

Directors' Report (continued)

For The Year Ended 30 April 2025

Independent Auditors

Under the Companies Act 2006, the appointment of the auditors, UCS Accountancy Services Limited, is deemed without the need of an Annual General Meeting.

On behalf of the board

Mr Christopher Christofi

Director

8 December 2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

DDC Foods Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of DDC Foods Limited for the year ended 30 April 2025 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

DDC Foods Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, 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 or 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' Responsibilities Statement set out on page 2—3, 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.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

DDC Foods Limited

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.

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

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 engagement partner 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 directors and other management, and from our commercial knowledge and experience of the distribution 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 the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental 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.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed a sample of transactions listed;
assessed whether judgements and assumptions made in determining the 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 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 for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

DDC Foods Limited

Cemal Soydaner (Senior Statutory Auditor)

for and on behalf of UCS Accountancy Services Limited , Statutory Auditor

9 December 2025

Page 7

Page 8

DDC Foods Limited

Income Statement

For The Year Ended 30 April 2025

Income Statement

		2025	2024
	Notes	£	£
TURNOVER	3	26,070,177	25,459,925
Cost of sales		(21,724,239 )	(21,420,823 )

GROSS PROFIT		4,345,938	4,039,102

Administrative expenses		(2,684,361 )	(2,424,128 )

OPERATING PROFIT	4	1,661,577	1,614,974
Profit on disposal of fixed assets		9,409	-
Interest payable and similar charges	9	(159,578 )	(196,881 )

PROFIT BEFORE TAXATION		1,511,408	1,418,093
Tax on Profit	10	(428,216 )	(319,056 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,083,192	1,099,037

The notes on pages 13 to 23 form part of these financial statements.

Page 8

Page 9

DDC Foods Limited

Statement of Comprehensive Income

For The Year Ended 30 April 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,083,192	1,099,037
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment	117,028	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,200,220	1,099,037

Page 9

Page 10

DDC Foods Limited

Statement of Financial Position

As At 30 April 2025

Statement of Financial Position

Registered number: 03662079

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		4,606,675		4,340,260
Investments	12		631,500		631,500

			5,238,175		4,971,760
CURRENT ASSETS
Stocks	13	1,253,465		992,865
Debtors	14	6,125,126		4,814,119
Cash at bank and in hand		14,935		5,683

		7,393,526		5,812,667
Creditors: Amounts Falling Due Within One Year	15	(5,552,842 )		(5,503,685 )

NET CURRENT ASSETS (LIABILITIES)			1,840,684		308,982

TOTAL ASSETS LESS CURRENT LIABILITIES			7,078,859		5,280,742

Creditors: Amounts Falling Due After More Than One Year	16		(1,448,979 )		(734,324 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(769,390 )		(513,476 )

NET ASSETS			4,860,490		4,032,942

CAPITAL AND RESERVES
Called up share capital	20		1,171		1,171
Revaluation reserve	23		1,796,698		1,776,051
Income Statement			3,062,621		2,255,720

SHAREHOLDERS' FUNDS			4,860,490		4,032,942

On behalf of the board

Mr Christopher Christofi

Director

8 December 2025

The notes on pages 13 to 23 form part of these financial statements.

Page 10

Page 11

DDC Foods Limited

Statement of Changes in Equity

For The Year Ended 30 April 2025

Statement of Changes in Equity

	Share Capital	Revaluation reserve	Income Statement	Total
	£	£	£	£
As at 1 May 2023	1,171	1,776,051	1,529,355	3,306,577
Profit for the year and total comprehensive income	-	-	1,099,037	1,099,037

Dividends paid	-	-	(372,672)	(372,672)

As at 30 April 2024 and 1 May 2024	1,171	1,776,051	2,255,720	4,032,942


Profit for year	-	-	1,083,192	1,083,192

Surplus on revaluation	-	117,028	-	117,028

Other comprehensive income for the year	-	117,028	-	117,028

Total comprehensive income for the year	-	117,028	1,083,192	1,200,220

Dividends paid	-	-	(372,672)	(372,672)
Transfer from revaluation reserve	-	-	96,381	96,381
Transfer to/from Profit & Loss Account	-	(96,381 )	-	(96,381)

As at 30 April 2025	1,171	1,796,698	3,062,621	4,860,490

Page 11

Page 12

DDC Foods Limited

Statement of Cash Flows

For The Year Ended 30 April 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	516,102	1,264,425
Interest paid		(159,577 )	(196,881 )
Tax paid		(318,787 )	(93,959 )

Net cash generated from operating activities		37,738	973,585

Cash flows from investing activities
Purchase of tangible assets		(234,354 )	(363,657 )
Proceeds from disposal of tangible assets		11,917	-
Proceeds from disposal of investment in associated undertakings and joint ventures		-	45,000

Net cash used in investing activities		(222,437 )	(318,657 )

Cash flows from financing activities
Equity dividends paid		(372,672 )	(372,672 )
Proceeds from new bank borrowings		803,897	-
Repayment of bank borrowings		(189,191 )	(246,871 )
Repayment of finance leases		(48,083 )	(31,603 )

Net cash generated from/(used in) financing activities		193,951	(651,146 )



Increase in cash and cash equivalents		9,252	3,782
Cash and cash equivalents at beginning of year	2	5,683	1,901

Cash and cash equivalents at end of year	2	14,935	5,683

Page 12

Page 13

DDC Foods Limited

Notes to the Statement of Cash Flows

For The Year Ended 30 April 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,083,192	1,099,037
Adjustments for:
Tax on profit	428,216	319,056
Interest expense	159,578	196,881
Depreciation of tangible assets	393,257	270,879
Profit on disposal of tangible assets	(9,409)	-
Movements in working capital:
Increase in stocks	(260,600 )	(191,434 )
(Increase)/decrease in trade and other debtors	(1,311,007 )	417,275
Increase/(decrease) in trade and other creditors	65,817	(847,269 )
Deferred tax movement	(32,942)	-

Net cash generated from operations	516,102	1,264,425

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	14,935	5,683

3. Analysis of changes in net debt

	As at 1 May 2024	Cash flows	New finance leases	As at 30 April 2025
	£	£	£	£
Cash at bank and in hand	5,683	9,252	-	14,935
Finance leases	(70,089)	48,083	(87,826)	(109,832)
Debts falling due within one year	(250,899 )	37,299	-	(213,600 )
Debts falling due after more than one year	(695,241)	(695,515)	-	(1,390,756)

	(1,010,546)	(600,881)	(87,826)	(1,699,253)

Page 13

Page 14

DDC Foods Limited

Notes to the Financial Statements

For The Year Ended 30 April 2025

Notes to the Financial Statements

1. General Information

DDC Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03662079 . The registered office is Ddc Foods Ltd Maylands House, Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7DE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements 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. The principal accounting policies adopted are set out below.

2.2. Significant judgements and estimations

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.

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.

Establishing useful economic lives for depreciation purposes of fixed assets

The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimated residual values. The directors regularly review these asset useful lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Provision for doubtful debts

The company makes an estimate of the recoverable value of the trade and other debtors. The company uses estimates based on historical experience determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on going basis and is disclosed in note 14.

2.3. 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.

Page 14

Page 15

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line
Plant & Machinery	33% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	33% straight line
Computer Equipment	33% straight line

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.

No depreciation is provided in respect of freehold land.

2.5. Investments

Interests in associates 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.7. Stocks and Work in Progress

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

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are 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.

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

Page 15

Page 16

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.10. Foreign Currencies

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.

2.11. 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 liabilities are generally recognised for all timing differences.

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.

2.12. Employee Benefits

The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current period.

2.13. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.14. 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.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Food service sales	26,070,177	25,459,925

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	22,539
Depreciation of tangible fixed assets	393,257	270,879

Page 16

Page 17

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	20,650	18,000

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,481,100	2,460,244
Social security costs	240,945	235,036
Other pension costs	140,936	133,658

	2,862,981	2,828,938

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	36	32
Sales, marketing and distribution	45	48

	81	80

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	358,988	321,853
Company contributions to money purchase pension schemes	18,032	16,344

	377,020	338,197

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	106,283	321,853
Company contributions to money purchase pension schemes	-	4,787

	106,283	326,640

Page 17

Page 18

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

9. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	97,612	81,532
Finance charges payable under finance leases and hire purchase contracts	58,827	110,533
Other finance charges	3,139	4,816

	159,578	196,881

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	390,761	319,056
Prior period adjustment			4,513	-

			395,274	319,056
Deferred Tax
Deferred taxation			32,942	-


Total tax charge for the period			428,216	319,056


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,511,408	1,418,093

Tax on profit at 25% (UK standard rate)			390,761	319,056
Prior period adjustment			4,513	-
Difference in tax rates			32,942	-

Total tax charge for the period			428,216	319,056

11. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost or Valuation
As at 1 May 2024	3,970,000	435,353	1,053,645	114,856
Additions	-	67,395	97,584	157,201
Disposals	-	(11,500 )	(100,893 )	-
Revaluation	340,000	-	-	-

As at 30 April 2025	4,310,000	491,248	1,050,336	272,057

Depreciation
As at 1 May 2024	334,800	112,332	692,306	94,156

...CONTINUED

Page 18

Page 19

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

Provided during the period	57,467	137,773	153,235	44,782
Disposals	-	(11,500 )	(98,385 )	-

As at 30 April 2025	392,267	238,605	747,156	138,938

Net Book Value
As at 30 April 2025	3,917,733	252,643	303,180	133,119

As at 1 May 2024	3,635,200	323,021	361,339	20,700


	Computer Equipment	Total
	£	£
Cost or Valuation
As at 1 May 2024	32,453	5,606,307
Additions	-	322,180
Disposals	-	(112,393 )
Revaluation	-	340,000

As at 30 April 2025	32,453	6,156,094

Depreciation
As at 1 May 2024	32,453	1,266,047
Provided during the period	-	393,257
Disposals	-	(109,885 )

As at 30 April 2025	32,453	1,549,419

Net Book Value
As at 30 April 2025	-	4,606,675

As at 1 May 2024	-	4,340,260

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	109,832	157,915

Land and buildings with a carrying amount of £3,917,734 were revalued on 6 October 2025 by Copping Joyce, independent valuers not connected with the company on the basis of market value. The valuation confims to International Valuation Standards and was based on recent market transacions on arm's length terms for similar properties.

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	1,673,800

Page 19

Page 20

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

12. Investments

	Associates
	£
Cost or Valuation
As at 1 May 2024	631,500

As at 30 April 2025	631,500

Provision
As at 1 May 2024	-

As at 30 April 2025	-

Net Book Value
As at 30 April 2025	631,500

As at 1 May 2024	631,500

Associates

Details of the company's associates as at 30 April 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Boka Foods Limited	Ground floor Cromwell House, 15 Andover Road, Winchester, Hampshire, SO23 7BT	Ordinary B	40.80%	21.00%
Reeb Holdings Limited	Ground floor Cromwell House, 15 Andover Road, Winchester, Hampshire, SO23 7BT	Ordinary	41.00%	-

13. Stocks

	2025	2024
	£	£
Stock	1,253,465	992,865

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	3,742,958	3,689,110
Prepayments and accrued income	117,693	103,753
Other debtors	9,983	19,847
Staff loans	13,380	11,716

	3,884,014	3,824,426
Due after more than one year
Amounts owed by group undertakings	2,241,112	989,693

	6,125,126	4,814,119

Trade debtors are stated after provisions for impairment of £nil (2024: £21,000).

Page 20

Page 21

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	51,609	31,006
Trade creditors	2,392,295	1,815,328
Bank loans and overdrafts	213,600	250,899
Corporation tax	390,761	314,275
Other taxes and social security	47,990	61,524
VAT	150,063	150,960
Net wages	857	598
Other creditors	816,007	1,266,347
Accrued expenses	1,060,316	1,142,332
Directors' loan accounts	429,344	470,416

	5,552,842	5,503,685

Included in other creditors are loans totalling £734,504 (2024: £1,195,365) which are secured on the book debts of the company.

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	58,223	39,083
Bank loans	1,326,761	630,212
Other loans	63,995	65,029

	1,448,979	734,324

17. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	213,600	250,899

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	1,326,761	630,212
Other loans	63,995	65,029

	1,390,756	695,241

Included within creditors falling due within one year and creditors falling due after more than one year is

£1,475,361 (2024: £674,959) in respect of a bank loan which is secured by a fixed charge on the freehdd property held by the company. This loan is repayable by September 2038 and interest is charged at 1.90% above base rate per annum on this loan.

The bank loan is secured by a debenture charge against the assets of the company.

Included within creditors falling due within one year and creditors falling due after more than one year is

£Nil (2024: £65,000) in respect of a bank loan which is guaranteed by the government under the Coronavirus Business Interruption Loan Scheme. This loan is repayable by May 2026 and interest is charged at 3.50% above base rate per annum on this loan.

...CONTINUED

Page 21

Page 22

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

Included within creditors falling due within one year and creditors falling due after more than one year is

£Nil (2024: £69,739) in respect of a loan which is guaranteed by the government under the Coronavirus Business Interruption Loan Scheme. This loan is repayable by February 2025 and interest is charged at 10.10% per annum on this loan.

Included within creditors falling due within one year and creditors falling due after more than one year is

£63,995 (2024: £77,133) in respect of a loan provided jointly by C Christofi and P Christofi. This loan is repayable by June 2029 and interest is charged at 1.28% per annum on this loan.

18. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	51,609	31,006
Later than one year and not later than five years	58,223	39,083

	109,832	70,089

	109,832	70,089

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	110,140	77,198
Revaluation of investment properties	659,250	436,278

	769,390	513,476

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,056 Ordinary A shares of £ 1.00 each	1,056	1,056
59 Ordinary B shares of £ 1.00 each	59	59
28 Ordinary C shares of £ 1.00 each	28	28
28 Ordinary D shares of £ 1.00 each	28	28

	1,171	1,171

21. Pension Commitments

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

During the year the charge to the income statement in respect of defined contribution schemes was £140,936 (2024: £133,658).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

22. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	372,672	372,672

Page 22

Page 23

DDC Foods Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

23. Reserves

	Revaluation Reserve
	£
As at 1 May 2024	1,776,051
Surplus on revaluation	117,028
Transfer to profit and loss	(96,381 )

As at 30 April 2025	1,796,698

24. Related Party Disclosures

Included in creditors falling due within one year is an amount of £429,344 (2024: £470,416) due to the directors, as at the balance sheet date.

Included in debtors is an amount of £2,241,112 (2024: £989,693) owed by Boka Food Ltd, an associate company in which C Christofi is a director. During the year sales amounting to £294,455 (2024: £19,050) were made to Boka Food Ltd. During the year purchases amounting to £Nil (2024: £4,475) were made from Boka Food Ltd.

Dividends totalling £372,672 (2024: £372,672) were paid in respect of shares held by the company's directors.

25. Controlling Parties

The company's ultimate controlling party is C Christofi by virtue of their interest in the share capital of the company.

Page 23