REGISTERED NUMBER: 02698230 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

FOR

MAWS FOR FINE FOOD LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

J M Weatherly

D C Weatherly

B R Weatherly

C L Turk

T E Weatherly

SECRETARY:

J M Weatherly

REGISTERED OFFICE:

Unit 7

Hawkhurst Station Business Park

Gills Green

Hawkhurst

Kent

TN18 5BD

REGISTERED NUMBER:

02698230 (England and Wales)

AUDITORS:

BSR Bespoke

Chartered Accountants & Statutory Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

The directors present their strategic report for the period 1 January 2024 to 31 March 2025.

REVIEW OF BUSINESS

The 15-month period ending 31st March 2025 shows a small decrease in turnover when compared to the pro-rated results for the year ended 31 December 2023 in an increasingly difficult time for the hospitality industry. Profit margins came under pressure from rising labour, motor vehicle running and energy costs in the UK, but this is constantly monitored and controlled.

PRINCIPAL RISKS AND UNCERTAINTIES

Aside from the increasing pressures of rising labour, motor vehicle running and energy costs, the principal risk to the business is credit risk, particularly as the main customer base consists of businesses within the hospitality industry which has been adversely affected by recent governmental policy and increasing costs of labour and energy.

This risk is mitigated by ensuring the company has a diverse portfolio of customers and operates credit facilities that are monitored and managed closely.

FUTURE DEVELOPMENTS

The directors continue to closely monitor the company's performance and have invested significantly in improving sales order processing and marketing programmes. Market trends are evaluated and assessed to ensure customers are offered the best, innovative products at the best prices.

The company minimises its effect on the environment through careful use of recyclable packaging and re-usable energy.

The company is investing in new projects to improve its overall efficiency and reduce the rising overheads through the use of the latest available technology.

KEY PERFORMANCE INDICATORS AND FINANCIAL REVIEW

The board uses a number of key performance indicators to assess the company's performance and are pleased with the performance achieved in the difficult circumstances facing the hospitality and ancillary industries.

The company achieved a gross profit margin of 27.6% compared to 28.7% in the year to 31 December 2023, demonstrating good control over direct costs. The net profit margin achieved was 1.3%, compared to 6.0% in the year ended 31 December 2023, a reduction cause primarily by the rising cost of labour in the UK.

The company endeavours to ensure its staff are provided with a balanced and competitive remuneration package and achieved staff turnover of only 18% over the period, maintaining core personnel, which the directors consider an important factor in providing the highest quality service to their customers.

ON BEHALF OF THE BOARD:

C L Turk - Director

22 December 2025

The directors present their report with the financial statements of the company for the period 1 January 2024 to 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of wholesale food distribution.

DIVIDENDS

The directors recommend that no final dividend be paid on any class of share capital.

The total distribution of dividends for the period ended 31 March 2025 will be £188,860.

DIRECTORS

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

J M Weatherly

D C Weatherly

B R Weatherly

C L Turk

T E Weatherly

Other changes in directors holding office are as follows:

M J Weatherly - resigned 11 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BSR Bespoke, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C L Turk - Director

22 December 2025

Opinion

We have audited the financial statements of Maws For Fine Food Limited (the 'company') for the period ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the company's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

In the context of the audit we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- UK taxation law

- UK employment law

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

- Food Hygiene and handling regulations

The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue recognition via the omission of sales invoices, fraudulent journal entries or inappropriate estimates as a result of the inventive the reduce UK corporation tax liabilities.

The procedures we carried out to gain evidence in the above areas included:

- Challenging management regarding assumptions used in the estimates identified above, and comparison to underlying supporting data as appropriate.

- Substantive work on material areas affecting profit.

- Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted by unusual personnel.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

The comparative figures are unaudited.

Use of our report

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

Neil Looseley BSc FCA CTA (Senior Statutory Auditor)

for and on behalf of BSR Bespoke

Chartered Accountants & Statutory Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

23 December 2025

TURNOVER

3

13,301,031

11,185,975

Cost of sales

9,623,584

7,970,525

GROSS PROFIT

3,677,447

3,215,450

Administrative expenses

3,481,214

2,529,708

OPERATING PROFIT

5

196,233

685,742

Interest receivable and similar income

9,761

4,519

205,994

690,261

Interest payable and similar expenses

7

26,602

21,964

PROFIT BEFORE TAXATION

179,392

668,297

Tax on profit

8

51,962

174,144

PROFIT FOR THE FINANCIAL PERIOD

127,430

494,153

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

127,430

494,153

FIXED ASSETS

Intangible assets

10

114,570

140,994

Tangible assets

11

393,135

249,108

507,705

390,102

CURRENT ASSETS

Stocks

12

627,786

691,961

Debtors

13

1,166,667

1,537,647

Cash at bank and in hand

810,922

627,715

2,605,375

2,857,323

CREDITORS

Amounts falling due within one year

14

1,051,560

1,000,985

NET CURRENT ASSETS

1,553,815

1,856,338

TOTAL ASSETS LESS CURRENT LIABILITIES

2,061,520

2,246,440

CREDITORS

Amounts falling due after more than one year

15

(172,357

)

(178,951

)

PROVISIONS FOR LIABILITIES

19

(81,173

)

(58,069

)

NET ASSETS

1,807,990

2,009,420

CAPITAL AND RESERVES

Called up share capital

20

141,457

150,000

Share premium account

77,096

77,096

Capital redemption reserve

8,543

-

Retained earnings

1,580,894

1,782,324

SHAREHOLDERS' FUNDS

1,807,990

2,009,420

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

C L Turk - Director

Called up

Share

Capital

share

Retained

premium

redemption

Total

capital

earnings

account

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

150,000

1,477,031

77,096

-

1,704,127

Changes in equity

Dividends

-

(188,860

)

-

-

(188,860

)

Total comprehensive income

-

494,153

-

-

494,153

Balance at 31 December 2023

150,000

1,782,324

77,096

-

2,009,420

Changes in equity

Purchase of own shares

(8,543

)

(140,000

)

-

8,543

(140,000

)

Dividends

-

(188,860

)

-

-

(188,860

)

Total comprehensive income

-

127,430

-

-

127,430

Balance at 31 March 2025

141,457

1,580,894

77,096

8,543

1,807,990

Cash flows from operating activities

Cash generated from operations

1

978,267

359,081

Tax paid

(168,047

)

(142,595

)

Net cash from operating activities

810,220

216,486

Cash flows from investing activities

Purchase of intangible fixed assets

-

(22,500

)

Purchase of tangible fixed assets

(125,403

)

376

Sale of tangible fixed assets

37,463

21,531

Interest received

9,761

4,519

Net cash from investing activities

(78,179

)

3,926

Cash flows from financing activities

Loan repayments in year

(87,500

)

(70,000

)

HP Capital repayments in year

(115,720

)

(80,704

)

Amount introduced by directors

68,037

36,124

Amount withdrawn by directors

(58,189

)

(32,560

)

Share buyback

(140,000

)

-

Bank loan and other interest paid

(11,573

)

(13,931

)

HP interest paid

(15,029

)

(8,033

)

Equity dividends paid

(188,860

)

(188,860

)

Net cash from financing activities

(548,834

)

(357,964

)

Increase/(decrease) in cash and cash equivalents

183,207

(137,552

)

Cash and cash equivalents at beginning of period

2

627,715

765,267

Cash and cash equivalents at end of period

2

810,922

627,715

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

Period

1.1.24

to

Year Ended

31.3.25

31.12.23

£

£

Profit before taxation

179,392

668,297

Depreciation charges

173,932

79,015

Loss on disposal of fixed assets

17,399

8,784

Amortisation charges

26,425

21,140

Finance costs

26,602

21,964

Finance income

(9,761

)

(4,519

)

413,989

794,681

Decrease in stocks

64,175

110,184

Decrease/(increase) in trade and other debtors

375,731

(223,097

)

Increase/(decrease) in trade and other creditors

124,372

(322,687

)

Cash generated from operations

978,267

359,081

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2025

31.3.25

1.1.24

£

£

Cash and cash equivalents

810,922

627,715

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

627,715

765,267

3.	ANALYSIS OF CHANGES IN NET FUNDS

Additions

purchased

under HP

At 1.1.24

Cash flow

Agreements

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

627,715

183,207

-

810,922

627,715

183,207

-

810,922

Debt

Finance leases

(134,593

)

(379,115

)

247,418

(266,290

)

Debts falling due

within 1 year

(70,000

)

-

-

(70,000

)

Debts falling due

after 1 year

(99,166

)

87,500

-

(11,666

)

(303,759

)

(291,615

)

247,418

(347,956

)

Total

323,956

(108,408

)

247,418

462,966

1.	STATUTORY INFORMATION

Maws For Fine Food 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements cover an extended period of 15-months, and the comparative amounts therefore may not be entirely comparable. No adjustments to either period are considered necessary to achieve a fair presentation in light of this.

Turnover

Turnover represents the net value of goods sold, excluding value added tax. Turnover is recognised when goods are delivered to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangibles are being amortised evenly over their estimated useful life of ten years.

Website is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

in accordance with the lease term

Improvements to property

-

20% on cost and in accordance with the lease term

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

Stocks are valued on a first-in-first-out basis.

Financial instruments

The company only enters into basic financial instruments. Basic financial instruments are initially recognised at transaction price, 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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.

TURNOVER

All turnover in the period ending 31 March 2025 and the year ending 31 December 2023 related to the companies principal activity of wholesale food distribution and all turnover was generated within the UK.

4.	EMPLOYEES AND DIRECTORS

Period

1.1.24

to

Year Ended

31.3.25

31.12.23

£

£

Wages and salaries

1,986,741

1,495,025

Social security costs

196,319

145,421

Other pension costs

42,144

30,689

2,225,204

1,671,135