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

The group companies all performed well in the reported year. In managing to deliver for their respective customers they showed growth across multiple product areas which is pleasing to see. This is against a backdrop of continued challenges with international sea freight, elevated interest rates and the challenges which come with managing global supply chains. A good financial performance for the group with significant contributions from American Tuna and Natures Finest.

Risk is an inherent part of doing business in a global market. The group aims to mitigate risk wherever possible to maintain successfully operations. The Directors have identified the following factors as potential risks to the successful operation of the business.

Economic and Market Risks

Raw material and foreign-exchange rates are key variables. To mitigate potential losses from exchange rate fluctuations our currency-based purchases are hedged by means of forward currency contracts which are placed at the time of confirming contracts. Given the nature of the products purchased raw material cost inputs will fluctuate and where possible selling prices are adjusted accordingly. In addition to the above where possible we attempt to conclude business in same currency for buying and selling, thus mitigating any need for currency cover and potential risk. In addition to raw material and foreign-exchange variables, ocean freight has continued to fluctuate following continued challenges with international shipping.These challenges are managed through use of multiple third-party providers.

Products

The safety, quality, legality and integrity of our products is of paramount importance, and if not managed appropriately can result in risks. There is sufficient, suitably trained resource in place to manage these parameters and ensure that stringent product safety and quality controls are in place to minimise such risks.

Regulatory Risk

The company's operations are subject to a wide range of regulatory requirements particularly in relation to food safety, hygiene and environmental issues, employment, pensions and tax. The company monitors regulatory developments, regular reviews and audits are carried out to ensure compliance and training needs are regularly reviewed and addressed as required.

Business Continuity

The company has plans in place in case of any form of incident that would impact on the ability to trade.

IT Systems and Infrastructure

The group is reliant on its IT infrastructure to facilitate trade and undergoes periodic reviews of its systems and services to ensure it is fit for purpose. A failure in these systems could have a significant impact on our business. Therefore, the company has controls and back-up systems in place to maintain the integrity and continuity of trading should this prove necessary.

Employee Engagement and Retention

Good relations with colleagues and investing in their training and development are essential to the efficient operation of the company. The employment policies, remuneration and benefits packages and general working environment are benchmarked across industry to ensure our offering remains comprehensive and attractive.

Development and performance of the company are described below:

Year End Position

The year-end position is reflected in the company's balance sheet and represents a successful year of trading. Bank facilities were underutilized at the year-end in both the invoice discount facility and trade finance facility. Both facilities are ongoing with funds remaining available for the foreseeable future. Stocking levels were similar to the previous year-end, in part reflecting the company's ability to move stock quicker and responding to the demand in the market for long life food that are happening in the market. The directors are certain that the level of stock does not represent a problem as the stock is subject to contracted sales.

The directors do not anticipate any material changes to the structure of the business for the foreseeable future.

Future Developments

The company will endeavor to increase sales by extending its range of products from current and new supplier partners to existing and new customers during the forthcoming financial year and beyond.

Other information and explanations for the year are below:

Sustainability

World Wise Foods are committed to sourcing sustainably with integrity. Our sustainability strategy focuses on promoting human rights, protecting the environment and sourcing raw materials sustainably. Under these pillars we not only ensure compliance with relevant polices and legislation but also seek to identify opportunities to go ‘beyond compliance’ to further advance the sustainability agenda.

Promoting Human Rights – Our responsibility for the welfare of people goes far beyond those we employ directly. We aim to ensure that all the jobs we help create, directly and through our supply chain, are decent, fair and safe and that human rights are always respected. We are committed to upholding the standards of the internationally recognised Ethical Trade Initiative (ETI) Base Code as well as ensuring recruitment and employment practices align with best practice. Where opportunities for improvement are identified, we work with suppliers through capacity building programmes to ensure continuous improvement.

Protecting the Environment – Climatic and environmental variability can have a significant impact on food supply chains and, ultimately, food availability. To protect the future of food, it is essential that the food sector collectively accelerates efforts to reduce the impact it is having on climate change as well as protecting resources, for example by reducing food waste. Our work under this pillar also looks to identify opportunities to reduce any negative impacts as a result of our own operations.

Sourcing raw materials sustainably – How raw materials are farmed and caught affects the livelihoods of millions as well as the environment. World Wise Foods are committed to ensuring full traceability of our priority raw materials and promoting sustainability beyond our direct suppliers. Our priority raw materials are Coconut, Tomato, Tuna and Soy.

Our approach and requirements under each of these areas are outlined in a number of key documents including Food For Thought (our annual sustainability report), our Modern Slavery Statement, Responsible Sourcing Code of Practice, Human Rights policy and our Seafood Sourcing requirements.

We recognise the importance of working transparently and collaboratively to progress the global sustainability agenda and tackle issues we cannot solve alone. For this reason, we also play an active role in several multistakeholder initiatives including Seafood Ethics Action (SEA) Alliance, Food Network for Ethical Trade (FNET) and Global Tuna Alliance (GTA). We also collaboration with key partners including the International Pole and Line Foundation (IPNLF) and Sustainable Fisheries and Communities Trust (SFACT).

World Wise Foods are proud of the progress we have made to promote all aspects of sustainability. We are committed to continuing to evolve our approach within our business and supply chains.

The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, had regard, amongst other matters, to those matters set out in section 172(1)(a) to (f) of the Companies Act 2006, being:

• the likely consequences of any decision in the long term;

• the interests of the group's employees;

• the need to foster the group's business relationships with suppliers, customers and others;

• the impact of the group's operations on the community and the environment;

• the desirability of the group maintaining a reputation for high standards of business conduct; and

• the need to act fairly as between members of the group.

World Wise Foods Limited has identified its key stakeholders as being its: employees, customers, suppliers, shareholders and debt capital providers and communities. Building and nurturing these relationships based on professionalism, fair dealing and integrity is critical to our success.

Our extensive engagement efforts help to ensure that the Board can understand, consider and balance broad stakeholder interests when making decisions to deliver long-term sustainable success.

While the Board will engage directly with stakeholders on certain issues, stakeholder engagement will often take place at an operational level with the Board receiving regular updates on stakeholder views from the Directors and senior management. As part of the director induction process, directors receive a briefing and induction materials regarding their duties under s.172. and to ensure that they understand the duties of the Board and the importance of s.172(1) matters in World Wise Food’s strategy discussions and decision making. Board papers for all key decisions are required to include a specific section reviewing the impact of the proposal on relevant stakeholder groups as well as other s.172(1) considerations.

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 non-specialised wholesale of food and beverages.

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £317,171. 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 manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group currently use interest rate derivatives to manage the mix of fixed and variable rate debt as it not considered necessary to do so.

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy demands that these exposures be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Research and development (R&D) expenditure is capitalised where it meets the requirements of FRS 102. If the expenditure does not meet the requirements of FRS 102 it is expensed in the year in which it is incurred.

The directors regard the need to foster the company’s business relationships with supplier partners, customers and others key stakeholders and the effect of that regard including on the principal decisions taken by the company.

The directors do not believe there are any material post reporting date events to disclose.

There are no future developments that the directors believe need to be reported.

In accordance with the company's articles, a resolution proposing that DSA Prospect Limited be reappointed as auditor of the group will be put at a General Meeting.

UK energy use and associated emissions

For the 2024-25 FY, World Wise Foods Group UK companies total electricity use was 47,382 kwh or 9,810.5 CO2e.

For the 2024-25 FY, World Wise Foods Group UK companies total mileage for business was 45,992.9 km or 7,811.4 kg CO2e

The Group of UK companies do not have gas as an energy source nor do they own company cars.

World Wise Foods Group UK companies also measure all scope 1, 2 and 3 own-operations emissions* on a annual basis. For the 2024-25 FY, our reported emissions were 517,081 kg CO2e or 517.08 metric tonnes of CO2.

*This covers scope 1, 2 and part of 3. For scope 3 we measure water use, hotels and air, sea and land travel.

Emissions intensity ratio

Our emissions intensity ratios for CO2e for electricity per headcount are 9,810.5 / 47 = 208.73

Our emissions intensity ratio for CO2e for electricity, personal cars and car hire are 17,621.9 / 47 = 374.93

Methodology used

We use the UK government conversion factors and primary data from bills/receipts:  https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting

Measures taken to improve energy usage

We purchase 100% renewable energy for the World Wise Foods UK office.

World Wise Foods Group only travel internationally when it is essential and instead conduct meetings remotely.

World Wise Foods offset our scope 1, 2 and 3 own-operations emissions* on an annual basis.

World Wise Foods Group have had science-based target for carbon reduction validated by the Science Based Target Initiative (SBTi) as published on the SBTi website. World Wise Foods has committed to:

•             Reduce scope 1 and scope 2 GHG emissions 42% by 2030 from a 2022 base year.

•             Reduce scope 1, 2 and 3 emissions 90% by 2050 from a 2022 base year.

Although not a SBTi requirement for small and medium-sized enterprises, World Wise Foods Group also has an ambition to reduce scope 3 GHG emissions 42% by 2030 from a 2022 base year. Over 99% of our emissions come from our scope 3 and thus our interventions are focused here.

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 World Wise Foods Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, 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, the company 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design and perform our audit procedures in accordance with the requirements of ISAs (UK) to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error.

In identifying and assessing risks of material misstatement arising from irregularities, we considered the nature of the company's operations as a large distributor within the wholesale food sector, particularly in the distribution of fish products. We evaluated the company’s regulatory environment, the scale and complexity of operations, and the control environment, including oversight by those charged with governance.

Audit procedures performed to address the risk of irregularities included:

• Making enquiries of management, those charged with governance, and relevant operational and compliance personnel regarding known or suspected non-compliance with laws and regulations, including food safety, environmental, import/export, and tax-related regulations;

• Reviewing the company’s policies and procedures in place to ensure compliance with sector-specific regulations (e.g. health and hygiene, sustainability certifications, and fisheries legislation);

• Inspecting minutes of board and committee meetings to identify potential discussions of non-compliance or unusual business transactions;

• Reviewing disclosures in the financial statements and corroborating them with underlying documentation to assess compliance with applicable legislation, including the Companies Act 2006 and relevant tax laws;

• Performing procedures to identify and address the risk of management override of controls, including testing journal entries, reviewing significant or unusual transactions outside the normal course of business (e.g. bulk seafood purchases, foreign currency arrangements), and evaluating management's accounting estimates for potential bias.

Because of the inherent limitations of an audit, there is a risk that not all irregularities, including those involving fraud or non-compliance with regulations, will be detected. This risk increases where irregularities involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. It also increases the further removed compliance activities are from the financial reporting process — for example, in relation to operational matters such as food safety or customs compliance.

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.

As permitted by section 408 of the 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 £4,513,649 (2024 - £2,874,776 profit).

World Wise Foods Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is . The principal place of business is 5 Queens Square, Ascot Business Park, Lyndhurst Road, Ascot, SL5 9FE.

The group consists of World Wise Foods 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. The principal accounting policies adopted are set out below.

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 World Wise Foods Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods 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 products to supermarkets is recognised when control of the goods has passed to the customer, which is typically on delivery, in accordance with the agreed Incoterms or delivery terms. Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts, rebates, and value-added tax. The company does not recognise revenue where there are significant uncertainties regarding the recovery of the consideration, the possibility of return, or ongoing obligations.

Commission income is recognised in the profit and loss account when the service has been performed and the right to receive payment has been established. Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates, and VAT. Where commission is based on transactions or referrals, income is recognised when the underlying transaction has been completed and confirmation from the counterparty is received.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Intangible assets comprise primarily software and licence fees paid in advance for the use of trade marks and technology. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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.

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

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.

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.

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

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.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The Company designates certain hedging instruments, including derivatives as either fair value hedges or cash flow hedges.

Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Cash flow hedges

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

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 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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Inventories are valued at the lower cost and net realisable value. New realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

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.

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill at the reporting end date was reviewed by the directors and considered to be recorded at fair value.

An analysis of the group's turnover is as follows:

In the course of the financial year the company has supplied geographical markets that, in the opinion of the directors, differ substantially from each other, the amount of the turnover attributable to each such market is stated above.

The amortisation of intangible assets is included within administration expenses.

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 3 (2024 - 3).

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:

Intangible fixed assets with a carrying amount of £136,857 (2024 - £0) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

The carrying value of land and buildings comprises:

Tangible fixed assets with a carrying amount of £1,943,956 (2024 - £1,989,467) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Investments are valued at cost less any impairment.

The group has control over its subsidiaries and has consolidated them on that basis.

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

The investments in subsidiaries are all stated at cost.

The company enters into hedging contracts to mitigate the risk of foreign exchange exposure. The hedging contracts are subject to the interest rates being applied over the term of the contract, the maturity of the hedging contracts varies on their application and the majority of hedging contracts mature within one year of the year end.

Hedging contracts are valued on the 'market to market' valuation method which is based on the most recent spot rate information provided.

The group has not transferred or derecognised any financial assets.

The hedging contracts are covered by the group wide pledge for secured liabilities.

The hedging contracts are covered by standard default and breach clauses. The company does not believe those clauses will be invoked as it has the necessary capital to cover any cost associated with the contracts.

Hedging arrangements are made to cover trading risks identified by the directors in regarding to trading in foreign currencies.

The carrying amount of stocks includes £17,536,340 (2024 - £17,072,171) pledged as security for liabilities. The company is not allowed to pledge these assets as security for other borrowings.

The carrying amount of debtors includes £58,283,010 (2024 - £43,935,023) pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

The amounts held in debenture loans are secured by a fixed and floating charge over all assets.

The amounts held in debenture loans are secured by a fixed and floating charge over all assets.

The long-term loans are secured by fixed and floating charges over all assets, including the properties and undertakings of the company and an assignment of contract monies.

Secured debts other than the debenture have an annual interest rate charged on them of an agreed margin above Base Rate and there is no minimum term for the loans. There is a maximum tenure of 12 months. There are restrictions in the agreement that the directors believe would be considered confidential and therefore have not disclosed the restrictions on that basis.

The debenture carries an annual interest rate of an agreed margin over Base Rate, the term is 15 years and the repayment schedule is monthly.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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

The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.

Deferred tax is not recognised in respect of tax losses incurred by one of the group's subsidiaries as they are not recognised in the subsidiaries accounts as they are still subject to agreement from the local tax authority.

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.

Ordinary shares are entitled to one vote in any circumstances, equal rights to dividends, to participate in a distribution on winding up of the company and are non-redeemable.

Hedging reserves record the unrealised profit or loss from hedging contracts in place at the year end.

Cash flow gains/losses are presented in accordance with FRS102 sections 11 and 12. The directors are of the opinion this creates a misleading statement and has no impact on the profit & loss or balance sheet, as all foreign purchases in a different currency are hedged forward, but the directors accept they have to be reported according to FRS102.

At the end of the year end the company held 7,500 (2022 - 7,500) Ordinary shares in the issued share capital.

Equity reserves record the profit or losses to date less any distributions or other deductions.

Other than described above there are no further guarantees to be disclosed.

There are no events after the reporting date that the directors believe need disclosing.

During the year the group entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Recharges between the group are considered immaterial as they are offset by the cost to which they relate. Recharges to related parties were made at the cost price.

The amounts outstanding are unsecured and will be settled in cash.

The following amounts were outstanding at the reporting end date:

Recharges between the group are considered immaterial as they are offset by the cost to which they relate. Recharges to related parties were made at the cost price.

The amounts outstanding are unsecured and will be settled in cash.

As a part of the secured debts there is a cross guarantee between the companies registered in the United Kingdom.

The parent company of World Wise Foods Limited is World Wise Foods International Limited and its registered office is 5 Queens Square, Ascot Business Park, Lyndhurst Road, Ascot, SL5 9FE.

The company's financial statements are consolidated into the ultimate holding company's financial statements and are available from the parent's registered office.