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REGISTERED NUMBER: SC069753 (Scotland)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 September 2025

for

Fife Creamery Limited

Fife Creamery Limited (Registered number: SC069753)

Contents of the Consolidated Financial Statements

for the Year Ended 30 September 2025

Page |

Group Strategic Report | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 3 |

Consolidated Statement of Comprehensive Income | 6 |

Consolidated Balance Sheet | 7 |

Company Balance Sheet | 8 |

Consolidated Statement of Changes in Equity | 9 |

Company Statement of Changes in Equity | 10 |

Consolidated Cash Flow Statement | 11 |

Notes to the Consolidated Cash Flow Statement | 12 |

Notes to the Consolidated Financial Statements | 14 |

Fife Creamery Limited (Registered number: SC069753)

Group Strategic Report

for the Year Ended 30 September 2025

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The directors would like to report a successful year for the group. Turnover has increased by 2.1% to £46,498,429 (2024: £45,536,198), generating gross profits of £6,726,938 (2024: £5,765,454). Profits before tax in the year have increased to £2,004,913 (2024: £1,273,920).

At the year-end the group had shareholders' funds of £2,675,448 (2024: £2,486,735) including distributable profits of £2,665,363 (2024: £2,476,650). The group has a significantly improved net current liability position of £627,098 (2024: £1,308,074) and has cash in the bank of £168,380 (2024: £172,308). It should be noted that the net current liability position and lower levels of cash held at the current and prior year-end was a planned position by the Board due to the buyout of a shareholder for £1,500,000 in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main risk facing the company as the continuing economic uncertainty within the United Kingdom.

The directors believe that there are sufficient systems and controls in place which allow for the business to react appropriately to any changes in the economic environment, whether positive or negative, and the directors hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

Mr G D Simpson - Director

14 January 2026

Fife Creamery Limited (Registered number: SC069753)

Report of the Directors

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of wholesale distributors of food and food products.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 1,270,000 .

DIRECTORS

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

Mr G D Simpson

Mr D B Simpson

Mr S Appolinari

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 the group 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;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr G D Simpson - Director

14 January 2026

Report of the Independent Auditors to the Members of

Fife Creamery Limited

Opinion

We have audited the financial statements of Fife Creamery Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Fife Creamery Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 group's and 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 group or the parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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.

Report of the Independent Auditors to the Members of

Fife Creamery Limited

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.

Greig Brown (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

15 January 2026

Fife Creamery Limited (Registered number: SC069753)

Consolidated Statement of Comprehensive Income

for the Year Ended 30 September 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

TURNOVER | 46,498,429 |  | 45,536,198 |  |

Cost of sales | (39,771,491 | ) | (39,770,744 | ) |

GROSS PROFIT | 6,726,938 |  | 5,765,454 |  |

Administrative expenses | (4,494,254 | ) | (4,280,010 | ) |

2,232,684 |  | 1,485,444 |  |

Other operating income | 1,623 |  | 24,270 |  |

OPERATING PROFIT | 4 | 2,234,307 |  | 1,509,714 |  |

Interest receivable and similar income | 2,577 |  | 7,868 |  |

2,236,884 |  | 1,517,582 |  |

Interest payable and similar expenses | 5 | (231,971 | ) | (243,662 | ) |

PROFIT BEFORE TAXATION | 2,004,913 |  | 1,273,920 |  |

Tax on profit | 6 | (546,200 | ) | (338,952 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,458,713 |  | 934,968 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,458,713 |  | 934,968 |  |

Profit attributable to:

Owners of the parent | 1,458,713 |  | 934,968 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,458,713 |  | 934,968 |  |

Fife Creamery Limited (Registered number: SC069753)

Consolidated Balance Sheet

30 September 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 169,776 |  | - |  |

Tangible assets | 10 | 5,887,069 |  | 6,147,644 |  |

Investments | 11 | - |  | - |  |

Investment property | 12 | - |  | 282,500 |  |

6,056,845 |  | 6,430,144 |  |

CURRENT ASSETS

Stocks | 13 | 1,859,914 |  | 1,929,369 |  |

Debtors | 14 | 3,295,006 |  | 3,378,754 |  |

Cash at bank | 168,380 |  | 172,308 |  |

5,323,300 |  | 5,480,431 |  |

CREDITORS

Amounts falling due within one year | 15 | (5,950,398 | ) | (6,788,505 | ) |

NET CURRENT LIABILITIES | (627,098 | ) | (1,308,074 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,429,747 |  | 5,122,070 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,813,361 | ) | (1,626,534 | ) |

PROVISIONS FOR LIABILITIES | 20 | (940,938 | ) | (1,008,801 | ) |

NET ASSETS | 2,675,448 |  | 2,486,735 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 5,627 |  | 5,627 |  |

Capital redemption reserve | 22 | 4,458 |  | 4,458 |  |

Retained earnings | 22 | 2,665,363 |  | 2,476,650 |  |

SHAREHOLDERS' FUNDS | 2,675,448 |  | 2,486,735 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

Mr G D Simpson - Director

Fife Creamery Limited (Registered number: SC069753)

Company Balance Sheet

30 September 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 5,864,555 |  | 6,147,644 |  |

Investments | 11 | 166,235 |  | - |  |

Investment property | 12 | - |  | 282,500 |  |

6,030,790 |  | 6,430,144 |  |

CURRENT ASSETS

Stocks | 13 | 1,817,793 |  | 1,929,369 |  |

Debtors | 14 | 3,433,064 |  | 3,378,754 |  |

Cash at bank | 143,276 |  | 172,308 |  |

5,394,133 |  | 5,480,431 |  |

CREDITORS

Amounts falling due within one year | 15 | (5,908,125 | ) | (6,788,505 | ) |

NET CURRENT LIABILITIES | (513,992 | ) | (1,308,074 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,516,798 |  | 5,122,070 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,813,361 | ) | (1,626,534 | ) |

PROVISIONS FOR LIABILITIES | 20 | (964,069 | ) | (1,008,801 | ) |

NET ASSETS | 2,739,368 |  | 2,486,735 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 5,627 |  | 5,627 |  |

Capital redemption reserve | 22 | 4,458 |  | 4,458 |  |

Retained earnings | 22 | 2,729,283 |  | 2,476,650 |  |

SHAREHOLDERS' FUNDS | 2,739,368 |  | 2,486,735 |  |

Company's profit for the financial year | 1,522,633 |  | 934,968 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

Mr G D Simpson - Director

Fife Creamery Limited (Registered number: SC069753)

Consolidated Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 7,503 |  | 4,031,682 |  | 2,582 |  | 4,041,767 |  |

Changes in equity

Company share buy back | (1,876 | ) | (1,500,000 | ) | 1,876 |  | (1,500,000 | ) |

Dividends | - |  | (990,000 | ) | - |  | (990,000 | ) |

Total comprehensive income | - |  | 934,968 |  | - |  | 934,968 |  |

Balance at 30 September 2024 | 5,627 |  | 2,476,650 |  | 4,458 |  | 2,486,735 |  |

Changes in equity

Dividends | - |  | (1,270,000 | ) | - |  | (1,270,000 | ) |

Total comprehensive income | - |  | 1,458,713 |  | - |  | 1,458,713 |  |

Balance at 30 September 2025 | 5,627 |  | 2,665,363 |  | 4,458 |  | 2,675,448 |  |

Fife Creamery Limited (Registered number: SC069753)

Company Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 7,503 |  | 4,031,682 |  | 2,582 |  | 4,041,767 |  |

Changes in equity

Company share buy back | (1,876 | ) | (1,500,000 | ) | 1,876 |  | (1,500,000 | ) |

Dividends | - |  | (990,000 | ) | - |  | (990,000 | ) |

Total comprehensive income | - |  | 934,968 |  | - |  | 934,968 |  |

Balance at 30 September 2024 | 5,627 |  | 2,476,650 |  | 4,458 |  | 2,486,735 |  |

Changes in equity

Dividends | - |  | (1,270,000 | ) | - |  | (1,270,000 | ) |

Total comprehensive income | - |  | 1,522,633 |  | - |  | 1,522,633 |  |

Balance at 30 September 2025 | 5,627 |  | 2,729,283 |  | 4,458 |  | 2,739,368 |  |

Fife Creamery Limited (Registered number: SC069753)

Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

| 30.9.25 |  | 30.9.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,005,454 |  | 2,475,558 |  |

Interest paid | (100,716 | ) | (106,142 | ) |

Interest element of hire purchase payments paid | (131,255 | ) | (137,520 | ) |

Tax paid | (214,514 | ) | (110,898 | ) |

Net cash from operating activities | 2,558,969 |  | 2,120,998 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (166,235 | ) | - |  |

Purchase of tangible fixed assets | (193,397 | ) | (430,472 | ) |

Sale of tangible fixed assets | 39,764 |  | 103,544 |  |

Sale of investment property | 220,000 |  | - |  |

Cash introduced on acquisition | 7,080 |  | - |  |

Interest received | 2,577 |  | 7,868 |  |

Net cash from investing activities | (90,211 | ) | (319,060 | ) |

Cash flows from financing activities

New loans in year | 647,500 |  | 779,323 |  |

Loan repayments in year | (1,094,377 | ) | (196,652 | ) |

Capital repayments in year | (755,809 | ) | (980,388 | ) |

Share buyback | - |  | (1,500,000 | ) |

Equity dividends paid | (1,270,000 | ) | (990,000 | ) |

Net cash from financing activities | (2,472,686 | ) | (2,887,717 | ) |

Decrease in cash and cash equivalents | (3,928 | ) | (1,085,779 | ) |

Cash and cash equivalents at beginning of year | 2 | 172,308 |  | 1,258,087 |  |

Cash and cash equivalents at end of year | 2 | 168,380 |  | 172,308 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Profit before taxation | 2,004,913 |  | 1,273,920 |  |

| Depreciation charges | 828,241 |  | 842,479 |  |

| Loss/(profit) on disposal of fixed assets | 73,960 |  | (5,207 | ) |

| Finance costs | 231,971 |  | 243,662 |  |

| Finance income | (2,577 | ) | (7,868 | ) |

3,136,508 |  | 2,346,986 |  |

| Decrease/(increase) in stocks | 106,638 |  | (24,879 | ) |

| Decrease/(increase) in trade and other debtors | 154,567 |  | (209,784 | ) |

| (Decrease)/increase in trade and other creditors | (392,259 | ) | 363,235 |  |

| Cash generated from operations | 3,005,454 |  | 2,475,558 |  |

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:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 168,380 |  | 172,308 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 172,308 |  | 1,258,087 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.10.24 | Cash flow | changes | At 30.9.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 172,308 |  | (3,928 | ) | 168,380 |  |

172,308 |  | (3,928 | ) | 168,380 |  |

| Debt

| Finance leases | (2,305,116 | ) | 755,809 |  | (359,555 | ) | (1,908,862 | ) |

| Debts falling due

| within 1 year | (1,465,761 | ) | 979,177 |  | - |  | (486,584 | ) |

| Debts falling due

| after 1 year | (49,375 | ) | (565,548 | ) | - |  | (614,923 | ) |

(3,820,252 | ) | 1,169,438 |  | (359,555 | ) | (3,010,369 | ) |

| Total | (3,647,944 | ) | 1,165,510 |  | (359,555 | ) | (2,841,989 | ) |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Fife Creamery Limited is a private company, limited by shares, domiciled in Scotland, registration number SC069753. The registered office is Randolph Place, Randolph Industrial Estate, Kirkcaldy, KY1 2YX.

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.

| Basis of consolidation

| The consolidated accounts are prepared in accordance with the group’s accounting principles and include the accounts of the parent company and all subsidiaries. Subsidiaries are consolidated from the date the group exercises control or influence over the company. Divested companies are included in the consolidated accounts until the date the group ceases to control or exercise influence over them. In preparing the consolidated financial statements any intra-group transactions have been eliminated. Foreign subsidiaries are translated using the current rate for the assets and liabilities and the average rate for turnover and expenses.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

| Turnover represents net invoiced sales of goods in respect of distribution of food and products, excluding value added tax. Sales are recognised at the point at which the company has delivered the goods to the customer.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of five years.

| 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.

| Tangible fixed assets and depreciation

| 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.

| Freehold property | - | 2% on cost

| Plant and machinery | - | 50% on cost, 20% on reducing balance, 20% on cost and 2% on cost

| Fixtures and fittings | - | 20% on cost and 10% on cost

| Motor vehicles | - | 25% on reducing balance and 20% on reducing balance

| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 year 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

| Cash and cash equivalents

| Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The directors of the group have reviewed the group's financial position for 12 months from the balance sheet signing date and it is the directors belief that the group should prepare financial statements on a going concern basis.

3. | EMPLOYEES AND DIRECTORS

| 30.9.25 |  | 30.9.24

£ | £ |

| Wages and salaries | 5,375,286 |  | 5,412,461 |  |

| Social security costs | 604,491 |  | 507,359 |  |

| Other pension costs | 239,650 |  | 233,049 |  |

6,219,427 |  | 6,152,869 |  |

| The average number of employees during the year was as follows:

| 30.9.25 |  | 30.9.24

| Warehouse staff | 70 |  | 79 |  |

| Distribution staff | 53 |  | 52 |  |

| Administrative staff | 20 |  | 21 |  |

| Sales staff | 22 |  | 23 |  |

| Cleaning staff | 3 |  | 3 |  |

168 |  | 178 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2024 - NIL ) .

| 30.9.25 |  | 30.9.24

£ | £ |

| Directors' remuneration | 218,826 |  | 213,668 |  |

| Directors' pension contributions to money purchase schemes | 84,000 |  | 84,000 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Emoluments etc | 183,047 |  | 180,568 |  |

| Pension contributions to money purchase schemes | 60,000 |  | 60,000 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 30.9.25 |  | 30.9.24

£ | £ |

| Hire of plant and machinery | 1,541 |  | - |  |

| Other operating leases | 31,900 |  | - |  |

| Depreciation - owned assets | 296,051 |  | 281,091 |  |

| Depreciation - assets on hire purchase contracts | 489,271 |  | 543,888 |  |

| Loss/(profit) on disposal of fixed assets | 73,960 |  | (5,207 | ) |

| Goodwill amortisation | 42,919 |  | 17,500 |  |

| Auditors' remuneration | 17,185 |  | 9,225 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loan interest | 41,544 |  | 51,394 |  |

| Invoice discounting interest | 59,172 |  | 54,748 |  |

| Hire purchase interest | 131,255 |  | 137,520 |  |

231,971 |  | 243,662 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.9.25 |  | 30.9.24

£ | £ |

| Current tax:

| UK corporation tax | 587,788 |  | 214,514 |  |

| Deferred tax | (41,588 | ) | 124,438 |  |

| Tax on profit | 546,200 |  | 338,952 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 30.9.25 |  | 30.9.24

£ | £ |

| Profit before tax | 2,004,913 |  | 1,273,920 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 501,228 |  | 318,480 |  |

| Effects of:

| Expenses not deductible for tax purposes | 20,763 |  | 8,355 |  |

| Income not taxable for tax purposes | - |  | (1,302 | ) |

| Capital allowances in excess of depreciation | - |  | (111,018 | ) |

| Depreciation in excess of capital allowances | 70,470 |  | - |  |

| Utilisation of tax losses | (4,673 | ) | - |  |

| Deferred tax movement | (41,588 | ) | 124,437 |  |

| Total tax charge | 546,200 |  | 338,952 |  |

7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8. | DIVIDENDS

| 30.9.25 |  | 30.9.24

£ | £ |

| Ordinary A shares of £1 each |

| Final | 75,000 |  | 100,000 |  |

| Ordinary B share of £1 |

| Final | 680,000 |  | 490,000 |  |

| Ordinary C share of £1 |

| Final | 515,000 |  | 400,000 |  |

1,270,000 |  | 990,000 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 October 2024 | 70,000 |  |

| Additions | 212,695 |  |

| At 30 September 2025 | 282,695 |  |

| AMORTISATION

| At 1 October 2024 | 70,000 |  |

| Amortisation for year | 42,919 |  |

| At 30 September 2025 | 112,919 |  |

| NET BOOK VALUE

| At 30 September 2025 | 169,776 |  |

| At 30 September 2024 | - |  |

| Company

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 70,000 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 70,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 | 2,181,151 |  | 2,631,233 |  | 374,687 |  | 4,845,124 |  | 10,032,195 |  |

| Additions | 44,226 |  | 54,088 |  | 23,226 |  | 454,431 |  | 575,971 |  |

| Disposals | - |  | (2,750 | ) | (6,566 | ) | (175,968 | ) | (185,284 | ) |

| At 30 September 2025 | 2,225,377 |  | 2,682,571 |  | 391,347 |  | 5,123,587 |  | 10,422,882 |  |

| DEPRECIATION

| At 1 October 2024 | 575,996 |  | 1,039,571 |  | 348,567 |  | 1,920,417 |  | 3,884,551 |  |

| Charge for year | 37,149 |  | 130,852 |  | 8,260 |  | 609,061 |  | 785,322 |  |

| Eliminated on disposal | - |  | (2,428 | ) | (6,566 | ) | (125,066 | ) | (134,060 | ) |

| At 30 September 2025 | 613,145 |  | 1,167,995 |  | 350,261 |  | 2,404,412 |  | 4,535,813 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,612,232 |  | 1,514,576 |  | 41,086 |  | 2,719,175 |  | 5,887,069 |  |

| At 30 September 2024 | 1,605,155 |  | 1,591,662 |  | 26,120 |  | 2,924,707 |  | 6,147,644 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 54,795 |  | 3,829,880 |  | 3,884,675 |  |

| Additions | - |  | 359,555 |  | 359,555 |  |

| Transfer to ownership | (54,795 | ) | (595,968 | ) | (650,763 | ) |

| At 30 September 2025 | - |  | 3,593,467 |  | 3,593,467 |  |

| DEPRECIATION

| At 1 October 2024 | 35,017 |  | 1,382,853 |  | 1,417,870 |  |

| Charge for year | 2,394 |  | 486,877 |  | 489,271 |  |

| Transfer to ownership | (37,411 | ) | (406,391 | ) | (443,802 | ) |

| At 30 September 2025 | - |  | 1,463,339 |  | 1,463,339 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 2,130,128 |  | 2,130,128 |  |

| At 30 September 2024 | 19,778 |  | 2,447,027 |  | 2,466,805 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 | 2,181,151 |  | 2,631,233 |  | 374,687 |  | 4,845,124 |  | 10,032,195 |  |

| Additions | 44,226 |  | 37,108 |  | 13,440 |  | 454,431 |  | 549,205 |  |

| Disposals | - |  | (2,750 | ) | (6,566 | ) | (175,968 | ) | (185,284 | ) |

| At 30 September 2025 | 2,225,377 |  | 2,665,591 |  | 381,561 |  | 5,123,587 |  | 10,396,116 |  |

| DEPRECIATION

| At 1 October 2024 | 575,996 |  | 1,039,571 |  | 348,567 |  | 1,920,417 |  | 3,884,551 |  |

| Charge for year | 37,149 |  | 127,189 |  | 7,671 |  | 609,061 |  | 781,070 |  |

| Eliminated on disposal | - |  | (2,428 | ) | (6,566 | ) | (125,066 | ) | (134,060 | ) |

| At 30 September 2025 | 613,145 |  | 1,164,332 |  | 349,672 |  | 2,404,412 |  | 4,531,561 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,612,232 |  | 1,501,259 |  | 31,889 |  | 2,719,175 |  | 5,864,555 |  |

| At 30 September 2024 | 1,605,155 |  | 1,591,662 |  | 26,120 |  | 2,924,707 |  | 6,147,644 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 54,795 |  | 3,829,880 |  | 3,884,675 |  |

| Additions | - |  | 359,555 |  | 359,555 |  |

| Transfer to ownership | (54,795 | ) | (595,968 | ) | (650,763 | ) |

| At 30 September 2025 | - |  | 3,593,467 |  | 3,593,467 |  |

| DEPRECIATION

| At 1 October 2024 | 35,017 |  | 1,382,853 |  | 1,417,870 |  |

| Charge for year | 2,394 |  | 486,877 |  | 489,271 |  |

| Transfer to ownership | (37,411 | ) | (406,391 | ) | (443,802 | ) |

| At 30 September 2025 | - |  | 1,463,339 |  | 1,463,339 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 2,130,128 |  | 2,130,128 |  |

| At 30 September 2024 | 19,778 |  | 2,447,027 |  | 2,466,805 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 166,235 |  |

| At 30 September 2025 | 166,235 |  |

| NET BOOK VALUE

| At 30 September 2025 | 166,235 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Lothian Catering Butchers Limited

| Registered office: Randolph Place, Randolph Industrial Estate, Kirkcaldy, KY1 2YX

| Nature of business: Butchery

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| During the year, 100% of the shares of Lothian Catering Butchers was acquired for £166,235. At the date of acquisition, the company had a net liability position of £46,460.

12. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 282,500 |  |

| Disposals | (282,500 | ) |

| At 30 September 2025 | - |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | 282,500 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

12. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 282,500 |  |

| Disposals | (282,500 | ) |

| At 30 September 2025 | - |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | 282,500 |  |

13. | STOCKS

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Finished goods | 1,859,914 |  | 1,929,369 |  | 1,817,793 |  | 1,929,369 |  |

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

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Trade debtors | 3,041,253 |  | 3,194,624 |  | 2,970,818 |  | 3,194,624 |  |

| Amounts owed by group undertakings | - |  | - |  | 225,485 |  | - |  |

| VAT | 32,262 |  | 18,757 |  | 30,903 |  | 18,757 |  |

| Prepayments and accrued income | 221,491 |  | 165,373 |  | 205,858 |  | 165,373 |  |

3,295,006 |  | 3,378,754 |  | 3,433,064 |  | 3,378,754 |  |

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

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 476,368 |  | 1,455,545 |  | 476,368 |  | 1,455,545 |  |

| Other loans (see note 17) | 10,216 |  | 10,216 |  | 10,216 |  | 10,216 |  |

| Hire purchase contracts (see note 18) | 710,424 |  | 727,957 |  | 710,424 |  | 727,957 |  |

| Trade creditors | 3,506,444 |  | 3,537,104 |  | 3,480,344 |  | 3,537,104 |  |

| Tax | 587,788 |  | 214,514 |  | 587,788 |  | 214,514 |  |

| Social security and other taxes | 138,984 |  | 137,372 |  | 134,778 |  | 137,372 |  |

| Accruals and deferred income | 520,174 |  | 705,797 |  | 508,207 |  | 705,797 |  |

5,950,398 |  | 6,788,505 |  | 5,908,125 |  | 6,788,505 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

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

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 575,764 |  | - |  | 575,764 |  | - |  |

| Other loans (see note 17) | 39,159 |  | 49,375 |  | 39,159 |  | 49,375 |  |

| Hire purchase contracts (see note 18) | 1,198,438 |  | 1,577,159 |  | 1,198,438 |  | 1,577,159 |  |

1,813,361 |  | 1,626,534 |  | 1,813,361 |  | 1,626,534 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 476,368 |  | 1,455,545 |  | 476,368 |  | 1,455,545 |  |

| Other loans | 10,216 |  | 10,216 |  | 10,216 |  | 10,216 |  |

486,584 |  | 1,465,761 |  | 486,584 |  | 1,465,761 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 52,359 |  | - |  | 52,359 |  | - |  |

| Other loans - 1-2 years | 10,216 |  | 10,216 |  | 10,216 |  | 10,216 |  |

62,575 |  | 10,216 |  | 62,575 |  | 10,216 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 178,164 |  | - |  | 178,164 |  | - |  |

| Other loans - 2-5 years | 28,943 |  | 30,646 |  | 28,943 |  | 30,646 |  |

207,107 |  | 30,646 |  | 207,107 |  | 30,646 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 345,241 |  | - |  | 345,241 |  | - |  |

| Other loans more 5yrs instal | - |  | 8,513 |  | - |  | 8,513 |  |

345,241 |  | 8,513 |  | 345,241 |  | 8,513 |  |

| In November 2019, the company obtained a £900,000 loan from The Royal Bank of Scotland plc. Interest is charged at 2% over base rate and the loan is repayable through 60 monthly instalments of £6,217 of capital and interest, with the final bullet payment made in April 2025.

| A new term loan of £645,700 was obtained in April 2025 from Royal Bank of Scotland to fund the above noted bullet repayment. Interest is charged at 1.75% over base rate and the loan is repayable through 120 monthly instalments of £7,238, with an estimated final payment in April 2035.

| In August 2022 the company obtained a £81,733 loan from Energy Saving Trust. The loan is interest free with capital repayments being made in 96 monthly instalments.

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 30.9.25 |  | 30.9.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 710,424 |  | 727,957 |  |

| Between one and five years | 1,198,438 |  | 1,577,159 |  |

1,908,862 |  | 2,305,116 |  |

| Company

| Hire purchase |

| contracts |

| 30.9.25 |  | 30.9.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 710,424 |  | 727,957 |  |

| Between one and five years | 1,198,438 |  | 1,577,159 |  |

1,908,862 |  | 2,305,116 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Hire purchase contracts | 1,908,862 |  | 2,305,116 |  | 1,908,862 |  | 2,305,116 |  |

| Bank loans | 624,959 |  | 676,622 |  | 624,959 |  | 676,622 |  |

| Invoice finance facility | 427,173 |  | 779,323 |  | 427,173 |  | 779,323 |  |

2,960,994 |  | 3,761,061 |  | 2,960,994 |  | 3,761,061 |  |

| Balances due on hire purchase contracts are secured on the assets to which they relate.

| In respect of the invoice finance facility, bank loans and the bank overdraft facility of £100,000, The Royal Bank of Scotland plc holds a standard security over the business premises and a bond and floating charge over the assets of the company.

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 30.9.25 |  | 30.9.24 |  | 30.9.25 |  | 30.9.24 |

£ | £ | £ | £ |

| Deferred tax | 940,938 |  | 1,008,801 |  | 964,069 |  | 1,008,801 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

20. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,008,801 |  |

| Provided during year | (41,588 | ) |

| Introduced on acquisition | (26,275 | ) |

| Balance at 30 September 2025 | 940,938 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,008,801 |  |

| Provided during year | (44,732 | ) |

| Balance at 30 September 2025 | 964,069 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 5,625 | Ordinary A | £1 | 5,625 |  | 5,625 |  |

| 1 | Ordinary B | £1 | 1 |  | 1 |  |

| 1 | Ordinary C | £1 | 1 |  | 1 |  |

5,627 |  | 5,627 |  |

22. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 October 2024 | 2,476,650 |  | 4,458 |  | 2,481,108 |  |

| Profit for the year | 1,458,713 |  | 1,458,713 |  |

| Dividends | (1,270,000 | ) | (1,270,000 | ) |

| At 30 September 2025 | 2,665,363 |  | 4,458 |  | 2,669,821 |  |

Fife Creamery Limited (Registered number: SC069753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

22. | RESERVES - continued

| Company

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 October 2024 | 2,476,650 |  | 4,458 |  | 2,481,108 |  |

| Profit for the year | 1,522,633 |  | 1,522,633 |  |

| Dividends | (1,270,000 | ) | (1,270,000 | ) |

| At 30 September 2025 | 2,729,283 |  | 4,458 |  | 2,733,741 |  |

23. | ULTIMATE CONTROLLING PARTY

| The group is under the control of its Board of Directors.