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REGISTERED NUMBER: 02088228 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| REEVE THE BAKER LIMITED |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Income and Retained Earnings | 11 |

| Statement of Financial Position | 12 |

| Statement of Cash Flows | 13 |

| Notes to the Statement of Cash Flows | 14 |

| Notes to the Financial Statements | 15 |

| REEVE THE BAKER LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | Mrs S J Reeve

| G Reeve

| REGISTERED OFFICE: | Kingsway Industrial Estate

| Wilton

| Salisbury

| SP2 0AW

| REGISTERED NUMBER: | 02088228 (England and Wales)

| AUDITORS: | Fawcetts LLP

| Chartered Accountants

| and Statutory Auditors

| Windover House

| St. Ann Street

| Salisbury

| SP1 2DR

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

REVIEW OF BUSINESS

During the year under review, the principal activity of Reeve The Baker Limited continued to be that of production and retail distribution of bakery products, through its 13 shops located across Wiltshire, Dorset, and Hampshire.

The results for the year and financial position of the company are shown in the accompanying financial statements.

Key performance indicators (KPIs)

The company's key financial and non-financial performance indicators during the year were as follows:

| 2025 |  |  | 2024 |

Turnover |  |  | £11.7m |  |  | £10.7m |

Gross profit margin |  |  | 81% |  |  | 79% |

EBITDA |  |  | £2.31m |  |  | £1.90m |

EBITDA as a % of Turnover |  |  | 20% |  |  | 18% |

Average number of shops during the year |  |  | 13 |  |  | 12 |

Capital expenditure |  |  | £0.3m |  |  | £1.1m |

Results and performance

The company's successful performance during 2025 underlined the continued strength of its operating model and the development potential of the business. The 9% annual turnover increase to £11.7m is a result of both the new shop and ongoing robust trading across the rest of the retail estate. In addition, operational efficiencies within the central bakery footprint and a focus on controlling costs drove profitability gains, with the company achieving a reported EBITDA margin of 20%. The cash quantum of EBITDA increase in 2025 was £0.41m.

The investment in the new shop in late 2024 has therefore made an immediate positive impact to profitability and EBITDA, evidencing proof of concept for the future development strategy of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The retail bakery sector continues to be competitive and reliant on discretionary consumer spending.

The principal risks and uncertainties faced by the business include:

- |  | Changes to consumer preferences and spending |

- |  | Price volatility and supply chain risks relating to ingredients |

- |  | Increased competition via new market entrants |

- |  | Increases in other input costs including energy |

Compliance with the relevant health and safety, hygiene, and employment legislation is closely monitored by the company on an ongoing basis.

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FUTURE DEVELOPMENTS

The company continues to invest and innovate to mitigate the above risks and uncertainties and maintain strong profit margins, which in turn provides a solid platform for further development and expansion of the business.

The retail bakery sector has proved robust with further growth expected in the forthcoming year. The company remains well positioned to benefit from market tailwinds with new shop locations being actively pursued.

ON BEHALF OF THE BOARD:

G Reeve - Director

16 January 2026

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the production and retail distribution of bakery products.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £1,713,000.

DIRECTORS

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

Mrs S J Reeve

G Reeve

DISCLOSURE IN THE STRATEGIC REPORT

Information relating to future developments has been disclosed within the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

G Reeve - Director

16 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REEVE THE BAKER LIMITED

Opinion

We have audited the financial statements of Reeve The Baker Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REEVE THE BAKER LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REEVE THE BAKER LIMITED

Auditors' responsibilities for the audit of the financial statements

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

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

Identifying and assessing potential risks related to irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

- |  | the nature of the industry/sector, control environment and financial performance; |

- |  | results of our enquiries of management about their own identification and assessment of the risk of irregularities; |

- |  | any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |

| - |  | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |

| - |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |

| - |  | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;. |

- |  | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REEVE THE BAKER LIMITED

Audit response to risk identified

As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |

- |  | enquiring of management concerning actual and potential litigation and claims; |

- |  | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | performing substantive procedures to ascertain the completeness, existence, valuation and, rights and obligations of stocks as at the year-end; |

- |  | understanding the entity's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding; |

- |  | performing analytical procedures to compare revenue recognised against expectations, past results, and management forecasts, and investigated material divergences by obtaining corroborative evidence; |

- |  | reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; and |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

REEVE THE BAKER 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.

Simon Ellingham BA FCA DChA (Senior Statutory Auditor)

for and on behalf of Fawcetts LLP

Chartered Accountants

| and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

16 January 2026

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 11,728,838 |  | 10,753,211 |  |

Cost of sales | 2,279,981 |  | 2,237,726 |  |

GROSS PROFIT | 9,448,857 |  | 8,515,485 |  |

Administrative expenses | 7,633,487 |  | 7,017,723 |  |

1,815,370 |  | 1,497,762 |  |

Other operating income | 909 |  | 915 |  |

1,816,279 |  | 1,498,677 |  |

Interest receivable and similar income | - |  | 147 |  |

1,816,279 |  | 1,498,824 |  |

Interest payable and similar expenses | 4 | 10,076 |  | 5,151 |  |

PROFIT BEFORE TAXATION | 5 | 1,806,203 |  | 1,493,673 |  |

Tax on profit | 6 | 467,640 |  | 390,000 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,338,563 |  | 1,103,673 |  |

Retained earnings at beginning of year | 1,477,532 |  | 1,294,206 |  |

Dividends | 7 | (1,713,000 | ) | (920,347 | ) |

RETAINED EARNINGS AT END OF YEAR | 1,103,095 |  | 1,477,532 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

STATEMENT OF FINANCIAL POSITION

30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 1,964,987 |  | 2,139,370 |  |

Investments | 10 | 100 |  | 100 |  |

1,965,087 |  | 2,139,470 |  |

CURRENT ASSETS

Stocks | 11 | 356,242 |  | 257,254 |  |

Debtors | 12 | 330,575 |  | 295,936 |  |

Cash at bank and in hand | 267,223 |  | 566,839 |  |

954,040 |  | 1,120,029 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,341,559 |  | 1,232,466 |  |

NET CURRENT LIABILITIES | (387,519 | ) | (112,437 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,577,568 |  | 2,027,033 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (79,291 | ) | (117,016 | ) |

PROVISIONS FOR LIABILITIES | 17 | (394,782 | ) | (432,085 | ) |

NET ASSETS | 1,103,495 |  | 1,477,932 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 400 |  | 400 |  |

Retained earnings | 19 | 1,103,095 |  | 1,477,532 |  |

SHAREHOLDERS' FUNDS | 1,103,495 |  | 1,477,932 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2026 and were signed on its behalf by:

G Reeve - Director

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,046,151 |  | 2,126,214 |  |

Interest element of hire purchase payments paid | (10,076 | ) | (5,151 | ) |

Tax paid | (250,000 | ) | (385,426 | ) |

Net cash from operating activities | 1,786,075 |  | 1,735,637 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (341,334 | ) | (1,059,124 | ) |

Sale of tangible fixed assets | 22,185 |  | 10,792 |  |

Interest received | - |  | 147 |  |

Net cash from investing activities | (319,149 | ) | (1,048,185 | ) |

Cash flows from financing activities

New loans in year | - |  | 167,663 |  |

Capital repayments in year | (37,725 | ) | (12,922 | ) |

Amount introduced by directors | 6,276 |  | - |  |

Amount withdrawn by directors | (22,093 | ) | (215,666 | ) |

Equity dividends paid | (1,713,000 | ) | (920,347 | ) |

Net cash from financing activities | (1,766,542 | ) | (981,272 | ) |

Decrease in cash and cash equivalents | (299,616 | ) | (293,820 | ) |

Cash and cash equivalents at beginning of year | 2 | 566,839 |  | 860,659 |  |

Cash and cash equivalents at end of year | 2 | 267,223 |  | 566,839 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,806,203 |  | 1,493,673 |  |

| Depreciation charges | 510,974 |  | 399,429 |  |

| (Profit)/loss on disposal of fixed assets | (17,441 | ) | 4,110 |  |

| Finance costs | 10,076 |  | 5,151 |  |

| Finance income | - |  | (147 | ) |

2,309,812 |  | 1,902,216 |  |

| (Increase)/decrease in stocks | (98,988 | ) | 12,562 |  |

| Increase in trade and other debtors | (34,639 | ) | (56,582 | ) |

| (Decrease)/increase in trade and other creditors | (130,034 | ) | 268,018 |  |

| Cash generated from operations | 2,046,151 |  | 2,126,214 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 267,223 |  | 566,839 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 566,839 |  | 860,659 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 566,839 |  | (299,616 | ) | 267,223 |  |

566,839 |  | (299,616 | ) | 267,223 |  |

| Debt

| Finance leases | (154,741 | ) | 37,725 |  | (117,016 | ) |

(154,741 | ) | 37,725 |  | (117,016 | ) |

| Total | 412,098 |  | (261,891 | ) | 150,207 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

| Turnover

| Turnover represents net sales during the year (excluding Value Added Tax) adjusted for accrued and deferred income where applicable. Turnover includes revenue earned from the sale of goods to customers within the UK.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been fully amortised.

| Tangible fixed assets

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

| Fixtures and fittings bakery | - | 25% on reducing balance

| Fixtures and fittings tea room | - | 25% on reducing balance

| Fixtures and fittings shops | - | 25% on reducing balance

| Freehold property | - | 2% on cost

| Leasehold property | - | Straight line on lease term

| Motor vehicles | - | 25% on reducing balance

| Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

| Stocks

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

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The aggregate benefit of operating lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

| Pension costs and other post-retirement benefits

| The company contributes to the individual defined contribution pension scheme of employees. Contributions are charged to profit or loss in the period to which they relate.

| Investments

| Investments held as fixed assets are stated at cost less provision for any impairment.

| Debtors

| Debtors are measured at their recoverable amount.

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,486,330 |  | 3,928,431 |  |

| Social security costs | 421,310 |  | 306,677 |  |

| Other pension costs | 146,911 |  | 337,527 |  |

5,054,551 |  | 4,572,635 |  |

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

| 2025 |  | 2024

| Office and management | 11 |  | 12 |  |

| Bakery | 37 |  | 34 |  |

| Shops | 151 |  | 145 |  |

| Transport | 9 |  | 8 |  |

208 |  | 199 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 15,763 |  | 14,488 |  |

| Directors' pension contributions to money purchase schemes | - |  | 60,000 |  |

4. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase | 6,395 |  | 2,349 |  |

| Other interest | 3,681 |  | 2,802 |  |

10,076 |  | 5,151 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. | PROFIT BEFORE TAXATION

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 436,491 |  | 412,934 |  |

| Depreciation - owned assets | 510,973 |  | 399,428 |  |

| (Profit)/loss on disposal of fixed assets | (17,441 | ) | 4,110 |  |

| Auditors' remuneration | 15,500 |  | 12,500 |  |

| Foreign exchange differences | 5,127 |  | 3,728 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 504,943 |  | 219,702 |  |

| Deferred tax | (37,303 | ) | 170,298 |  |

| Tax on profit | 467,640 |  | 390,000 |  |

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,806,203 |  | 1,493,673 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 451,551 |  | 373,418 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,430 |  | 884 |  |

| Capital allowances in excess of depreciation | - |  | (155,628 | ) |

| Depreciation in excess of capital allowances | 51,139 |  | - |  |

| (Profit)/loss on disposal of assets | 823 |  | 1,028 |  |

| Deferred tax adjustment | (37,303 | ) | 170,298 |  |

| Total tax charge | 467,640 |  | 390,000 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each |

| Interim Ordinary share dividends | 1,500,000 |  | 500,000 |  |

| Ordinary B shares of £1 each |

| Interim | 78,000 |  | 186,645 |  |

| Ordinary C shares of £1 each |

| Interim | 99,000 |  | 99,000 |  |

| Ordinary D shares of £1 each |

| Interim | 36,000 |  | 134,702 |  |

1,713,000 |  | 920,347 |  |

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 90,000 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 90,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |  | Fixtures |  | Fixtures

| and |  | and |  | and

| fittings |  | fittings |  | fittings

| bakery |  | tea room |  | shops

£ | £ | £ |

| COST

| At 1 October 2024 | 2,491,990 |  | 104,454 |  | 2,383,273 |  |

| Additions | 132,508 |  | - |  | 208,826 |  |

| Disposals | - |  | - |  | (30,577 | ) |

| At 30 September 2025 | 2,624,498 |  | 104,454 |  | 2,561,522 |  |

| DEPRECIATION

| At 1 October 2024 | 1,805,790 |  | 95,248 |  | 1,491,939 |  |

| Charge for year | 191,393 |  | 2,301 |  | 255,585 |  |

| Eliminated on disposal | - |  | - |  | (29,704 | ) |

| At 30 September 2025 | 1,997,183 |  | 97,549 |  | 1,717,820 |  |

| NET BOOK VALUE

| At 30 September 2025 | 627,315 |  | 6,905 |  | 843,702 |  |

| At 30 September 2024 | 686,200 |  | 9,206 |  | 891,334 |  |

| Freehold |  | Leasehold |  | Motor |

| property |  | property |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024 | 684,963 |  | 35,965 |  | 367,126 |  | 6,067,771 |  |

| Additions | - |  | - |  | - |  | 341,334 |  |

| Disposals | - |  | - |  | (25,470 | ) | (56,047 | ) |

| At 30 September 2025 | 684,963 |  | 35,965 |  | 341,656 |  | 6,353,058 |  |

| DEPRECIATION

| At 1 October 2024 | 328,184 |  | 35,965 |  | 171,275 |  | 3,928,401 |  |

| Charge for year | 13,699 |  | - |  | 47,995 |  | 510,973 |  |

| Eliminated on disposal | - |  | - |  | (21,599 | ) | (51,303 | ) |

| At 30 September 2025 | 341,883 |  | 35,965 |  | 197,671 |  | 4,388,071 |  |

| NET BOOK VALUE

| At 30 September 2025 | 343,080 |  | - |  | 143,985 |  | 1,964,987 |  |

| At 30 September 2024 | 356,779 |  | - |  | 195,851 |  | 2,139,370 |  |

| Included within motor vehicles are assets with net book values totalling £116,183 (2024: £154,910) held under hire purchase contracts. Depreciation charged in respect of these assets was £38,728 (2024: £20,231).

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 100 |  |

| NET BOOK VALUE

| At 30 September 2025 | 100 |  |

| At 30 September 2024 | 100 |  |

| Shares in BAKO (Western) Limited at cost.

11. | STOCKS

2025 | 2024 |

£ | £ |

| Goods for resale and baking

| ingredients | 356,242 |  | 257,254 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 71,661 |  | 57,190 |  |

| VAT | - |  | 9,092 |  |

| Prepayments | 258,914 |  | 229,654 |  |

330,575 |  | 295,936 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 37,725 |  | 37,725 |  |

| Trade creditors | 216,789 |  | 395,761 |  |

| Corporation tax | 349,748 |  | 94,805 |  |

| Social security and other taxes | 66,474 |  | 66,854 |  |

| VAT | 118,581 |  | - |  |

| Other creditors | 132,569 |  | 225,178 |  |

| Directors' loan accounts | 18,366 |  | 34,183 |  |

| Accrued expenses | 401,307 |  | 377,960 |  |

1,341,559 |  | 1,232,466 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 79,291 |  | 117,016 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 37,725 |  | 37,725 |  |

| Between one and five years | 79,291 |  | 117,016 |  |

117,016 |  | 154,741 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 524,507 |  | 462,027 |  |

| Between one and five years | 1,614,827 |  | 1,399,542 |  |

| In more than five years | 278,625 |  | 827,605 |  |

2,417,959 |  | 2,689,174 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 117,016 |  | 154,741 |  |

| Hire purchase contracts are secured by way of legal charge over the assets to which they relate.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 394,782 |  | 432,085 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 432,085 |  |

| Credit to Statement of Comprehensive Income during year | (37,303 | ) |

| Balance at 30 September 2025 | 394,782 |  |

| REEVE THE BAKER LIMITED (REGISTERED NUMBER: 02088228) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |

| Number: |  | Class: |  | Nominal value: | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| 100 |  | Ordinary |  | £1 | 100 |  |  | 100 |

| 100 |  | Ordinary B |  | £1 | 100 |  |  | 100 |

| 100 |  | Ordinary C |  | £1 | 100 |  |  | 100 |

| 100 |  | Ordinary D |  | £1 | 100 |  |  | 100 |

|  | 400 |  |  | 400 |

19. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 1,477,532 |  |

| Profit for the year | 1,338,563 |  |

| Dividends | (1,713,000 | ) |

| At 30 September 2025 | 1,103,095 |  |

20. | PENSION COMMITMENTS

| The company contributes to the individual defined contribution pension scheme of employees. Contributions are charged to profit and loss in the period to which they relate and amounted to £146,911 (2024: £337,527) in the year. At the balance sheet date there were outstanding contributions of £16,153 (2024: £17,232).

21. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | 13,697 |  |

22. | RELATED PARTY DISCLOSURES

| 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.

| At the year end £18,366 (2024: £34,182) was owed to the directors.

23. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

| The company's ultimate parent company is G & S Reeve Holdings Limited, a company incorporated in England. The ultimate controlling party is G Reeve.