Company registration number 00900348 (England and Wales)
GRIFFIN & BRAND (EUROPEAN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
GRIFFIN & BRAND (EUROPEAN) LIMITED
COMPANY INFORMATION
Directors
Mr A J Elliott
Mrs J Elliott
Mr M A Elliott
Mr M C Surgeon
Mrs M K West
Secretary
D Elliott
Company number
00900348
Registered office
Trophy House
Leacon Road
Ashford
Kent
United Kingdom
TN23 4TU
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Business address
Trophy House
Leacon Road
Ashford
Kent
United Kingdom
TN23 4TU
Bankers
HSBC Bank plc
39 High Street
Ashford
Kent
United Kingdom
TN24 8TG
GRIFFIN & BRAND (EUROPEAN) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
GRIFFIN & BRAND (EUROPEAN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025

The directors present the strategic report for the year ended 30 June 2025.true

Review of the business

The results for the year reflected the trading activities and directors' expectations.

Principal risks and uncertainties

Business risks

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks affecting the company are:

Foreign currency risk

The company's principal foreign currency exposures arise from trading with overseas companies, primarily relating to the importing of produce. This particular risk has been intensified by the volatile market and political conditions in Europe and the rest of the world, which have resulted in a continuing uncertainty around the exchange rate movements. Foreign exchange risks are managed through the use of forward contracts and trade options in line with procurement requirements.

Credit risk

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

Liquidity risk

The company considers its liquidity risk to be minimal. The company manages its cash requirements adequately to ensure that the company has sufficient liquid resources to meet the operating needs of the business.

R isk arising from Brexit

The company continues to monitor the situation concerning the impact of Brexit in order to ensure its policies, procedures and activities mitigate against any of the risks that arise from the company's import business. These risks include cost increases due to import costs, tariffs and duties, the fluctuation of the currencies in which the company trades and the changing dynamics of the available workforce.

Tax and working wage increases risk

The company and our customers have incurred a very large increase in costs due to political changes. This increase could directly impact on sales if retails are increased. Such a loss of sales over an extended period would have a negative effect on profit.

Development and performance

The company continues to monitor the ever changing market place while working closely with its customers and suppliers in order to maintain an appropriate sales mix. The financial position remains strong and in line with the directors expectations despite the ever increasing pressures within the market. Net current assets have increased from £11.1m as at 30 June 2024 to £13.3m as at 30 June 2025. Similarly, net assets have increased from £15.3m as at 30 June 2024 to £17.6m as at 30 June 2025, including the revaluation of freehold property. The company will continue to endeavour to adapt in the current uncertain trading environment.

Key performance indicators

We consider the key performance indicators of the company to be turnover, volume, gross margin and net current assets. Turnover for the year increased by 4.6% to £64.6m (2024 - £61.8m) and the gross profit margin increased from 7.1% to 8.3%. Net current assets increased to £13.3m (2024 - £11.1m).

- 1 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Promoting the success of the company - Section 172 statement

The directors of the Company act in the way they consider, in good faith, will be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a) the likely consequences of any decision in the long term;

b) the interests of the Company's employees;

c) the need to foster the Company's business relationships with suppliers, customers and others;

d) the impact of the Company's operations on the community and the environment;

e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the Company.

The board takes into account wider stakeholder and social responsibilities and their implications for long-term success. The wider stakeholder community has been identified as the employees, customers, suppliers, and regulators.

For the purpose of this statement detailed descriptions of the decisions taken are limited to those of strategic importance. The board believes that the following decision taken during the year fall into this category and was made with full consideration of both internal and external stakeholders.

· The decision to continue our capital investment in plant and machinery enables us to deliver future growth by improving our capacity and giving new and existing customers an excellent service level.

On behalf of the board

Mr M A Elliott
Director
23 December 2025
- 2 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025

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

Principal activities

The principal activity of the company during the financial year was to buy and sell produce on its own account, and to provide services in relation to storing, packing and transport of produce.

Results and dividends

The results for the year are set out on page 9.

No dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J Elliott
Mrs J Elliott
Mr M A Elliott
Mr M C Surgeon
Mrs M K West
Business relationships

Engagement with suppliers, customers and others in a business relationship with the company

The company has been operating for many years and was incorporated in 1967. This long and successful history is in part due to the strong relationships that have been built with suppliers, customers and other stakeholders. The Board seeks to foster these relationships in order to continue to promote the long term success of the company and to ensure our stakeholders also benefit.

The company engages with suppliers, customers and others in a variety of ways such as meetings, conversations and business reviews. The Board places strong focus on fostering long term business to business relationships. Engagement with these stakeholders reflects the regard the directors have for the need to sustain the company’s business relationships.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

- 3 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Energy and carbon report

The company is required to report under the The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 schedule 7 paragraph 15 its emissions, energy consumption and energy efficiency activities.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
114,409
98,593
- Electricity purchased
1,166,611
1,079,201
- Fuel consumed for transport
333,068
413,842
1,614,088
1,591,636
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
20.93
18.04
- Fuel consumed for owned transport
80.03
99.43
100.96
117.47
Scope 2 - indirect emissions
- Electricity purchased
241.57
223.47
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
342.53
340.94
Intensity ratio
Tonnes CO2 per million units produced
68.02
67.7
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023/24 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per million units produced, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Solar panels have been and continue to be installed. Motion detectors fitted to control lighting and LED bulbs installed. Some of the old windows have been replaced and new boilers installed. The company monitors energy usage and will continue to look for efficiencies where possible.

- 4 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Statement of directors' responsibilities
- 5 -

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 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Statement of disclosure to auditor

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr M A Elliott
Director
23 December 2025
GRIFFIN & BRAND (EUROPEAN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRIFFIN & BRAND (EUROPEAN) LIMITED
Opinion
- 6 -

We have audited the financial statements of Griffin & Brand (European) Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 June 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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' true r eport 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.

GRIFFIN & BRAND (EUROPEAN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRIFFIN & BRAND (EUROPEAN) LIMITED (CONTINUED)
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the financial statements are not in agreement with the accounting records 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
- 7 -

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

GRIFFIN & BRAND (EUROPEAN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRIFFIN & BRAND (EUROPEAN) LIMITED (CONTINUED)

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christiaan de Lange (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
TN23 1FB
23 December 2025
- 8 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
2025
2024
Notes
£
£
Turnover
3
64,585,643
61,760,095
Cost of sales
(59,196,744)
(57,396,425)
Gross profit
5,388,899
4,363,670
Administrative expenses
(2,676,418)
(2,202,002)
Other operating income
5,350
1,386
Operating profit
4
2,717,831
2,163,054
Interest receivable and similar income
8
315,741
255,160
Interest payable and similar expenses
9
(2,325)
(1,628)
Profit before taxation
3,031,247
2,416,586
Tax on profit
10
(776,138)
(623,551)
Profit for the financial year
2,255,109
1,793,035

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 9 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,046,308
4,868,537
Current assets
Stocks
13
481,611
694,181
Debtors
12
15,331,223
12,509,252
Cash at bank and in hand
4,417,534
3,981,135
20,230,368
17,184,568
Creditors: amounts falling due within one year
14
(6,919,348)
(6,041,715)
Net current assets
13,311,020
11,142,853
Total assets less current liabilities
18,357,328
16,011,390
Creditors: amounts falling due after more than one year
15
(2,519)
(5,266)
Provisions for liabilities
Deferred tax liability
17
787,415
693,839
(787,415)
(693,839)
Net assets
17,567,394
15,312,285
Capital and reserves
Called up share capital
19
690,000
690,000
Revaluation reserve
2,170,887
2,170,887
Profit and loss reserves
14,706,507
12,451,398
Total equity
17,567,394
15,312,285
The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
Mr M A Elliott
Director
Company registration number 00900348 (England and Wales)
- 10 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
690,000
2,170,887
10,658,363
13,519,250
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
1,793,035
1,793,035
Balance at 30 June 2024
690,000
2,170,887
12,451,398
15,312,285
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
2,255,109
2,255,109
Balance at 30 June 2025
690,000
2,170,887
14,706,507
17,567,394
- 11 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,309,666
3,178,182
Interest paid
(2,325)
(1,628)
Income taxes paid
(613,037)
(628,043)
Net cash inflow from operating activities
694,304
2,548,511
Investing activities
Purchase of tangible fixed assets
(643,323)
(299,374)
Proceeds from disposal of tangible fixed assets
72,424
-
0
Interest received
315,741
255,160
Net cash used in investing activities
(255,158)
(44,214)
Financing activities
Payment of finance leases obligations
(2,747)
(463)
Net cash used in financing activities
(2,747)
(463)
Net increase in cash and cash equivalents
436,399
2,503,834
Cash and cash equivalents at beginning of year
3,981,135
1,477,301
Cash and cash equivalents at end of year
4,417,534
3,981,135
- 12 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
Company information

Griffin & Brand (European) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trophy House, Leacon Road, Ashford, Kent, United Kingdom, TN23 4TU.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover
- 13 -
Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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:

Buildings freehold
2% Straight line
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
15% Straight line
Computer equipment
33 1/3% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -

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.

1.6
Stocks

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.

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.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are 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

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.

GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
Impairment of financial assets

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.

- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial 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 paymen ts 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. A m ounts 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.

Other financial liabilities

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 s ubsequently 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 th r ough 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.

GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

1.12
Retirement benefits

The pension costs charged in the financial statements represent the contributions payable by the company during the year.

GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
1.13
Leases

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 asset's 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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

- 17 -
Freehold property valuation

For assets carried at fair value, management recognise the need to undertake revaluations with sufficient regularity to ensure that the carrying amount does not differ significantly from its fair value. The fair value of freehold land and buildings i s determined by professionally qualified valuers. Furthermore, management regularly review local property trends to ensure that the carrying amounts of such assets are materially accurate.

Payables cut-off

Management has exercised judgement in determining the point at which control of goods purchased transfers to the Company. This judgement affects the timing of recognition of inventory and related liabilities. In making this assessment, management considered supplier terms, delivery dates and conditions and evidence of transfer of risks and rewards. This judgement has a significant effect on the amounts recognised for inventory and trade payables at the reporting date.

At the year-end, the Company recognises accrued purchases for goods received but not yet invoiced and prepayments where goods are invoiced in advance of being received. These estimates involve assumptions regarding delivery dates, quantities received, and pricing where supplier confirmations are pending. Due to the nature of the supply chain, actual amounts may differ from estimates.

GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Sale of produce
64,585,643
61,760,095
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
64,585,643
61,760,095
2025
2024
£
£
Other revenue
Interest income
315,741
255,160
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(224,372)
(187,630)
Depreciation of owned tangible fixed assets
251,119
210,882
Depreciation of tangible fixed assets held under finance leases
2,119
466
Loss on disposal of tangible fixed assets
139,890
-
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
28,500
28,255
For other services
Taxation compliance services
4,012
4,204
- 18 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
126
120
Administration
15
15
Directors
5
5
Total
146
140

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,408,611
4,688,209
Social security costs
704,778
557,953
Pension costs
138,782
112,282
6,252,171
5,358,444
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,248,549
1,178,747
Company pension contributions to defined contribution schemes
14,496
13,396
1,263,045
1,192,143

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
713,239
689,827
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
315,741
255,160
- 19 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
(Continued)
8
Interest receivable and similar income
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
315,741
255,160
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
30
67
Other finance costs:
Other interest
2,295
1,561
2,325
1,628
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
682,000
603,035
Adjustments in respect of prior periods
562
-
0
Total current tax
682,562
603,035
Deferred tax
Origination and reversal of timing differences
93,576
20,516
Total tax charge
776,138
623,551

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:

2025
2024
£
£
Profit before taxation
3,031,247
2,416,586
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
757,812
604,147
Tax effect of expenses that are not deductible in determining taxable profit
18,326
19,404
Taxation charge for the year
776,138
623,551
- 20 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Tangible fixed assets
Buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 July 2024
5,022,070
2,909,153
597,113
333,071
8,861,407
Additions
343,642
143,130
11,964
144,587
643,323
Disposals
(162,653)
-
0
-
0
-
0
(162,653)
Transfers
(72,423)
-
0
-
0
-
0
(72,423)
At 30 June 2025
5,130,636
3,052,283
609,077
477,658
9,269,654
Depreciation and impairment
At 1 July 2024
479,760
2,694,461
487,715
330,934
3,992,870
Depreciation charged in the year
43,363
164,831
29,682
15,362
253,238
Eliminated in respect of disposals
(22,762)
-
0
-
0
-
0
(22,762)
At 30 June 2025
500,361
2,859,292
517,397
346,296
4,223,346
Carrying amount
At 30 June 2025
4,630,275
192,991
91,680
131,362
5,046,308
At 30 June 2024
4,542,310
214,692
109,398
2,137
4,868,537

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
5,915
8,034
- 21 -

Freehold land and buildings were revalued on 4 November 2021 at £4,300,000 by independent valuers not connected with the company, on the basis of market value. The directors consider the value to be relevant at 30 June 2025. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties.

If freehold land and buildings were measured using the cost model, the carrying amounts would have been approximately £2,040,345 (2024: £1,837,747), being cost £2,694,039 (2024: £2,442,973) and depreciation £653,694 (2024: £605,226).

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
13,709,154
11,488,774
Other debtors
491,972
632,667
Prepayments and accrued income
1,130,097
387,811
15,331,223
12,509,252
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Stocks
2025
2024
£
£
Consumables
238,826
351,421
Finished goods and goods for resale
242,785
342,760
481,611
694,181
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
16
2,748
2,748
Trade creditors
5,207,193
4,541,700
Corporation tax
432,000
362,475
Other taxation and social security
948,038
798,057
Other creditors
8,947
5,534
Accruals and deferred income
320,422
331,201
6,919,348
6,041,715
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
16
2,519
5,266

Finance lease liabilities are secured over the assets which form part of the finance lease agreement.

16
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
3,086
3,086
In two to five years
2,829
5,914
5,915
9,000
Less: future finance charges
(648)
(986)
5,267
8,014
- 22 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
373,760
272,788
Revaluations
414,974
422,542
Retirement benefit obligations
(1,319)
(1,491)
787,415
693,839
2025
Movements in the year:
£
Liability at 1 July 2024
693,839
Charge to profit or loss
93,576
Liability at 30 June 2025
787,415
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
138,782
112,282

The company contributes to two defined contribution pension scheme s. The assets of the schemes are held separately from those of the company in independently administered funds.

The company contributes to a defined contribution pension scheme for employees. The pension cost charge represents contributions payable by the company to the fund and amounted to £318,682 (2024: £286,021).

The company also contributes to a defined contribution pension scheme for directors. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,496 (2024: £13,396).

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240,000
240,000
240,000
240,000
B Ordinary shares of £1 each
450,000
450,000
450,000
450,000
690,000
690,000
690,000
690,000
- 23 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
19
Share capital
(Continued)

The Ordinary shares carry voting rights, rights to dividends as declared by the directors, and right to a share of the assets on a winding up.

The B Class Ordinary shares carry rights to dividends, but have no voting rights and no rights to a share of the assets on a winding up.

20
Financial commitments, guarantees and contingent liabilities

Griffin and Brand (European) Limited has a guarantee in place with the company's banker in relation to costs associated with the import of goods from outside the United Kingdom. Thi s guarantee amounted to £6 00,000 (20 24: £6 00,000).

At the balance sheet date, the company had entered into foreign exchange forward contracts to the value of £3,167,106 which were all due to crystallise on or before 30 January 2026.

21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
33,804
26,702
Years 2-5
97,328
11,124
131,132
37,826
22
Ultimate controlling party

The ultimate controlling party of the company is the Elliott family, who between them own the entire share capital currently in issue within the company.

- 24 -
GRIFFIN & BRAND (EUROPEAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
2,255,109
1,793,035
Adjustments for:
Taxation charged
776,138
623,551
Finance costs
2,325
1,628
Investment income
(315,741)
(255,160)
Loss on disposal of tangible fixed assets
139,890
-
Depreciation and impairment of tangible fixed assets
253,238
211,348
Movements in working capital:
Decrease in stocks
212,570
78,763
(Increase)/decrease in debtors
(2,821,971)
651,968
Increase in creditors
808,108
73,049
Cash generated from operations
1,309,666
3,178,182
24
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
3,981,135
436,399
4,417,534
Lease liabilities
(8,014)
2,747
(5,267)
3,973,121
439,146
4,412,267
- 25 -
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