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REGISTERED NUMBER: 02404748 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Goldenfry Limited

Goldenfry Limited (Registered number: 02404748)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Consolidated Income Statement | 11 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 19 |

Goldenfry Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | P A Herridge

| Mrs M Herridge

| SECRETARY: | J P Herridge

| REGISTERED OFFICE: | Sandbeck Way,

| Wetherby,

| West Yorkshire

| LS22 7DW

| REGISTERED NUMBER: | 02404748 (England and Wales)

| AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| 3rd Floor

| 56 Wellington Street

| Leeds

| West Yorkshire

| LS1 2EE

Goldenfry Limited (Registered number: 02404748)

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group is the manufacture and marketing of convenience foods.

There have not been any significant changes in the group's activites in the year under review.

BUSINESS REVIEW AND CHAIRMAN'S STATEMENT

The financial results for the year are in line with our long term strategic plans and driven by our combination of product sectors and market positions geared around providing high market quality at the lowest market price. The Group benefits considerably from this market position but its delivery depends on the remarkable contribution made by all our colleagues without who this would not be possible.

The Directors' long term focus on a low break- even point, minimum debt and low fixed cost structure has enabled the business significantly to create these results and in turn improve on our strong financial position while our focused investment on productivity gains will keep our future performance strong.

We continue to invest significantly in the core business to further raise quality and lower cost, to develop and reward our employees, whilst investing in a number of satellite operations, individuals, teams and companies to search, evaluate and select opportunities for future growth through new products, new markets and new businesses, within our very clearly defined strategic opportunity framework.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group trades with all the major supermarkets and food retailers in the UK with a good category/customer/product spread which helps to minimise risk. Principal risks revolve around disruption of normal trading relationships on the availability of commodities, as well as externally imposed costs, red tape and the effect of increased taxes on the motivation to invest and grow. These and other factors reflect an environment that appears increasingly hostile to business in 2024 and beyond.

WIDER RISKS WITH EFFECTS UNCERTAIN OR UNKNOWN

Macroeconomic factors fundamentally effect the environment in which we have to operate. Increased borrowing restricts government spending coupled with rising cost inflation, escalating employment costs and corporate taxes the consequent effect on investment and growth is a zero sum game through depressing demand and growth in the real economy. This will inevitably lead to less consumer spending and therefore less investment, the major drivers of future growth.

Goldenfry Limited (Registered number: 02404748)

Group Strategic Report

for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT

The Board of Directors of Goldenfry Limited (the 'Group') consider, both individually and collectively, that they have acted in a manner they consider to be most likely to promote the success of the Group for the benefit of its members as a whole in relation to the decisions made during the period to 31st December 2024.

Our plan was designed to have a long term beneficial impact on the Group and to contribute to its success in delivering a high quality of service across all aspects of our business.

Our team members are fundamental to the delivery of our plan. We are a responsible employer in our approach to the pay and benefits our colleagues receive. The health, safety and well-being of our team members is our primary consideration in the way we operate our business.

Engagement with suppliers and customers is key to our success. We meet with our suppliers and customers regularly throughout the year and take appropriate action, when required, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plans took into account the impact of the Group's operations on the community and environment and our wider social responsibilities, in particular how we adhere to environmental legislation and pursue waste-saving opportunities as well as acting upon local community concerns.

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating with the high standards of business conduct and good governance expected of a business such as ours and in doing so, will contribute to the delivery of our plans.

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS

The key financial metric is FCF (Free Cash Flow) and its drivers. This has been at a satisfactory level over recent history and continues to remain so. The group targets a minimum growth in FCF in the range of 8%-10% per annum but is reviewing this under the current highly inflationary environment that is likely to persist for the company.

Goldenfry Limited (Registered number: 02404748)

Group Strategic Report

for the Year Ended 31 December 2024

STREAMLINED ENERGY AND CARBON REPORTING DISCLOSURE

As Goldenfry Limited (the 'Group') now meets the criteria of a large unquoted group, it is required under the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 and the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulation 2018 to disclose the annual energy consumption and associated Green House Gas (GHG) emissions.

As this is the first reporting period, the Group is required to provide this information in its Strategic Report, there is no data for the previous reporting period to compare.

The electricity and gas data has been recorded over a twelve-month period from 1 January 2024 to 31 December 2024.

The UK annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from activities for which the company is responsible involving:

| 2024 |

| tC02e |

Purchased electricity for own use |  | 425.99 |

Gas |  | 205.67 |

Total |  | 631.66 |

The UK annual quantity of energy consumed from activities for which the company is responsible involving:

| 2024 |

| KWh |

Purchased electricity for own use |  | 1,909,952 |

Gas |  | 922,133 |

Total |  | 2,832,085 |

The above figures have been calculated using the 2024 emission factors.

Emissions relating to the consumption of fuel for the purposes of transport have not been disclosed as a third party transport provider is used and therefore the data was not available to report.

The Company's tCO2e to annual turnover (£M) for 2024 is 10.89.

To increase energy efficiency the Group has taken the following measures:

- Installed LED lighting to all areas

- Installed motion detectors so lights turn off when a building is unoccupied

- Are investigating options for installing solar panels

ON BEHALF OF THE BOARD:

J P Herridge - Secretary

8 January 2026

Goldenfry Limited (Registered number: 02404748)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £420,000.

DIRECTORS

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

P A Herridge

Mrs M Herridge

FINANCIAL RISK MANAGEMENT

The Group's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects of these risks on the financial performance of the Group.

Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The Group’s finance department implements the policies set by the board of directors.

PRICE RISK

The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The Group has no exposure to equity securities price risk as it holds no listed or other equity investments.

CREDIT RISK

The Group has implemented policies that require appropriate credit checks on potential customers before sales are made.

LIQUIDITY RISK

The Group currently has cash balances, which provide sufficient available funds for operations and planned expansions.

INTEREST RATE RISK

The Group currently has only interest bearing assets being cash balances which earn interest at variable rates.

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures with regard to the review of the business, principal risks and uncertainties, key performance indicators and future outlook have been included in the Group strategic report.

Goldenfry Limited (Registered number: 02404748)

Report of the Directors

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J P Herridge - Secretary

8 January 2026

Report of the Independent Auditors to the Members of

Goldenfry Limited

Opinion

We have audited the financial statements of Goldenfry Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Group Strategic Report, Report of the Directors and Consolidated Financial Statements. Our opinion on the financial statements does not cover the other information and 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 the audit:

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

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

Report of the Independent Auditors to the Members of

Goldenfry Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

Goldenfry 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

We understand that the Group and Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

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

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

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

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

- UK Taxation Law

- Specific industry standards

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

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

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries.

- Incorrect recognition of revenue

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

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period and has occurred

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

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

Report of the Independent Auditors to the Members of

Goldenfry 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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

22 January 2026

Goldenfry Limited (Registered number: 02404748)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 5 | 58,005,833 |  | 53,302,260 |  |

Cost of sales | 45,544,436 |  | 43,184,615 |  |

GROSS PROFIT | 12,461,397 |  | 10,117,645 |  |

Distribution costs | 2,118,422 |  | 1,922,798 |  |

Administrative expenses | 3,359,341 |  | 2,260,170 |  |

|  |  | 5,477,763 |  |  |  |  | 4,182,968 |  |

OPERATING PROFIT | 7 | 6,983,634 |  | 5,934,677 |  |

Interest receivable and similar income | 292,448 |  | 211,748 |  |

7,276,082 |  | 6,146,425 |  |

Interest payable and similar expenses | 8 | 130,056 |  | 89,773 |  |

PROFIT BEFORE TAXATION | 7,146,026 |  | 6,056,652 |  |

Tax on profit | 9 | 1,867,709 |  | 1,480,577 |  |

PROFIT FOR THE FINANCIAL YEAR | 5,278,317 |  | 4,576,075 |  |

Profit attributable to:

Owners of the parent | 5,278,317 |  | 4,576,075 |  |

Goldenfry Limited (Registered number: 02404748)

Consolidated Other Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 5,278,317 |  | 4,576,075 |  |

OTHER COMPREHENSIVE INCOME |

Actuarial (loss)/gain on defined benefit | (47,285 | ) | (164,335 | ) |

Deferred tax movement on revaluation | 753,090 |  | 28,656 |  |

Income tax relating to components of other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 705,805 |  | (135,679 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 5,984,122 |  | 4,440,396 |  |

Total comprehensive income attributable to:

Owners of the parent | 5,984,122 |  | 4,440,396 |  |

Goldenfry Limited (Registered number: 02404748)

Consolidated Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 9,721,965 |  | 9,634,092 |  |

Investments | 13 | - |  | - |  |

9,721,965 |  | 9,634,092 |  |

CURRENT ASSETS

Stocks | 14 | 5,725,926 |  | 4,351,014 |  |

Debtors | 15 | 6,284,049 |  | 6,001,417 |  |

Cash at bank | 33,160,571 |  | 21,888,720 |  |

45,170,546 |  | 32,241,151 |  |

CREDITORS

Amounts falling due within one year | 16 | 27,094,144 |  | 18,520,803 |  |

NET CURRENT ASSETS | 18,076,402 |  | 13,720,348 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 27,798,367 |  | 23,354,440 |  |

PROVISIONS FOR LIABILITIES | 19 | (524,204 | ) | (1,643,882 | ) |

PENSION ASSET | 22 | 191,684 |  | 191,167 |  |

NET ASSETS | 27,465,847 |  | 21,901,725 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 258,469 |  | 258,469 |  |

Revaluation reserve | 21 | 2,712,314 |  | 2,073,847 |  |

Capital redemption reserve | 21 | 231,531 |  | 231,531 |  |

Other reserves | 21 | 103,235 |  | 103,235 |  |

Retained earnings | 21 | 24,160,298 |  | 19,234,643 |  |

SHAREHOLDERS' FUNDS | 27,465,847 |  | 21,901,725 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

P A Herridge - Director

Goldenfry Limited (Registered number: 02404748)

Company Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 4,600,000 |  | 4,887,500 |  |

Investments | 13 | 1,422,000 |  | 1,422,000 |  |

6,022,000 |  | 6,309,500 |  |

CURRENT ASSETS

Debtors | 15 | 78,742 |  | - |  |

Cash at bank | 19,892,122 |  | 10,375,970 |  |

19,970,864 |  | 10,375,970 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,905,402 |  | 3,188,877 |  |

NET CURRENT ASSETS | 17,065,462 |  | 7,187,093 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 23,087,462 |  | 13,496,593 |  |

PROVISIONS FOR LIABILITIES | 19 | - |  | 758,265 |  |

NET ASSETS | 23,087,462 |  | 12,738,328 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 258,469 |  | 258,469 |  |

Revaluation reserve | 21 | 2,712,314 |  | 2,073,847 |  |

Capital redemption reserve | 21 | 231,531 |  | 231,531 |  |

Retained earnings | 21 | 19,885,148 |  | 10,174,481 |  |

SHAREHOLDERS' FUNDS | 23,087,462 |  | 12,738,328 |  |

Company's profit for the financial year | 10,016,044 |  | 2,954,067 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

P A Herridge - Director

Goldenfry Limited (Registered number: 02404748)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Revaluation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1 January 2023 | 258,469 |  | 14,733,280 |  | 2,159,814 |  |

Changes in equity

Profit for the year | - |  | 4,576,075 |  | - |  |

Other comprehensive income | - |  | (164,335 | ) | 28,656 |  |

Total comprehensive income | - |  | 4,411,740 |  | 28,656 |  |

Dividends | - |  | (25,000 | ) | - |  |

Transfer to/from profit and

loss account | - |  | 114,623 |  | (114,623 | ) |

Balance at 31 December 2023 | 258,469 |  | 19,234,643 |  | 2,073,847 |  |

Changes in equity

Profit for the year | - |  | 5,278,317 |  | - |  |

Other comprehensive income | - |  | (47,285 | ) | 753,090 |  |

Total comprehensive income | - |  | 5,231,032 |  | 753,090 |  |

Dividends | - |  | (420,000 | ) | - |  |

Transfer to/from profit and

loss account | - |  | 114,623 |  | (114,623 | ) |

Balance at 31 December 2024 | 258,469 |  | 24,160,298 |  | 2,712,314 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 231,531 |  | 103,235 |  | 17,486,329 |  |

Changes in equity

Profit for the year | - |  | - |  | 4,576,075 |  |

Other comprehensive income | - |  | - |  | (135,679 | ) |

Total comprehensive income | - |  | - |  | 4,440,396 |  |

Dividends | - |  | - |  | (25,000 | ) |

Balance at 31 December 2023 | 231,531 |  | 103,235 |  | 21,901,725 |  |

Changes in equity

Profit for the year | - |  | - |  | 5,278,317 |  |

Other comprehensive income | - |  | - |  | 705,805 |  |

Total comprehensive income | - |  | - |  | 5,984,122 |  |

Dividends | - |  | - |  | (420,000 | ) |

Balance at 31 December 2024 | 231,531 |  | 103,235 |  | 27,465,847 |  |

Goldenfry Limited (Registered number: 02404748)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 258,469 |  | 7,130,791 |  | 2,159,814 |  | 231,531 |  | 9,780,605 |  |

Changes in equity

Profit for the year | - |  | 2,954,067 |  | - |  | - |  | 2,954,067 |  |

Other comprehensive income | - |  | - |  | 28,656 |  | - |  | 28,656 |  |

Total comprehensive income | - |  | 2,954,067 |  | 28,656 |  | - |  | 2,982,723 |  |

Dividends | - |  | (25,000 | ) | - |  | - |  | (25,000 | ) |

Transfer to/from profit and

loss account | - |  | 114,623 |  | (114,623 | ) | - |  | - |  |

Balance at 31 December 2023 | 258,469 |  | 10,174,481 |  | 2,073,847 |  | 231,531 |  | 12,738,328 |  |

Changes in equity

Profit for the year | - |  | 10,016,044 |  | - |  | - |  | 10,016,044 |  |

Other comprehensive income | - |  | - |  | 753,090 |  | - |  | 753,090 |  |

Total comprehensive income | - |  | 10,016,044 |  | 753,090 |  | - |  | 10,769,134 |  |

Dividends | - |  | (420,000 | ) | - |  | - |  | (420,000 | ) |

Transfer to/from profit and

loss account | - |  | 114,623 |  | (114,623 | ) | - |  | - |  |

Balance at 31 December 2024 | 258,469 |  | 19,885,148 |  | 2,712,314 |  | 231,531 |  | 23,087,462 |  |

Goldenfry Limited (Registered number: 02404748)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 12,458,214 |  | 8,485,781 |  |

Interest paid | (47,105 | ) | 5,493 |  |

Finance costs paid | (82,951 | ) | (95,266 | ) |

Tax paid | (6,536 | ) | (489,837 | ) |

Net cash from operating activities | 12,321,622 |  | 7,906,171 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (802,533 | ) | (717,478 | ) |

Sale of fixed asset investments | 711 |  | - |  |

Interest received | 292,448 |  | 211,748 |  |

Net cash from investing activities | (509,374 | ) | (505,730 | ) |

Cash flows from financing activities

Hire purchase repayments | (120,397 | ) | (267,791 | ) |

Equity dividends paid | (420,000 | ) | (25,000 | ) |

Net cash from financing activities | (540,397 | ) | (292,791 | ) |

Increase in cash and cash equivalents | 11,271,851 |  | 7,107,650 |  |

Cash and cash equivalents at beginning of year | 2 | 21,888,720 |  | 14,781,070 |  |

Cash and cash equivalents at end of year | 2 | 33,160,571 |  | 21,888,720 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 7,146,026 |  | 6,056,652 |  |

| Depreciation charges | 715,371 |  | 589,895 |  |

| Profit on disposal of fixed assets | (711 | ) | - |  |

| Movement in net pension assets/liabs | 517 |  | (8,261 | ) |

| Pension contributions | (36,071 | ) | (400,609 | ) |

| Finance costs | 130,056 |  | 89,773 |  |

| Finance income | (292,448 | ) | (211,748 | ) |

7,662,740 |  | 6,115,702 |  |

| Increase in stocks | (1,374,912 | ) | (988,580 | ) |

| Increase in trade and other debtors | (282,632 | ) | (2,139,361 | ) |

| Increase in trade and other creditors | 6,453,018 |  | 5,498,020 |  |

| Cash generated from operations | 12,458,214 |  | 8,485,781 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 33,160,571 |  | 21,888,720 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 21,888,720 |  | 14,781,070 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank | 21,888,720 |  | 11,271,851 |  | 33,160,571 |  |

21,888,720 |  | 11,271,851 |  | 33,160,571 |  |

| Debt

| Finance leases | (120,397 | ) | 120,397 |  | - |  |

| Debts falling due within 1 year | (1,000,000 | ) | - |  | (1,000,000 | ) |

(1,120,397 | ) | 120,397 |  | (1,000,000 | ) |

| Total | 20,768,323 |  | 11,392,248 |  | 32,160,571 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Goldenfry 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 General Information page.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | 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 as modified by the revaluation of freehold property.

| Going concern

| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| Basis of consolidation

| The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

| Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

| All subsidiaries have been included in the consolidation under the acquisition method.

| Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is recognised within the profit and loss account at the point that goods are delivered to the customer.

| Product development

| Product development and promotion costs are fully written off in the year in which they are incurred.

| Interest income

| Interest income is recognised in the profit and loss account in the period in which it is receivable.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| The estimated useful lives range as follows:

| Freehold land - N/A

| Freehold property - 20 years

| Plant and equipment - 15 to 20 years

| Office furniture and equipment - 3 to 10 years

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

| Revaluation of tangible fixed assets

| Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

| Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

| Valuation of investments

| Investments in subsidiaries are measured at cost less accumulated impairment.

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

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

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The Group operated two defined benefit schemes, the Goldenfry Hourly Scheme (1987) and the Goldenfry Staff Scheme (1987), providing benefits based on final pensionable pay, until September 1999 when these were closed.

| Pension scheme assets are measured using fair value. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality bond of equivalent term and currency to the liability. As the schemes were closed in 1999 there are no increases in the present value of the liabilities of the Group's defined benefit pension schemes arising from employee service in the period.

| Income representing the expected return on assets of the fund during the year is included within other finance costs. This is based on the fair value of the assets of the fund at the start of the financial year. A cost representing the interest on the liabilities of the fund during the year is also included within other finance costs. This arises from the liabilities of the fund being one year closer to payment.

| Differences between actual and expected returns on assets during the year are recognised in the statement of other comprehensive income in the year, together with differences arising from changes in assumptions underlying the present value of scheme liabilities and experience gains and losses arising on scheme liabilities.

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted

| at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the Consolidated profit and loss account in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the balance

| sheet.

| Foreign currency translation

| Functional and presentation currency

| The Group's and Company's functional and presentational currency is GBP (£).

| Transactions and balances

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

| Employee benefits

| Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these key judgments and estimates have been made include the provisions for costs included within accruals and deferred income.

5. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 58,005,833 |  | 53,302,260 |  |

58,005,833 |  | 53,302,260 |  |

6. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 7,671,110 |  | 4,343,106 |  |

| Social security costs | 568,771 |  | 489,804 |  |

| Other pension costs | 108,010 |  | 194,444 |  |

8,347,891 |  | 5,027,354 |  |

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

| 2024 |  | 2023

| Goldenfry Foods Limited | 134 |  | 131 |  |

| The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 165,437 |  | 152,229 |  |

| Royalties payable | 2,542,707 |  | 2,639,775 |  |

| Depreciation - owned assets | 668,238 |  | 471,573 |  |

| Depreciation - assets on hire purchase contracts | 46,422 |  | 118,322 |  |

| Profit on disposal of fixed assets | (711 | ) | - |  |

| Foreign exchange differences | 27,102 |  | 53,672 |  |

| Fees payable to the Group's auditor for the audit of the Group's annual financial statements | 28,850 |  | 15,000 |  |

| Fees payable to the Group's auditor for the preparation of the Group's annual financial statements | 3,000 |  | - |  |

| Fees payable to the Group's auditor for the preparation of the Group's annual corporation tax | 3,000 |  | - |  |

| Fees payable to the Group's auditor for the annual audit of the Group's pension schemes | 6,000 |  | - |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | - |  | 358 |  |

| Other interest - defined

| benefit liability | (9,475 | ) | (8,261 | ) |

| Other interest | 56,580 |  | - |  |

| Interest payable | - |  | 2,410 |  |

| Interest - Hire purchase

| liability | 2,951 |  | 15,266 |  |

| Preference share dividends | 80,000 |  | 80,000 |  |

130,056 |  | 89,773 |  |

9. | TAXATION

| Analysis of the tax charge

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

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 2,234,125 |  | 1,278,598 |  |

| Deferred tax | (366,416 | ) | 201,979 |  |

| Tax on profit | 1,867,709 |  | 1,480,577 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Profit before tax | 7,146,026 |  | 6,056,652 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | 1,786,507 |  | 1,514,163 |  |

| Effects of:

| Expenses not deductible for tax purposes | 71,875 |  | 86,830 |  |

| Capital allowances in excess of depreciation | - |  | (669 | ) |

| Depreciation in excess of capital allowances | 2,670 |  | - |  |

| Differences on pension scheme | - |  | (38,495 | ) |

| enhanced deduction |

| Rounding | - |  | (828 | ) |

| Other timing differences | (113,618 | ) | - |  |

| Difference due to lower tax rate | - |  | (80,424 | ) |

| DT not recognised | 120,275 |  | - |  |

| Total tax charge | 1,867,709 |  | 1,480,577 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Actuarial (loss)/gain on defined benefit | (47,285 | ) | - |  | (47,285 | ) |

| Deferred tax movement on revaluation | 753,090 |  | - |  | 753,090 |  |

705,805 |  | - |  | 705,805 |  |

| 2023 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Actuarial (loss)/gain on defined benefit | (164,335 | ) | - |  | (164,335 | ) |

| Deferred tax movement on revaluation | 28,656 |  | - |  | 28,656 |  |

(135,679 | ) | - |  | (135,679 | ) |

10. | INDIVIDUAL INCOME STATEMENT

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

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Interim | 420,000 |  | 25,000 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Office |

| furniture |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 5,750,000 |  | 11,623,880 |  | 454,932 |  | 17,828,812 |  |

| Additions | - |  | 735,429 |  | 67,104 |  | 802,533 |  |

| At 31 December 2024 | 5,750,000 |  | 12,359,309 |  | 522,036 |  | 18,631,345 |  |

| DEPRECIATION

| At 1 January 2024 | 862,500 |  | 7,011,990 |  | 320,230 |  | 8,194,720 |  |

| Charge for year | 287,500 |  | 407,993 |  | 19,167 |  | 714,660 |  |

| At 31 December 2024 | 1,150,000 |  | 7,419,983 |  | 339,397 |  | 8,909,380 |  |

| NET BOOK VALUE

| At 31 December 2024 | 4,600,000 |  | 4,939,326 |  | 182,639 |  | 9,721,965 |  |

| At 31 December 2023 | 4,887,500 |  | 4,611,890 |  | 134,702 |  | 9,634,092 |  |

| The freehold property is owned by the company, Goldenfry Limited and was revalued as at August 2021 by Dove Haigh Philips (RICS) at open market value in accordance with the RICS Appraisal and Valuation Manual.

| Cost or valuation at 31 December 2024 is represented by:

| Office |

| furniture |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2021 | 5,750,000 |  | - |  | - |  | 5,750,000 |  |

| Cost | - |  | 12,359,309 |  | 522,036 |  | 12,881,345 |  |

5,750,000 |  | 12,359,309 |  | 522,036 |  | 18,631,345 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | TANGIBLE FIXED ASSETS - continued

| Group

| If land and buildings had not been revalued they would have been included at the following historical cost:

2024 | 2023 |

£ | £ |

| Cost | 4,727,543 |  | 4,727,543 |  |

| Aggregate depreciation | 3,100,119 |  | 3,100,119 |  |

| Freehold property was valued on an open market basis on 31 August 2021 by the RICS Appraisal and Valuation Manual .

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

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 January 2024

| and 31 December 2024 | 1,031,786 |  |

| DEPRECIATION

| At 1 January 2024 | 184,821 |  |

| Charge for year | 46,422 |  |

| At 31 December 2024 | 231,243 |  |

| NET BOOK VALUE

| At 31 December 2024 | 800,543 |  |

| At 31 December 2023 | 846,965 |  |

| Company

| Office |

| furniture |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024

| and 31 December 2024 | 5,750,000 |  | 1,489 |  | 3,957 |  | 5,755,446 |  |

| DEPRECIATION

| At 1 January 2024 | 862,500 |  | 1,489 |  | 3,957 |  | 867,946 |  |

| Charge for year | 287,500 |  | - |  | - |  | 287,500 |  |

| At 31 December 2024 | 1,150,000 |  | 1,489 |  | 3,957 |  | 1,155,446 |  |

| NET BOOK VALUE

| At 31 December 2024 | 4,600,000 |  | - |  | - |  | 4,600,000 |  |

| At 31 December 2023 | 4,887,500 |  | - |  | - |  | 4,887,500 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | TANGIBLE FIXED ASSETS - continued

| Company

| Cost or valuation at 31 December 2024 is represented by:

| Office |

| furniture |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2021 | 5,750,000 |  | - |  | - |  | 5,750,000 |  |

| Cost | - |  | 1,489 |  | 3,957 |  | 5,446 |  |

5,750,000 |  | 1,489 |  | 3,957 |  | 5,755,446 |  |

| If land and buildings had not been revalued they would have been included at the following historical cost:

2024 | 2023 |

£ | £ |

| Cost | 4,727,543 |  | 4,727,543 |  |

| Aggregate depreciation | 3,100,119 |  | 3,100,119 |  |

| Freehold buildings were valued on an open market basis on by the RICS Appraisal and Valuation Manual .

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 1,422,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,422,000 |  |

| At 31 December 2023 | 1,422,000 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

13. | FIXED ASSET INVESTMENTS - continued

| Subsidiary undertakings

| The following were subsidiary undertakings of the Company:

| Name |  | Principal activity |  | Class of shares |  | Holding |  |

| Goldenfry Foods Limited |  | Convenience foods |  | Ordinary |  | 100% |  |

| Regalbell Limited |  | Dormant - owned by Goldenfry Foods Limited |  | Ordinary |  | 100% |  |

14. | STOCKS

| Group |

2024 | 2023 |

£ | £ |

| Raw materials and consumables | 2,003,151 |  | 1,991,924 |  |

| Work-in-progress | 198,346 |  | 164,793 |  |

| Finished goods | 3,524,429 |  | 2,194,297 |  |

5,725,926 |  | 4,351,014 |  |

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

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Trade debtors | 5,320,286 |  | 5,262,266 |  | - |  | - |  |

| Other debtors | 607,083 |  | 537,188 |  | - |  | - |  |

| Deferred tax asset | - |  | - |  | 78,742 |  | - |  |

| Prepayments and accrued income | 356,680 |  | 201,963 |  | - |  | - |  |

6,284,049 |  | 6,001,417 |  | 78,742 |  | - |  |

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

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Preference shares (see note 17) | 1,000,000 |  | 1,000,000 |  | 1,000,000 |  | 1,000,000 |  |

| Hire purchase contracts (see note 18) | - |  | 120,397 |  | - |  | - |  |

| Trade creditors | 6,040,856 |  | 5,451,333 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 1,371,369 |  | 1,671,369 |  |

| Amounts owed to participating interests | 11,141,673 |  | 7,542,851 |  | 100,130 |  | 73,630 |  |

| Tax | 3,662,536 |  | 1,434,947 |  | 167,088 |  | 97,063 |  |

| Social security and other taxes | 251,175 |  | 184,889 |  | - |  | - |  |

| Other creditors | 396,889 |  | 377,217 |  | 57,141 |  | 57,141 |  |

| Accruals and deferred income | 4,601,015 |  | 2,409,169 |  | 209,674 |  | 289,674 |  |

27,094,144 |  | 18,520,803 |  | 2,905,402 |  | 3,188,877 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Included within creditors due in under one year are amounts of £NIL (2023: £120,397) due in respect of hire purchase contracts which are secured on assets of the group.

17. | LOANS

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

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

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

| Preference shares | 1,000,000 |  | 1,000,000 |  | 1,000,000 |  | 1,000,000 |  |

| Details of shares shown as liabilities are as follows:

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 1,000,000 | Redeemable Preference | £1 | 1,000,000 |  | 1,000,000 |  |

| Included within creditors due within one year are amounts of £1,000,000 (2023: £1,000,000) due in respect of redeemable preference shares. The authority will expire after a period of 5 years unless renewed, varied or revoked. They are redeemable at the option of the Company.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 120,397 |  |

19. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 115,594 |  | 1,094,851 |  | - |  | 66,984 |  |

| Other timing differences | (282,671 | ) | (142,250 | ) | - |  | - |  |

| Deferred tax on revaluation | 691,281 |  | 691,281 |  | - |  | 691,281 |  |

524,204 |  | 1,643,882 |  | - |  | 758,265 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

19. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 1,643,882 |  |

| Credit to Income Statement during year | (366,416 | ) |

| Deferred tax on revaluation | (753,090 | ) |

| Amount against pension | (172 | ) |

| Balance at 31 December 2024 | 524,204 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 758,265 |  |

| Provided during year | (83,917 | ) |

| Deferred tax on revaluation | (753,090 | ) |

| Balance at 31 December 2024 | (78,742 | ) |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 258,469 | Ordinary | £1 | 258,469 |  | 258,469 |  |

21. | RESERVES

| Group

| Capital |

| Retained |  | Revaluation |  | redemption |  | Other |

| earnings |  | reserve |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2024 | 19,234,643 |  | 2,073,847 |  | 231,531 |  | 103,235 |  | 21,643,256 |  |

| Profit for the year | 5,278,317 |  | 5,278,317 |  |

| Dividends | (420,000 | ) | (420,000 | ) |

| Transfer to/from profit and

| loss account | (47,285 | ) | - |  | - |  | - |  | (47,285 | ) |

| Deferred tax movement on

| revaluation | - |  | 753,090 |  | - |  | - |  | 753,090 |  |

| Transfer to/from profit and

| loss account | 114,623 |  | (114,623 | ) | - |  | - |  | - |  |

| At 31 December 2024 | 24,160,298 |  | 2,712,314 |  | 231,531 |  | 103,235 |  | 27,207,378 |  |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

21. | RESERVES - continued

| Company

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 10,174,481 |  | 2,073,847 |  | 231,531 |  | 12,479,859 |  |

| Profit for the year | 10,016,044 |  | 10,016,044 |  |

| Dividends | (420,000 | ) | (420,000 | ) |

| Deferred tax movement on

| revaluation | - |  | 753,090 |  | - |  | 753,090 |  |

| Transfer to/from profit and

| loss account | 114,623 |  | (114,623 | ) | - |  | - |  |

| At 31 December 2024 | 19,885,148 |  | 2,712,314 |  | 231,531 |  | 22,828,993 |  |

22. | EMPLOYEE BENEFIT OBLIGATIONS

| The Group operated two defined benefit schemes, the Goldenfry Hourly Scheme (1987) and the Goldenfry Staff Scheme (1987), providing benefits based on final pensionable pay, until September 1999 when these were closed.

| The assets of the schemes are invested in a with profits insurance policy. The contributions are determined by a qualified actuary on the basis of triennial valuations using the aggregate method. The most recent actuarial valuation was at 1 August 2017 updated to 31 December 2018, carried out by a qualified independent actuary for the purposes of FRS 102.

| The amounts recognised in profit or loss are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£ | £ |

| Current service cost | - |  | - |  |

| Net interest from net defined benefit asset/liability | (12,995 | ) | (10,492 | ) |

| Past service cost | - |  | - |  |

(12,995 | ) | (10,492 | ) |

| Actual return on plan assets | (59,442 | ) | (53,462 | ) |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

22. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£ | £ |

| Opening defined benefit obligation | 810,525 |  | 885,261 |  |

| Interest cost | 25,216 |  | 37,849 |  |

| Actuarial losses/(gains) | (50,368 | ) | 62,532 |  |

| Benefits paid | (431,930 | ) | (236,410 | ) |

| Deferred tax movement on

| actuarial gain/loss | 172 |  | 63,722 |  |

353,615 |  | 812,954 |  |

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£ | £ |

| Opening fair value of scheme assets | 1,004,121 |  | 895,615 |  |

| Contributions by employer | 36,071 |  | 400,609 |  |

| Expenses paid from assets | (3,521 | ) | (2,231 | ) |

| Expected return | 38,211 |  | 48,341 |  |

| Actuarial gains/(losses) | (97,653 | ) | (101,803 | ) |

| Benefits paid | (431,930 | ) | (236,410 | ) |

545,299 |  | 1,004,121 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£ | £ |

| Actuarial gains/(losses) | (47,285 | ) | (164,335 | ) |

(47,285 | ) | (164,335 | ) |

| The major categories of scheme assets as a percentage of total scheme assets are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

| Index linked gilts | 91% | 96% |

| With profits | 9% | 4% |

100% | 100% |

Goldenfry Limited (Registered number: 02404748)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

22. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 | 2023 |

| Discount rate at 31 Dec | 5.55% | 4.75% |

| Allowance in payment increase | 3.05% | 2.95% |

| Allowance for reval of deferred pensions | 2.55% | 2.55% |

| Inflation assumption - CPI | 2.55% | 2.25% |

| Inflation assumption - RPI | 3.25% | 3.10% |

| The mortality assumptions adopted at 31 December 2024 imply the following life expectancies:

| - for a male retiring today |  | 25.1 |  | 24.7 |  |

| - for a male retiring in 20 years |  | 26.7 |  | 26.2 |  |

| - for a female retiring today |  | 26.7 |  | 26.9 |  |

| - for a female retiring in 20 years |  | 28.3 |  | 28.4 |  |

23. | RELATED PARTY DISCLOSURES

| In accordance with the exemption allowed by FRS 102, no disclosures are made of transactions with other wholly owned member companies of the Goldenfry Limited Group.

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Royalty charges from company under the same controlling interest |  | 2,542,707 |  | 2,639,776 |  |

| Balance due from/(to) company under the same controlling interest |  | (10,003,673 | ) | (7,469,200 | ) |

| During the year, key management personnel received remuneration of £485,845 (2023: £490,704).

| No further related party transactions took place as are required to be reported under FRS 102.

24. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is P A Herridge.