IRIS Accounts Production v25.4.0.155 01877588 Board of Directors 1.1.25 31.12.25 31.12.25 Medium entities a manufacturer of frozen food products for the food service sector. The main product range comprises of: burgers; sausages; meatballs and savoury pastry products. true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 686253 452474 1002507 1149294 922000 915515 766760 686253 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01877588 2024-12-31 01877588 2025-12-31 01877588 2025-01-01 2025-12-31 01877588 2023-12-31 01877588 2024-01-01 2024-12-31 01877588 2024-12-31 01877588 ns15:EnglandWales 2025-01-01 2025-12-31 01877588 ns14:PoundSterling 2025-01-01 2025-12-31 01877588 ns10:Director1 2025-01-01 2025-12-31 01877588 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01877588 ns10:MediumEntities 2025-01-01 2025-12-31 01877588 ns10:Audited 2025-01-01 2025-12-31 01877588 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 01877588 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 01877588 ns10:FullAccounts 2025-01-01 2025-12-31 01877588 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 01877588 42 ns10:Director2 2024-12-31 01877588 42 ns10:Director2 2023-12-31 01877588 42 ns10:Director2 2025-01-01 2025-12-31 01877588 42 ns10:Director2 2024-01-01 2024-12-31 01877588 42 ns10:Director2 2025-12-31 01877588 42 ns10:Director2 2024-12-31 01877588 ns10:Director2 2025-01-01 2025-12-31 01877588 ns10:RegisteredOffice 2025-01-01 2025-12-31 01877588 1 2025-01-01 2025-12-31 01877588 1 2024-01-01 2024-12-31 01877588 ns5:CurrentFinancialInstruments 2025-12-31 01877588 ns5:CurrentFinancialInstruments 2024-12-31 01877588 ns5:Non-currentFinancialInstruments 2025-12-31 01877588 ns5:Non-currentFinancialInstruments 2024-12-31 01877588 ns5:ShareCapital 2025-12-31 01877588 ns5:ShareCapital 2024-12-31 01877588 ns5:RevaluationReserve 2025-12-31 01877588 ns5:RevaluationReserve 2024-12-31 01877588 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 01877588 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01877588 ns5:ShareCapital 2023-12-31 01877588 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01877588 ns5:RevaluationReserve 2023-12-31 01877588 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01877588 ns5:RevaluationReserve 2024-01-01 2024-12-31 01877588 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01877588 ns5:RevaluationReserve 2025-01-01 2025-12-31 01877588 ns15:UnitedKingdom 2025-01-01 2025-12-31 01877588 ns15:UnitedKingdom 2024-01-01 2024-12-31 01877588 ns15:Europe 2025-01-01 2025-12-31 01877588 ns15:Europe 2024-01-01 2024-12-31 01877588 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2025-01-01 2025-12-31 01877588 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 01877588 ns5:OwnedAssets 2025-01-01 2025-12-31 01877588 ns5:OwnedAssets 2024-01-01 2024-12-31 01877588 ns5:LeasedAssets 2025-01-01 2025-12-31 01877588 ns5:LeasedAssets 2024-01-01 2024-12-31 01877588 14 2025-01-01 2025-12-31 01877588 14 2024-01-01 2024-12-31 01877588 15 2025-01-01 2025-12-31 01877588 15 2024-01-01 2024-12-31 01877588 ns5:HirePurchaseContracts 2025-01-01 2025-12-31 01877588 ns5:HirePurchaseContracts 2024-01-01 2024-12-31 01877588 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 01877588 ns5:LandBuildings 2024-12-31 01877588 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-12-31 01877588 ns5:PlantMachinery 2024-12-31 01877588 ns5:MotorVehicles 2024-12-31 01877588 ns5:LandBuildings 2025-01-01 2025-12-31 01877588 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 01877588 ns5:PlantMachinery 2025-01-01 2025-12-31 01877588 ns5:MotorVehicles 2025-01-01 2025-12-31 01877588 ns5:LandBuildings 2025-12-31 01877588 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-12-31 01877588 ns5:PlantMachinery 2025-12-31 01877588 ns5:MotorVehicles 2025-12-31 01877588 ns5:LandBuildings 2024-12-31 01877588 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-12-31 01877588 ns5:PlantMachinery 2024-12-31 01877588 ns5:MotorVehicles 2024-12-31 01877588 ns5:CostValuation 2024-12-31 01877588 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 01877588 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 01877588 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2025-12-31 01877588 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-12-31 01877588 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-12-31 01877588 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-12-31 01877588 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-12-31 01877588 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-12-31 01877588 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-12-31 01877588 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2024-12-31 01877588 ns5:HirePurchaseContracts 2025-12-31 01877588 ns5:HirePurchaseContracts 2024-12-31 01877588 ns5:Secured 2025-12-31 01877588 ns5:Secured 2024-12-31 01877588 ns5:DeferredTaxation 2024-12-31 01877588 ns5:DeferredTaxation 2025-01-01 2025-12-31 01877588 ns5:DeferredTaxation 2025-12-31 01877588 ns10:OrdinaryShareClass1 2025-12-31 01877588 ns10:Director1 1 2024-12-31 01877588 ns10:Director1 1 2023-12-31 01877588 ns10:Director1 1 2025-01-01 2025-12-31 01877588 ns10:Director1 1 2024-01-01 2024-12-31 01877588 ns10:Director1 1 2025-12-31 01877588 ns10:Director1 1 2024-12-31 01877588 ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-01-01 2025-12-31

REGISTERED NUMBER: 01877588 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2025 |

| FOR |

| PENNY LANE FOODS LIMITED |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income Including Profit & Loss | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Notes to the Financial Statements | 12 |

| PENNY LANE FOODS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTORS: | Mr A C Jones

| Mrs C L Jones

| REGISTERED OFFICE: | Units 1a-1e Yeo Road

| Colley Lane Industrial Estate

| Bridgwater

| Somerset

| TA6 5NA

| REGISTERED NUMBER: | 01877588 (England and Wales)

| AUDITORS: | Aspen Waite Limited

| Chartered Accountants and Statutory Auditors

| Rubis House

| 15 Friarn Street

| Bridgwater

| Somerset

| TA6 3LH

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2025

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

Margin pressures continued to be challenging throughout the year. We worked closely with all our suppliers to minimise the net effect of adverse commodity price pressure on our margins. Labour costs continued to rise over the period and we experienced difficulty in finding suitable labour as the local labour market was close to full employment. Overall sales volumes are slightly down on last year. The market for our products was very competitive and some business has been lost due to competitors undercutting us. Overall, the company continued to trade successfully and in line with our expectations.

FUTURE DEVELOPMENTS

We will continue to maximize efficiencies across all operations supported by strong financial and operating controls leaving us well placed in the market to continue to trade successfully. The company's operations are not expected to fundamentally change in succeeding years.

The group successfully applied for a planning application for a new factory on currently unoccupied freehold land that it owns in Bridgwater.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are aware of the principal risks and uncertainties that could threaten the company through the potential volatility of the price of raw materials, especially the global raw meat market. However, the company uses a variety of suppliers, ensures that purchases are made at the best possible price and that, where possible, customer prices reflect any change in raw material cost.

The company is also reliant on the general food industry, which may affect turnover. The company manages this risk by complying with the highest food standards rating and completing relevant checks on their suppliers.

Health and safety can cause a significant risk to the company. The company operates in a highly regulated industry and therefore non-compliance is not taken lightly. In order to minimise this risk the directors ensure that the highest standards are maintained. There continue to be strict health and safety policies in place and the company operates on a zero tolerance basis. There have been no instances of non-compliance during the year.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a number of financial risks that include credit risk, interest rate risk and movement in the price of raw materials. There is no exposure to foreign exchange risk as the company sells all its products in sterling.

Credit risk is managed by regularly reviewing the credit status of all customers and stopping supplies where necessary. The company has a good track record with regards to bad debts and continues to strive to minimise losses in this area.

Interest rate risk is controlled by having a good mix of fixed and variable rate debt. Commodity price risk is controlled by purchasing raw materials in both the spot and forward markets.

Liquidity and cash flow risk is managed by active planning of production and resources required. Continuous monitoring of cash position to ensure company maintains a healthy cash headroom. The company has an arranged overdraft that is seldom used.

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2025

KEY PERFORMANCE INDICATORS

The directors consider turnover and profitability to be the key performance indicators, and these are reviewed on an ongoing basis throughout the year.

| 31/12/25 |  | 31/12/24 |  | Movement |

| £ |  | £ |  |

Turnover |  | 11,732,981 |  | 12,224,446 |  | -4.0% |

Gross profit |  | 3,286,674 |  | 3,599,309 |  | -8.7% |

Profit before taxation |  | 1,163,154 |  | 1,284,665 |  | -9.5% |

The company continues to recycle the majority packaging waste, during the year and this amounted to 153 tonnes.

ON BEHALF OF THE BOARD:

Mr A C Jones - Director

18th March 2026

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

DIVIDENDS

Interim dividends to the parent company were paid amounting to £922,000 - (2024: £900,000).

The directors do not recommend payment of a final dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

Mr A C Jones

Mrs C L Jones

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures relating to future developments have been made in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Aspen Waite Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A C Jones - Director

18th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENNY LANE FOODS LIMITED

Opinion

We have audited the financial statements of Penny Lane Foods Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income Including Profit & Loss, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31st December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENNY LANE FOODS LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENNY LANE FOODS LIMITED

Auditors' responsibilities for the audit of the financial statements

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

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

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: operating licences regarding heavy goods vehicles; employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial property rental environment; the regulatory requirements of Food Standards Agency (FSA); GDPR; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates in particular: depreciation, provisions for bad debts and provisions for slow moving stocks.;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management.

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statements, and the Balance Sheet includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENNY LANE FOODS LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

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.

Paul Waite (Senior Statutory Auditor)

for and on behalf of Aspen Waite Limited

Chartered Accountants and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

18th March 2026

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

STATEMENT OF COMPREHENSIVE

INCOME INCLUDING PROFIT & LOSS

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 31/12/25 |  | 31/12/24

| Notes | £ | £ |

TURNOVER | 3 | 11,732,981 |  | 12,224,446 |  |

Cost of sales | (8,446,307 | ) | (8,625,137 | ) |

GROSS PROFIT | 3,286,674 |  | 3,599,309 |  |

Distribution costs | (527,204 | ) | (565,041 | ) |

Administrative expenses | (1,563,199 | ) | (1,689,314 | ) |

1,196,271 |  | 1,344,954 |  |

Other operating income | 21,832 |  | 9,053 |  |

OPERATING PROFIT | 5 | 1,218,103 |  | 1,354,007 |  |

Interest payable and similar expenses | 6 | (54,949 | ) | (69,342 | ) |

PROFIT BEFORE TAXATION | 1,163,154 |  | 1,284,665 |  |

Tax on profit | 7 | (297,912 | ) | (334,760 | ) |

PROFIT FOR THE FINANCIAL YEAR | 865,242 |  | 949,905 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation | 737,532 |  | - |  |

Income tax relating to other comprehensive income | (184,383 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 553,149 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,418,391 |  | 949,905 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

BALANCE SHEET

31ST DECEMBER 2025

| 31/12/25 |  | 31/12/24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 3,044,375 |  | 2,597,245 |  |

Investments | 11 | 700 |  | 700 |  |

3,045,075 |  | 2,597,945 |  |

CURRENT ASSETS

Stocks | 12 | 1,558,382 |  | 1,302,729 |  |

Debtors | 13 | 1,869,121 |  | 1,766,738 |  |

Cash and cash equivalents | 51,333 |  | 12,475 |  |

3,478,836 |  | 3,081,942 |  |

CREDITORS

Amounts falling due within one year | 14 | (1,956,888 | ) | (1,658,196 | ) |

NET CURRENT ASSETS | 1,521,948 |  | 1,423,746 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,567,023 |  | 4,021,691 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (358,098 | ) | (435,208 | ) |

PROVISIONS FOR LIABILITIES | 19 | (562,987 | ) | (436,936 | ) |

NET ASSETS | 3,645,938 |  | 3,149,547 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 110 |  | 110 |  |

Revaluation reserve | 553,149 |  | - |  |

Retained earnings | 3,092,679 |  | 3,149,437 |  |

SHAREHOLDERS' FUNDS | 3,645,938 |  | 3,149,547 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18th March 2026 and were signed on its behalf by:

Mr A C Jones - Director

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 110 |  | 3,099,532 |  | - |  | 3,099,642 |  |

Changes in equity

Dividends | - |  | (900,000 | ) | - |  | (900,000 | ) |

Total comprehensive income | - |  | 949,905 |  | - |  | 949,905 |  |

Balance at 31st December 2024 | 110 |  | 3,149,437 |  | - |  | 3,149,547 |  |

Changes in equity

Dividends | - |  | (922,000 | ) | - |  | (922,000 | ) |

Total comprehensive income | - |  | 865,242 |  | 553,149 |  | 1,418,391 |  |

Balance at 31st December 2025 | 110 |  | 3,092,679 |  | 553,149 |  | 3,645,938 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Penny Lane Foods Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 01877588, the registered office and principal place of business is, Units 1a- 1e Yeo Road, Colley Lane Industrial Estate, Bridgwater, Somerset, TA6 5NA.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, and 11.47, Basic Financial Instruments;

| • | the requirements of paragraph 33.7, Related Party Disclosures.

| PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

| The financial statements contain information about Penny Lane Foods Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Penny Lane Holdings Limited, 1 Yeo Road, Bridgwater, Somerset, TA6 5NA.

| RELATED PARTY EXEMPTION

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

| TURNOVER

| Turnover represents amounts receivable for goods net of VAT and trade discounts.

| The sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Land |  | - Nil |

| Freehold property |  | - 2% straight line basis |  |

| Long leasehold |  | - 5% straight line basis |  |

| Plant and machinery |  | - 15% on reducing balance |  |

| Fixtures, fittings & equipment |  | - 15% on reducing balance |  |

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

| Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| INVESTMENTS IN SUBSIDIARIES

| Investments in subsidiary undertakings are recognised at cost.

| STOCK

| Stocks are valued at the lower of cost and selling price less costs to complete and sell, on a first in first out basis.

| Finished goods are valued at the costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their location and condition at the reporting date.

| Stocks are valued at the lower of cost and selling price less costs to complete and sell, on a first in first out basis.

| Finished goods are valued at the costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their location and condition at the reporting date.

| Any damaged or obsolete stock are immediately written off.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the profit or loss, 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 TAXATION

| 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.

| INVESTMENTS

| Fixed asset investments are stated at cost less provision for diminution in value, less impairment.

| FOREIGN CURRENCIES

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

| HIRE PURCHASE AND LEASING COMMITMENTS

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

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

| Rentals payable under operating lease are charged against income on a straight line basis over the lease term.

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| FINANCIAL INSTRUMENTS

| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| 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.

| DERECOGNITION OF FINANCIAL ASSETS

| Financial assets are derecognised only when the contractual rights to the cash flows from asset expire or are settled, or when the group transfers the financial asset 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 been 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 instruments is any contract that evidences a residual interest int he assets of the company after deducting all of its liabilities.

| BASIC FINANCIAL LIABILITIES

| Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transactions price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| DERECOGNITION OF FINANCIAL LIABILITIES

| Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

| EQUITY INSTRUMENTS

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

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| GOING CONCERN

| At the time of approving the financial statements the Directors have considered the company's performance for the next 12 months from date of this report.

| Based on the available bank facilities, cash reserves, and performance forecasts, the Directors have identified no material uncertainties regarding the going concern status of the company.

| DIVIDENDS

| Dividends will only be declared and paid when:

| - The company has sufficient distributable profits.

| - There is adequate cash flow to make the payment without impacting the company's operations.

| - The directors have reviewed and approved the dividend.

3. | TURNOVER

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

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

| 31/12/25 |  | 31/12/24

£ | £ |

| United Kingdom | 11,680,431 |  | 12,194,715 |  |

| Europe | 52,550 |  | 29,731 |  |

11,732,981 |  | 12,224,446 |  |

4. | EMPLOYEES AND DIRECTORS

| 31/12/25 |  | 31/12/24

£ | £ |

| Wages and salaries | 2,001,324 |  | 1,930,882 |  |

| Social security costs | 219,317 |  | 170,214 |  |

| Other pension costs | 64,359 |  | 52,175 |  |

2,285,000 |  | 2,153,271 |  |

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

| 31/12/25 |  | 31/12/24

| Management | 5 |  | 5 |  |

| Sales & Administration | 4 |  | 5 |  |

| Drivers | 3 |  | 3 |  |

| Factory & Stores | 54 |  | 54 |  |

66 |  | 67 |  |

| 31/12/25 |  | 31/12/24

£ | £ |

| Directors' remuneration | 33,530 |  | 34,707 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

5. | OPERATING PROFIT

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Depreciation - owned assets | 281,629 |  | 176,866 |  |

| Depreciation - assets on hire purchase contracts | 34,325 |  | 113,710 |  |

| Loss/(profit) on disposal of fixed assets | 6,634 |  | (90,757 | ) |

| Defined contribution pension | 64,360 |  | 52,174 |  |

| Auditors' remuneration | 7,500 |  | 7,060 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31/12/25 |  | 31/12/24

£ | £ |

| Bank interest | 27,658 |  | 46,026 |  |

| Other interest | 2,157 |  | 576 |  |

| Hire purchase interest | 25,134 |  | 22,740 |  |

54,949 |  | 69,342 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Current tax:

| UK corporation tax | 356,244 |  | 201,440 |  |

| Deferred tax:

| Origination and reversal of timing differences | (58,332 | ) | 133,320 |  |

| Tax on profit | 297,912 |  | 334,760 |  |

| 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:

| 31/12/25 |  | 31/12/24

£ | £ |

| Profit before tax | 1,163,154 |  | 1,284,665 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 290,789 |  | 321,166 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,017 |  | 323 |  |

| Capital allowances in excess of depreciation | - |  | (120,049 | ) |

| Depreciation in excess of capital allowances | 3,106 |  | - |  |

| Deferred tax balance/rate change | - |  | 133,320 |  |

| Total tax charge | 297,912 |  | 334,760 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

7. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 31/12/25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation | 737,532 |  | (184,383 | ) | 553,149 |  |

8. | DIVIDENDS

| 31/12/25 |  | 31/12/24

£ | £ |

| Ordinary shares of £1 each

| Ordinary interim paid | 922,000 |  | 900,000 |  |

9. | PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

| The company operates a defined contribution pension scheme. 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.

10. | TANGIBLE FIXED ASSETS

| Freehold |

| land and |  | Long |  | Plant and |  | Motor |

| property |  | leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1st January 2025 | 822,247 |  | 44,147 |  | 6,151,950 |  | 677,642 |  | 7,695,986 |  |

| Additions | - |  | - |  | 43,813 |  | - |  | 43,813 |  |

| Disposals | - |  | - |  | (35,914 | ) | (31,126 | ) | (67,040 | ) |

| Revaluations | 737,532 |  | - |  | - |  | - |  | 737,532 |  |

| At 31st December 2025 | 1,559,779 |  | 44,147 |  | 6,159,849 |  | 646,516 |  | 8,410,291 |  |

| DEPRECIATION

| At 1st January 2025 | 165,020 |  | 5,702 |  | 4,478,951 |  | 449,068 |  | 5,098,741 |  |

| Charge for year | 13,752 |  | 2,207 |  | 256,290 |  | 43,705 |  | 315,954 |  |

| Eliminated on disposal | - |  | - |  | (27,700 | ) | (21,079 | ) | (48,779 | ) |

| At 31st December 2025 | 178,772 |  | 7,909 |  | 4,707,541 |  | 471,694 |  | 5,365,916 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,381,007 |  | 36,238 |  | 1,452,308 |  | 174,822 |  | 3,044,375 |  |

| At 31st December 2024 | 657,227 |  | 38,445 |  | 1,672,999 |  | 228,574 |  | 2,597,245 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

10. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31st December 2025 is represented by:

| Freehold |

| land and |  | Long |  | Plant and |  | Motor |

| property |  | leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2025 | 737,532 |  | - |  | - |  | - |  | 737,532 |  |

| Cost | 822,247 |  | 44,147 |  | 6,159,849 |  | 646,516 |  | 7,672,759 |  |

1,559,779 |  | 44,147 |  | 6,159,849 |  | 646,516 |  | 8,410,291 |  |

| The net book value of tangible fixed assets includes £ 137,302 (2024 - £ 985,891 ) in respect of assets held under hire purchase contracts.

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 700 |  |

| NET BOOK VALUE

| At 31st December 2025 | 700 |  |

| At 31st December 2024 | 700 |  |

12. | STOCKS

| 31/12/25 |  | 31/12/24

£ | £ |

| Raw materials and consumables | 726,283 |  | 694,837 |  |

| Finished goods and goods for resale | 832,099 |  | 607,892 |  |

1,558,382 |  | 1,302,729 |  |

| All stock is pledged as security for liabilities.

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Trade debtors | 1,020,009 |  | 900,828 |  |

| Director's current account | 766,760 |  | 686,253 |  |

| VAT | 32,948 |  | 41,872 |  |

| Prepayments and accrued income | 49,404 |  | 137,785 |  |

1,869,121 |  | 1,766,738 |  |

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Bank loans and overdrafts (see note 16) | 208,855 |  | 298,780 |  |

| Hire purchase contracts (see note 17) | 163,915 |  | 250,070 |  |

| Trade creditors | 949,880 |  | 623,278 |  |

| Amounts owed to group undertakings | 800 |  | 800 |  |

| Corporation tax | 356,244 |  | 201,440 |  |

| Social security and other taxes | 57,613 |  | 46,111 |  |

| Accruals and deferred income | 219,581 |  | 237,717 |  |

1,956,888 |  | 1,658,196 |  |

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Bank loans (see note 16) | 260,675 |  | 173,870 |  |

| Hire purchase contracts (see note 17) | 97,423 |  | 261,338 |  |

358,098 |  | 435,208 |  |

16. | LOANS

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 39,454 |  |

| Bank loans | 208,855 |  | 259,326 |  |

208,855 |  | 298,780 |  |

| Amounts falling due between one and two years:

| Bank loans due 1-2 years | 142,134 |  | 112,261 |  |

| Amounts falling due between two and five years:

| Bank loans due 2-5 years | 118,541 |  | 61,609 |  |

| The bank loan is secured by a fixed and floating charge over the assets of the company, is repaid monthly and carries interest at variable rate.

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

17. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31/12/25 |  | 31/12/24 |

£ | £ |

| Net obligations repayable:

| Within one year | 163,915 |  | 250,070 |  |

| Between one and five years | 97,423 |  | 261,338 |  |

261,338 |  | 511,408 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31/12/25 |  | 31/12/24

£ | £ |

| Bank overdraft | - |  | 39,454 |  |

| Bank loans | 469,530 |  | 433,196 |  |

| Hire purchase contracts | 261,338 |  | 511,408 |  |

| Trade creditors | 949,880 |  | 623,278 |  |

1,680,748 |  | 1,607,336 |  |

| The bank borrowing is secured by a standard debenture over the assets of the company.

| The Lloyds TSB Bank PLC mortgage deed is secured on the freehold property known as units 1A-1E Yeo Road, Colley Lane Industrial Estate, Bridgwater, Somerset, TA6 5NA.

19. | PROVISIONS FOR LIABILITIES

| 31/12/25 |  | 31/12/24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 562,987 |  | 436,936 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 436,936 |  |

| Credit to Statement of Comprehensive Income Including Profit & Loss during year | (58,332 | ) |

| On revaluation gain | 184,383 |  |

| Balance at 31st December 2025 | 562,987 |  |

| No significant reversal of deferred tax liabilities is expected to occur in the foreseeable future.

| PENNY LANE FOODS LIMITED (REGISTERED NUMBER: 01877588) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/25 |  | 31/12/24

| value: | £ | £ |

| 110 | Ordinary | £1 | 110 |  | 110 |  |

21. | PARENT COMPANY

| The immediate and ultimate parent company is Penny Lane Holdings Limited, a company registered in England and Wales.

| Penny Lane Holdings Limited is the smallest and largest group undertaking to prepare consolidated financial statements which include Penny Lane Foods Limited, The registered office address is 1 Yeo Road, Bridgwater, Somerset, TA6 5NA.

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31st December 2025 and 31st December 2024:

| 31/12/25 |  | 31/12/24

£ | £ |

| Mr A C Jones and Mrs C L Jones

| Balance outstanding at start of year | 686,253 |  | 452,474 |  |

| Amounts advanced | 1,002,507 |  | 1,149,294 |  |

| Amounts repaid | (922,000 | ) | (915,515 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 766,760 |  | 686,253 |  |

| The above loan is unsecured, interest free and repayable on demand.

23. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity |  |

| During the year payments of £113,694 - (2024: £98,000) were made for the rental of a production site and warehouse. The beneficiary is a pension scheme of which both directors are members.

24. | ULTIMATE CONTROLLING PARTY

| The controlling party is Mr A C Jones.