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REGISTERED NUMBER: 02646875 (England and Wales)

| SHODA SAUCES EUROPE COMPANY LIMITED |

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST JULY 2025 |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Income and Retained Earnings | 7 |

| Statement of Financial Position | 8 |

| Statement of Cash Flows | 9 |

| Notes to the Statement of Cash Flows | 10 |

| Notes to the Financial Statements | 11 |

| SHODA SAUCES EUROPE COMPANY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JULY 2025

| DIRECTORS: | Mr M Itabashi

| Mr K Onda

| Mr T Shoda

| Mr T Shoda

| Mr H Furuta

| Mr N Amagai

| SECRETARY: | Mr T Shoda

| REGISTERED OFFICE: | Unit 19

| Rising Sun Industrial Estate

| Blaina

| Abertillery

| NP13 3JW

| REGISTERED NUMBER: | 02646875 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Steven Davies

| AUDITORS: | Carston ETL

| Tudor House

| 16 Cathedral Road

| Cardiff

| CF11 9LJ

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JULY 2025

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

FAIR REVIEW OF BUSINESS

The Company turnover saw another healthy increase of 11.8% over the last financial year. Both own-produced goods and traded products increased in sales.

Gross profit was above budget and this, combined with lower costs in other areas gave a substantial improvement on net profit against budget and against last year.

The development of the site continued with investment in both external areas and internal. Further plans are being considered to maintain the continuous improvement plans throughout the business. These will not only support future growth but also improve the general working environment.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company continues to manage costs quite closely, whilst not inhibiting growth. Standard inflationary increases were the main contributor to additional material costs. This is not expected to change going into the next financial year. The main barrier to the longer term development and growth, is production capacity and space, both of which are being reviewed constantly under new strategies being investigated with the support of our parent Company.

DEVELOPMENT AND PERFORMANCE

Costs and the management of overheads were closely controlled in order to preserve the bottom line and cashflow. Delays on the site expansion project meant that other planned projects were postponed and re-prioritised. However, this did not have a negative impact on the performance of any department. The Company will look to revitalise investment in the next financial year, targeting further site improvements along with staff facilities.

The Company continues its commitment to the environment and sustainability. A specialist consultant has been appointed to assist in these areas. The business has on-going commitments to improve processes in all areas, including water treatment, carbon footprint and waste. We continue to engage with all relevant bodies throughout the UK and Europe within the food sector, to ensure best practice and compliance.

New legislation around packaging comes into effect early into the next financial year, and this will act as an additional driver for improvement, although at this time there are no viable alternatives within the food industry, to much of the existing packaging options, such as single-use plastic. This significantly limits the levels of improvement that can be achieved.

ON BEHALF OF THE BOARD:

Mr T Shoda - Director

24th March 2026

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JULY 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company during the year was the production and marketing of sauces and related food products.

DIVIDENDS

No dividends will be distributed for the year ended 31st July 2025.

DIRECTORS

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

Mr M Itabashi

Mr K Onda

Mr T Shoda

Mr T Shoda

Mr H Furuta

Mr N Amagai

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

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

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

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr T Shoda - Director

24th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED

Opinion

We have audited the financial statements of Shoda Sauces Europe Company Limited (the 'company') for the year ended 31st July 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31st July 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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:

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:

- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;

- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

- examining supporting documents for all material balances, transactions and disclosures;

- enquiry of management, about litigations and claims and inspection of relevant correspondence;

- analytical procedures to identify any unusual or unexpected relationships;

- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;

- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business;

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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

SHODA SAUCES EUROPE COMPANY 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.

Steven Davies (Senior Statutory Auditor)

for and on behalf of Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

24th March 2026

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 28,058,288 |  | 25,097,154 |  |

Cost of sales | 21,828,374 |  | 20,195,126 |  |

GROSS PROFIT | 6,229,914 |  | 4,902,028 |  |

Distribution costs | 1,004,698 |  | 898,310 |  |

Administrative expenses | 4,330,067 |  | 3,807,122 |  |

|  |  | 5,334,765 |  |  |  |  | 4,705,432 |  |

895,149 |  | 196,596 |  |

Other operating income | (108,552 | ) | (43,625 | ) |

OPERATING PROFIT and |

PROFIT BEFORE TAXATION | 786,597 |  | 152,971 |  |

Tax on profit | 7 | (121,187 | ) | (48,095 | ) |

PROFIT FOR THE FINANCIAL YEAR | 907,784 |  | 201,066 |  |

Retained earnings at beginning of year | (2,868,174 | ) | (3,069,240 | ) |

RETAINED EARNINGS AT END OF YEAR | (1,960,390 | ) | (2,868,174 | ) |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

STATEMENT OF FINANCIAL POSITION

31ST JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 4,748,318 |  | 4,819,371 |  |

Investments | 9 | 1 |  | 1 |  |

4,748,319 |  | 4,819,372 |  |

CURRENT ASSETS

Stocks | 10 | 2,073,436 |  | 1,976,572 |  |

Debtors | 11 | 7,613,622 |  | 6,459,433 |  |

Cash at bank and in hand | 523,883 |  | 577,080 |  |

10,210,941 |  | 9,013,085 |  |

CREDITORS

Amounts falling due within one year | 12 | 9,900,592 |  | 9,275,504 |  |

NET CURRENT ASSETS/(LIABILITIES) | 310,349 |  | (262,419 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,058,668 |  | 4,556,953 |  |

CREDITORS

Amounts falling due after more than one year | 13 | 1,389,304 |  | 1,795,373 |  |

NET ASSETS | 3,669,364 |  | 2,761,580 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 5,349,034 |  | 5,349,034 |  |

Share premium | 17 | 242,552 |  | 242,552 |  |

Capital redemption reserve | 17 | 38,168 |  | 38,168 |  |

Retained earnings | 17 | (1,960,390 | ) | (2,868,174 | ) |

SHAREHOLDERS' FUNDS | 3,669,364 |  | 2,761,580 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2026 and were signed on its behalf by:

Mr T Shoda - Director

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 169,241 |  | 1,604,468 |  |

Tax paid | 121,187 |  | 48,095 |  |

Net cash from operating activities | 290,428 |  | 1,652,563 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (293,917 | ) | (1,658,151 | ) |

Sale of tangible fixed assets | - |  | 500 |  |

Net cash from investing activities | (293,917 | ) | (1,657,651 | ) |

Cash flows from financing activities

New loans in year | 1,000,000 |  | - |  |

Loan repayments in year | (339,600 | ) | (339,600 | ) |

Proceeds from group undertakings | 201,275 |  | (253,942 | ) |

Net cash from financing activities | 861,675 |  | (593,542 | ) |

Increase/(decrease) in cash and cash equivalents | 858,186 |  | (598,630 | ) |

Cash and cash equivalents at beginning of year | 2 | (334,303 | ) | 264,327 |  |

Cash and cash equivalents at end of year | 2 | 523,883 |  | (334,303 | ) |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 786,597 |  | 152,971 |  |

| Depreciation charges | 364,969 |  | 357,728 |  |

| Loss on disposal of fixed assets | - |  | 1,772 |  |

1,151,566 |  | 512,471 |  |

| (Increase)/decrease in stocks | (96,864 | ) | 8,709 |  |

| (Increase)/decrease in trade and other debtors | (1,154,189 | ) | 715,698 |  |

| Increase in trade and other creditors | 268,728 |  | 367,590 |  |

| Cash generated from operations | 169,241 |  | 1,604,468 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31st July 2025

| 31/7/25 |  | 1/8/24

£ | £ |

| Cash and cash equivalents | 523,883 |  | 577,080 |  |

| Bank overdrafts | - |  | (911,383 | ) |

523,883 |  | (334,303 | ) |

| Year ended 31st July 2024

| 31/7/24 |  | 1/8/23

£ | £ |

| Cash and cash equivalents | 577,080 |  | 690,764 |  |

| Bank overdrafts | (911,383 | ) | (426,437 | ) |

(334,303 | ) | 264,327 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/8/24 | Cash flow | At 31/7/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 577,080 |  | (53,197 | ) | 523,883 |  |

| Bank overdrafts | (911,383 | ) | 911,383 |  | - |  |

(334,303 | ) | 858,186 |  | 523,883 |  |

| Debt

| Debts falling due within 1 year | (3,339,600 | ) | (1,000,000 | ) | (4,339,600 | ) |

| Debts falling due after 1 year | (1,266,400 | ) | 339,600 |  | (926,800 | ) |

(4,606,000 | ) | (660,400 | ) | (5,266,400 | ) |

| Total | (4,940,303 | ) | 197,786 |  | (4,742,517 | ) |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property is written down at 2% per annum on cost less the land element.

| Plant and machinery - 33% / 10%

| Office Equipment & Fixtures - 20 / 10%

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

| Deferred tax

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

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

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

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

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

| Hire purchase and leasing commitments

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

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 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.

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

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4. | TURNOVER

| Sales are made up of the following geographical markets:

| UK 59%

| EU 40%

| Rest of the world 1%

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,909,569 |  | 3,689,122 |  |

| Social security costs | 420,224 |  | 342,067 |  |

| Other pension costs | 65,863 |  | 56,178 |  |

4,395,656 |  | 4,087,367 |  |

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

| 2025 |  | 2024

| Production staff | 78 |  | 79 |  |

| Administrative staff | 20 |  | 17 |  |

| Management staff | 13 |  | 14 |  |

111 |  | 110 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 364,944 |  | 345,075 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 364,944 |  | 345,075 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 19,274 |  | 22,137 |  |

| Depreciation - owned assets | 364,970 |  | 357,728 |  |

| Loss on disposal of fixed assets | - |  | 1,772 |  |

| Foreign exchange differences | 151,667 |  | (112,590 | ) |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

7. | TAXATION

| Analysis of the tax credit

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| Over/under provision in prior years | (121,187 | ) | (48,095 | ) |

| Tax on profit | (121,187 | ) | (48,095 | ) |

| Reconciliation of total tax credit included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 786,597 |  | 152,971 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 196,649 |  | 38,243 |  |

| Effects of:

| Expenses not deductible for tax purposes | 330 |  | 450 |  |

| Depreciation in excess of capital allowances | 42,420 |  | 56,951 |  |

| Enhanced R&D expenditure | (121,187 | ) | (48,095 | ) |

| Profit on disposal of assets | - |  | 443 |  |

| Unused tax losses | (239,399 | ) | (96,087 | ) |

| Total tax credit | (121,187 | ) | (48,095 | ) |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |

| Property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1st August 2024 | 4,143,441 |  | 5,720,118 |  | 125,873 |  | 9,989,432 |  |

| Additions | 162,757 |  | 112,895 |  | 18,265 |  | 293,917 |  |

| At 31st July 2025 | 4,306,198 |  | 5,833,013 |  | 144,138 |  | 10,283,349 |  |

| DEPRECIATION

| At 1st August 2024 | 337,595 |  | 4,732,560 |  | 99,906 |  | 5,170,061 |  |

| Charge for year | 77,569 |  | 276,609 |  | 10,792 |  | 364,970 |  |

| At 31st July 2025 | 415,164 |  | 5,009,169 |  | 110,698 |  | 5,535,031 |  |

| NET BOOK VALUE

| At 31st July 2025 | 3,891,034 |  | 823,844 |  | 33,440 |  | 4,748,318 |  |

| At 31st July 2024 | 3,805,846 |  | 987,558 |  | 25,967 |  | 4,819,371 |  |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

9. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1st August 2024

| and 31st July 2025 | 1 |  |

| NET BOOK VALUE

| At 31st July 2025 | 1 |  |

| At 31st July 2024 | 1 |  |

| The company owns 100% of the issued share capital of the following company:

| The Speciality Sauce Company Limited - Company Number - 05155635

| The subsidiary is registered in England and Wales.

| 100% of the issued share capital of the subsidiary is held by Shoda Sauces Europe Company Limited - being the intermediate parent undertaking.

| The company is dormant and the total of its capital and reserves as at 31 July 2024 & 2023 was £1.

| Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing

| consolidated accounts and has not done so, therefore the accounts show information about the company as

| an individual entity.

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 1,418,835 |  | 1,345,555 |  |

| Work-in-progress | 126,655 |  | 114,248 |  |

| Finished goods | 527,946 |  | 516,769 |  |

2,073,436 |  | 1,976,572 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 5,440,932 |  | 4,697,618 |  |

| Bad debt provision | (7,509 | ) | (11,414 | ) |

| Other debtors | 1,494,561 |  | 1,392,159 |  |

| VAT | 110,354 |  | 106,486 |  |

| Prepayments | 575,284 |  | 274,584 |  |

7,613,622 |  | 6,459,433 |  |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 4,339,600 |  | 4,250,983 |  |

| Trade creditors | 1,794,580 |  | 1,576,618 |  |

| Amounts owed to group undertakings | 3,273,881 |  | 3,006,138 |  |

| PAYE and NIC taxes | 109,031 |  | 90,552 |  |

| Other creditors | 47,992 |  | 43,044 |  |

| Accruals and deferred income | 335,508 |  | 308,169 |  |

9,900,592 |  | 9,275,504 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | 926,800 |  | 1,266,400 |  |

| Amounts owed to group undertakings | 462,504 |  | 528,973 |  |

1,389,304 |  | 1,795,373 |  |

| The loan from the group company is unsecured, and is agreed as not being repayable within a minimum period of 12 months of the year end.

| Security for the bank loan is provided by a charge over the freehold property.

14. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 911,383 |  |

| Bank loans < 1yr | 4,339,600 |  | 3,339,600 |  |

4,339,600 |  | 4,250,983 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 728,400 |  | 938,400 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans > 5 yrs | 198,400 |  | 328,000 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 156,225 |  | 143,017 |  |

| Between one and five years | 253,060 |  | 207,144 |  |

| In more than five years | 75,931 |  | 33,275 |  |

485,216 |  | 383,436 |  |

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 4,784,034 | Ordinary | £1 | 4,784,034 |  | 4,784,034 |  |

| 565,000 | Preference | £1 | 565,000 |  | 565,000 |  |

5,349,034 |  | 5,349,034 |  |

17. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1st August 2024 | (2,868,174 | ) | 242,552 |  | 38,168 |  | (2,587,454 | ) |

| Profit for the year | 907,784 |  | 907,784 |  |

| At 31st July 2025 | (1,960,390 | ) | 242,552 |  | 38,168 |  | (1,679,670 | ) |

18. | ULTIMATE PARENT COMPANY

| Shoda Shoyu Co. Ltd. (incorporated in Japan ) is regarded by the directors as being the company's ultimate parent company.

| Shoda Shoyu Company Limited

| 3-1, Sakae-Cho,

| Tatebayasi-City,

| Gumma-Pref 374-8510,

| Japan

19. | RELATED PARTY TRANSACTIONS

| The company enters into various sales, purchases, and loan transactions with the parent company at market rates. Shoda Shoyu Company Limited have provided a guarantee as security on the bank loan that is included within creditors due within and after one year.