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# FIDDES PAYNE LIMITED

## Company Registration Number:
02678291 (England and Wales)

## Unaudited statutory accounts for the year ended 30 June 2025

## Period of accounts

## Start date: 1 July 2024

## End date: 30 June 2025

# FIDDES PAYNE LIMITED

## Contents of the Financial Statements

for the Period Ended 30 June 2025

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# FIDDES PAYNE LIMITED

Directors' report period ended 30 June 2025

The directors present their report with the financial statements of the company for the period ended 30 June 2025

Principal activities of the company

The principal activity of the company continued to be the supply of home bake and savoury products to the grocery trade in the UK and export markets.

Additional information

After a period of difficult trading, the full share capital of the company was acquired by The Albex Group Limited on 20th February 2025. Following the acquisition, steps were taken by the new owners to change the senior management team, reduce operating costs and provide working capital funding to stabilise the business. Post acquisition, major sales contracts have been retained and key licencing agreements secured which provide an under pinning for the business and have provided a strong foundation for the future. We are pleased with the progress that has been made to date and have further plans which will enhance the performance of the business going forward.

Directors

The directors shown below have held office during the period of
1 July 2024 to 20 February 2025

Mr C J V White
RT Hon C H Finch-Knightley
Mrs P A White
Mr B V S White

The director shown below has held office during the period of
20 February 2025 to 30 June 2025

Mr J M Dalglish

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 March 2026

And signed on behalf of the board by:
Name: Mr J M Dalglish
Status: Director

# FIDDES PAYNE LIMITED

## Profit And Loss Account

for the Period Ended 30 June 2025

| 2025 | 2024
--- | --- | ---
| £ | £
Turnover: | 4,854,407 | 8,862,595
Cost of sales: | ( 3,653,324 ) | ( 6,298,027 )
Gross profit(or loss): | 1,201,083 | 2,564,568
Administrative expenses: | ( 2,030,389 ) | ( 2,850,596 )
Other operating income: |  | 301,797
Operating profit(or loss): | (829,306) | 15,769
Interest receivable and similar income: | 1,952 |
Profit(or loss) before tax: | (827,354) | 15,769
Profit(or loss) for the financial year: | (827,354) | 15,769

# FIDDES PAYNE LIMITED

## Balance sheet

As at 30 June 2025

| Notes | 2025 | 2024
--- | --- | --- | ---
|  | £ | £
Fixed assets
Tangible assets: | 3 | 312,775 | 332,190
Investments: | 4 | 2 | 2
Total fixed assets: |  | 312,777 | 332,192
Current assets
Stocks: | 5 | 388,632 | 701,272
Debtors: | 6 | 914,178 | 1,524,499
Cash at bank and in hand: |  | 196,586 | 45,838
Total current assets: |  | 1,499,396 | 2,271,609
Creditors: amounts falling due within one year: | 7 | ( 1,714,205 ) | ( 1,678,479 )
Net current assets (liabilities): |  | (214,809) | 593,130
Total assets less current liabilities: |  | 97,968 | 925,322
Total net assets (liabilities): |  | 97,968 | 925,322
Capital and reserves
Called up share capital: |  | 18,588 | 18,588
Share premium account: |  | 3,798,371 | 3,798,371
Profit and loss account: |  | (3,718,991 ) | (2,891,637 )
Total Shareholders' funds: |  | 97,968 | 925,322

The notes form part of these financial statements

# FIDDES PAYNE LIMITED

## Balance sheet statements

For the year ending 30 June 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 March 2026
and signed on behalf of the board by:

Name: Mr J M Dalglish
Status: Director

The notes form part of these financial statements

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes account of trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount receivable is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and buildings Over 5-15 years straight line Plant and machinery etc 15-25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

  Valuation information and policy

  At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

  Other accounting policies

  Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Leases As lessee Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Reporting period The company prepares its financial statements on an annual basis for periods which are just longer than or shorter than one year so as to include figures for complete weeks only and to correspond to the company's management accounts. The comparative amounts presented in the financial statements are therefore not necessarily entirely comparable due to the slightly (albeit materially) differing period lengths.

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

- ## 2. Employees

  | 2025 | 2024
  --- | --- | ---
  Average number of employees during the period | 37 | 56

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 3. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 July 2024 | 162,483 | 2,353,050 |  |  |  | 2,515,533
Additions |  | 41,760 |  |  |  | 41,760
Disposals |  |  |  |  |  |
Revaluations |  |  |  |  |  |
Transfers |  |  |  |  |  |
At 30 June 2025 | 162,483 | 2,394,810 |  |  |  | 2,557,293
Depreciation |  |  |  |  |  |
At 1 July 2024 | 161,237 | 2,022,106 |  |  |  | 2,183,343
Charge for year | 488 | 60,687 |  |  |  | 61,175
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 30 June 2025 | 161,725 | 2,082,793 |  |  |  | 2,244,518
Net book value |  |  |  |  |  |
At 30 June 2025 | 758 | 312,017 |  |  |  | 312,775
At 30 June 2024 | 1,246 | 330,944 |  |  |  | 332,190

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 4. Fixed assets investments note

Fixed asset investments Shares in group undertakings and participating interests 2025 £2 2024 £2

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 5. Stocks

| 2025 | 2024
--- | --- | ---
| £ | £
Stocks | 388,632 | 701,272
Total | 388,632 | 701,272

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 6. Debtors

| 2025 | 2024
--- | --- | ---
| £ | £
Trade debtors | 667,352 | 1,249,080
Other debtors | 246,826 | 275,419
Total | 914,178 | 1,524,499

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 7. Creditors: amounts falling due within one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Trade creditors | 517,761 | 551,915
Taxation and social security | 27,692 | 25,515
Other creditors | 1,168,752 | 1,101,049
Total | 1,714,205 | 1,678,479

# FIDDES PAYNE LIMITED

## Notes to the Financial Statements

for the Period Ended 30 June 2025

## 8. Financial Commitments

Operating lease commitments As lessee At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 2025 £772,576 2024 £592,462