Company registration number 02295454 (England and Wales)
PARAMOUNT 21 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PARAMOUNT 21 LTD
COMPANY INFORMATION
Directors
Mrs A Hannaford
Mr P Hannaford
Mr J G Hannaford
Mr J D Hannaford
Ms H Morris
Ms J J Kenyon
Mr A Pudney
(Appointed 1 November 2024)
Mrs K Hichens
Mr J Phillips
Mr P J Wilkinson OBE
Secretary
Mr J D Hannaford
Company number
02295454
Registered office
Old Newton Road
Heathfield
Newton Abbot
Devon
TQ12 6RA
Auditor
Prydis Accounts Limited
Clyst House
Manor Drive
Clyst St. Mary
Exeter
Devon
EX5 1GB
PARAMOUNT 21 LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 7
Statement of comprehensive income
8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
PARAMOUNT 21 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Business Review and Principal Activities

The principle turnover of the company for the year to October 2025 of Paramount 21 Ltd (“the Company”) was the continued operation of a food manufacturing facility in Devon, the principle activity of the Company was to produce meal solutions for the frozen seafood and vegetarian market in the UK and Australia. The company continues to develop its presence in its chosen market places, but is actively exploring new opportunities.

The issues of sustainability, social responsibility, environmental impact and trading ethically remain key concerns for our customers and these are all areas where the company is seeking to excel. The continuing economic climate has brought into focus customers perception of value for money and the company remains committed to working with all partners to deliver its quality products at the best possible price. The importance of our founding values (quality, service, integrity and innovation) coupled with addressing the concerns mentioned above provide a platform for future success.

The results for the Company are shown in the attached financial statements; there has been a 2.68% increase in turnover (continuing business), there was a decrease in profitability of £0.71m on 2024. The cost base of the business continues to rise, although internal efficiencies have been secured wherever possible to support margins.

The directors remain satisfied with the underlying strength of the business in regards to sales growth but are cautious as to the impact of continued pressures of higher input prices and customer value for money expectations. The company continues to be an accredited employer of the ‘Living Wage Foundation’.

The directors believe the business continues to be in a positive position for the challenges of the coming years; the products being sold fit the core competencies of the Company. Further traction within the chosen markets is envisaged which will continue to deliver on the strategy. The directors continue to monitor all aspects of the business on a continuous basis; proactive plans are implemented wherever they are deemed necessary.

The directors remain pleased with all key areas of working capital and these remain well controlled, trade debtors and creditors were operated to the satisfaction of the appropriate parties. The directors are content that the level of stocks remain relevant to the size of the business, the directors are content that adequate controls are in place to ensure appropriate valuation and relevance.

Principal Risks and Uncertainties

The wider economic risks and uncertainties continue to impact the business and do influence results and decisions made by the directors. Supply chain pressures are seen by the directors as part of the continuing economic environment. The business keeps under review its supplier base and works closely with key partners in regards to pricing, lead times and availability, however of increasing importance to the business and its customers is ethical sourcing and we remain committed to ensuring our materials and packaging are ethically sourced and any animal derived products are purchased from suppliers using ethical practices.

Internal stocks are also regularly reviewed in order to navigate the challenges present and ensure continuity.

Input price inflation appears to have eased, the company has worked to mitigate price increases through a combination of product engineering, alternative sourcing and internal efficiency, however further rises along with continued low overall economic growth will pose a challenge to the wider economy and the business. At the same time customer expectation of value for money remains and the company hasn’t and would never take for granted its own need for efficiency and effectiveness as competition remains strong.

The company is mindful of the risks of an over dependence on a small number of customers, products or markets. In that regard, the company is constantly seeking to minimise such risks by investing in new products and markets to ensure a wider strategic spread of customers.

The company’s energy strategy of buying forward is not immune to the continued volatility but the directors believe this strategy provides for a degree of stability, the business continues to review further energy efficiency measures to mitigate this volatility, one such strategy being generation through a solar installation on the main site.

PARAMOUNT 21 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
The directors believe that the business is resilient, agile and adaptable and whilst it will never be immune from the shocks and turbulence that seem commonplace in todays economy it is able to embrace and adapt strategies as the full impact becomes known.
Research and Development

The Company continues to remain committed to investing in product development and the directors believe that such innovation is integral to the on-going success of the Company. Delivering enhanced products to the market will further enhance the standing of the company in respect of innovation.

The Company continues to review the market and invest in research to keep it in tune with both its customers and end consumer requirements.

Environment and Sustainability

The Company remains strongly committed to operating its business in an appropriate manner that is beneficial to all stakeholders. To this end the Company operates both cross functional environmental and sustainability management teams, tasked with reviewing and improving our environmental and sustainability performance, during the year the company maintained its ISO14001 accreditation and almost all its seafood purchases (> 98%) are from sustainable sources or sources undergoing certification for sustainability.

The Company monitors a number of key indicators in relation to its consumption of utilities and its waste streams; the Company’s waste doesn’t go to landfill.

During the year the company made the decision to commit to a net zero target of 2040, to this end work has begun on a net zero pathway supported by external partners. The company has committed to removal from it business of natural gas within the next few years and in 2026 is looking to deploy solar energy to the Heathfield site.

Key Performance Indicators

In order to monitor the risks facing the business, Key Performance Indicators are operated at all levels to measure performance enabling the Company to control its business on a daily basis. These KPI’s range from financial to operational measures to ensure any issues are highlighted and addressed on a timely basis. A number of management meetings are held on a regular basis to review operational performance of all areas of the business. These meetings cover such topics as the environment, sustainability, health & safety, food safety & quality as well as the more common financial and operational performance reviews.

Capital & People Investment

The directors continue to review the investment strategy to ensure the facilities and capabilities are appropriate in nature and scale for the continued planned growth.

The average number of people employed for the year ending October 2025 was 91 people (88 in 2024).

PARAMOUNT 21 LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Future Outlook

The directors feel that further growth is available within its core competency areas and its chosen markets.

The focus for the future must remain factory efficiency, quality, service and innovation whilst retaining accreditation to the BRCGS Food Standard. By continuing to produce high quality products and offering them at competitive prices the company is well placed to deliver against customer expectations for the coming year and to grow the business accordingly.

One of the great values of the business is looking to the future and investing accordingly in its operational capabilities and the markets it serves, this continues to be the case.

The directors feel that the company is a positive reflection of its founding values of quality, service, integrity and innovation, and a business which operates for the benefit of all stakeholders.

The Directors continue to believe that the market will remain highly competitive but that the Company is well placed to deliver in the best interest of all stakeholders with the infrastructure and team it has built and continues to invest in.

At the date of these accounts the business remains financially sound and the directors are confident this will continue to improve into the future as the business continues to grow.

On behalf of the board

Mr J G Hannaford
Director
27 March 2026
PARAMOUNT 21 LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of producing meal solutions for the frozen seafood and vegetarian market.

Results and dividends

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

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

Directors

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

Mrs A Hannaford
Mr P Hannaford
Mr J G Hannaford
Mr J D Hannaford
Mrs S Thomson
(Resigned 31 March 2025)
Ms H Morris
Ms J J Kenyon
Mr A Pudney
(Appointed 1 November 2024)
Mrs K Hichens
Mr J Phillips
Mr P J Wilkinson OBE
Financial instruments

The Company’s financial instruments comprise cash at bank, invoice discounting, bank loans and chattels mortgages. The main purpose of these financial instruments is to raise adequate finance for the Company’s operations.

The main risks arising from the Company’s financial instruments are interest rate fluctuations and liquidity risk. It is the Company’s policy to finance its operations through a mixture of cash and borrowings and to review periodically the mix of these instruments with regard to the projected cash flow requirements of the Company and an acceptable level of risk exposure.

The company traditionally utilises a range of variable rate bank loans and fixed rate chattels mortgages, the fixed rate facilities by nature are over a shorter term. The current mortgage for the Heathfield property is now on a variable rate of interest, it is not believed there is an imminent likelihood of an adverse movement in interest rates, current pricing is built into all financial models, the directors are reviewing the business case for a further fixed rate loan in 2026. The directors review the consensus forecasts for interest rate movements that might impact upon the affordability of the variable rate borrowings and would take action as appropriate to mitigate any exposure; the directors do not believe there will be any material adverse movement in interest rates within the next twelve months, and acknowledge that interest rates are more than likely going to fall before levelling off in the near term, these movements are not believed to be material to the businesses operation.

Currency exposure is managed through the use of securing fixed price time options on an as needs basis.

Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

PARAMOUNT 21 LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J G Hannaford
Director
27 March 2026
PARAMOUNT 21 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARAMOUNT 21 LTD
- 6 -
Opinion

We have audited the financial statements of Paramount 21 Ltd (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PARAMOUNT 21 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARAMOUNT 21 LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Randall (Senior Statutory Auditor)
For and on behalf of Prydis Accounts Limited
27 March 2026
Chartered Accountants
Clyst House
Manor Drive
Clyst St. Mary
Exeter
Devon
EX5 1GB
PARAMOUNT 21 LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
£
£
(Loss)/profit for the year
(336,740)
277,143
Other comprehensive income
-
-
Total comprehensive income for the year
(336,740)
277,143
PARAMOUNT 21 LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
17,077,525
16,631,636
Cost of sales
(14,093,397)
(13,270,251)
Gross profit
2,984,128
3,361,385
Distribution costs
(550,516)
(585,630)
Administrative expenses
(2,559,199)
(2,191,523)
Operating (loss)/profit
5
(125,587)
584,232
Interest receivable and similar income
7
-
0
2,485
Interest payable and similar expenses
8
(266,212)
(227,379)
(Loss)/profit before taxation
(391,799)
359,338
Tax on (loss)/profit
9
55,059
(82,195)
(Loss)/profit for the financial year
(336,740)
277,143

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

PARAMOUNT 21 LTD
BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,380,655
3,616,658
Investments
12
2
2
3,380,657
3,616,660
Current assets
Stocks
15
1,599,946
1,477,134
Debtors
16
2,667,873
2,382,007
Cash at bank and in hand
7,604
22,500
4,275,423
3,881,641
Creditors: amounts falling due within one year
17
(4,277,598)
(3,295,592)
Net current (liabilities)/assets
(2,175)
586,049
Total assets less current liabilities
3,378,482
4,202,709
Creditors: amounts falling due after more than one year
18
(1,173,514)
(1,605,942)
Provisions for liabilities
Deferred tax liability
21
56,540
111,599
(56,540)
(111,599)
Net assets
2,148,428
2,485,168
Capital and reserves
Called up share capital
23
150,000
150,000
Profit and loss reserves
1,998,428
2,335,168
Total equity
2,148,428
2,485,168
The financial statements were approved by the board of directors and authorised for issue on 27 March 2026 and are signed on its behalf by:
Mr J Phillips
Director
Company Registration No. 02295454
PARAMOUNT 21 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
150,000
2,158,025
2,308,025
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
277,143
277,143
Dividends
11
-
(100,000)
(100,000)
Balance at 31 October 2024
150,000
2,335,168
2,485,168
Year ended 31 October 2025:
Loss and total comprehensive income for the year
-
(336,740)
(336,740)
Balance at 31 October 2025
150,000
1,998,428
2,148,428
PARAMOUNT 21 LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
649,486
867,192
Interest paid
(266,212)
(227,379)
Income taxes refunded/(paid)
7,103
(7,530)
Net cash inflow from operating activities
390,377
632,283
Investing activities
Purchase of tangible fixed assets
(99,053)
(730,663)
Proceeds on disposal of tangible fixed assets
301
-
0
Receipts arising from loans made
1,808
26,961
Interest received
-
0
2,485
Net cash used in investing activities
(96,944)
(701,217)
Financing activities
Repayment of borrowings
(33,570)
(126,073)
Repayment of bank loans
(50,691)
(50,791)
Payment of finance leases obligations
(224,068)
365,583
Dividends paid
-
0
(100,000)
Net cash (used in)/generated from financing activities
(308,329)
88,719
Net (decrease)/increase in cash and cash equivalents
(14,896)
19,785
Cash and cash equivalents at beginning of year
22,500
2,715
Cash and cash equivalents at end of year
7,604
22,500
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
1
Accounting policies
Company information

Paramount 21 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Old Newton Road, Heathfield, Newton Abbot, Devon, TQ12 6RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

In undertaking the going concern assessment the directors have reviewed the true:

i) Historical results of the business; and variances to the original budget.

ii) Budget for the year to October 202 6, outlook for the year after and any associated sensitivities.

iii) Cashflow, liquidity and borrowing position of the business.

iv) Principle risks concerning the customer and supplier base, competition, business development plans and an y other factors.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue as a going concern for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -

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:

Freehold land and buildings
Land - not depreciated, buildings - 50 years straight line
Leasehold land and buildings
Over the duration of the lease
Plant and equipment
4% to 33.33% straight line after deducting realisable value between 0% and 15% of cost
Motor vehicles
20% to 33.33% straight line

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

1.5
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost. All subsidiaries are immaterial and either not trading or dormant.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
17,077,525
16,631,636
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
16,642,757
15,989,585
Europe
9,872
21,014
Australia
424,896
621,037
17,077,525
16,631,636
2025
2024
£
£
Other revenue
Interest income
-
2,485
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
10,000
For other services
Other taxation services
4,210
5,298
5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
335,056
298,439
Profit on disposal of tangible fixed assets
(301)
-
6
Employees

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

2025
2024
Number
Number
Administrative
13
15
Manufacturing
70
65
Sales
8
8
Total
91
88
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,898,868
3,533,062
Social security costs
438,907
327,090
Pension costs
197,971
196,659
4,535,746
4,056,811
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
0
2,485
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
41,469
34,318
Interest on invoice finance arrangements
176,934
172,096
218,403
206,414
Other finance costs:
Interest on finance leases and hire purchase contracts
47,809
20,965
266,212
227,379
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(55,059)
82,195
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
9
Taxation
(Continued)
- 20 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(391,799)
359,338
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(97,950)
89,835
Tax effect of expenses that are not deductible in determining taxable profit
84,243
79,340
Unutilised tax losses carried forward
52,646
25,643
Permanent capital allowances in excess of depreciation
(38,939)
(187,979)
Deferred Tax
(55,059)
75,356
Taxation (credit)/charge for the year
(55,059)
82,195
10
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
867,673
794,923

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 6).

11
Dividends
2025
2024
£
£
Final paid
-
0
100,000
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
2
2
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
2,099,982
103,404
5,089,666
31,750
7,324,802
Additions
-
0
-
0
86,758
12,295
99,053
Disposals
-
0
-
0
-
0
(31,750)
(31,750)
At 31 October 2025
2,099,982
103,404
5,176,424
12,295
7,392,105
Depreciation and impairment
At 1 November 2024
281,399
97,398
3,297,597
31,750
3,708,144
Depreciation charged in the year
32,971
2,518
298,286
1,281
335,056
Eliminated in respect of disposals
-
0
-
0
-
0
(31,750)
(31,750)
At 31 October 2025
314,370
99,916
3,595,883
1,281
4,011,450
Carrying amount
At 31 October 2025
1,785,612
3,488
1,580,541
11,014
3,380,655
At 31 October 2024
1,818,583
6,006
1,792,069
-
0
3,616,658

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

2025
2024
£
£
Plant and equipment
544,943
769,011
544,943
769,011
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Cornish Seafood Company Limited
United Kingdom
Dormant
Ordinary
100.00
Choose Plants Limited
United Kingdom
Dormant
Ordinary
100.00
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
15
Stocks
2025
2024
£
£
Raw materials and consumables
666,733
643,886
Work in progress
16,065
4,596
Finished goods and goods for resale
917,148
828,652
1,599,946
1,477,134
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,322,965
1,863,884
Corporation tax recoverable
609
7,103
Other debtors
129,526
240,728
Prepayments and accrued income
214,773
179,829
2,667,873
2,291,544
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
-
0
90,463
Total debtors
2,667,873
2,382,007

Included within trade debtors is £2,322,965 (2024: £1,863,884) which are subject to invoice discounting arrangements. Although these balances have been sold to the counterparty, the transaction does not qualify for derecognition because the company retains the full risk and reward of ownership. The related invoice discounting liability is reported in the creditors note.

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
(Continued)
- 23 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
97,196
77,263
Obligations under finance leases
20
226,148
139,792
Other borrowings
19
17,810
-
0
Trade creditors
1,769,841
1,239,742
Corporation tax
609
-
0
Other taxation and social security
125,775
94,110
Other creditors
1,754,041
1,373,990
Accruals and deferred income
286,178
370,695
4,277,598
3,295,592

Included within other creditors is an invoice discounting liability of £1,674,034 (202 4: £1,325,822). This liability pertains to trade debtors that have been sold under invoice discounting arrangements.

18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
854,719
925,343
Obligations under finance leases
20
318,795
629,219
Other borrowings
19
-
0
51,380
1,173,514
1,605,942
19
Loans and overdrafts
2025
2024
£
£
Bank loans
951,915
1,002,606
Other loans
17,810
51,380
969,725
1,053,986
Payable within one year
115,006
77,263
Payable after one year
854,719
976,723

Bank loans are secured by a fixed charge over book debts, a floating charge over all assets and a first legal charge against the company's freehold property.

Other loans are secured against some of the fixed assets of the company.

PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
20
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
134,114
139,792
In two to five years
410,829
629,219
544,943
769,011
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
334,184
354,887
Tax losses
(277,644)
(243,288)
56,540
111,599
2025
Movements in the year:
£
Liability at 1 November 2024
111,599
Credit to profit or loss
(55,059)
Liability at 31 October 2025
56,540
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
197,971
196,659

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
150,000
150,000
150,000
150,000
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
24
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P Hannaford & Mrs A Hannaford -
-
9,526
3,573
(26,213)
(13,114)
Mr J D Hannaford -
-
(5,914)
-
-
(5,914)
Mr J G Hannaford -
-
15,423
1,804
-
17,227
Mr J Phillips -
-
-
-
(5,263)
(5,263)
19,035
5,377
(31,476)
(7,064)
25
Operating lease commitments

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

2025
2024
£
£
Within one year
129,874
96,543
Between two and five years
324,310
332,151
454,184
428,694
26
Ultimate controlling party

The controlling parties are Mr P and Mrs A Hannaford.

27
Analysis of changes in net debt
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
22,500
(14,896)
7,604
Borrowings excluding overdrafts
(1,053,986)
84,261
(969,725)
Obligations under finance leases
(769,011)
224,068
(544,943)
(1,800,497)
293,433
(1,507,064)
PARAMOUNT 21 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 26 -
28
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year after tax
(336,740)
277,143
Adjustments for:
Taxation (credited)/charged
(55,059)
82,195
Finance costs
266,212
227,379
Investment income
-
0
(2,485)
Gain on disposal of tangible fixed assets
(301)
-
Depreciation and impairment of tangible fixed assets
335,056
298,439
Movements in working capital:
(Increase)/decrease in stocks
(122,812)
99,725
(Increase)/decrease in debtors
(294,168)
(69,913)
Increase/(decrease) in creditors
857,298
(45,291)
Cash generated from operations
649,486
867,192
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