Company registration number 13412644 (England and Wales)
MELON&CO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
MELON&CO LIMITED
COMPANY INFORMATION
Directors
Mr Justin Szymborski
Agricola Famosa
Citrico Global, S.L.
Company number
13412644
Registered office
16 Great Queen Street
Covent Garden
London
WC2B 5AH
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MELON&CO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
MELON&CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Introduction

Melon&Co Limited is vertically integrated with the world’s largest melon grower (Agricola Famosa) and is part of the wider fresh produce group Citri&Co. Melon&Co supply major UK and European retailers, processors and wholesale market sector, efficiently managing supply chains in the most cost-effective way possible and are considered early adopters of digitalisation.

Fair review of the business

The company's financial results for the year and its financial position at the year end can be found in the annexed financial statements.

During the year the company made a profit before taxation of £5,907,212 (2024 - £2,664,920) on sales of £80,662,803 (2024 - £66,275,432).

The balance sheet continues to show a net asset position of £5,151,884 (2024 - £2,121,475).

The directors are satisfied with the overall trading of the company for the period.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties of the business continue to be the inflationary pressures on the economy within the United Kingdom together with the potential impact of climate change on global agriculture.

There is still the on-going risk associated with the management of our supply and re-order levels depending on product growth from our suppliers and the demand from our customers. A comprehensive contingency sourcing plan remains in place and under constant review to mitigate supply risk of any given season and strategic expansion of customers.

The global nature of our business means that a significant percentage of the cost of goods, as well as freight is payable in foreign currencies, whereas the majority of income is received in pounds sterling. We have mitigated the risk related to the volatility of the currency market by the use of forward contracts with banks and financial institutions in order to limit our exposure to foreign exchange and thus safeguard our commercial margins.

Risks are monitored regularly by the directors and the management team to minimise any potential impact on the business.

Key performance indicators

The key performance indicators of the company are gross profit margins and revenue.

The gross margin achieved in the year of 10.4% (2024 - 8.1%). Revenue has grown by £14.4m, 21.7% on 2024 as new customers were onboarded.

On behalf of the board

Mr Justin Szymborski
Director
22 October 2025
MELON&CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

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

Principal activities

The principal activity of the company in the year under review continued to be that of the wholesale of fruit.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,400,000. 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:

Mr Justin Szymborski
Agricola Famosa
Citrico Global, S.L.
Financial risk management objectives and policies

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on floating rate deposits, interest generated from cash deposits is considered to be immaterial to the company.

The company's principal foreign currency exposures arise from the trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost of sterling. This hedging activity involves the use of foreign exchange forward contracts.

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors aim to maintain the management policies which have resulted in the company's success to date. They consider that the coming year will continue to show further growth from the continuing operations.

Auditor

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

MELON&CO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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; and

- 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 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Justin Szymborski
Director
22 October 2025
MELON&CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MELON&CO LIMITED
- 4 -
Opinion

We have audited the financial statements of Melon&Co Limited (the 'company') for the year ended 31 August 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 August 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 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.

MELON&CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MELON&CO LIMITED (CONTINUED)
- 5 -
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.

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

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

Based upon our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation,health and safety regulation, anti- money laundering regulation, food standards regulations, food hygiene regulations, food traceability regulations and modern slavery regulations.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect of non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondences, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and ensured that the team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

MELON&CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MELON&CO LIMITED (CONTINUED)
- 6 -

We also considered those laws and regulations that have a direct effect upon the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.

In addition, we evaluated the director's and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principle risk related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, cut-off surrounding the transfer of risks and rewards of stock ownership, and significant one-off unusual transactions.

our procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing, duplicated purchases testing, and performing testing of the controls established by management.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud tests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, and misrepresentations or the override of internal controls.

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.

Colm McGrory FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited, Statutory Auditor
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
23 October 2025
MELON&CO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
80,662,803
66,275,432
Cost of sales
(72,287,963)
(60,939,204)
Gross profit
8,374,840
5,336,228
Administrative expenses
(2,519,636)
(2,507,477)
Other operating income
83,843
129,709
Operating profit
4
5,939,047
2,958,460
Interest receivable and similar income
8
40,600
60,044
Interest payable and similar expenses
9
(108,570)
(348,453)
Amounts written off investments
10
36,135
(5,131)
Profit before taxation
5,907,212
2,664,920
Tax on profit
12
(1,476,803)
(670,285)
Profit for the financial year
4,430,409
1,994,635

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

MELON&CO LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,688
5,817
Current assets
Stocks
14
6,722,214
4,509,406
Debtors
15
5,326,063
5,009,259
Cash at bank and in hand
6,731,533
5,166,421
18,779,810
14,685,086
Creditors: amounts falling due within one year
16
(13,629,160)
(12,567,974)
Net current assets
5,150,650
2,117,112
Total assets less current liabilities
5,153,338
2,122,929
Provisions for liabilities
Deferred tax liability
18
1,454
1,454
(1,454)
(1,454)
Net assets
5,151,884
2,121,475
Capital and reserves
Called up share capital
20
11,236
11,236
Share premium account
21
63,968
63,968
Profit and loss reserves
5,076,680
2,046,271
Total equity
5,151,884
2,121,475

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 October 2025 and are signed on its behalf by:
Mr Justin Szymborski
Director
Company registration number 13412644 (England and Wales)
MELON&CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2023
11,236
63,968
51,636
126,840
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
1,994,635
1,994,635
Balance at 31 August 2024
11,236
63,968
2,046,271
2,121,475
Year ended 31 August 2025:
Profit and total comprehensive income
-
-
4,430,409
4,430,409
Dividends
11
-
-
(1,400,000)
(1,400,000)
Balance at 31 August 2025
11,236
63,968
5,076,680
5,151,884
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
1
Accounting policies
Company information

Melon&Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. .

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Citrico Global S.L. These consolidated financial statements are available from its registered office, Calle Manuel Vivanco 12 Almazora, Castellon, Spain 12550.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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. The fair value of consideration takes into account 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 received is recognised as interest income.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 11 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. The risks and rewards of ownership are deemed to transfer when the goods have been delivered to customers and products have passed their quality control inspections. T he 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, 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:

Computer equipment
Straight Line Depreciation at 25%

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
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). 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.

1.6
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 the 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.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -

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.

Stocks include the value of mango and melon produce. The risks and rewards of ownership of melons and mangoes are deemed to transfer when the produce reaches the port of the growers country.

1.7
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.

1.8
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.

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.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -
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.

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.

1.9
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.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
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.

1.10
Employee benefits

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

1.11
Retirement benefits

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

1.12
Leases

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 lease s asset are consumed.

1.13
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.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of fruit
80,659,580
66,274,662
Sale of services
3,223
770
80,662,803
66,275,432
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
68,637,455
59,248,909
Europe
12,025,348
7,026,523
80,662,803
66,275,432
2025
2024
£
£
Other revenue
Interest income
40,600
60,044
Intercompany recharges
83,843
129,709
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
81,726
142,872
Fees payable to the company's auditor for the audit of the company's financial statements
29,865
28,465
Depreciation of tangible fixed assets
3,930
3,978
Loss on disposal of tangible fixed assets
178
138
Operating lease charges
58,342
36,598
5
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
29,865
28,465
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
253,183
256,361
Company pension contributions to defined contribution schemes
22,390
22,506
275,573
278,867

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
253,183
256,361
Company pension contributions to defined contribution schemes
22,390
22,506
7
Employees

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

2025
2024
Number
Number
Directors
1
1
Key management
3
3
Other employees
17
17
Total
21
21

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,615,649
1,653,483
Social security costs
209,374
178,721
Pension costs
140,515
123,865
1,965,538
1,956,069
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
40,600
60,044
9
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
108,570
348,453
10
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on hedged item in a fair value hedge
36,135
(5,131)
11
Dividends
2025
2024
£
£
Interim paid
1,400,000
-
0
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
12
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,476,803
591,366
Adjustments in respect of prior periods
-
0
1,100
Total current tax
1,476,803
592,466
Deferred tax
Origination and reversal of timing differences
-
0
77,819
Total tax charge
1,476,803
670,285

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

2025
2024
£
£
Profit before taxation
5,907,212
2,664,920
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,476,803
666,230
Tax effect of expenses that are not deductible in determining taxable profit
-
0
2,955
Tax effect of utilisation of tax losses not previously recognised
-
0
(78,638)
Change in unrecognised deferred tax assets
-
0
76,365
Permanent capital allowances in excess of depreciation
-
0
819
Under/(over) provided in prior years
-
0
1,100
Deferred tax liability
-
0
1,454
Taxation charge for the year
1,476,803
670,285
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
13
Tangible fixed assets
Computer equipment
£
Cost
At 1 September 2024
16,171
Additions
979
Disposals
(1,100)
At 31 August 2025
16,050
Depreciation and impairment
At 1 September 2024
10,354
Depreciation charged in the year
3,930
Eliminated in respect of disposals
(922)
At 31 August 2025
13,362
Carrying amount
At 31 August 2025
2,688
At 31 August 2024
5,817
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
6,722,214
4,509,406
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,078,194
4,810,442
Corporation tax recoverable
-
0
39,975
Other debtors
62,471
50,354
Prepayments and accrued income
185,398
108,488
5,326,063
5,009,259
MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
17
1,841,826
2,679,115
Trade creditors
2,367,398
3,859,050
Amounts owed to group undertakings
7,878,851
4,641,544
Corporation tax
144,591
-
0
Other taxation and social security
54,181
47,096
Other creditors
12,185
44,182
Accruals and deferred income
1,330,128
1,296,987
13,629,160
12,567,974
17
Loans and overdrafts
2025
2024
£
£
Other loans
1,841,826
2,679,115
Payable within one year
1,841,826
2,679,115

Other financing is made up of an invoice financing facility totalling £621,646 (2024: £1,389,080) and a reverse finance facility totalling £1,220,180 (2024: £1,290,035).

Security for both facilities has been taken over trade debtors.

18
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
1,454
1,454
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,515
123,865

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.

At the year end the defined contribution pension scheme amounted to £13,327 (2024 - £10,567).

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
9,719
9,719
9,719
9,719
Ordinary B shares of £1 each
1,517
1,517
1,517
1,517
11,236
11,236
11,236
11,236

Ordinary A shares have attached to them full voting and dividend rights. They have the first right to any capital distribution and the first right to any dividend payable on winding up. They do not confer any rights of redemption.

Ordinary B shares do not have attached to them any voting rights. Holders of B shares rank behind A shareholders regarding any dividends payable, and behind A shareholders for any capital distributions or dividends upon winding up. They do not confer any rights of redemption.

21
Share premium account

Represents the amount by which shares have been issued at a price greater than the nominal value less issue costs.

22
Profit and loss reserve

Represents the accumulated profits of the company, less accumulated losses and dividend payments.

23
Financial commitments, guarantees and contingent liabilities

The company enters into foreign currency forward contracts to mitigate the exchange rate risk for foreign currency transactions. At the year end the outstanding contracts amounted to £111,852 (2024 - £1,693,943).

The forward contracts are measured at fair value, which is determined using valuations from the respective banks.

MELON&CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
24
Operating lease commitments
Lessee

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
107,593
77,930
Between two and five years
133,098
169,613
240,691
247,543
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Associated companies

Purchases from associated companies totalled £54,209,286 (2024: £42,572,756), inter company management charges totalled £21,077 (2024: £23,915) and recharges to associated companies totalled £83,843 (2024: £153,624). Interest of £5,231 (2024: £0) had been charged on intercompany loans at 6.5%.

At the year end, amounts due to associated companies amounted to £7,872,290 (2024: £4,641,544).

Other related parties:

Purchases from other related parties totalled £143,502 (2024: £50,061).

At the year end, amounts due to other related parties amount to £0 (2024: £0).

26
Ultimate controlling party

The immediate and ultimate controlling party is Citrico Global, S.L, a company registered in Spain.

The most senior parent entity providing publicly available financial statements is Citrico Global, S.L. These are available upon request from Calle Manuel Vivanco 12 Almazora, Castellon, Spain 12550.

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