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Registration number: 00346842

Jakemans (Confectioners) Limited
Annual Report and Financial Statements
for the Year Ended 31 July 2025

JAKEMANS (CONFECTIONERS) LIMITED

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 to 19

JAKEMANS (CONFECTIONERS) LIMITED

Company Information

Directors | J M Groves J R Groves M Horan A Kelly R A Davies E M Hardy M R Elton S H Rodger

Registered office | Sisson Road Gloucester GL2 OGR

Solicitors | Harrison Clark Rickerbys Limited Ellenborough House Wellington Street Cheltenham GL50 1YD

Bankers | Svenska Handelsbanken AB 1145 Regent Court The Square Gloucester Business Park Gloucester GL3 4AD

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

JAKEMANS (CONFECTIONERS) LIMITED

Strategic Report for the Year Ended 31 July 2025

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

Principal activity

The principal activity of the company is that of the manufacture and retail of confectionery.

Fair review of the business

The directors consider that the business has performed well during the year given the market conditions, and consider the financial resources available to the company at the year end to be sufficient.
The results for the year, which are set out in the profit and loss account, show pre-tax profit for the year of £3,718,346 (2024 - £5,516,150) and net assets of £3,002,500 (2024 - £3,002,500).

Key performance indicators

Given the nature of the business, the Directors are of the opinion that key performance indicators are a valuable tool for driving continuous improvement across all aspects of the business. The Company uses a number of key performance indicators to monitor and improve the performance of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments and include measures relating to Financial Performance, Health and Safety, Employee Satisfaction, Customer Satisfaction, Quality and, Environmental.
The Company’s key financial indicators during the year included the measurement of turnover, gross profit margin, EBITDA and net cash generation which are presented in the Profit and Loss Account and Balance Sheet. Indicators are reviewed on a daily, weekly and monthly basis, with a tiered escalation system in place for simplified communications and to ensure changes in internal and external environments can be reacted to in a timely manner.

Principal risks and uncertainties

The management of the company and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the general economic climate, and competition from other confectionery manufacturers.

Financial instruments

Financial risk management is an integral part of the way the company is managed. The overall aim of the company's financial risk policies is to minimise potential adverse effects on financial performance and net assets.
The company is exposed to the usual credit and cashflow risk associated with selling on credit and manages this through credit control procedures and maintains credit insurance cover on major customers.
Short term bank deposits are only placed with reputable blue chip banks.
The company's policy on liquidity risk is to ensure that sufficient funds for ongoing operations are available.

Going concern and liquidity risk

In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are required to provide disclosures regarding the adoption of the going concern basis of accounting.
The company has sufficient financial resources available and is currently trading profitably and generating cash. The directors have prepared forecasts for the next 12 months that indicate that this trend will continue. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

JAKEMANS (CONFECTIONERS) LIMITED

Strategic Report for the Year Ended 31 July 2025

Future developments

The external commercial environment is expected to remain challenging during 2025/26. The directors continue to react to changing circumstances in trading conditions and those actions and the ongoing application of the businesses strategy are expected to be sufficient to ensure the continuity of the business.

Approved by the Board on 24 February 2026 and signed on its behalf by:

J M Groves
Director

JAKEMANS (CONFECTIONERS) LIMITED

Directors' Report for the Year Ended 31 July 2025

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

Directors of the company

The directors who held office during the year were as follows:

J M Groves

P Whatley (ceased 31 July 2025)

J R Groves

M Horan

A Kelly

T E Howard (ceased 31 July 2025)

R A Davies

E M Hardy

M R Elton

S H Rodger (appointed 3 March 2025)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 24 February 2026 and signed on its behalf by:

J M Groves
Director

JAKEMANS (CONFECTIONERS) LIMITED

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors Report and Strategic 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 apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; 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.

JAKEMANS (CONFECTIONERS) LIMITED

Independent Auditor's Report to the Members of Jakemans (Confectioners) Limited

Opinion

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

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's 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 original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

JAKEMANS (CONFECTIONERS) LIMITED

Independent Auditor's Report to the Members of Jakemans (Confectioners) Limited

Opinion on other matter prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors’ remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.

Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

JAKEMANS (CONFECTIONERS) LIMITED

Independent Auditor's Report to the Members of Jakemans (Confectioners) Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• | enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of this 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.

Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

25 February 2026

JAKEMANS (CONFECTIONERS) LIMITED

Profit and Loss Account
for the Year Ended 31 July 2025

| Note | 2025 £ | (As restated) 2024 £
Turnover | 3 | 21,532,177 | 22,289,375
Cost of sales |  | (10,195,502) | (11,452,685)
Gross profit |  | 11,336,675 | 10,836,690
Distribution costs |  | (494,568) | (460,132)
Administrative expenses |  | (7,290,896) | (5,083,279)
Operating profit before other operating income |  | 3,551,211 | 5,293,279
Other operating income | 4 | 177,037 | 234,417
Operating profit | 5 | 3,728,248 | 5,527,696
Interest payable and similar expenses | 6 | (9,902) | (11,546)
Profit before tax |  | 3,718,346 | 5,516,150
Tax on profit | 8 | (948,014) | (1,129,233)
Profit for the financial year |  | 2,770,332 | 4,386,917

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

JAKEMANS (CONFECTIONERS) LIMITED

(Registration number: 00346842 )
Balance Sheet
as at 31 July 2025

| Note | 2025 £ | 2024 £
Current assets |  |  |
Stocks | 9 | 2,938,459 | 3,935,640
Debtors | 10 | 2,309,588 | 3,028,997
Cash at bank and in hand |  | 7,719,937 | 3,402,949
|  | 12,967,984 | 10,367,586
Creditors: Amounts falling due within one year | 11 | (9,946,484) | (7,252,519)
Total assets less current liabilities |  | 3,021,500 | 3,115,067
Creditors: Amounts falling due after more than one year | 11 | (19,000) | (112,567)
Net assets |  | 3,002,500 | 3,002,500
Capital and reserves |  |  |
Called up share capital |  | 2,500 | 2,500
Retained earnings |  | 3,000,000 | 3,000,000
Shareholders' funds |  | 3,002,500 | 3,002,500

Approved and authorised by the Board on 24 February 2026 and signed on its behalf by:

J M Groves
Director

JAKEMANS (CONFECTIONERS) LIMITED

Statement of Changes in Equity
for the Year Ended 31 July 2025

| Share capital £ | Retained earnings £ | Total £
At 1 August 2024 | 2,500 | 3,000,000 | 3,002,500
Profit for the year | - | 2,770,332 | 2,770,332
Dividends | - | (2,770,332) | (2,770,332)
At 31 July 2025 | 2,500 | 3,000,000 | 3,002,500

| Share capital £ | Retained earnings £ | Total £
At 1 August 2023 | 2,500 | 3,000,000 | 3,002,500
Profit for the year | - | 4,386,917 | 4,386,917
Dividends | - | (4,386,917) | (4,386,917)
At 31 July 2024 | 2,500 | 3,000,000 | 3,002,500

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

| 1 | General information

The company is a private limited company incorporated and domiciled in England and Wales.

The address of its registered office is:
Sisson Road
Gloucester
GL2 OGR

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of G. R Lane Holdings Limited.

The financial statements of G. R Lane Holdings Limited may be obtained from the company's registered office.

Going concern

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: a) the amount of revenue can be reliably measured; b) it is probable that future economic benefits will flow to the entity; and c) specific criteria have been met for each of the company's activities.

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The corporation tax expense for the period comprises current corporation tax and deferred tax. Corporation tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using a standard cost method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to and event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 20,652,247 | 21,059,511
Europe | 577,469 | 878,159
Rest of world | 302,461 | 351,705
| 21,532,177 | 22,289,375

The company's revenue is derived entirely from the sale of goods.

| 4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Royalties and other income | 177,037 | 234,417

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

| 5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Foreign exchange losses | 1,276 | 3,263
Operating lease expense - property | 120,134 | 120,195
Auditor's remuneration | 11,025 | 10,500

| 6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 3,272 | 4,916
Interest on obligations under finance leases and hire purchase contracts | 6,630 | 6,630
| 9,902 | 11,546

| 7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | (As restated) 2024 £
Wages and salaries | 2,992,243 | 3,083,311
Social security costs | 218,273 | 205,192
Pension costs, defined contribution scheme | 71,527 | 69,509
| 3,282,043 | 3,358,012

The prior year figures have been restated to reclassify certain expenses totalling £3,004,287 from Administrative Expenses to Cost of Sales. This change has no impact on total expenses, net profit, or equity.

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 9 | 11
Production | 56 | 58
| 65 | 69

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

| 8 | Corporation tax

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 929,519 | 1,129,403
UK corporation tax adjustment to prior periods | 18,427 | -
| 947,946 | 1,129,403
Deferred taxation |  |
Arising from origination and reversal of timing differences | 68 | (170)
Tax expense in the income statement | 948,014 | 1,129,233

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 3,718,346 | 5,516,150
Corporation tax at standard rate | 929,587 | 1,379,038
Increase in UK and foreign current tax from adjustment for prior periods | 18,427 | -
Tax decrease arising from group relief | - | (249,805)
Total tax charge | 948,014 | 1,129,233

Analysis of deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Differences between accumulated depreciation and amortisation and capital allowances | 1,531 | -
| 1,531 | -

2024 | Asset £ | Liability £
Short term timing differences | 1,599 | -
| 1,599 | -

| 9 | Stocks

| 2025 £ | 2024 £
Raw materials and consumables | 403,000 | 527,595
Finished goods and goods for resale | 2,535,459 | 3,408,045
| 2,938,459 | 3,935,640

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

| 10 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 2,077,040 | 2,636,509
Other debtors |  | 2,000 | 9,139
Prepayments |  | 229,017 | 381,750
Deferred tax assets | 8 | 1,531 | 1,599
|  | 2,309,588 | 3,028,997

| 11 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 12 | 96,175 | 107,734
Trade creditors |  | 377,575 | 721,909
Amounts due to related parties |  | 7,005,097 | 4,447,171
Social security and other taxes |  | 319,026 | 179,948
Outstanding defined contribution pension costs |  | 12,677 | 12,568
Accruals |  | 1,765,757 | 1,575,835
Corporation tax liability |  | 370,177 | 207,354
|  | 9,946,484 | 7,252,519
Due after one year |  |  |
Loans and borrowings | 12 | 19,000 | 112,567

| 12 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 38,000 | 38,000
Hire purchase contracts | 58,175 | 69,734
| 96,175 | 107,734

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 19,000 | 57,000
Hire purchase contracts | - | 55,567
| 19,000 | 112,567

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 2.00%, and the final instalment is due on 11 January 2027. The carrying amount at year end is £57,000 (2024 - £95,000). The bank loan is secured by a debenture over the assets and undertakings of Jakemans (Confectioners) Limited and by a charge over commercial property held by the group. There is also a joint guarantee from G.R. Lane Holdings Limited and G.R. Lane Health Products Limited.

JAKEMANS (CONFECTIONERS) LIMITED

Notes to the Financial Statements
for the Year Ended 31 July 2025

| 13 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 2,500 | 2,500 | 2,500 | 2,500

| 14 | Dividends

| 2025 £ | 2024 £
Dividends paid | 2,770,332 | 4,386,917

| 15 | Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £71,527 (2024 - £69,509).
Contributions totalling £12,677 (2024 - £12,568) were payable to the scheme at the end of the year and are included in creditors.

| 16 | Obligations under operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 123,145 | 94,669
Later than one year and not later than five years | 384,266 | 339,879
Later than five years | 80,000 | 128,000
| 587,411 | 562,548

The amount of non-cancellable operating lease payments recognised as an expense during the year was £135,881 (2024 - £68,462).

| 17 | Contingent liabilities

At 31 July 2025, there was a bank unlimited joint and several guarantee between the company, G.R. Lane Holdings Limited and G.R. Lane Health Products Limited. The contingent liability arising as a result of this arrangement amounted to £nil (2024 - £nil).

| 18 | Parent and ultimate parent undertaking

The company is controlled by G.R. Lane Holdings Limited, a company registered in England and Wales which was also the ultimate parent undertaking throughout the year.
G.R. Lane Holdings Limited prepares consolidated financial statements and copies can be obtained from the registered office.

| 19 | Prior year restatement

The prior year figures have been restated to reclassify certain expenses totalling £3,004,287 from Administrative Expenses to Cost of Sales. This change has no impact on total expenses, net profit, or equity.