Company Registration No. SC046323 (Scotland)
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
COMPANY INFORMATION
Directors
G Murray
(Appointed 28 October 2024)
B McMonagle
(Appointed 28 October 2024)
Secretary
Addleshaw Goddard (Scotland) Secretarial Limited
Company number
SC046323
Registered office
Craigshaw Drive
West Tullos Industrial Estate
Aberdeen
AB12 3BE
Auditor
Johnston Carmichael LLP
Glasgow
G2 2ND
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report and financial statements of Quality Food Products (Aberdeen) Limited ("the Company") for the year ended 31 August 2025.

Fair review of the business

The Company processes and distributes the finest quality bacon to customers throughout the UK, Europe and Internationally.

The results of the Company show turnover of £32.4m (2024 - £34.6m), with a gross profit of £4.8m (2024 - £5.1m) and profit before tax of £2.1m (2024 - £1.6m). Turnover has decreased by 6.3% in comparison to prior year as a result of lower selling price in line with lower raw material prices and a more competitive market. Gross profit margin has slightly dropped from 14.9% in 2024 to 14.7% in 2025. This is an immaterial movement and is a reflection of any raw material price movements being reflected in the selling price.

The directors are satisfied with the results for the year.

The directors are satisfied with the Company's balance sheet and it provides a strong base for the business going forward, with sufficient available liquidity.

Principal risks and uncertainties

The key business risks affecting the Company are considered to relate to competition from national and international bacon suppliers and the general wellbeing of the pig industry.

The directors are of the opinion that the Company has adopted a thorough risk management process that involves the review of all risks identified. The directors monitor and review risks on a regular basis, in order to mitigate each risk area.

Liquidity Risk

The Company is funded via third party debt and a combination of debt and equity from its shareholders. Adequacy of available facilities and compliance with relevant covenant tests is measured on an ongoing basis. In order to maintain liquidity and to ensure sufficient funds are available for ongoing and future developments the Company monitors the timing of cash flows and aligns this with its strategic planning.

Credit Risk

The Company's principal financial assets are trade and other receivables. Its credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of reduction in recoverability of the cash flows. The Company has no significant concentration on credit risk, with exposure spread over a large number of customers.

Market Risk

The Company's activities expose it primarily to the financial risk of changes in foreign currency exchange rates, which it tries to manage via natural hedging, by matching foreign exchange receipts and payments. The Company holds bank accounts in its main trading currencies, which assists the Company in managing exposure.

Raw materials input cost

Directors closely monitor raw material input costs and market supply and demand in order to minimise impact of volatile price movements by forward and bulk purchasing at optimal time.

Key performance indicators

The directors monitor the following key performance indicators (KPIs), which they believe are most critical to their primary strategic objective of returning value to the shareholders, turnover, profitability, and net assets. The maintenance of these KPIs is fundamental to the business.

Future Developments

The directors' strategy is to deliver operational excellence and targeted innovation to improve efficiency and increase market share whilst continuing to drive for excellence in every task the business undertakes.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

On behalf of the board

B McMonagle
Director
17 April 2026
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the production and distribution of high quality bacon, both within the UK and internationally.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £4,803,280 (2024 - £Nil). The directors do not recommend payment of a further dividend.

Directors

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

G Murray
(Appointed 28 October 2024)
B McMonagle
(Appointed 28 October 2024)
K Rataj
(Resigned 28 October 2024)
G Rataj
(Resigned 28 October 2024)
M Rataj
(Resigned 28 October 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

The company does not use derivatives for either financial risk management or for speculative purposes. The company's financial risk management objectives, policies and exposure to financial risks are not considered material for the assessment of the company's assets, liabilities, financial position or result for the year and as such, no further disclosure is considered necessary.

Auditor

Johnston Carmichael LLP were appointed as auditor to the company during the year and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Matters addressed in the startegic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect future developments.

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.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
On behalf of the board
B McMonagle
Director
17 April 2026
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -

The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
- 6 -
Opinion

We have audited the financial statements of Quality Food Products (Aberdeen) Limited (‘the company’) for the year ended 31 August 2025, which comprise the Statement of Comprehensive Income, Balance Sheet, 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 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 and Financial Statements other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report and Financial Statements. 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 the audit:

- The information given in the Strategic Report and the Directors’ Report 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.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
- 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 identified material misstatements in the Strategic Report or the Directors’ Report.

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’ responsibilities statement 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 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered 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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006;

- Tax legislation (UK);

- UK Generally Accepted Accounting Practice;

- UK Health and Safety regulations; and

- UK Food Safety regulations.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls

- Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

- Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing audit work procedures over the risk of revenue recognition, including cut-off and occurrence;

- Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements 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 intentional concealment, forgery, collusion, omission or misrepresentation. 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 would become aware of it.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
- 9 -

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.

Allyson Banford (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
Statutory Auditor
Glasgow
G2 2ND
17 April 2026
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
32,415,114
34,601,269
Cost of sales
(27,643,370)
(29,452,336)
Gross profit
4,771,744
5,148,933
Distribution costs
(674,150)
(617,909)
Administrative expenses
(2,168,637)
(3,291,066)
Operating profit
4
1,928,957
1,239,958
Interest receivable and similar income
8
137,722
348,208
Profit before taxation
2,066,679
1,588,166
Tax on profit
9
(241,147)
(432,372)
Profit and total comprehensive income for the financial year
1,825,532
1,155,794

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,592,601
2,724,855
Current assets
Stocks
12
2,036,246
1,682,077
Debtors
13
4,083,039
3,256,741
Cash at bank and in hand
2,098,259
6,958,755
8,217,544
11,897,573
Creditors: amounts falling due within one year
14
(2,773,298)
(3,582,127)
Net current assets
5,444,246
8,315,446
Total assets less current liabilities
8,036,847
11,040,301
Provisions for liabilities
Deferred tax liability
15
389,661
415,367
(389,661)
(415,367)
Net assets
7,647,186
10,624,934
Capital and reserves
Called up share capital
17
120,000
120,000
Capital redemption reserve
18
99,999
99,999
Profit and loss reserves
18
7,427,187
10,404,935
Total equity
7,647,186
10,624,934
The financial statements were approved by the board of directors and authorised for issue on 17 April 2026 and are signed on its behalf by:
B McMonagle
Director
Company Registration No. SC046323
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2023
120,000
99,999
9,249,141
9,469,140
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
1,155,794
1,155,794
Balance at 31 August 2024
120,000
99,999
10,404,935
10,624,934
Year ended 31 August 2025:
Profit and total comprehensive income for the year
-
-
1,825,532
1,825,532
Dividends
10
-
-
(4,803,280)
(4,803,280)
Balance at 31 August 2025
120,000
99,999
7,427,187
7,647,186
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
1
Accounting policies
Company information

Quality Food Products (Aberdeen) Limited is a private company limited by shares incorporated in Scotland. The registered office is Craigshaw Drive, West Tullos Industrial Estate, Aberdeen, AB12 3BE.

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. 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 (where applicable):

- 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 Quality Food Products (Aberdeen) Holdings Limited. These consolidated financial statements are available from its registered office, Craigshaw Drive, West Tullos Industrial Estate, Aberdeen, Scotland, Scotland, AB12 3BE.

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 provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 receipt of 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.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
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 of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10% straight line
Computers
33% straight line
Motor vehicles
25% 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 the statement of comprehensive income.

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 the statement of comprehensive income.

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 the statement of comprehensive income.

1.6
Stocks

Stock is held at cost price for raw materials, with finished goods held at cost price plus an apportionment of overhead costs incurred during production.

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 the statement of comprehensive income. Reversals of impairment losses are also recognised in the statement of comprehensive income.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
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 are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost, less any impairment

Impairment of financial assets

Financial assets 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 the statement of comprehensive income.

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 the statement of comprehensive income.

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 are initially recognised at transaction price (after deducting transaction costs) and subsequently held at amortised costs.

Derecognition of financial liabilities

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

1.9
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.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
1.10
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 statement of comprehensive income 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 statement of comprehensive income, 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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income 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.

1.14
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 the statement of comprehensive income.

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
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.

The directors are satisfied that at the reporting date, there are no judgements or key sources of estimation uncertainty capable of causing a material adjustment to the carrying value of the company's assets and liabilities.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Supply of goods
32,415,114
34,601,269
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
31,273,373
33,873,021
Europe
1,141,741
728,248
32,415,114
34,601,269
2025
2024
£
£
Other significant revenue
Interest income
137,722
348,208
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange differences
503
-
0
Depreciation of owned tangible fixed assets
313,403
371,934
Loss on disposal of tangible fixed assets
5,769
-
Operating lease charges
45,433
46,087
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
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
25,500
22,000

Fees payable to the company's auditor in the current financial year are in respect of the auditor appointed in the current year. Fees payable to the company's auditor in the comparative financial year are in respect of the company's former auditor.

6
Employees

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

2025
2024
Number
Number
Production
50
52
Sales and distribution
3
3
Administration
14
7
Total
67
62

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,068,459
2,604,678
Social security costs
228,612
277,577
Pension costs
268,282
281,798
2,565,353
3,164,053
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
138,555
1,005,762
Company pension contributions to defined contribution schemes
4,036
234,000
142,591
1,239,762

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 3).

QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
7
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
500,000
Company pension contributions to defined contribution schemes
n/a
78,000

Remuneration paid to the company's directors in the current year did not exceed £200,000 and therefore no disclosure has been made in respect of remuneration paid to the highest paid director in the current year.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
137,722
348,208
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
266,853
504,371
Deferred tax
Origination and reversal of timing differences
(25,706)
(71,999)
Total tax charge
241,147
432,372

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
2,066,679
1,588,166
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
516,670
397,042
Tax effect of expenses that are not deductible in determining taxable profit
3,139
28,300
Group relief
(286,243)
-
0
Fixed asset differences
7,581
7,030
Taxation charge for the year
241,147
432,372
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
10
Dividends
2025
2024
£
£
Interim paid
4,803,280
-
0
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2024
2,169,290
6,061,872
212,506
146,487
8,590,155
Additions
89,698
127,240
20,135
-
0
237,073
Disposals
-
0
-
0
-
0
(111,849)
(111,849)
At 31 August 2025
2,258,988
6,189,112
232,641
34,638
8,715,379
Depreciation and impairment
At 1 September 2024
821,415
4,754,629
207,835
81,421
5,865,300
Depreciation charged in the year
43,674
252,829
7,758
9,142
313,403
Eliminated in respect of disposals
-
0
-
0
-
0
(55,925)
(55,925)
At 31 August 2025
865,089
5,007,458
215,593
34,638
6,122,778
Carrying amount
At 31 August 2025
1,393,899
1,181,654
17,048
-
0
2,592,601
At 31 August 2024
1,347,875
1,307,243
4,671
65,066
2,724,855

The company's fixed assets are secured in respect of certain borrowings of the company's parent undertaking. Further details of cross guarantees are outlined at note 19.

12
Stocks
2025
2024
£
£
Raw materials and consumables
1,701,900
1,454,289
Finished goods and goods for resale
334,346
227,788
2,036,246
1,682,077
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,489,613
2,943,063
Corporation tax recoverable
47,874
-
0
Amounts owed by group undertakings
1,328,598
-
0
Other debtors
106,010
50,841
Prepayments and accrued income
110,944
262,837
4,083,039
3,256,741

Trade debtors are stated net of provision for bad debts amounting £16,070 (2024 - £3,270).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,459,226
2,947,002
Corporation tax
-
0
275,370
Other taxation and social security
61,385
36,106
Other creditors
24,458
57,031
Accruals and deferred income
228,229
266,618
2,773,298
3,582,127
15
Deferred taxation

The provision for deferred taxation is made up as follows:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
389,894
415,581
Short term timing differences
(233)
(214)
389,661
415,367
2025
Movements in the year:
£
Liability at 1 September 2024
415,367
Credit to profit or loss
(25,706)
Liability at 31 August 2025
389,661
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
268,282
281,798

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.

Contributions totalling £2,485 (2024 - £2,285) were payable to the fund at the balance sheet date and are included in creditors.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120,000
120,000
120,000
120,000
18
Reserves
Capital redemption reserve

The capital redemption reserve relates to the preservation of fixed capital following redemption of shares.

Profit and loss reserves

The profit and loss reserves represent cumulative comprehensive profits and losses net of dividends paid.

19
Financial commitments, guarantees and contingent liabilities

The company is party to a cross-company guarantee in respect of bank facilities offered to Quality Food Products (Aberdeen) Holdings Limited group by Santander UK.

20
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
71,941
63,822
Between two and five years
256,530
187,192
In over five years
389,220
424,221
717,691
675,235
QUALITY FOOD PRODUCTS (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
21
Related party transactions
Transactions with related parties

During the current period, the company made sales of £7,335 to other related parties. At the reporting date, £8,802 was owed from other related parties in respect of sales made.

Other information

The company has taken advantage of the exemptions conferred by FRS 102 with regard to non-disclosure of transactions with wholly owned group undertakings.

22
Ultimate controlling party

On 25 October 2024, the controlling share capital of the company was acquired by Quality Food Products (Aberdeen) Holdings Limited, a company registered in Scotland whose registered address is Craigshaw Drive, West Tullos Industrial Estate, Aberdeen, AB12 3BE. Quality Food Products (Aberdeen) Holdings Limited is the largest and smallest entity preparing consolidated financial statements which include the company.

The ultimate controlling party is Foresight Regional Investment V General Partner LLP, a Limited Liability Partnership registered in Scotland.

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