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REGISTERED NUMBER: 01126990 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| MARTIN MATHEW & CO. LIMITED |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Contents of the Consolidated Financial Statements

for the year ended 30 September 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 7 |

Consolidated Income Statement | 11 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 19 |

MARTIN MATHEW & CO. LIMITED

Company Information

for the year ended 30 September 2025

| DIRECTORS: | M Donnelly

| M Donnelly

| REGISTERED OFFICE: | 50a St. Andrew Street

| Hertford

| Hertfordshire

| SG14 1JA

| REGISTERED NUMBER: | 01126990 (England and Wales)

| AUDITORS: | Trevor Jones & Partners Ltd

| Statutory Auditor

| Unit 14

| Hoddesdon Enterprise Centre

| Pindar Road

| Hoddesdon

| Hertfordshire

| EN11 0FJ

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Group Strategic Report

for the year ended 30 September 2025

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.

Introduction

Martin Mathew & Co Ltd, is an established Food Importer & Distributor supplying the Food service, Food Manufacturing and Food Retail sectors. The group supplies over 350 product lines of canned foods, pasta, jams, vinegars, and aseptic bulk tomatoes. Dealing with suppliers in over 25 countries worldwide.

The group is BRC AA Accredited and has AEO Status. The Group own and operate their own warehouse facilities in Norfolk.

PRINCIPAL RISKS AND UNCERTAINTIES

The groups operations expose it to a variety of risks that include the effects of credit risk and currency risk.

1. Credit Risk

The group has a strong balance sheet and cash available, with a good bank facility should the company require, which is currently unused.

2. Currency Risk

The group has foreign currency facilities with two major banks, the group manage the exposure for the long term customer contracts.

3. Customer concentration risk

The group has a large number of active customer accounts from small independent businesses to the largest food companies in the UK. The group has a good split amongst the food sectors.

4. Competitive pressure risk

The group operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a-vis its competitors.

The group reviews the competitiveness of its services on an ongoing basis, both formally (via regularly scheduled management meetings) and informally with its clients and customers in the market.

5. Credit risk

The group has credit insurance. The group also use other credit checks on their customers. The group continually monitor the credit limits and payments stringently.

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Group Strategic Report

for the year ended 30 September 2025

SECTION 172(1) STATEMENT

The board of directors of Martin Mathew & Co Limited consider that both individually and together for the year ended 30 September 2023 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefits of its members as a whole and having regard to the matters set out in Section 17 (1)(a-f) as per below:

A) The likely consequence of any decision in the long term,

B) The interests of the company employees,

C) The need to foster the company's business relationships with suppliers, customer and others,

D) The impact of the company's operations on the community and the environment,

E) The desirability of the company maintaining a reputation for high standards of business conduct, and

F) The need to act fairly between members of the company.

SUMMARY OF RESULTS OF KEY PERFORMANCE INDICATORS

Revenue, profit after tax and cash balances and cash generations are considered to be the key performance indicators for the group. By maximising these, means the group can continue to grow and provide the best service to its customers, suppliers and employees.

Turnover was £57.7 million (2024: £63.6 million) resulting in a gross profit margin of 16.37% (2023: 14.29%).

The Operating Profit increased by 36.97% to £4.11 million (2024: £3 million). Net Profit before taxation increased by 34.98% to £4.24 million (2024: £3.14 million).

Cash as at the year end was £5.4 million remained at a similar rate to the previous year (2024: £5.4 million).

OTHER KEY PERFORMANCE INDICATORS

Customer and supplier satisfaction

The group and directors value the customers and suppliers it works with and aims to create long lasting mutually beneficial relationships. This is supported by the parents AA rating obtained from, its most recent BRC review.

ON BEHALF OF THE BOARD:

M Donnelly - Director

28 April 2026

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Report of the Directors

for the year ended 30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

DIVIDENDS

Interim dividends totalling £150,000 was paid on various dates during the year. The directors recommended that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £150,000.

FUTURE DEVELOPMENTS

Our focus continues to be on improving performance against key performance indicators and building stronger relationships with our customer and supplier networks.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

M Donnelly

M Donnelly

Other changes in directors holding office are as follows:

M W Smith ceased to be a director after 30 September 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made during the year.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

OUR PEOPLE

At the core of our company lies our dedicated team. We, as a Company and Group, pledge to be an ethical employer, attentively managing the performance, needs, and aspirations of our staff in a straightforward and equitable manner. A range of initiatives designed to enhance staff engagement, health, and wellbeing are actively promoted and implemented by the Company and Group.

BUSINESS RELATIONSHIPS

The cornerstone of the groups achievements lies in our relationships with our Customers and Suppliers. We are devoted to nurturing enduring partnerships with our supplier network, encouraging close cooperation and the cultivation of sustainable, high-quality supply chains. The relationship we maintain with our Customers is vital to our firm's continuous success. Catering to our Customers' needs and expectations is a fundamental aspect of our business strategy and planning, ensuring that the Company and Group consistently meet the highest standards of safety and quality.

COMMUNITY AND ENVIRONMENT

We aim to create opportunities to recruit and develop local people, with most of our staff being recruited from the local area and being able to offer future development to help our staff develop skills in their key areas.

During the year the group has been responsible for changes to helping reduced the company's impact on the environment, these include installation of solar panels on the warehouse facility in Norfolk and the installation of electric car charging points at both the head office and warehouse locations.

STREAMLINED ENERGY AND CARBON REPORTING

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the 2018 Regulations) implement the government's policy on Streamlined Energy and Carbon Reporting (SECR). The regulation came into effect on 1 April 2019 and the Company is required to report the emissions and energy consumption for the year ended 30 September 2024.

The results below shows the groups energy consumption and Corporate Carbon Footprint (CCF) / emissions for the year:

Energy Consumption:

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Report of the Directors

for the year ended 30 September 2025

Scope 1 Energy Consumption: 61,196 (2024 - 105,815) (kWh)

Scope 2 Energy Consumption: 68,534 (2024 - 27,819) (kWh)

Total energy Consumption: 129,730 (2024 - 133,634) (kWh)

Emissions:

Scope 1 Emissions: 11.26 (2024 - 19.47) [t CO2e]

Scope 2 Emissions: 14.19 (2024 - 5.76) [t CO2e]

Total gross Emissions: 25.45 (2024 - 25.23) [t CO2e]

Average emissions per employee for the year was 0.58 (2024 - 0.59) [t CO2e] and the Company aims to lower this where possible in future. Prior year comparatives have not been provided due to first year adoption of policy

Martin Mathews Ltd have taken measures to appoint an external party to monitor and review its full energy consumption and provide ways to assist and help with reducing their impact on the environment.

The subsidiary company has taken further measures to assist with reduction in its energy consumption and has installed solar panels at the location. The solar panels result in a production of energy outweighing the consumption of the whole site.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group 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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Report of the Directors

for the year ended 30 September 2025

AUDITORS

The auditors, Trevor Jones & Partners Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Donnelly - Director

28 April 2026

Report of the Independent Auditors to the Members of

Martin Mathew & Co. Limited

Opinion

We have audited the financial statements of Martin Mathew & Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Martin Mathew & Co. Limited

Matters on which we are required to report by exception

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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Martin Mathew & Co. Limited

Auditors' 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 a Report of the Auditors 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Martin Mathew & Co. Limited

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 a Report of the Auditors 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.

Christopher James Whale (Senior Statutory Auditor)

for and on behalf of Trevor Jones & Partners Ltd

Statutory Auditor

Unit 14

Hoddesdon Enterprise Centre

Pindar Road

Hoddesdon

Hertfordshire

EN11 0FJ

28 April 2026

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Consolidated Income Statement

for the year ended 30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 57,694,364 |  | 63,603,620 |  |

Cost of sales | 48,245,297 |  | 54,516,615 |  |

GROSS PROFIT | 9,449,067 |  | 9,087,005 |  |

Distribution costs | 1,529,865 |  | 1,525,958 |  |

Administrative expenses | 4,427,975 |  | 4,974,973 |  |

|  |  | 5,957,840 |  |  |  |  | 6,500,931 |  |

3,491,227 |  | 2,586,074 |  |

Other operating income | 620,801 |  | 415,996 |  |

OPERATING PROFIT | 5 | 4,112,028 |  | 3,002,070 |  |

Interest receivable and similar income | 126,844 |  | 138,149 |  |

PROFIT BEFORE TAXATION | 4,238,872 |  | 3,140,219 |  |

Tax on profit | 7 | 1,162,299 |  | 859,693 |  |

PROFIT FOR THE FINANCIAL YEAR | 3,076,573 |  | 2,280,526 |  |

Profit attributable to:

Owners of the parent | 3,076,573 |  | 2,280,526 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Consolidated Other Comprehensive Income

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,076,573 |  | 2,280,526 |  |

OTHER COMPREHENSIVE INCOME |

Revaluations | 2,040,592 |  | - |  |

Deferred taxation | (649,149 | ) | - |  |

Unrealised gain on revaluation | 261,610 |  | 227,287 |  |

Income tax relating to components of other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 1,653,053 |  | 227,287 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,729,626 |  | 2,507,813 |  |

Total comprehensive income attributable to:

Owners of the parent | 4,729,626 |  | 2,507,813 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Consolidated Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 10,320 |  | 234,422 |  |

Tangible assets | 11 | 8,425,339 |  | 6,518,047 |  |

Investments | 12 | 4,316,010 |  | 3,049,400 |  |

Investment property | 13 | 2,755,996 |  | 2,380,996 |  |

15,507,665 |  | 12,182,865 |  |

CURRENT ASSETS

Stocks | 14 | 7,658,424 |  | 6,988,333 |  |

Debtors | 15 | 9,525,384 |  | 10,584,180 |  |

Cash at bank and in hand | 5,362,344 |  | 5,442,217 |  |

22,546,152 |  | 23,014,730 |  |

CREDITORS

Amounts falling due within one year | 16 | 8,538,697 |  | 10,911,252 |  |

NET CURRENT ASSETS | 14,007,455 |  | 12,103,478 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 29,515,120 |  | 24,286,343 |  |

PROVISIONS FOR LIABILITIES | 17 | 1,821,315 |  | 1,172,164 |  |

NET ASSETS | 27,693,805 |  | 23,114,179 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 50,000 |  | 50,000 |  |

Revaluation reserve | 19 | 4,619,777 |  | 3,370,582 |  |

Retained earnings | 19 | 23,024,028 |  | 19,693,597 |  |

SHAREHOLDERS' FUNDS | 27,693,805 |  | 23,114,179 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

M Donnelly - Director

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Company Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 10,320 |  | 10,320 |  |

Tangible assets | 11 | 126,521 |  | 156,104 |  |

Investments | 12 | 6,557,139 |  | 5,290,529 |  |

Investment property | 13 | 2,755,996 |  | 2,380,996 |  |

9,449,976 |  | 7,837,949 |  |

CURRENT ASSETS

Stocks | 14 | 7,658,424 |  | 6,988,333 |  |

Debtors | 15 | 9,334,182 |  | 10,419,552 |  |

Cash at bank and in hand | 5,314,797 |  | 5,421,653 |  |

22,307,403 |  | 22,829,538 |  |

CREDITORS

Amounts falling due within one year | 16 | 8,865,445 |  | 11,420,846 |  |

NET CURRENT ASSETS | 13,441,958 |  | 11,408,692 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 22,891,934 |  | 19,246,641 |  |

PROVISIONS FOR LIABILITIES | 17 | 449,550 |  | 216,798 |  |

NET ASSETS | 22,442,384 |  | 19,029,843 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 50,000 |  | 50,000 |  |

Retained earnings | 19 | 22,392,384 |  | 18,979,843 |  |

SHAREHOLDERS' FUNDS | 22,442,384 |  | 19,029,843 |  |

Company's profit for the financial year | 3,158,683 |  | 2,839,698 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

M Donnelly - Director

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Consolidated Statement of Changes in Equity

for the year ended 30 September 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 50,000 |  | 17,785,784 |  | 3,370,582 |  | 21,206,366 |  |

Changes in equity

Dividends | - |  | (600,000 | ) | - |  | (600,000 | ) |

Total comprehensive income | - |  | 2,507,813 |  | - |  | 2,507,813 |  |

Balance at 30 September 2024 | 50,000 |  | 19,693,597 |  | 3,370,582 |  | 23,114,179 |  |

Changes in equity

Dividends | - |  | (150,000 | ) | - |  | (150,000 | ) |

Total comprehensive income | - |  | 3,480,431 |  | 1,249,195 |  | 4,729,626 |  |

Balance at 30 September 2025 | 50,000 |  | 23,024,028 |  | 4,619,777 |  | 27,693,805 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Company Statement of Changes in Equity

for the year ended 30 September 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 50,000 |  | 16,512,858 |  | 16,562,858 |  |

Changes in equity

Dividends | - |  | (600,000 | ) | (600,000 | ) |

Total comprehensive income | - |  | 3,066,985 |  | 3,066,985 |  |

Balance at 30 September 2024 | 50,000 |  | 18,979,843 |  | 19,029,843 |  |

Changes in equity

Dividends | - |  | (150,000 | ) | (150,000 | ) |

Total comprehensive income | - |  | 3,562,541 |  | 3,562,541 |  |

Balance at 30 September 2025 | 50,000 |  | 22,392,384 |  | 22,442,384 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Consolidated Cash Flow Statement

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,339,798 |  | 5,720,571 |  |

Tax paid | (982,182 | ) | (1,569,792 | ) |

Net cash from operating activities | 1,357,616 |  | 4,150,779 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (385,649 | ) | (256,751 | ) |

Purchase of fixed asset investments | (1,005,000 | ) | (755,000 | ) |

Purchase of investment property | - |  | (730,996 | ) |

Sale of tangible fixed assets | 2,500 |  | 12,900 |  |

Sale of fixed asset investments | - |  | 5,000 |  |

Write off fixed asset investment | - |  | (5,000 | ) |

Interest received | 126,844 |  | 138,149 |  |

Net cash from investing activities | (1,261,305 | ) | (1,591,698 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | 283,657 |  |

Amount withdrawn by directors | (26,184 | ) | - |  |

Equity dividends paid | (150,000 | ) | (600,000 | ) |

Net cash from financing activities | (176,184 | ) | (316,343 | ) |

(Decrease)/increase in cash and cash equivalents | (79,873 | ) | 2,242,738 |  |

Cash and cash equivalents at beginning of year | 2 | 5,442,217 |  | 3,199,479 |  |

Cash and cash equivalents at end of year | 2 | 5,362,344 |  | 5,442,217 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Cash Flow Statement

for the year ended 30 September 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,238,872 |  | 3,140,219 |  |

| Depreciation charges | 367,918 |  | 431,080 |  |

| Profit on disposal of fixed assets | (2,406 | ) | (3,813 | ) |

| Loss on revaluation of fixed assets | - |  | 5,000 |  |

| Finance income | (126,844 | ) | (138,149 | ) |

4,477,540 |  | 3,434,337 |  |

| (Increase)/decrease in stocks | (670,091 | ) | 1,418,459 |  |

| Decrease in trade and other debtors | 1,058,796 |  | 243,397 |  |

| (Decrease)/increase in trade and other creditors | (2,526,447 | ) | 624,378 |  |

| Cash generated from operations | 2,339,798 |  | 5,720,571 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 5,362,344 |  | 5,442,217 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 5,442,217 |  | 3,199,479 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 5,442,217 |  | (79,873 | ) | 5,362,344 |  |

5,442,217 |  | (79,873 | ) | 5,362,344 |  |

| Total | 5,442,217 |  | (79,873 | ) | 5,362,344 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements

for the year ended 30 September 2025

1. | STATUTORY INFORMATION

| Martin Mathew & Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| 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. Such estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

| 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.

| If the revision affects both the current and future periods, the revision will impact both the period of the period and future periods.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are:

| Stock provisions

| The directors review stock lines at regular intervals during the year and at the year-end in order to identify any items that may not be recoverable. Following these reviews adequate provision is made for any amounts identified which would indicate an impairment of stock.

| Investment property valuation

| The directors undertake a review of investment property values at the year-end, drawing on local knowledge and in accordance with estate agents or surveyors, in order to determine fair value at the balance sheet date. Following these reviews, adjustment is made for any change in valuation necessary.

| Turnover

| Turnover is the amount receivable for the provision of goods falling within the company's ordinary activities, excluding value added tax. It is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are shipped to, or collected, by the customer.

| Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| The intangible assets are various trademarks acquired some years ago. In the opinion of the directors, the value is at least equivalent to the historical cost figure at which they are included in the Balance Sheet.

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | in accordance with the property

| Improvements to property | - | 2% on cost

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Only the valuation of buildings, within freehold property, is depreciated at 2% (the buildings are deemed to represent 50% of the total cost of the land and buildings).

| Freehold property is shown at a valuation. Any aggregate surplus or deficit arising from changes in valuation is shown within the revaluation reserve.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| 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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Investments are recorded at cost on the date of acquisition. Any impairment is recognised in the profit or loss.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of food stuffs | 57,012,889 |  | 62,623,198 |  |

| Storage and warehousing | 681,475 |  | 980,422 |  |

57,694,364 |  | 63,603,620 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 56,393,428 |  | 62,780,103 |  |

| Europe | 1,300,936 |  | 823,517 |  |

57,694,364 |  | 63,603,620 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,952,470 |  | 2,609,878 |  |

| Social security costs | 234,551 |  | 289,325 |  |

| Other pension costs | 187,204 |  | 175,320 |  |

2,374,225 |  | 3,074,523 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 3 |  | 3 |  |

| Sales | 6 |  | 6 |  |

| Office and administration | 26 |  | 25 |  |

| Warehouse | 9 |  | 9 |  |

44 |  | 43 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 288,538 |  | 992,596 |  |

| Directors' pension contributions to money purchase schemes | 103,250 |  | 103,267 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 110,000 |  | 460,000 |  |

| Pension contributions to money purchase schemes | 50,000 |  | 50,000 |  |

| Included within the group staff costs above are £1,754,460 (2024 - £2,485,036) which relate to the parent company total wage, social security and pension costs.

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 31,806 |  | 35,322 |  |

| Depreciation - owned assets | 143,855 |  | 206,977 |  |

| Profit on disposal of fixed assets | (2,406 | ) | (3,813 | ) |

| Goodwill amortisation | 224,102 |  | 224,103 |  |

| Auditors' remuneration | 11,053 |  | 12,257 |  |

| Auditors' remuneration for non audit work | 13,018 |  | 12,640 |  |

6. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Exceptional items | - |  | (40,000 | ) |

| The exceptional item relates to an associated company loan write off.

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,162,299 |  | 859,693 |  |

| Tax on profit | 1,162,299 |  | 859,693 |  |

| UK corporation tax was charged at 25 %) in 2024.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,238,872 |  | 3,140,219 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,059,718 |  | 785,055 |  |

| Effects of:

| Expenses not deductible for tax purposes | 30,958 |  | 89,991 |  |

| Capital allowances in excess of depreciation | - |  | (15,353 | ) |

| Depreciation in excess of capital allowances | 71,623 |  | - |  |

| Total tax charge | 1,162,299 |  | 859,693 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluations | 2,040,592 |  | - |  | 2,040,592 |  |

| Deferred taxation | (649,149 | ) | - |  | (649,149 | ) |

| Unrealised gain on revaluation | 261,610 |  | - |  | 261,610 |  |

1,653,053 |  | - |  | 1,653,053 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluations

| Deferred taxation

| Unrealised gain on revaluation | 227,287 |  | - |  | 227,287 |  |

227,287 |  | - |  | 227,287 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 150,000 |  | 600,000 |  |

10. | INTANGIBLE FIXED ASSETS

| Group

| Patents |

| and |

| Goodwill |  | licences |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024

| and 30 September 2025 | 2,241,029 |  | 10,320 |  | 2,251,349 |  |

| AMORTISATION

| At 1 October 2024 | 2,016,927 |  | - |  | 2,016,927 |  |

| Amortisation for year | 224,102 |  | - |  | 224,102 |  |

| At 30 September 2025 | 2,241,029 |  | - |  | 2,241,029 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 10,320 |  | 10,320 |  |

| At 30 September 2024 | 224,102 |  | 10,320 |  | 234,422 |  |

| Company

| Patents

| and

| licences

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 10,320 |  |

| NET BOOK VALUE

| At 30 September 2025 | 10,320 |  |

| At 30 September 2024 | 10,320 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 6,520,500 |  | - |  | 680,160 |  |

| Additions | - |  | 313,587 |  | 44,500 |  |

| Disposals | - |  | - |  | - |  |

| Revaluations | 1,165,913 |  | - |  | - |  |

| Reclassification/transfer | (483,881 | ) | 483,881 |  | 195,570 |  |

| At 30 September 2025 | 7,202,532 |  | 797,468 |  | 920,230 |  |

| DEPRECIATION

| At 1 October 2024 | 577,100 |  | - |  | 341,802 |  |

| Charge for year | - |  | 11,291 |  | 82,005 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| Revaluation adjustments | (499,679 | ) | - |  | - |  |

| Reclassification/transfer | (77,421 | ) | 77,421 |  | 84,659 |  |

| At 30 September 2025 | - |  | 88,712 |  | 508,466 |  |

| NET BOOK VALUE

| At 30 September 2025 | 7,202,532 |  | 708,756 |  | 411,764 |  |

| At 30 September 2024 | 5,943,400 |  | - |  | 338,358 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 185,132 |  | 411,336 |  | 7,797,128 |  |

| Additions | 17,562 |  | 10,000 |  | 385,649 |  |

| Disposals | - |  | (9,000 | ) | (9,000 | ) |

| Revaluations | - |  | - |  | 1,165,913 |  |

| Reclassification/transfer | - |  | (195,570 | ) | - |  |

| At 30 September 2025 | 202,694 |  | 216,766 |  | 9,339,690 |  |

| DEPRECIATION

| At 1 October 2024 | 165,815 |  | 194,364 |  | 1,279,081 |  |

| Charge for year | 8,306 |  | 42,253 |  | 143,855 |  |

| Eliminated on disposal | - |  | (8,906 | ) | (8,906 | ) |

| Revaluation adjustments | - |  | - |  | (499,679 | ) |

| Reclassification/transfer | - |  | (84,659 | ) | - |  |

| At 30 September 2025 | 174,121 |  | 143,052 |  | 914,351 |  |

| NET BOOK VALUE

| At 30 September 2025 | 28,573 |  | 73,714 |  | 8,425,339 |  |

| At 30 September 2024 | 19,317 |  | 216,972 |  | 6,518,047 |  |

| Cost or valuation at 30 September 2025 is represented by:

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| Valuation in 2009 | 2,913,625 |  | - |  | - |  |

| Valuation in 2017 | 302,369 |  | - |  | - |  |

| Valuation in 2025 | 1,165,913 |  | - |  | - |  |

| Cost | 2,820,625 |  | 797,468 |  | 920,230 |  |

7,202,532 |  | 797,468 |  | 920,230 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| Valuation in 2009 | - |  | - |  | 2,913,625 |  |

| Valuation in 2017 | - |  | - |  | 302,369 |  |

| Valuation in 2025 | - |  | - |  | 1,165,913 |  |

| Cost | 202,694 |  | 216,766 |  | 4,957,783 |  |

202,694 |  | 216,766 |  | 9,339,690 |  |

| If freehold property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 2,699,032 |  | 2,699,032 |  |

| Aggregate depreciation | 298,233 |  | 298,233 |  |

| Value of land in freehold land and buildings | 1,154,076 |  | 1,154,076 |  |

| Freehold property was valued on an open market basis on 30 September 2025 by the Directors .

| Company

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 185,132 |  | 178,664 |  | 363,796 |  |

| Additions | 12,862 |  | - |  | 12,862 |  |

| At 30 September 2025 | 197,994 |  | 178,664 |  | 376,658 |  |

| DEPRECIATION

| At 1 October 2024 | 165,815 |  | 41,877 |  | 207,692 |  |

| Charge for year | 8,248 |  | 34,197 |  | 42,445 |  |

| At 30 September 2025 | 174,063 |  | 76,074 |  | 250,137 |  |

| NET BOOK VALUE

| At 30 September 2025 | 23,931 |  | 102,590 |  | 126,521 |  |

| At 30 September 2024 | 19,317 |  | 136,787 |  | 156,104 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

12. | FIXED ASSET INVESTMENTS

| Group

| Listed

| investments

£ |

| COST OR VALUATION

| At 1 October 2024 | 3,049,400 |  |

| Additions | 1,005,000 |  |

| Revaluations | 261,610 |  |

| At 30 September 2025 | 4,316,010 |  |

| NET BOOK VALUE

| At 30 September 2025 | 4,316,010 |  |

| At 30 September 2024 | 3,049,400 |  |

| Cost or valuation at 30 September 2025 is represented by:

| Listed

| investments

£ |

| Valuation in 2022 | 1,623 |  |

| Valuation in 2023 | 292,777 |  |

| Valuation in 2025 | 261,610 |  |

| Cost | 3,760,000 |  |

4,316,010 |  |

| Company

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 3,049,400 |  | 2,241,129 |  | 5,290,529 |  |

| Additions | 1,005,000 |  | - |  | 1,005,000 |  |

| Revaluations | 261,610 |  | - |  | 261,610 |  |

| At 30 September 2025 | 4,316,010 |  | 2,241,129 |  | 6,557,139 |  |

| NET BOOK VALUE

| At 30 September 2025 | 4,316,010 |  | 2,241,129 |  | 6,557,139 |  |

| At 30 September 2024 | 3,049,400 |  | 2,241,129 |  | 5,290,529 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Cost or valuation at 30 September 2025 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2022 | 1,623 |  | - |  | 1,623 |  |

| Valuation in 2023 | 65,490 |  | - |  | 65,490 |  |

| Valuation in 2024 | 227,287 |  | - |  | 227,287 |  |

| Valuation in 2025 | 261,610 |  | - |  | 261,610 |  |

| Cost | 3,760,000 |  | 2,241,129 |  | 6,001,129 |  |

4,316,010 |  | 2,241,129 |  | 6,557,139 |  |

| If listed fixed asset investments had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 2,755,000 |  | 2,755,000 |  |

| Listed fixed asset investments were valued on an open market basis on 30 September 2024 by Barclays Bank .

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| The Fixed Asset Investment represents the cost of £2,241,129 incurred during 2002 in the acquisition of the 100% owned subsidiary company, East Coast Storage (Handling) Ltd, which is included within the consolidated accounts. The registered office address is Springfield House, 99/101 Crossbrook Street, Cheshunt, Hertfordshire, England, EN8 8JR.

| In the opinion of the directors, the value of the company's investment in the subsidiary undertaking is not less than the amount included in the balance sheet.

| In the opinion of the directors, the value of this investment is not less than the amount included in the balance sheet.

| East Cost (Storage) Handling Ltd

| Registered office: Clenchwarton Road, West Lynn, Kings Lynn, Norfolk, PE34 3LW

| Nature of business: Warehousing and Storage

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 7,521,425 |  | 6,130,238 |  |

| Profit for the year | 441,992 |  | 64,930 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 2,380,996 |  |

| Revaluations | 375,000 |  |

| At 30 September 2025 | 2,755,996 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,755,996 |  |

| At 30 September 2024 | 2,380,996 |  |

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2009 | 164,240 |  |

| Valuation in 2017 | 352,950 |  |

| Valuation in 2022 | 350,000 |  |

| Valuation in 2025 | 375,000 |  |

| Cost | 1,513,806 |  |

2,755,996 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 782,810 |  | 782,810 |  |

| Aggregate depreciation | (173,463 | ) | (173,463 | ) |

| Investment property was valued on a fair value basis on 30 September 2023 by the Directors .

| Company

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 2,380,996 |  |

| Revaluations | 375,000 |  |

| At 30 September 2025 | 2,755,996 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,755,996 |  |

| At 30 September 2024 | 2,380,996 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

13. | INVESTMENT PROPERTY - continued

| Company

| Investment property was valued on a fair value basis on 30 September 2024 by the Directors.

| Directors valuations are based on local market knowledge and in accordance with estate agent expertise.

| Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss reserve.

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2009 | 164,240 |  |

| Valuation in 2017 | 352,950 |  |

| Valuation in 2022 | 350,000 |  |

| Valuation in 2025 | 375,000 |  |

| Cost | 1,513,806 |  |

2,755,996 |  |

14. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Finished goods | 7,658,424 |  | 6,988,333 |  | 7,658,424 |  | 6,988,333 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 9,392,540 |  | 10,364,626 |  | 9,250,581 |  | 10,221,899 |  |

| Other debtors | 42,570 |  | - |  | 269 |  | - |  |

| VAT | - |  | 127,245 |  | 29,156 |  | 145,029 |  |

| Prepayments and accrued income | 90,274 |  | 92,309 |  | 54,176 |  | 52,624 |  |

9,525,384 |  | 10,584,180 |  | 9,334,182 |  | 10,419,552 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 5,037,513 |  | 7,036,786 |  | 4,807,797 |  | 6,843,090 |  |

| Tax | 477,686 |  | 297,569 |  | 316,212 |  | 231,923 |  |

| Social security and other taxes | 51,772 |  | 42,956 |  | 37,097 |  | 31,764 |  |

| VAT | 15,639 |  | - |  | - |  | - |  |

| Other creditors | 76,359 |  | 62,072 |  | 35,340 |  | 62,072 |  |

| Inter-company account | - |  | - |  | 839,422 |  | 829,354 |  |

| Payments received on account | 43,526 |  | 43,526 |  | - |  | - |  |

| Rebates and overrider provision | 1,268,792 |  | 1,360,387 |  | 1,268,792 |  | 1,360,387 |  |

| Directors' current accounts | 257,682 |  | 283,866 |  | 257,682 |  | 283,866 |  |

| Accrued expenses | 1,309,728 |  | 1,784,090 |  | 1,303,103 |  | 1,778,390 |  |

8,538,697 |  | 10,911,252 |  | 8,865,445 |  | 11,420,846 |  |

17. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 1,821,315 |  | 1,172,164 |  | 449,550 |  | 216,798 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,172,164 |  |

| Provided during year | 649,151 |  |

| Balance at 30 September 2025 | 1,821,315 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 216,798 |  |

| Provided during year | 232,752 |  |

| Balance at 30 September 2025 | 449,550 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

MARTIN MATHEW & CO. LIMITED (REGISTERED NUMBER: 01126990)

Notes to the Consolidated Financial Statements - continued

for the year ended 30 September 2025

19. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 October 2024 | 19,693,597 |  | 3,370,582 |  | 23,064,179 |  |

| Profit for the year | 3,076,573 |  | 3,076,573 |  |

| Dividends | (150,000 | ) | (150,000 | ) |

| Cash share issue | - |  | 1,249,195 |  | 1,249,195 |  |

| Deferred taxation | 281,250 |  | - |  | 281,250 |  |

| Revaluations | 122,608 |  | - |  | 122,608 |  |

| At 30 September 2025 | 23,024,028 |  | 4,619,777 |  | 27,643,805 |  |

| Company

| Retained

| earnings

£ |

| At 1 October 2024 | 18,979,843 |  |

| Profit for the year | 3,158,683 |  |

| Dividends | (150,000 | ) |

| Deferred taxation | 281,250 |  |

| Revaluations | 122,608 |  |

| At 30 September 2025 | 22,392,384 |  |

20. | ULTIMATE PARENT COMPANY

| Martin Mathew & Co. Limited is regarded by the directors as being the company's ultimate parent company.

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr M Donnelly & Mr M Donnelly.