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

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

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

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.

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

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:

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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

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

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.