The directors present the strategic report for the year ended 31 August 2025.
FY25 was a pivotal and transitional year for the Protein Works. We designed, built and migrated to the PW Campus - our new state-of-the-art, vertically integrated facility at Speke, Liverpool. The project was entirely self-funded, without external financing or additional debt. The Directors consider this a meaningful demonstration of operational discipline and balance sheet strength.
Against that backdrop, PW delivered a pre-tax profit of £6,491,111 with results in line with management’s expectations. The Directors are satisfied with both the trading performance and the year-end balance sheet position, particularly in light of FY25 simultaneously being a year of transition and sustained growth.
Turnover increased to £55,070k (2024: £50,733k), with profit for the year of £4,770k transferred to retained earnings. Revenue by channel was as follows:
Channel Revenue FY25 (£’000) % of Total Revenue
DTC 45,605 83%
Marketplaces 7,844 14%
Trade 1,620 3%
DTC remains the primary revenue stream at 83% of turnover, and our customer base continued to expand, with 616k distinct customers transacting in the DTC channel during the year (2024: 581k). Continued UK growth was supported by good performance in our strategic international markets, which continue to build scale as we focus investment behind the markets that offer the clearest path to meaningful size outside the UK. The underlying international trajectory reinforces the Directors’ view that the brand has genuine cross-border portability and they’re pleased a EU based 3PL re-platforming is also complete.
Growth continues to be underpinned by a differentiated brand proposition built around taste leadership, science-backed ingredients and healthy habit-forming product formats that fit naturally into customers’ daily routines. Our core range of complete meal and protein shakes, plus growing savoury meals category, supports sustained engagement and high repeat purchase rates across our customer base.
This record performance was delivered through a period of significant internal change and against a challenging macroeconomic backdrop, which the Directors consider a credible reflection of the resilience of the operating model and the capability of the team.
Fixed Assets increased to £8,775k (2024: £1,906k), reflecting the completion of PW Campus. The acid test liquidity ratio remained above 2, supported by disciplined inventory management and efficient stock turnover. Further detail on our key stakeholder relationships, including suppliers, is set out in the S172 statement on page 3.
Total equity increased to £11,354k (2024: £6,584k), reflecting profitable operations and the investment in the new site.
PW Campus is the platform from which the business will scale its next phase of growth. Combined with our vertically integrated operating model, a strong pipeline of product innovation and market-leading satisfaction ratings, the Directors expect continued profitable growth in the year ahead.
The Directors actively monitor the Group overall risk profile and set clear policies defining the level of risk the business considers acceptable. These policies empower colleagues across the business to identify risks that could affect performance and implement mitigating actions within approved thresholds. Where risks are identified as exceeding acceptable levels, structured mitigation plans are developed with clearly defined ownership and completion timelines, and progress is reported to the Board.
Liquidity risk
The Group manages financial risk by ensuring sufficient liquidity is available to meet foreseeable operational needs, whilst investing surplus cash safely. Short-term flexibility is maintained through access to an overdraft facility with its banking provider.
Foreign exchange risk
The Group is exposed to both translation and transaction foreign exchange risk, with a proportion of sales invoiced in the local currencies of customers outside the UK. The Group operates an economic hedge but does not adopt a policy of hedge accounting.
Interest rate risk
Interest rate exposure is limited. The Group could be affected by an increase in interest rates charged on its bank overdraft.
Credit risk
The Group’s principal financial assets are cash and trade debtors. Credit risk is low given the majority of trade is conducted through e-commerce. Trade debtors are credit assessed and reference checked on onboarding, and monitored on an ongoing basis.
Market risk
Market risk encompasses currency risk, fair value interest rate risk and price risk. The Group’s approach to fair value interest rate risk is addressed under “interest rate risk” above. There is no price risk.
Shareholders
The Directors and executive leadership team maintain an open and active dialogue with shareholders covering strategy, financial performance, governance and ethics. Shareholder input is regularly reported to and discussed at Board level as part of decision making.
Colleagues
Our people are central to the performance of the business. The Group operates a flexible and hybrid working environment with open communication at all levels. Training is provided across areas including cybersecurity and health and safety, with regular reporting to the Board to ensure the team is properly equipped.
Customers
Our focus is on delivering high quality product and building long-term customer relationships by understanding their needs and serving them efficiently. Customer feedback directly informs product development and commercial strategy.
Suppliers
The Group maintains strong supplier partnerships to ensure a reliable and efficient supply chain. A structured feedback process addresses lead time, quality and delivery issues promptly, and the Group is disciplined about paying suppliers without delay.
Communities
The wider community is considered in the Group’s decision making. The Group actively seeks to minimise the environmental impact of its operations, with further detail provided in the SECR statement within the Directors’ Report.
Government and regulators
The Group complies with all applicable laws and regulations, including those relating to health and safety and product safety, and monitors relevant legal and regulatory developments on an ongoing basis.
The Directors consider the key performance indicators for the business to be customer lifetime value, average order value, revenue growth %, gross profit margin, net promoter score, on-time-in-full delivery and stock turnover.
These indicators are embedded in how the business is managed day to day. The Group is deeply data-driven and focuses on improving these metrics to deliver an excellent service to the customer and disciplined financial outcomes.
Future developments
With PW Campus operational and the team entering FY26 on a strengthened asset base, the Directors are focused on converting the PW Campus platform into commercial leverage — continued top-line growth, improving operational efficiency and a strong pipeline of product innovation across both dairy and plant-based ranges. The Directors remain optimistic about the potential for profit growth.
ESG
The Group and its directors have a genuine commitment to both its community and the environment. As a result, it has built a clear ESG vision and strategy which covers all areas of its operation from product packaging & supply chain to employee value proposition, development and engagement.
This is an overview of how Directors performed their duty to promote the success of the Group under section 172 of the Companies Act 2006.
Duty to promote the success of the Group
In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the Group, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:
likely consequences of any decisions in the long-term.
interests of the Group's employees.
need to foster the Group's business relationships with suppliers, customers, and others.
impact of the Group's operations on the community and environment.
desirability of the Group maintaining a reputation for high standards of business conduct; and
need to act fairly between shareholders of the Group.
This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the company to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review. It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the year ended 31 August 2025.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 August 2025.
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The Group is committed to being an equal opportunities employer, with diversity, equity and fairness embedded at the heart of its workplace culture. Its policies are designed to prevent discrimination and to foster a professional, inclusive and supportive working environment, ensuring that no employee is treated less favourably on the basis of protected characteristics.
Equal opportunity principles are upheld throughout the recruitment process, with fair and objective consideration given to applicants with disabilities. Where an employee becomes disabled during their employment, the Group is committed to providing appropriate adjustments to enable them to continue in their role.
There are no significant post balance sheet events to disclose.
Details of the Group's future developments, together with its principal risks and uncertainties, are set out in the Strategic Report.
The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Streamline Energy & Carbon Reporting
In line with the Streamlined Energy and Carbon Reporting (SECR) legislation, the Group is required to report its energy consumption and greenhouse gas emissions arising in the UK. All mandatory sources of energy and emissions have been disclosed. Scope 3 emissions have been disclosed voluntarily. This is the first year of reporting under SECR.
Energy consumption and Greenhouse Gas emissions (GHG) for the period 1 September 2024 to 31 August 2025:
The Group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Method of calculation
Transport
Employee commuting and homeworking emissions were calculated using UK average commuting and work from home behaviours. Radiative forcing is applied when calculating emissions associated with air travel to account for the increased climate impact of greenhouse gas emissions released at high altitudes. From the following financial year, emissions related to commuting and homeworking will be calculated using actual data collected through an employee survey, rather than UK averages.
Utilities
Electricity emissions are calculated using specific tariff fuel mix data per kilowatt hour. During the reporting period the company procured a zero-carbon electricity tariff and therefore reports zero market-based Scope 2 emissions. Well to tank emissions, transmission and distribution losses are included for direct upstream indirect energy consumption.
Purchased goods and services
Scope 3 emissions relating to capital goods and non-ingredient purchased goods and services were primarily estimated using spend-based emission factors derived from the UK government SIC code conversion factors (2021), adjusted for inflation to the reporting year. These estimates reflect industry average emissions per pound spent. Activity-based emission factors from the UK government BEIS/DEFRA GHG conversion factors for company reporting (2024) and product level datasets including EcoInvent, CarbonCloud and UK government sources were also applied alongside broader geographic averages. As this is the first year of reporting, spend-based factors have been used in certain categories where higher quality consumption data was not yet available. Data quality will be improved in future reporting periods.
Emissions reduction approach
The Group aims to reduce Scope 1 and Scope 3 emissions through measures including the transition to renewable energy, adoption of efficient electric alternatives, improved waste management practices, optimisation of logistics, and reduction in business travel where feasible.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per FTE, the recommended ratio for the sector.
The company aims to reduce Scope 1 and Scope 3 emissions through measures including the transition to renewable energy, adoption of efficient electric alternatives, improved waste management practices, optimisation of logistics, and reduction in business travel where feasible.
We have audited the financial statements of TPW Global Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' 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.
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Companies Act 2006, Health and Safety at Work Act and Employment Law.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £737,156 (2024 - £769,141 loss).
TPW Global Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pw Campus, 33 Speke Boulevard, Liverpool, England, L24 9HZ.
The group consists of TPW Global Ltd and all of its subsidiaries.
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 amounts 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.
The consolidated group financial statements consist of the financial statements of the parent company TPW Global Ltd together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The directors have prepared the financial statements on a going concern basis, on the assumption that the Group will continue in operational existence for the foreseeable future.
In assessing the appropriateness of this basis of preparation, the directors have considered the company's current financial position, cash flow forecasts and available banking facilities for a period of at least twelve months from the date of approval of these financial statements. The forecasts are based on prudent assumptions regarding trading performance, market conditions and cost management.
The directors have also considered reasonably possible downside scenarios and performed stress testing on the forecasts to evaluate the potential impact on liquidity. Based on this review, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and accordingly have adopted the going concern basis in preparing these financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT 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 dispatch of the 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.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the tangible fixed assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment.
During the period a depreciation charge of £1,124,260 (2024: £457,124) was calculated based on accounting policies applied.
Refer to note 12, showing the tangible fixed assets carrying values impacted by the key accounting estimate.
The stock provision had to be estimated by the directors of the Group, where use-by dates and environmental changes to packaging was taken into consideration.
The stock provision value at the year end was £557,501 (2024: £663,193).
Refer to note 15, showing the stock valuation impacted by the key accounting estimate.
No geographical analysis of turnover is given as in the opinion of the directors, such information would be seriously prejudicial to the interests of the company.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 August 2025 are as follows:
Bank loans and overdrafts are secured against a fixed and floating charge and are repayable on demand.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year YFM Private Equity Limited charged TPW Global Limited £92,926 (2024: £91,489) in monitoring fees. YFM Equity Partners LLP is the ultimate controlling party of TPW Global Limited.
At the balance sheet date £6,400,000 (2024: £6,400,000) was owed to YFM EP Buyout I LP, and interest of £667,775 (2024: £660,917) was charged during the year. Additionally, £59,999 (2024: £59,999) was owed to R Millman, a director of the company, and interest of £2,990 (2024: £13,071) was charged during the year.