Company registration number 02011961 (England and Wales)
SCHEFF FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SCHEFF FOODS LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M K Chauhan
Mr R Chauhan
SECRETARY
Mr M K Chauhan
COMPANY NUMBER
02011961
REGISTERED OFFICE
Halfords Park
Halfords Lane
Smethwick
West Midlands
B66 1EL
AUDITOR
JW Hinks LLP
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
SCHEFF FOODS LIMITED
CONTENTS
PAGE
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
SCHEFF FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

REVIEW OF THE BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and of its position at the year end. The review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties the company faces.

PRINCIPALS RISKS AND UNCERTAINTIES

The management of the business and the execution of the directors' strategy are subject to a number of risks and uncertainties.

The key business risks and uncertainties affecting the company are set out below.

Risks are reviewed by the directors and appropriate processes have been put in place to monitor and mitigate them.

Future outlook

During the year ended 31 December 2025 the company has continued to invest in equipment and staff in order to help increase growth.

Competition

Corporate risk and exposure to competition is mitigated through factors such as complying with high quality manufacturing processes and systems.

Human resources

The company's ability to recruit and retain staff is key to the future growth of the business. The directors place a significant emphasis upon the recruitment, retention and performance of the company's staff.

Quality standards

It is of utmost importance to the company that the company's manufacturing processes and systems are at a standard expected from the company and by its customers.

IT and finance systems

It is important that reliable and robust IT and financial systems and processes are in place that enable the company to operate effectively and efficiently.

An infrastructure investment programme is in place to ensure that IT hardware and software are upgraded and replaced on an ongoing basis.

PRINCIPAL RISKS AND UNCERTAINTIES

Finance systems, processes and controls are managed by an experienced and qualified finance team to support business needs and to pay suppliers and employees accurately and on a timely basis.

ANALYSIS OF DEVELOPMENT AND PERFORMANCE

Trading performance in 2025

Due to actions taken in 2024 we manged to turn a corner and seen a significant increase in sales in 2025. The increase in sales has also resulted in the company ending in a profitable position. The Company achieved this in a very tough economic conditions and acute shortage of suitable staff continues to be a very real problem.

Business environment in 2025

Although we started the year 2026 with great optimism the war in Middle East has thrown obstacles and uncertainty into the business. The Government action have also put upward pressures on costs. Lack of staff now is an ongoing issue for the business. The prediction for 2026 is a tough call to make.

SCHEFF FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
ANALYSIS BASED ON KEY PEFORMANCE INDICATORS

We consider that our key financial performance indicators are turnover and net assets and that these indicators best communicate the performance and strength of the company as a whole.

Annual turnover and net assets for the period covering the years ended 31 December 2025 and 31 December 2024 are as follows.

| 2025 | 2024
| £ | £
Turnover | 13,259,442 | 12,018,476
Net assets | 2,529,432 | 2,469,908

On behalf of the board

Mr M K Chauhan
DIRECTOR
14 May 2026
SCHEFF FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of the manufacture of frozen ready meals and pastry buffet products.

RESULTS AND DIVIDENDS

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

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

Mr M K Chauhan
Mr R Chauhan
FINANCIAL INSTRUMENTS
Financial risk management objectives and policies

The company's principal financial instruments comprise cash, bank loans and other loans. The main purpose of these financial instruments is to raise finance for the company's operations and expansion plans. The company has various other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative transactions.

It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and its invoice finance facility.

Interest rate risk

The company's exposure to market risk for changes in interest rates is limited to the company's bank loans and its invoice finance facility. The additional requirement for medium to long term debt finance will be reviewed by the directors based on the company's forecast working capital requirements.

Credit risk

The company trades only with recognised, credit worthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is minimal.

AUDITOR

The auditors, JW Hinks LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

SCHEFF FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Mr M K Chauhan
DIRECTOR
14 May 2026
SCHEFF FOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 6 -
OPINION

We have audited the financial statements of Scheff Foods Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements we concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT

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

- the information given in the strategic report and the directors' r eport 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.

SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 7 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

- Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.

- Evaluating and understanding the internal control system.

- Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.

- Testing documentation supporting account balances or classes of transactions.

- Observing the physical stock count.

- Confirming accounts receivable and other accounts with a third party.

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.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 8 -
USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

JAMES CRUSE FCA, FCCA, BSC (ECON) HONS (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF
JW HINKS LLP
JW Hinks LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
14 May 2026
SCHEFF FOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
TURNOVER
3
13,259,442
12,018,476
Cost of sales
(9,288,429)
(8,641,021)
GROSS PROFIT
3,971,013
3,377,455
Distribution costs
(839,137)
(755,325)
Administrative expenses
(2,967,685)
(2,857,518)
OPERATING PROFIT/(LOSS)
4
164,191
(235,388)
Interest receivable and similar income
8
807
1,403
Interest payable and similar expenses
9
(71,892)
(90,153)
PROFIT/(LOSS) BEFORE TAXATION
93,106
(324,138)
Tax on profit/(loss)
10
(33,582)
43,129
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
59,524
(281,009)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SCHEFF FOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
12
162,521
151,179
Tangible assets
13
2,887,356
2,967,026
3,049,877
3,118,205
CURRENT ASSETS
Stocks
14
1,270,526
1,156,518
Debtors
15
1,822,805
1,626,641
Cash at bank and in hand
251,673
160,985
3,345,004
2,944,144
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16
(2,923,811)
(2,532,290)
NET CURRENT ASSETS
421,193
411,854
TOTAL ASSETS LESS CURRENT LIABILITIES
3,471,070
3,530,059
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
17
(719,057)
(827,599)
PROVISIONS FOR LIABILITIES
Deferred tax liability
20
222,581
232,552
(222,581)
(232,552)
NET ASSETS
2,529,432
2,469,908
CAPITAL AND RESERVES
Called up share capital
22
20,100
20,100
Capital redemption reserve
20,000
20,000
Profit and loss reserves
2,489,332
2,429,808
TOTAL EQUITY
2,529,432
2,469,908

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 May 2026 and are signed on its behalf by:
Mr M K Chauhan
DIRECTOR
Company registration number 02011961 (England and Wales)
SCHEFF FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
BALANCE AT 1 JANUARY 2024
20,100
20,000
2,760,817
2,800,917
YEAR ENDED 31 DECEMBER 2024:
Loss and total comprehensive income
-
-
(281,009)
(281,009)
Dividends
11
-
-
(50,000)
(50,000)
BALANCE AT 31 DECEMBER 2024
20,100
20,000
2,429,808
2,469,908
YEAR ENDED 31 DECEMBER 2025:
Profit and total comprehensive income
-
-
59,524
59,524
BALANCE AT 31 DECEMBER 2025
20,100
20,000
2,489,332
2,529,432
SCHEFF FOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
27
373,944
470,069
Interest paid
(71,892)
(90,153)
Income taxes refunded/(paid)
48,685
(76,926)
NET CASH INFLOW FROM OPERATING ACTIVITIES
350,737
302,990
INVESTING ACTIVITIES
Purchase of intangible assets
(31,113)
(40,521)
Purchase of tangible fixed assets
(12,932)
(4,211)
Proceeds from disposal of tangible fixed assets
21,800
-
0
Interest received
807
1,403
NET CASH USED IN INVESTING ACTIVITIES
(21,438)
(43,329)
FINANCING ACTIVITIES
Repayment of bank loans
(171,343)
(170,563)
Payment of finance leases obligations
(67,268)
(45,275)
Dividends paid
-
0
(50,000)
NET CASH USED IN FINANCING ACTIVITIES
(238,611)
(265,838)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
90,688
(6,177)
Cash and cash equivalents at beginning of year
160,985
167,162
CASH AND CASH EQUIVALENTS AT END OF YEAR
251,673
160,985
SCHEFF FOODS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
ACCOUNTING POLICIES
COMPANY INFORMATION

Scheff Foods Limited is a private company limited by shares and is incorporated in England and Wales. The company's registered office and principal place of business is located at Halfords Park, Halfords Lane, Smethwick, West Midlands, B66 1EL.

2.1
ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
GOING CONCERN

These financial statements have been prepared on a going concern basis true.

The director s have considered the position of the company both at present and for the next 12 months.

The directors have considered the various income streams of the company, anticipated costs, future cash flows and the various options available to them.

Based on the above the directors believe that it remains appropriate for the financial statements to be prepared on a going concern basis.

The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.

2.3
TURNOVER

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2
ACCOUNTING POLICIES
(Continued)
- 14 -
2.4
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% on cost
2.5
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
Not depreciated
Freehold property
2% on cost
Plant and machinery
33.33% on cost and 10% on cost
Fixtures, fittings & equipment
33.33% on cost and 10% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.6
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
ACCOUNTING POLICIES
(Continued)
- 15 -
2.7
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.8
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.9
FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, 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

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.

Impairment of financial assets

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.

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
ACCOUNTING POLICIES
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, 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 paymen ts 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

2.10
EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.11
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
ACCOUNTING POLICIES
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2.12
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

2.13
RETIREMENT BENEFITS

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

2.14
LEASES

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2.15
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

3
TURNOVER AND OTHER REVENUE

An analysis of the company's turnover is as follows:

2025
2024
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Manufacture of frozen ready meals and pastry buffet products
13,259,442
12,018,476
2025
2024
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
13,259,442
12,018,476
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
TURNOVER AND OTHER REVENUE
(Continued)
- 18 -
2025
2024
£
£
OTHER REVENUE
Interest income
807
1,403
4
OPERATING PROFIT/(LOSS)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
74
233
Depreciation of tangible fixed assets
153,373
154,670
Profit on disposal of tangible fixed assets
(11,019)
-
Amortisation of intangible assets
19,771
16,219
Operating lease charges
137,808
186,091
5
AUDITOR'S REMUNERATION
2025
2024
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the company
8,350
8,000
FOR OTHER SERVICES
Taxation compliance services
500
500
All other non-audit services
1,500
1,500
2,000
2,000
6
EMPLOYEES

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

2025
2024
Number
Number
Directors
2
2
Administration
10
9
Management, logistics, maintenance and production
102
104
Total
114
115
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
EMPLOYEES
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,336,812
3,050,842
Social security costs
345,072
257,870
Pension costs
40,741
36,314
3,722,625
3,345,026
7
DIRECTORS' REMUNERATION
2025
2024
£
£
Remuneration for qualifying services
136,000
135,500
Company pension contributions to defined contribution schemes
3,600
3,600
139,600
139,100

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

8
INTEREST RECEIVABLE AND SIMILAR INCOME
2025
2024
£
£
INTEREST INCOME
Interest on bank deposits
807
1,403
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
807
1,403
9
INTEREST PAYABLE AND SIMILAR EXPENSES
2025
2024
£
£
INTEREST ON FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Interest on bank overdrafts and loans
63,794
82,970
OTHER FINANCE COSTS
Interest on finance leases and hire purchase contracts
8,098
7,183
71,892
90,153
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
TAXATION
2025
2024
£
£
CURRENT TAX
UK corporation tax on profits for the current period
49,109
-
0
Adjustments in respect of prior periods
(5,556)
(43,129)
Total current tax
43,553
(43,129)
DEFERRED TAX
Origination and reversal of timing differences
(9,971)
-
0
Total tax charge/(credit)
33,582
(43,129)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
93,106
(324,138)
EXPECTED TAX CHARGE/(CREDIT) BASED ON THE STANDARD RATE OF CORPORATION TAX IN THE UK OF 25% (2024: 25%)
23,277
(81,035)
Effects of:
Expenses that are not deductible in determining taxable profit
1,583
355
Tax at marginal rate
(788)
2,714
Capital allowances less than depreciation
25,037
34,837
Deferred tax movement
(9,971)
-
0
Adjustment in respect of prior year
(5,556)
-
0
TAXATION CHARGE/(CREDIT) IN THE FINANCIAL STATEMENTS
33,582
(43,129)
11
DIVIDENDS
2025
2024
£
£
Final paid
-
0
50,000
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
INTANGIBLE FIXED ASSETS
Software
£
COST
At 1 January 2025
185,607
Additions
31,113
At 31 December 2025
216,720
AMORTISATION AND IMPAIRMENT
At 1 January 2025
34,428
Amortisation charged for the year
19,771
At 31 December 2025
54,199
CARRYING AMOUNT
At 31 December 2025
162,521
At 31 December 2024
151,179
13
TANGIBLE FIXED ASSETS
F/hold land
Plant and
Fixtures and
Motor
and property
machinery
fittings
vehicles
Total
£
£
£
£
£
COST
At 1 January 2025
3,826,500
1,300,146
373,861
247,976
5,748,483
Additions
-
0
19,034
-
0
65,450
84,484
Disposals
-
0
-
0
-
0
(39,807)
(39,807)
At 31 December 2025
3,826,500
1,319,180
373,861
273,619
5,793,160
DEPRECIATION AND IMPAIRMENT
At 1 January 2025
1,055,746
1,244,739
331,276
149,696
2,781,457
Depreciation charged in the year
66,940
13,327
11,924
61,182
153,373
Eliminated in respect of disposals
-
0
-
0
-
0
(29,026)
(29,026)
At 31 December 2025
1,122,686
1,258,066
343,200
181,852
2,905,804
CARRYING AMOUNT
At 31 December 2025
2,703,814
61,114
30,661
91,767
2,887,356
At 31 December 2024
2,770,754
55,407
42,585
98,280
2,967,026
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
TANGIBLE FIXED ASSETS
(Continued)
- 22 -

The carrying value of freehold land and property comprises:

2025
2024
£
£
Freehold land
479,495
479,495
Freehold property
2,358,199
2,425,139
2,837,694
2,904,634

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
12,764
15,147
Fixtures, fittings & equipment
15,292
19,554
Motor vehicles
91,767
98,280
Freehold land & property
13,755
14,054
133,578
147,035
14
STOCKS
2025
2024
£
£
Raw materials and consumables
490,480
463,191
Finished goods and goods for resale
780,046
693,327
1,270,526
1,156,518
15
DEBTORS
2025
2024
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
1,536,966
1,172,618
Corporation tax recoverable
-
0
43,129
Other debtors
98,242
229,559
Prepayments and accrued income
187,597
181,335
1,822,805
1,626,641
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
16
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Notes
£
£
Bank loans
18
147,198
186,764
Obligations under finance leases
19
58,487
77,438
Trade creditors
918,404
1,024,961
Corporation tax
49,109
-
0
Other taxation and social security
78,927
59,149
Other creditors
1,369,220
845,744
Accruals
302,466
338,234
2,923,811
2,532,290

Included within other creditors above is an amount of £917,891 (2024: £726,293) in respect of an invoice discounting facility secured against the trade debtors of the company.

17
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
2024
Notes
£
£
Bank loans and overdrafts
18
675,315
807,092
Obligations under finance leases
19
43,742
20,507
719,057
827,599
Creditors which fall due after five years are payable as follows:
Payable by instalments
390,658
446,401
18
LOANS AND OVERDRAFTS
2025
2024
£
£
Bank loans
822,513
993,856
Payable within one year
147,198
186,764
Payable after one year
675,315
807,092

Bank loans are secured by a debenture and legal charges over the company's assets.

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
19
FINANCE LEASE OBLIGATIONS
2025
2024
Amounts due:
£
£
Within one year
58,487
77,438
After more than one year
43,742
20,507
102,229
97,945
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
58,487
77,438
In two to five years
43,742
20,507
102,229
97,945

Finance lease payments represent rentals payable by the company for certain items of tangible fixed assets.

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.

20
DEFERRED TAXATION

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
BALANCES:
£
£
Accelerated capital allowances
222,581
232,552
2025
MOVEMENTS IN THE YEAR:
£
Liability at 1 January 2025
232,552
Credit to profit or loss
(9,971)
Liability at 31 December 2025
222,581

SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
21
RETIREMENT BENEFIT SCHEMES
2025
2024
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
40,741
36,314

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
SHARE CAPITAL
2025
2024
2025
2024
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
20,100
20,100
20,100
20,100
23
OPERATING LEASE COMMITMENTS
AS LESSEE

Operating lease payments represent rentals payable by the company for the hire of certain items of equipment.

Leases are negotiated for a period of either 3 or 4 years depending upon the item of equipment rented by the company.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

2025
2024
£
£
Within 1 year
137,808
137,808
Years 2-5
283,416
421,224
421,224
559,032
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
24
RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY MANAGEMENT PERSONNEL

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
357,255
306,092
TRANSACTIONS WITH RELATED PARTIES

During the year, expenses totalling £1,545 (2024: £1,536) was paid out by the company, in respect private healthcare for an immediate family member of the directors.

2025
2024
AMOUNTS DUE TO RELATED PARTIES
£
£
Other related parties
50,000
-
25
ULTIMATE CONTROLLING PARTY

The company is controlled jointly by the shareholders.

26
DIRECTORS' TRANSACTIONS

DIVIDENDS PAID TO DIRECTORS AND SPOUSES

Dividends totalling £nil (2024: £50,000) were paid in the year in respect of shares held by the company's directors and their spouses.

27
CASH GENERATED FROM OPERATIONS
2025
2024
£
£
Profit/(loss) after taxation
59,524
(281,009)
ADJUSTMENTS FOR:
Taxation charged/(credited)
33,582
(43,129)
Finance costs
71,892
90,153
Investment income
(807)
(1,403)
Gain on disposal of tangible fixed assets
(11,019)
-
Amortisation and impairment of intangible assets
19,771
16,219
Depreciation and impairment of tangible fixed assets
153,373
154,670
MOVEMENTS IN WORKING CAPITAL:
(Increase)/decrease in stocks
(114,008)
17,235
(Increase)/decrease in debtors
(239,293)
435,571
Increase in creditors
400,929
81,762
CASH GENERATED FROM OPERATIONS
373,944
470,069
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
28
ANALYSIS OF CHANGES IN NET DEBT
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
160,985
90,688
-
251,673
Borrowings excluding overdrafts
(993,856)
171,343
-
(822,513)
Lease liabilities
(97,945)
67,268
(71,552)
(102,229)
(930,816)
329,299
(71,552)
(673,069)
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