REGISTERED NUMBER: 15909073 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

21ST AUGUST 2024 TO 30TH SEPTEMBER 2025

FOR

IRMA HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A P T Mezger

C G V Mezger

Mrs J V Mezger

R T Mezger

A C Buckmaster

J E S Wright

REGISTERED OFFICE:

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

REGISTERED NUMBER:

15909073 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

The directors present their strategic report of the company and the group for the period 21st August 2024 to 30th September 2025.

REVIEW OF BUSINESS

Irma Holdings Limited acquired the shares of Irma Management Limited on 1st October 2024 and therefore the results of this subsidiary are only included from this date. Sales of the group for the period amount to £18.8m and Shareholders Funds amount to £5.6m.

We are delighted to share that the subsidiary undertakings have seen marked progress this year, especially when compared to the previous period, which was shaped by a difficult economic climate, rising costs, and unfavourable weather conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with many businesses, Jude's is navigating the risks of inflation and cost-of-living.

SUSTAINABILITY

The priority remains to cut our carbon emissions by reducing our carbon intensity per litre of ice cream versus our baseline. For detailed analysis on our targets and progress please see our published Impact Reports.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The directors use KPIs to measure monthly performance against previous periods and budgets. The KPIs utilised include those related to turnover, gross margins, and cash management.

OUTLOOK

While broader economic uncertainties remain, we expect sales to increase year on year and Jude's growth momentum to continue.

ON BEHALF OF THE BOARD:

R T Mezger - Director

20th May 2026

The directors present their report with the financial statements of the company and the group for the period 21st August 2024 to 30th September 2025.

INCORPORATION

The group was incorporated on 21st August 2024 .

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of the production, marketing and wholesale of ice cream.

DIVIDENDS

Ordinary B dividends were paid amounting to £6,000. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who have held office during the period from 21st August 2024 to the date of this report are as follows:

A P T Mezger - appointed 1st October 2024

C G V Mezger - appointed 1st October 2024

Mrs J V Mezger - appointed 1st October 2024

R T Mezger - appointed 1st October 2024

A C Buckmaster - appointed 1st October 2024

J E S Wright - appointed 21st August 2024

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

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;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, were appointed on 21st August 2024 and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R T Mezger - Director

20th May 2026

Opinion

We have audited the financial statements of Irma Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30th 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 30th September 2025 and of the group's profit for the period 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 three, 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:

We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the directors and our previous knowledge of the group. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the group's financial statements to material

misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in

respect of the group are revenue recognition and management override. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off and testing controls in place in respect of sales and those areas susceptible to management override including testing manual journals and making enquiries of management.

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.

David Barr FCA (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

21st May 2026

TURNOVER

3

18,844,249

Cost of sales

11,338,437

GROSS PROFIT

7,505,812

Distribution costs

2,805,937

Administrative expenses

3,693,194

6,499,131

1,006,681

Other operating income

17,893

OPERATING PROFIT

5

1,024,574

Interest receivable and similar income

30,015

1,054,589

Interest payable and similar expenses

6

177,764

PROFIT BEFORE TAXATION

876,825

Tax on profit

7

183,222

PROFIT FOR THE FINANCIAL PERIOD

693,603

Profit attributable to:

Owners of the parent

693,603

PROFIT FOR THE PERIOD

693,603

OTHER COMPREHENSIVE INCOME

Foreign exchange difference on

14,466

conversion

Revaluation of subsidiary to fair value

4,888,486

Revaluation of investments

(3,094

)

Income tax relating to components of other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

4,899,858

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

5,593,461

Total comprehensive income attributable to:

Owners of the parent

5,593,461

FIXED ASSETS

Intangible assets

10

358,054

Tangible assets

11

4,003,983

Investments

12

-

4,362,037

CURRENT ASSETS

Stocks

13

2,921,185

Debtors

14

4,165,398

Investments

15

835,712

Cash at bank and in hand

734,543

8,656,838

CREDITORS

Amounts falling due within one year

16

4,860,724

NET CURRENT ASSETS

3,796,114

TOTAL ASSETS LESS CURRENT LIABILITIES

8,158,151

CREDITORS

Amounts falling due after more than one year

17

(2,146,568

)

PROVISIONS FOR LIABILITIES

21

(362,057

)

NET ASSETS

5,649,526

CAPITAL AND RESERVES

Called up share capital

22

62,065

Other reserves

23

4,888,486

Fair value reserve

23

14,498

Retained earnings

23

684,477

SHAREHOLDERS' FUNDS

5,649,526

The financial statements were approved by the Board of Directors and authorised for issue on 20th May 2026 and were signed on its behalf by:

R T Mezger - Director

FIXED ASSETS

Intangible assets

10

-

Tangible assets

11

2,620,457

Investments

12

62,065

2,682,522

CURRENT ASSETS

Debtors

14

6,654

Cash at bank

318,628

325,282

CREDITORS

Amounts falling due within one year

16

154,750

NET CURRENT ASSETS

170,532

TOTAL ASSETS LESS CURRENT LIABILITIES

2,853,054

CREDITORS

Amounts falling due after more than one year

17

(2,776,166

)

PROVISIONS FOR LIABILITIES

21

(14,387

)

NET ASSETS

62,501

CAPITAL AND RESERVES

Called up share capital

22

62,065

Retained earnings

436

SHAREHOLDERS' FUNDS

62,501

Company's profit for the financial year

6,436

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20th May 2026 and were signed on its behalf by:

R T Mezger - Director

Called up

Fair

share

Retained

Other

value

Total

capital

earnings

reserves

reserve

equity

£

£

£

£

£

Changes in equity

Issue of share capital

62,065

-

-

-

62,065

Dividends

-

(6,000

)

-

-

(6,000

)

Total comprehensive income

-

690,477

4,888,486

14,498

5,593,461

Balance at 30th September 2025

62,065

684,477

4,888,486

14,498

5,649,526

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

62,065

-

62,065

Dividends

-

(6,000

)

(6,000

)

Total comprehensive income

-

6,436

6,436

Balance at 30th September 2025

62,065

436

62,501

Cash flows from operating activities

Cash generated from operations

1

603,840

Interest paid

(126,878

)

Interest element of hire purchase payments paid

(50,886

)

Tax paid

999

Net cash from operating activities

427,075

Cash flows from investing activities

Purchase of intangible fixed assets

(2,631

)

Purchase of tangible fixed assets

(2,830,339

)

Purchase of fixed asset investments

(1,030,739

)

Sale of fixed asset investments

801,715

Opening cash in subsidiary

1,859,796

Interest received

30,015

Net cash from investing activities

(1,172,183

)

Cash flows from financing activities

New loans in year

2,000,000

Bank loan repayments in year

(215,279

)

Hire purchase repayments in year

(299,070

)

Equity dividends paid

(6,000

)

Net cash from financing activities

1,479,651

Increase in cash and cash equivalents

734,543

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

734,543

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

£

Profit before taxation

876,825

Depreciation charges

436,461

Profit on disposal of fixed assets

(14,469

)

Foreign exchange on conversion

14,466

Movement in other provisions

(40,857

)

Finance costs

177,764

Finance income

(30,015

)

1,420,175

Increase in stocks

(322,218

)

Increase in trade and other debtors

(678,288

)

Increase in trade and other creditors

184,171

Cash generated from operations

603,840

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:

Period ended 30th September 2025

30.9.25

21.8.24

£

£

Cash and cash equivalents

734,543

-

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 21.8.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

-

734,543

734,543

-

734,543

734,543

Liquid resources

Current asset

investments

-

835,712

-

835,712

-

835,712

-

835,712

Debt

Finance leases

-

(404,526

)

(190,575

)

(595,101

)

Debts falling due

within 1 year

-

(244,069

)

-

(244,069

)

Debts falling due

after 1 year

-

(1,833,463

)

-

(1,833,463

)

-

(2,482,058

)

(190,575

)

(2,672,633

)

Total

-

(911,803

)

(190,575

)

(1,102,378

)

1.	STATUTORY INFORMATION

Irma Holdings 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.

The listed investments are held at valuation.

Basis of consolidation

The consolidated financial statements incorporate the results of Irma Holdings Limited and all its subsidiary undertaking as at 30th September 2025 using the acquisition method of accounting. The parent company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

The Irma Management Group was acquired on 1st October 2024 and therefore includes the results of this group from the date acquired.

Related party exemption

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

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates value added tax and other sales taxes. Revenue is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity. This is usually on despatch of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Freehold property

- 2% on cost

Short leasehold

- Straight line over the life of the lease

Improvements to property

- Straight line over 15 years

Plant and machinery

- Straight line over 9-15 years and Straight line over 3 years

Motor vehicles

- 33% on reducing balance

Computer equipment

- 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Land element included in Freehold property is not depreciated.

Stocks

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

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

Financial instruments

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.

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.

Current investments

All quoted investments are stated at market value. The statement of comprehensive income includes realised gains and losses from investments that have been sold and unrealised gains and losses arising from the revaluation of investments that are still held.

Investment in subsidiaries

Investments in subsidiaries are recognised at cost.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

£

United Kingdom

17,519,474

International

1,324,775

18,844,249