ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: NI692484

Punjana Holdings Ltd

Annual Report and Financial Statements

For the Year Ended 31 August 2025

Punjana Holdings Ltd

Company Information

Directors	Camille Mary Joy Thompson
	James Ross Gaston Thompson


Registered number	NI692484


Registered office	2 Carnforth Street
	Belfast
	Co. Antrim
	BT5 4QA


Independent auditors	Sumer Auditco NI Limited
	Glendinning House
	6 Murray Street
	Belfast
	Co. Antrim
	BT1 6DN


Bankers	Ulster Bank
	11-16 Donegall Square East
	Belfast
	BT1 5UB

Punjana Holdings Ltd

Contents

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Consolidated Profit and Loss Account	10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12
Company Balance Sheet	13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16 - 17
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 38

Punjana Holdings Ltd

Group Strategic Report

For the Year Ended 31 August 2025

Introduction

The directors present their Strategic report on Punjana Holdings Ltd (the 'Company') and its subsidiaries (together the 'Group') for the year ended 31 August 2025.

Business review

The Group's principal activity during the year was that of blending and distribution of tea. The principal activity of the Company is that of a holding company. The profit for the year, after taxation, amounted to £323,357 (2024: £162,518). The value of net assets held by the Group as at 31 August 2025 was £1,899,131 (2024: £899,377). The Group was impacted by prevailing economic conditions, including continued volatility in raw tea prices (with some benefit from a more stable Sterling/Dollar position compared to the prior period). Operating costs remained under pressure particularly shipping costs. Supply activity remains impacted by adverse weather patterns linked to climate variability.

The directors consider the results for the financial year of the company and the year end financial position to be satisfactory. The directors will continue to seek every opportunity to increase profitable turnover within the company's traditionally competitive trading sector.

Future outlook

The external commercial environment is expected to remain competitive in the coming year given the current economic conditions. However, the directors remain confident that the Group will improve the current level of performance in the future.

Principal risks and uncertainties

The key business risks and uncertainties affecting the Group are considered to relate to competition from other tea brands, and fluctuations in the price and availability of raw materials. These risks are addressed through strong customer service, identification of new markets, detailed cost reviews and active supply chain management.

Key performance indicators

The directors consider the key performance indicators to be sales and gross profit margin. The turnover for the year was £13,606,849 (2024: £13,413,350) and gross profit margin was 23.4% (2024: 20.8%). The directors are satisfied with this performance given the inflationary pressures during the financial year.

Environment

The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The director's continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Page 1

Punjana Holdings Ltd

Group Strategic Report (continued)

For the Year Ended 31 August 2025

Health and Safety

The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environemnts for employees and customers alike.

Human Resources

The company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.

Employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company.

Financial risk management

The company's operations expose it to a variety of financial risks that include the effects of changes in price risk, foreign exchange risk, credit risk, liquidity risk and interest rate cash flow risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed investments.

Foreign exchange risk

While the greater part of the company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business. While the company has not used financial instruments in the year to hedge foreign exchange exposure, this position is kept constantly under review.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to indiviudal customers is subject to a limit, which is reassessed regularly by the board.

Page 2

Punjana Holdings Ltd

Group Strategic Report (continued)

For the Year Ended 31 August 2025

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finances that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Interest rate cash flow risks

The company has a policy of maintaining debt at a mixture of both fixed and variable interest rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

This report was approved by the board on 26 May 2026 and signed on its behalf.

Camille Mary Joy Thompson

Director

Page 3

Punjana Holdings Ltd

Directors' Report

For the Year Ended 31 August 2025

The directors present their report and the audited financial statements for the year ended 31 August 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited 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 audited financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the audited 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.

Results and dividends

The profit for the year, after taxation, amounted to £323,357 (2024: £162,518).

The value of net assets held by the Group as at 31 August 2025 was £1,899,131 (2024: £899,377).

There were no dividends declared by the Company during the year (2024: £nil).

Directors

The directors who served during the year and up to the date of signing results and dividends were:

Camille Mary Joy Thompson

James Ross Gaston Thompson

Qualifying third-party indemnity provisions

The Group has made qualifying third-party indemnity provisions for the benefit of its directors during the year and these remain force at the date of this report.

Research and development activities

There have been no material reseach and development activities within the year.

Page 4

Punjana Holdings Ltd

Directors' Report (continued)

For the Year Ended 31 August 2025

Matters covered in the Group Strategic Report

Details of financial risk management and future developments is provided in the Strategic report in accordance with section 414C(11) of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Sumer Auditco NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 May 2026 and signed on its behalf.

Camille Mary Joy Thompson

Director

Page 5

Punjana Holdings Ltd

Independent Auditors' Report to the Members of Punjana Holdings Ltd

Opinion

We have audited the financial statements of Punjana Holdings Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 August 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or 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.

Page 6

Punjana Holdings Ltd

Independent Auditors' Report to the Members of Punjana Holdings Ltd (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report 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 Directors' Report.

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 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.

Page 7

Punjana Holdings Ltd

Independent Auditors' Report to the Members of Punjana Holdings Ltd (continued)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 an Auditors' 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 Group 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 gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue.

We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. 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 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 Auditors' Report.

Page 8

Punjana Holdings Ltd

Independent Auditors' Report to the Members of Punjana Holdings Ltd (continued)

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 Auditors' 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.

Adrian Patton (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco NI Limited

Glendinning House

6 Murray Street

Belfast

Co. Antrim

BT1 6DN

26 May 2026

Page 9

Punjana Holdings Ltd

Consolidated Profit and Loss Account

For the Year Ended 31 August 2025

	2025	2024
Note	£	£


Turnover	4	13,606,849	13,413,350
Cost of sales		(10,417,703)	(10,618,590)
Gross profit		3,189,146	2,794,760
Administrative expenses		(2,686,537)	(2,510,489)
Other operating income	5	27,972	23,596
Operating profit	6	530,581	307,867
Interest receivable and similar income	10	92	356
Interest payable and similar expenses	11	(79,432)	(51,034)
Profit before tax		451,241	257,189
Tax on profit	12	(127,884)	(94,671)
Profit for the financial year		323,357	162,518

Profit for the year attributable to:
Owners of the Parent Company	323,357	162,518
	323,357	162,518

The notes on pages 18 to 38 form part of these financial statements.

Page 10

Punjana Holdings Ltd

Consolidated Statement of Comprehensive Income

For the Year Ended 31 August 2025

				2025	2024
			Note	£	£

Profit for the financial year	323,357	162,518
Other comprehensive income
Unrealised surplus/(deficit) on revaluation of tangible fixed assets	826,767	(73,059)
Movement in deferred tax relating to revaluation of tangible assets	(206,692)	18,265
Other comprehensive income for the year	620,075	(54,794)
Total comprehensive income for the year	943,432	107,724

Owners of the Parent Company

943,432

107,724

The notes on pages 18 to 38 form part of these financial statements.

Page 11

Punjana Holdings Ltd

Registered number: NI692484

Consolidated Balance Sheet

As at 31 August 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		3,686,712		3,146,864
			3,686,712		3,146,864
Current assets
Stocks	16	4,145,186		2,818,519
Debtors: amounts falling due within one year	17	1,404,737		1,402,754
Cash at bank and in hand	18	115,011		30,043
		5,664,934		4,251,316
Creditors: amounts falling due within one year	19	(6,242,128)		(5,375,638)
Net current liabilities			(577,194)		(1,124,322)
Total assets less current liabilities			3,109,518		2,022,542
Creditors: amounts falling due after more than one year	20		(445,018)		(451,844)
Provisions for liabilities
Deferred tax	23		(821,691)		(671,321)
Net assets			1,842,809		899,377

Capital and reserves
Called up share capital	24	54,080	54,080
Share premium account	25	365,926	365,926
Revaluation reserve	25	620,075	-
Profit and loss account	25	802,728	479,371
		1,842,809	899,377

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.

Camille Mary Joy Thompson

Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

Punjana Holdings Ltd

Registered number: NI692484

Company Balance Sheet

As at 31 August 2025

	2025	2024
Note	£	£

Fixed assets
Investments	15	4,271,760	4,271,760
		4,271,760	4,271,760

Creditors: amounts falling due within one year	19	(3,851,754)	(3,854,004)
Net current liabilities		(3,851,754)	(3,854,004)
Total assets less current liabilities		420,006	417,756


Net assets		420,006	417,756

Capital and reserves
Called up share capital	24	54,080	54,080
Share premium account	25	365,926	365,926
Profit and loss account	25	-	(2,250)
		420,006	417,756

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.

Camille Mary Joy Thompson

Director

The notes on pages 18 to 38 form part of these financial statements.

Page 13


		Punjana Holdings Ltd

Consolidated Statement of Changes in Equity

For the Year Ended 31 August 2025

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 September 2023	54,080	365,926	54,794	243,794	718,594
Comprehensive income for the year
Profit for the year	-	-	-	162,518	162,518
Transfer from revaluation reserve	-	-	(73,059)	-	(73,059)
Transfer to profit and loss account	-	-	-	73,059	73,059
Deferred tax movement on tangible assets	-	-	18,265	-	18,265

At 1 September 2024	54,080	365,926	-	479,371	899,377
Comprehensive income for the year
Profit for the year	-	-	-	323,357	323,357
Surplus on revaluation of freehold property	-	-	826,767	-	826,767
Deferred tax movement on tangible assets	-	-	(206,692)	-	(206,692)
At 31 August 2025	54,080	365,926	620,075	802,728	1,842,809

The notes on pages 18 to 38 form part of these financial statements.

Page 14

Punjana Holdings Ltd

Company Statement of Changes in Equity

For the Year Ended 31 August 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2023	54,080	365,926	(2,250)	417,756

At 1 September 2024	54,080	365,926	(2,250)	417,756
Comprehensive income for the year
Profit for the year	-	-	2,250	2,250
At 31 August 2025	54,080	365,926	-	420,006

The notes on pages 18 to 38 form part of these financial statements.

Page 15

Punjana Holdings Ltd

Consolidated Statement of Cash Flows

For the Year Ended 31 August 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	323,357	162,518
Adjustments for:
Depreciation of tangible assets	400,491	379,286
Loss on disposal of tangible assets	(3,595)	1,601
Interest paid	79,432	51,034
Interest received	(92)	(356)
Taxation charge	127,884	94,670
(Increase) in stocks	(1,326,668)	(461,164)
(Increase)/decrease in debtors	(1,983)	97,331
Increase/(decrease) in creditors	256,566	(154,657)
Corporation tax (paid)	(87,762)	(77,633)
Net cash generated from operating activities	(232,370)	92,630

Cash flows from investing activities
Purchase of tangible fixed assets	(162,114)	(288,481)
Sale of tangible fixed assets	52,139	6,625
Interest received	92	356
HP interest paid	(9,724)	(12,894)
Net cash from investing activities	(119,607)	(294,394)
Cash flows from financing activities
Repayment of loans	(1,605,326)	(141,461)
Other new loans	2,158,787	425,000
Repayment of/new finance leases	24,491	(23,832)
Interest paid	(69,708)	(38,140)
Net cash used in financing activities	508,244	221,567

Page 16

Punjana Holdings Ltd

Consolidated Statement of Cash Flows (continued)

For the Year Ended 31 August 2025

		2025	2024
		£	£


Net increase in cash and cash equivalents	156,267	19,803
Cash and cash equivalents at beginning of year	(67,913)	(87,716)
Cash and cash equivalents at the end of year	88,354	(67,913)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	115,011	30,043
Bank overdrafts	(26,657)	(97,956)
	88,354	(67,913)

Consolidated Analysis of Net Debt

For the Year Ended 31 August 2025


At 1 September 2024	Cash flows	At 31 August 2025
£	£	£

Cash at bank and in hand	30,043	84,968	115,011
Bank overdrafts	(97,956)	71,299	(26,657)
Debt due after 1 year	(357,702)	42,504	(315,198)
Debt due within 1 year	(2,400,227)	(158,656)	(2,558,883)
Finance leases	(127,151)	(24,494)	(151,645)
	(2,952,993)	15,621	(2,937,372)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

1.	General information

Punjana Holdings Ltd and its subsidiaries (together the 'Group') principal activity during the year was that of blending and distribution of tea. The principal activity of Punjana Holdings Ltd (the 'Company') is that of a holding company.

The Company is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of the registered office is 2 Carnforth Street, Belfast, Co Antrim, BT5 4QA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following exemptions:

• the Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss account in these financial statements;
• the requirements of Section 7 - Statement of Cash Flows; and
• from disclosing related party transactions that are wholly owned within the same group under paragraph 33.1A from the provisions of FRS 102, on the grounds that at 31 August 2025 it was a wholly owned subsidiary.

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Goodwill arising on consolidation is capitalised and amortised in accordance with the Group's accounting policy for goodwill. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.4

Going concern

The directors of the Group and Company have reviewed the appropriateness of the going concern assumption. They have considered the future trading forecasts and at the time of approving the financial statements, have a reasonable expectation that the Group and the Company has adequate resources to continue in operational existence for the period of at least 12 months from the date of approval of the financial statements.

Page 18

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. No rounding has been applied in the presentation of the financial statements.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.7

Leasing and hire purchase commitments

Where the Company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a "finance lease". The asset is recorded in the Balance Sheet as a tangible asset and is depreciated over its estimated useful economic life or the term of the lease, whichever is shorter. Future installments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between between the finance element, which is charged to the Profit and Loss Account, and the capital element which reduces the outstanding obligation for future installments. Rentals under operating leases are charged to the Profit and Loss Account as incurred.

2.8

Research and development

All expenditure incurred on research and product development is written off as incurred.

2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.13

Pensions

Defined contribution pension plan

The Group operates two defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plans are held separately from the Group in independently administered funds.

Page 20

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.15

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line method and the reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	4%	straight line
Plant and machinery	-	5%	and 6.67% straight line
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	10%	and 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Land is not depreciated.

2.16

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 22

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.22

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.23

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.24

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, 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

Page 23

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.24

Financial instruments (continued)

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 24

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.24

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

There are no significant judgements in the year.

The valuation of freehold property is subject to key sources of estimation uncertainty, including assumptions regarding market yields, rental values, comparable market transactions, and property-specific factors such as location, condition and use. Changes in these assumptions could have a material effect on the carrying value of the properties.

Page 25

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

Tea distribution	13,606,849	13,413,350
	13,606,849	13,413,350

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	11,562,987	11,566,888
Republic of Ireland	1,740,927	1,592,235
Rest of the world	302,935	254,227
	13,606,849	13,413,350

5.	Other operating income
		2025	2024
		£	£

Government grants receivable	27,972	23,596
	27,972	23,596

	Depreciation of tangible assets	400,491	379,286
	(Profit) / loss on disposal of tangible assets	(3,595)	1,601

Page 26

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	15,995	12,365
Fees payable to the Company's auditors in respect of:
Taxation compliance services	1,050	1,000

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	1,957,642	1,774,603
Social security costs	231,065	172,606
Cost of defined contribution scheme	201,800	179,178
	2,390,507	2,126,387

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Administration	10	10	2	2
Production	36	32	-	-
Sales & distribution	7	6	-	-

	53	48	2	2

Page 27

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	444,444	352,635
Group contributions to defined contribution pension schemes	59,520	76,622
	503,964	429,257

	During the year retirement benefits were accruing to 4 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £113,911 (2024 - £110,605).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £21,928 (2024 - £21,290).

10.	Interest receivable and similar income
		2025	2024
		£	£

	Other interest receivable	92	356
		92	356

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	69,708	37,812
Finance leases and hire purchase contracts	9,724	12,894
Other interest payable	-	328
	79,432	51,034

Page 28

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

Corporation tax
Current tax on profits for the year	184,206	83,958

Total current tax	184,206	83,958

Deferred tax
Origination and reversal of timing differences	(56,322)	10,713
Total deferred tax	(56,322)	10,713


	Tax on profit	127,884	94,671

Profit before tax

451,241

257,189

Profit multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	112,812	64,297
Effects of:
Expenses not deductible for tax purposes	727	1,568
Capital allowances for year in excess of depreciation	66,755	19,039
(Profit)/Loss on disposal of fixed assets	(899)	400
Pensions adjustments	4,811	2,458
Movement in deferred tax through profit & loss	(56,322)	10,713
Adjustments to tax charge in respect of prior periods	-	(3,804)
Total tax charge for the year	127,884	94,671

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £2,250 (2024: £nil).

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2024	2,500,000	4,971,184	284,389	713,547	8,469,120
Additions	-	69,751	40,081	52,282	162,114
Disposals	-	(40,301)	(73,889)	(26,400)	(140,590)
Revaluations	600,000	-	-	-	600,000
At 31 August 2025	3,100,000	5,000,634	250,581	739,429	9,090,644
Depreciation
At 1 September 2024	151,178	4,441,542	156,383	573,153	5,322,256
Charge for the year on owned assets	75,590	235,260	56,375	33,266	400,491
Disposals	-	(32,245)	(46,602)	(13,200)	(92,047)
On revalued assets	(226,768)	-	-	-	(226,768)
At 31 August 2025	-	4,644,557	166,156	593,219	5,403,932
Net book value
At 31 August 2025	3,100,000	356,077	84,425	146,210	3,686,712
At 31 August 2024	2,348,822	529,642	128,006	140,394	3,146,864

The net book value of motor vehicles includes £115,784 (2024: £142,207) in respect of assets held under hire purchase and finance lease agreements.

Page 30

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

14.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	3,100,000	2,348,822
	3,100,000	2,348,822

Cost or valuation at 31 August 2025 is as follows:

			Land and buildings
			£

		At cost	-
		At valuation:
		Revalued on 14 August 2025 on the basis of open market value for existing use & basis	3,100,000

			3,100,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

Group
Cost	2,556,855	2,556,855
Accumulated depreciation	(2,241,573)	(2,239,043)
Net book value	315,282	317,812

The company's leasehold land and property were revalued on 14 August 2025 on the basis of open market value for existing use by Lambert Smith Hampton, Independent Chartered Surveyors. The valuation was undertaken in accordance with the Appraisal and Valuations Standards published by The Royal Institution of Chartered Surveyors in the United Kingdom. During the year the property was valued by an independent third party at £3.1m, therefore the directors are satisfied that the property value is correctly stated in the financial statements.

Page 31

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2024	4,271,760
	At 31 August 2025	4,271,760

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Punjana Limited	2 Carnforth Street, Belfast, BT5 4PJ	Tea distribution	Ordinary	100%
Thompson's Tea Ltd*	2 Carnforth Street, Belfast, BT5 4QA	Dormant	Ordinary	100%
Thompson's Family Teas Limited*	2 Carnforth Street, Belfast, BT5 4PJ	Dormant	Ordinary	100%

All subsidiares are incorporated in Northern Ireland, within the United Kingdom.

* The company holds its interest in Thompson's Tea Ltd and Thompson's Family Teas Limited indirectly through its wholly owned subsidary, Punjana Limited.

Page 32

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

16.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	3,023,307	1,821,001
Work in progress (goods to be sold)	135,726	259,321
Finished goods and goods for resale	986,153	738,197
	4,145,186	2,818,519

	The difference between purchase price or production cost of stocks and their replacement cost is not material.
	Stocks are stated after provisions for impairment of £nil (2024: nil).

17.

Debtors

		Group	Group
		2025	2024
		£	£


Trade debtors	1,243,780	1,263,154
Prepayments and accrued income	160,957	139,600
	1,404,737	1,402,754

Trade debtors are stated after impairment of £nil (2024: £346).

18.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	115,011	30,043
Less: bank overdrafts	(26,657)	(97,956)
	88,354	(67,913)

Page 33

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	26,657	97,956	-	-
Bank loans	638,469	42,504	-	-
Trade creditors	2,732,646	2,180,483	-	-
Amounts owed to group undertakings	-	-	1,931,341	1,496,281
Corporation tax	184,403	87,959	-	-
Other taxation and social security	65,295	52,864	-	-
Obligations under finance lease and hire purchase contracts	43,930	55,092	-	-
Other creditors	1,920,413	2,357,723	1,920,413	2,357,723
Accruals and deferred income	630,315	501,057	-	-
	6,242,128	5,375,638	3,851,754	3,854,004

The bank loan has maturity date of 31 January 2034, and the interest rate is 2.75% over base rate.

The group's bank borrowings are secured by the following:
• An all monies debenture conferring on the bank, fixed and floating security over the assets of Punjana Limited; and
• A freehold first legal charge over the property at 2 Carnforth Street, Belfast.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	315,198	357,702
Net obligations under finance leases and hire purchase contracts	107,715	72,059
Government grants received	22,105	22,083
	445,018	451,844

Of the Group's bank loans £145,182 (2024: £187,686) are repayable more than five years after the balance sheet date.

Page 34

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

Within one year	43,930	55,091
Between 1-5 years	107,715	72,059
	151,645	127,150

22.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets measured at amortised cost	1,358,791	1,293,197	-	-

	Financial liabilities
	Financial liabilities measured at amortised cost	(5,992,430)	(5,234,815)	(3,851,754)	(3,854,004)

	Financial assets are measured at amortised cost and are comprised of cash and trade debtors.
	Financial liabilities measured are measured at amortised cost and are comprised of bank loans, trade creditors, amounts owed to related parties, amounts owed to group undertakings, overdrafts, accruals and hire purchase agreements.

Page 35

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

23.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(671,321)	(678,873)
Credited to profit or loss	56,322	7,552
Charged to other comprehensive income	(206,692)	-
At end of year	(821,691)	(671,321)

Company

	2025	2024

At end of year	-	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances	(223,555)	(275,066)
Pension surplus	7,990	3,179
Revaluations	(606,126)	(399,434)
	(821,691)	(671,321)

Deferred tax expected to unwind within 12 months is £8,668 (2024: £56,322).

Page 36

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

54,080 (2024 - 54,080) Ordinary shares of £1.00 each	54,080	54,080

The 54,080 (2024 - 54,080) Ordinary shares of £1.00 each are split as follows:
• 27,040 (2024 - 27,040) Ordinary A shares of £1.00 each; and
• 27,040 (2024 - 27,040) Ordinary B shares of £1.00 each.

The rights of the Ordinary A shares and the Ordinary B shares rank pari passu in all respects.

25.

Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Revaluation reserve

The revaluation reserve represents the cumulative increase in the carrying value of the company’s assets arising from revaluations carried out, net of deferred tax.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

26.	Contingent liabilities

There is a contingent liability to repay a government grant received under terms of a Letter of Offer from Invest Northern Ireland if the Company fails to comply with stated conditions. In the opinion of the directors, the terms of the Letter of Offer have been complied with and no loss is expected.

27.	Capital commitments
	At 31 August 2025 the Group had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

	Contracted for but not provided in these financial statements	(182,614)	(182,614)
		(182,614)	(182,614)

Page 37

Punjana Holdings Ltd

Notes to the Financial Statements

For the Year Ended 31 August 2025

28.	Pension commitments

The Group operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the Group and independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amount to £201,800 (2024: £179,178) Contributions totaling £37,504 (2024: £17,305) were payable to the funds at the balance sheet date and included in creditors.

29.	Related party transactions
	Remuneration of key management personnel of the group, who are also directors, came to an aggregate of £503,964 in 2025 (2024: £429,257). An unsecured, non-interest bearing, amount of £1,920,413 (2024 £2,357,723) is owed to key management personnel following the transfer of the business to the next generation.

30.	Post balance sheet events

There have been no significant events affecting the Group or Company since the year end.

31.	Controlling party

The ultimate controlling parties are Camille Mary Joy Thompson and James Ross Gaston Thompson, by virtue of their shareholding in Punjana Holdings Ltd.

Page 38