ACCOUNTS - Final Accounts

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

Registered number: NI003724

Punjana Limited

Annual Report and Financial Statements

For the Year Ended 31 August 2025

Punjana Limited

Company Information

Directors	Graeme William Peter Kane
	Barbara Elizabeth Thompson
	Camille Mary Joy Thompson
	David James Thompson
	James Ross Gaston Thompson
	James Hazelton Ross Thompson
	Rosamund Frances Thompson
	Jonathan James McWhinney (appointed 2 January 2025)


Company secretary	Graeme William Peter Kane


Registered number	NI003724


Registered office	Carnforth Street
	Belfast
	County Antrim
	BT5 4PJ


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 Limited

Contents

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11 - 12
Statement of Changes in Equity	13
Notes to the Financial Statements	14 - 31

Punjana Limited

Strategic Report

For the Year Ended 31 August 2025

Introduction

The directors present their strategic report on Punjana Limited (the 'Company') for the year ended 31 August 2025.

Business review

The Company’s principal activity during the year was that of blending and distribution of tea. The profit for the year, after taxation, amounted to £323,357 (2024: £162,518). The value of net assets held by the Company as at 31 August 2025 was £5,694,563 (2024: £4,753,381). The Company 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 company will improve the current level of performance in the future.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company 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.

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.

Page 1

Punjana Limited

Strategic Report (continued)

For the Year Ended 31 August 2025

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 to date to hedge foreign exchange exposure, this position is kept constantly under review. The company manages this risk by matching as far as possible payables denominated in Euro with revenues.

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.

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.

Page 2

Punjana Limited

Strategic Report (continued)

For the Year Ended 31 August 2025

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

Graeme William Peter Kane

Secretary

Page 3

Punjana Limited

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 Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

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

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

∙make judgments 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 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 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 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 Company as at 31 August 2025 was £5,694,563 (2024: £4,753,381).

A dividend of £2,250 was declared by the Company during the year (2024: £nil).

Directors

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

Graeme William Peter Kane

Barbara Elizabeth Thompson

Camille Mary Joy Thompson

David James Thompson

James Ross Gaston Thompson

James Hazelton Ross Thompson

Rosamund Frances Thompson

Jonathan James McWhinney (appointed 2 January 2025)

Page 4

Punjana Limited

Directors' Report (continued)

For the Year Ended 31 August 2025

Qualifying third-party indemnity provisions

The Company 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.

Matters covered in the 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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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.

Graeme William Peter Kane

Secretary

Page 5

Punjana Limited

Independent Auditors' Report to the Members of Punjana Limited

Opinion

We have audited the financial statements of Punjana Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 August 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 Auditors' 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 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 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 Limited

Independent Auditors' Report to the Members of Punjana Limited (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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the 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, 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.

Page 7

Punjana Limited

Independent Auditors' Report to the Members of Punjana Limited (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 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.

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 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 Limited

Independent Auditors' Report to the Members of Punjana Limited (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 Limited

Statement of Comprehensive Income

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		92	356
Interest payable and similar expenses	10	(79,432)	(51,034)
Profit before tax		451,241	257,189
Tax on profit	11	(127,884)	(94,671)
Profit for the financial year		323,357	162,518

Other comprehensive income for the year
Unrealised surplus/ (deficit) on revaluation of tangible fixed assets	620,075	(54,794)
Other comprehensive income for the year	620,075	(54,794)
Total comprehensive income for the year	943,432	107,724

The notes on pages 14 to 31 form part of these financial statements.

Page 10

Punjana Limited

Registered number: NI003724

Balance Sheet

As at 31 August 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	13		3,686,710		3,146,862
Investments	14		2		1
			3,686,712		3,146,863
Current assets
Stocks	15	4,145,187		2,818,519
Debtors: amounts falling due within one year	16	3,336,078		2,899,037
Cash at bank and in hand	17	115,011		30,043
		7,596,276		5,747,599
Creditors: amounts falling due within one year	18	(4,321,716)		(3,017,913)
Net current assets			3,274,560		2,729,686
Total assets less current liabilities			6,961,272		5,876,549
Creditors: amounts falling due after more than one year	19		(445,018)		(451,847)
Provisions for liabilities
Deferred tax	20	(821,691)		(671,321)
			(821,691)		(671,321)
Net assets			5,694,563		4,753,381

Capital and reserves
Called up share capital	21	545,792	545,792
Revaluation reserve	22	2,316,849	1,696,774
Capital redemption reserve	22	49,996	49,996
Profit and loss account	22	2,781,926	2,460,819
		5,694,563	4,753,381

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

Graeme William Peter Kane

Director

The notes on pages 14 to 31 form part of these financial statements.

Page 11

Punjana Limited

Registered number: NI003724

Balance Sheet (continued)

As at 31 August 2025

Page 12


		Punjana Limited

Statement of Changes in Equity

For the Year Ended 31 August 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 September 2023	545,792	49,996	1,751,568	2,225,242	4,572,598
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	545,792	49,996	1,696,774	2,460,819	4,753,381
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)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(2,250)	(2,250)
At 31 August 2025	545,792	49,996	2,316,849	2,781,926	5,694,563

The notes on pages 14 to 31 form part of these financial statements.

Page 13

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

1.	General information

Punjana Limited's (the Company) principal activities during the year was that of blending and the distribution of tea.

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 Carnforth Street, Belfast, BT5 4PJ.

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 disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Punjana Holdings Ltd as at 31 August 2025 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

The directors of the 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 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 14

Punjana Limited

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 and no round has been applied.

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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income 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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company 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 Company 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.

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 Statement of Comprehensive Income, and the capital element which reduces the outstanding obligation for future installments. Rentals under operating leases are charged to the Statement of Comprehensive Income as incurred.

Page 15

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.8

Research and development expenditure

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 Statement of Comprehensive Income in the same period as the related expenditure.

2.10

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.

2.11

Pension costs

The Company operates two defined contribution schemes for employees which are operated by life assurance companies. The cost of funding the defined contribution schemes are charged to the Statement of Comprehensive Income account as incurred. Contributions are made separately for the some of the directors to individual schemes.

Page 16

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.12

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 operates and generates 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; and

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

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.

2.13

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and any accumulated impairment losses.

The cost of tangible assets is their purchase cost, together with any incidental costs of acquisition or valuation. Surpluses and deficits, to the extent that any deficit is regarded as temporary, arising from periodic professional valuations of properties are taken direct to the revaluation reserve.

Depreciation is calculated so as to write off the cost or valuation of tangible assets, less their estimated residual values, over the expected useful economic lives of the assets concerned.

Page 17

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.13

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

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 or straight line
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.

2.14

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.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out method. Cost comprises materials, direct wages and other direct production costs together with a proportion of production overheads relevant to the stage of completion work in progress and finished goods. Provision is made for slow moving and obsolete stocks.

2.17

Debtors

Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.

Page 18

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.18

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.

2.19

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.

2.20

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.

2.21

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.

Page 19

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

2.Accounting policies (continued)

2.22

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a directors in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

• at fair value with changes recognized in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
• at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

2.23

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

3.	Judgments 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.

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
Rest of Europe	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

Page 21

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

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

7.	Auditors' remuneration
		2025	2024
		£	£

Fees payable to the Company's auditors for the audit of the Company's financial statements

12,995

12,365

In accordance with SI 2008/489 the company has not disclosed the fees payable to the Company's auditors for "other services" as this information is included in the consolidated financial statements of Punjana Holdings Ltd.

8.	Employees
		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:

	2025	2024
	No.	No.

Administration	10	10
Production	36	32
Sales & distribution	7	6

	53	48

Page 22

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	444,444	352,635
Company 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 Company'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 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 23

Punjana Limited

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
	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


		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

Page 24

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

12.	Dividends
		2025	2024
		£	£

	Intercompany dividend paid	2,250	-
		2,250	-

13.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2024	2,500,000	4,971,184	284,388	713,547	8,469,119
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	250,580	739,429	9,090,643
Depreciation
At 1 September 2024	151,178	4,441,543	156,383	573,153	5,322,257
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	-	4,644,558	166,156	593,219	5,403,933
Net book value
At 31 August 2025	3,100,000	356,076	84,424	146,210	3,686,710
At 31 August 2024	2,348,822	529,641	128,005	140,394	3,146,862

Page 25

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

13.Tangible fixed assets (continued)

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.

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.

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

Long leasehold	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
			£

			2,500,000
		At valuation:
		Revalued on 14 August 2025 on the basis of open market value for existing use	600,000

			3,100,000


Cost	2,556,855	2,556,855
Accumulated depreciation	(2,243,907)	(2,241,573)
Net book value	312,948	315,282

Page 26

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 September 2024	1
	Additions	1
	At 31 August 2025	2

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

	Thompson's Family Teas Limited	2 Carnforth Street, Belfast, BT5 4PJ	Dormant	Ordinary shares of £1 each	100%
	Thompson's Tea Ltd	2 Carnforth Street, Belfast, BT5 4QA	Dormant	Ordinary shares of £1 each	100%

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

15.	Stocks
		2025	2024
		£	£

Raw materials	3,023,307	1,821,001
Production materials	135,727	259,321
Finished goods and goods for resale	986,153	738,197
	4,145,187	2,818,519

Stocks are stated after provisions for impairment of £nil (2024: £nil).

Page 27

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

16.

Debtors

					2025	2024
					£	£


Trade debtors	1,243,782	1,263,157
Amounts owed by group undertakings	1,931,340	1,496,280
Prepayments and accrued income	160,956	139,600
	3,336,078	2,899,037

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

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

17.	Cash and cash equivalents
		2025	2024
		£	£

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

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	26,657	97,956
Bank loans	638,469	42,504
Trade creditors	2,732,646	2,180,483
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
Accruals and deferred income	630,316	501,055
	4,321,716	3,017,913

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

The company'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.

Page 28

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

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

Bank loans	315,198	357,702
Net obligations under finance leases and hire purchase contracts	107,715	72,062
Deferred government grants	22,105	22,083
	445,018	451,847

The bank loan falling due after five years is £145,182 (2024, £187,686).

20.	Deferred taxation

		2025
		£

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

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

Accelerated capital allowances	(223,555)	(674,500)
Revaluations	(606,126)	-
Short term timing differences	7,990	3,179
	(821,691)	(671,321)

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

Page 29

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

270,396 (2024 - 270,396) Ordinary A shares of £1.00 each	270,396	270,396
270,396 (2024 - 270,396) Ordinary B shares of £1.00 each	270,396	270,396
5,000 (2024 - 5,000) Ordinary C shares of £1.00 each	5,000	5,000

	545,792	545,792

The rights of the Ordinary A shares and the Ordinary B shares rank pari passu in all respects. The Ordinary C shares are non-voting, no-dividend entitled "hurdle shares".

22.

Reserves

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.

Capital redemption reserve

The capital redemption reserve represents amounts transferred from distributable reserves following the purchase of the Company's own shares.

Profit and loss account

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

23.	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.

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

Page 30

Punjana Limited

Notes to the Financial Statements

For the Year Ended 31 August 2025

25.	Related party transactions
	Advantage has been taken of the exemption under FRS 102 Section 33.1A not to disclose transactions between wholly owned members of the same group.

26.	Post balance sheet events

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

27.	Controlling party

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

Page 31