REGISTERED NUMBER: 07354231 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

PACIFIC PRODUCE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

R A Cullum

E Masias Malaga

L W Parkinson

REGISTERED OFFICE:

Network House

Station Yard

Thame

Oxfordshire

OX9 3UH

REGISTERED NUMBER:

07354231 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year was that of importers and wholesalers of fresh fruit and vegetables. The directors are pleased with the increase in revenue of around £4.2 million. This is especially pleasing as 2025 was a challenging year.

Market conditions are likely to remain extremely competitive in 2026, with inflationary risks again evident in the context of recent geopolitical events, which are likely to be pervasive throughout the supply chain for some time, whilst we continue to predominantly service the UK market where there are opposing commercial pressures to keep prices competitive for the consumer.

We believe we are well placed to cope with any headwinds, given our business model.

PRINCIPAL RISKS AND UNCERTAINTIES

The industry seems to be in a permanent state of change and that brings a number of risks to the company. The main risks outside our control (and that of our competitors) are:-

- Currency fluctuations, weather patterns and high inflation in the supply chain.

- The continuing impact of US tariffs which to an extent has already re-drawn the map of supply countries to that important market and the follow on implications affecting all markets.

- Global logistics - potential changes in rates at short notice and the increasing problem of poor service from shipping lines and ports.

- Where possible currency is purchased forward and the majority of our supply base is from more stable climates (Peru).

- The company is exposed to changes in consumer behaviour, in terms of preference for certain varieties of products or products driven by flavour, health benefits or health scares.

- To combat inflation we aim to save costs where possible and our main suppliers should be able to prove themselves as the most efficient in the industry.

- Political risk is always in the background, and latterly in the foreground. It is difficult to think of a stable political country anywhere in the world, with change being probably the only certainty. We seek to mitigate part of this risk by having a multi-country supply chain.

- Bankruptcies within the industry are a risk as insurance companies reduce their risk. Defaults are becoming more common with some large companies leaving a damaging legacy to the suppliers.

The company is in a good position to deal with supply chain savings that are being implemented by key customers and as a young company our strategy from inception was a very lean business model.

Remaining close to the market and making good predictions and changing crops early enough is part of every strategic meeting that takes place twice per year, where future plantations are discussed. This is part of modern agriculture and our suppliers are world experts.

SECTION 172(1) STATEMENT

Each director of the company continues to be mindful of their statutory duty to promote the success of the company for the benefit of the members as a whole, and in doing so having regard (amongst other matters) to those factors set out in section 172(1)(a)-(f) of the Companies Act 2006.

Collectively, the board recognises how having regard to these and other relevant factors and stakeholder groups in their decision-making, contributes to the success of the company. Depending on the matter in question, the relevance of different stakeholder interests and other factors will inevitably vary and the board may have to make difficult decisions based on competing priorities which means that it may not always be possible to provide a favourable outcome for all stakeholders.

KEY PERFORMANCE INDICATORS

- Turnover increased by over £4.2 million to just over £92.2 million.

- Continued profit retention to aid with cash flow is the objective, whilst maintaining an attractive dividend to shareholders, with the intention of re-investing in farms.

STREAMLINED ENERGY AND CARBON REPORTING

Disclosures under the Streamlined Energy and Carbon Reporting requirements are made in the consolidated financial statements of the company's parent entity, Goldcup Fresh Holdings Limited.

ON BEHALF OF THE BOARD:

R A Cullum - Director

22 May 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the wholesale of produce.

DIVIDENDS

An interim ordinary dividend was paid amounting to £708,650 (2024: £1,058,597). The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The directors are to continue building supplier and client relationships and to expand produce on offer by securing new supplies of produce where there is a identified gap in the market. The changing business model of direct selling requires greater working capital. Therefore, the company continues to build profit reserves to continue the subsequent growth reported and will continue to look for opportunities to invest in farms or operations that complement the existing business.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

R A Cullum

E Masias Malaga

L W Parkinson

CHARITABLE DONATIONS AND EXPENDITURE

During the period the company made charitable donations of £9,175 (2024: £8,035).

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company seeks to deal on a fair basis with their suppliers, customers and other stakeholders. Both directors and the wider management engage and communicate very regularly with these various stakeholders and terms of business are communicated in a transparent way.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

The directors ultimately take responsibility for the success of the company through setting the strategy of the company and providing entrepreneurial leadership, combined with regular management and review of the wider risks to the company, the employees and other management. Meetings are held regularly to ensure that this process is ongoing.

DISCLOSURE IN THE STRATEGIC REPORT

Information on the company's review of the business and principal risks and uncertainties is not shown in the directors' report as it is shown in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R A Cullum - Director

22 May 2026

Opinion

We have audited the financial statements of Pacific Produce Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 November 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities 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 Report of the Auditors.

Use of our report

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

Gregg Olner MPhil BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

22 May 2026

TURNOVER

3

92,232,196

88,000,521

Cost of sales

86,001,146

81,634,221

GROSS PROFIT

6,231,050

6,366,300

Administrative expenses

2,827,188

2,998,866

OPERATING PROFIT

5

3,403,862

3,367,434

Interest receivable and similar income

123,114

151,029

PROFIT BEFORE TAXATION

3,526,976

3,518,463

Tax on profit

6

887,137

915,699

PROFIT FOR THE FINANCIAL YEAR

2,639,839

2,602,764

PROFIT FOR THE YEAR

2,639,839

2,602,764

OTHER COMPREHENSIVE INCOME

Purchase of own shares

-

(367,409

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(367,409

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,639,839

2,235,355

FIXED ASSETS

Tangible assets

8

991,815

1,245,212

Investments

9

568,441

37,274

1,560,256

1,282,486

CURRENT ASSETS

Stocks

10

1,408,003

1,279,907

Debtors

11

10,639,681

12,307,266

Cash at bank

4,597,314

3,439,299

16,644,998

17,026,472

CREDITORS

Amounts falling due within one year

12

4,356,407

6,334,241

NET CURRENT ASSETS

12,288,591

10,692,231

TOTAL ASSETS LESS CURRENT LIABILITIES

13,848,847

11,974,717

PROVISIONS FOR LIABILITIES

13

36,415

93,474

NET ASSETS

13,812,432

11,881,243

CAPITAL AND RESERVES

Called up share capital

14

51,041

51,041

Share premium

15

133,560

133,560

Capital redemption reserve

15

2,082

2,082

Retained earnings

15

13,625,749

11,694,560

SHAREHOLDERS' FUNDS

13,812,432

11,881,243

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

R A Cullum - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 December 2023

53,123

10,519,884

133,560

-

10,706,567

Changes in equity

Purchase of own shares

(2,082

)

-

-

-

(2,082

)

Dividends

-

(1,058,597

)

-

-

(1,058,597

)

Total comprehensive income

-

2,233,273

-

2,082

2,235,355

Balance at 30 November 2024

51,041

11,694,560

133,560

2,082

11,881,243

Changes in equity

Dividends

-

(708,650

)

-

-

(708,650

)

Total comprehensive income

-

2,639,839

-

-

2,639,839

Balance at 30 November 2025

51,041

13,625,749

133,560

2,082

13,812,432

1.	STATUTORY INFORMATION

Pacific Produce Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

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

Going concern

The company's underlying performance has met the expectations of the directors, with sales increasing year on year. The directors expect the company to increase sales, profits and generate positive cash inflows for the foreseeable future, and see no adverse events or circumstances that would change the directors' assessment over the company's ability to trade over the next 12 months. Therefore, the directors have adopted the going concern basis of accounting.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

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

Critical accounting judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible assets

The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic life and residual values of recognised assets. These estimates are annually reviewed for an amendment in the adopted policy in the assets that are typically exposed to technological advancement, future investments, changes in economic utilisation, and the physical condition of the asset. See note 8 for the carrying value of these assets.

Turnover

Turnover represents amounts receivable for wholesale produce and related services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of produce have passed to the buyer (usually on satisfactory delivery of produce), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

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

Freehold land and buildings

-

5% on cost

Fixtures & fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance

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

Freehold land is not depreciated, as its recoverable value is deemed to be equal to or greater than its original cost.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Stocks

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

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

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

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

74,317,495

72,192,865

Europe

17,914,701

15,807,656

92,232,196

88,000,521

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,390,421

1,392,289

Social security costs

184,952

168,876

Other pension costs

204,881

133,456

1,780,254

1,694,621

The average number of employees during the year was as follows:

2025

2024

Administration

4

4

Operatives

14

13

Management

2

2

20

19

2025

2024

£

£

Directors' remuneration

141,205

240,926

Directors' pension contributions to money purchase schemes

80,000

75,359

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

4

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

278,173

282,764

Loss on disposal of fixed assets

9,714

-

Foreign exchange differences

(81,534

)

96,195

Auditor's remuneration

16,690

15,180

Operating lease charges

2,412

1,868

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

944,196

959,141

Deferred tax

(57,059

)

(43,442

)

Tax on profit

887,137

915,699

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

3,526,976

3,518,463

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

881,744

879,616

Effects of:

Expenses not deductible for tax purposes

2,896

32,888

Depreciation in excess of capital allowances

2,497

3,195

Total tax charge

887,137

915,699

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 November 2025.

2024

Gross

Tax

Net

£

£

£

Purchase of own shares

(367,409

)

-

(367,409

)

During the year to 30 November 2025 the UK corporation tax rate remained at 25% and is set to remain so for the foreseeable future.

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

708,650

1,058,597

8.	TANGIBLE FIXED ASSETS

Freehold

land and

Fixtures

Motor

buildings

& fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2024

739,658

948,103

108,130

1,795,891

Additions

-

-

54,390

54,390

Disposals

-

-

(54,840

)

(54,840

)

At 30 November 2025

739,658

948,103

107,680

1,795,441

DEPRECIATION

At 1 December 2024

48,226

469,859

32,594

550,679

Charge for year

24,113

235,898

18,162

278,173

Eliminated on disposal

-

-

(25,226

)

(25,226

)

At 30 November 2025

72,339

705,757

25,530

803,626

NET BOOK VALUE

At 30 November 2025

667,319

242,346

82,150

991,815

At 30 November 2024

691,432

478,244

75,536

1,245,212

9.	FIXED ASSET INVESTMENTS

2025

2024

£

£

Participating interests

-

37,274

Other investments not loans

493,814

-

Other loans

74,627

-

568,441

37,274