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REGISTERED NUMBER: 07016526 (England and Wales)

| PARALLEL UK LIMITED |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |  | to |  | 7

Income Statement | 8 |

Other Comprehensive Income | 9 |

Statement of Financial Position | 10 |

Statement of Changes in Equity | 11 |

Notes to the Financial Statements | 12 |  | to |  | 19

PARALLEL UK LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2025

| DIRECTORS: | J Nel

| R Landymore

| SECRETARY: | O F Booth

| REGISTERED OFFICE: | The Bungalow

| Northgate

| Pinchbeck

| Spalding

| Lincolnshire

| PE11 3SQ

| REGISTERED NUMBER: | 07016526 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| Enterprise Way

| Pinchbeck

| Spalding

| Lincolnshire

| PE11 3YR

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

BUSINESS REVIEW

Parallel UK Limited (PUK) operates in the growing, export, import, and supply of fresh produce to UK and EU retailers, the Fresh Prepared sector, Food Service, and Wholesale channels.During the year, the company achieved a turnover of £79.4 million, up from £74.6 million in 2024. Profit before tax was £162k (2024: £107k).

FINANCIAL KEY PERFORMANCE INDICATORS (KPIs)

The Directors assess the company's performance using key financial metrics:

- |  | Turnover: £79.4 million (2024: £74.6 million) |

- |  | Gross Profit: £5.1 million (2024: £3.9 million) |

- |  | Net Profit: £162k (2024: £107k) |

PRINCIPAL RISKS AND UNCERTAINTIES

PUK faces risks common to the fresh produce sector. The Board ensures robust risk management across the following areas:

Supply Chain Risk: Mitigated through diversified sourcing, leveraging both Group-owned and third-party farms to ensure stable supply and pricing.

Foreign Exchange Risk: Transactions in Euros (€) and US Dollars ($) are hedged to minimise currency volatility.

Liquidity Risk: Weekly monitoring of cash flow and working capital ensures operational resilience.

Customer and Market Diversification: Customer and product diversification reduces dependency on specific sectors and supports alignment with farm outputs, contribu ting to efficiency and waste reduction.

SECTION 172(1) STATEMENT

Sustainability is embedded in PUK’s operations. Initiatives include:

- |  | Climate Action Review and Carbon Footprint Mapping |

- |  | Long-term Decarbonisation Strategy |

- |  | Ethical sourcing and supply chain transparency |

- |  | Support for customer commitments to reduce packaging and food waste |

- |  | Fostering the Fresh Hub Group culture across teams |

RELATIONSHIP TO GROUP STRATEGY

As part of the Fresh Hub Group, many Group-wide initiatives - including sustainability, employee engagement, innovation, and operational efficiency program mes - are managed and reported at the Group level. This Strategic Report focuses on Parallel UK Limited’s specific activities and results, with broader strategy and achievements detailed in the consolidated Fresh Hub Group report.

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

FUTURE DEVELOPMENTS

The Board aims for 10-15% annual growth over the next five years through:

- |  | Expansion of own production capabilities. |

- |  | Diversification of product portfolio. |

- |  | Growing existing customer relationships |

Innovation and Brand Development

Expansion of the Explore brand portfolio and data-driven insights will continue to guide product and market decisions.

Operational Efficiency

The Group’s low-cost operational model, spanning farm to shelf, underpins sustainable growth.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY

The company is classified as a low energy user (less than 40MWh per annum); therefore, energy and carbon reporting is not required.

CONCLUSION

The Board and Directors are satisfied with the company's performance in 2025 and remain optimistic about future growth opportunities in 2026 and beyond.

ON BEHALF OF THE BOARD:

R Landymore - Director

21 May 2026

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 NOVEMBER 2025

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 importing and supplying fresh produce to UK retailers, the Fresh Prepared Sector, Food Service and the Wholesale channels.

DIVIDENDS

No dividends will be distributed for the year ended 30 November 2025.

FUTURE DEVELOPMENTS

Future developments are referred to in the Strategic Report.

DIRECTORS

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

J Nel

R Landymore

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.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Landymore - Director

21 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PARALLEL UK LIMITED

Opinion

We have audited the financial statements of Parallel UK Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PARALLEL UK LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may have not detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PARALLEL UK LIMITED

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.

Alistair Main FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

22 May 2026

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

INCOME STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 79,354,665 |  | 74,644,557 |  |

Cost of sales | 74,254,892 |  | 70,704,171 |  |

GROSS PROFIT | 5,099,773 |  | 3,940,386 |  |

Administrative expenses | 4,937,978 |  | 3,833,298 |  |

OPERATING PROFIT | 5 | 161,795 |  | 107,088 |  |

Interest receivable and similar income | - |  | 297 |  |

PROFIT BEFORE TAXATION | 161,795 |  | 107,385 |  |

Tax on profit | 6 | 42,872 |  | 27,835 |  |

PROFIT FOR THE FINANCIAL YEAR | 118,923 |  | 79,550 |  |

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 118,923 |  | 79,550 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 118,923 |  | 79,550 |  |

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

STATEMENT OF FINANCIAL POSITION

30 NOVEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 30,707 |  | 60,684 |  |

CURRENT ASSETS

Debtors | 8 | 19,126,346 |  | 15,869,456 |  |

Cash at bank and in hand | 66,364 |  | 3,120,371 |  |

19,192,710 |  | 18,989,827 |  |

CREDITORS

Amounts falling due within one year | 9 | 15,319,845 |  | 15,258,456 |  |

NET CURRENT ASSETS | 3,872,865 |  | 3,731,371 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,903,572 |  | 3,792,055 |  |

PROVISIONS FOR LIABILITIES | 12 | 7,275 |  | 14,681 |  |

NET ASSETS | 3,896,297 |  | 3,777,374 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 152,369 |  | 152,369 |  |

Share premium | 14 | 171,184 |  | 171,184 |  |

Retained earnings | 14 | 3,572,744 |  | 3,453,821 |  |

SHAREHOLDERS' FUNDS | 3,896,297 |  | 3,777,374 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

R Landymore - Director

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 152,369 |  | 3,374,271 |  | 171,184 |  | 3,697,824 |  |

Changes in equity

Total comprehensive income | - |  | 79,550 |  | - |  | 79,550 |  |

Balance at 30 November 2024 | 152,369 |  | 3,453,821 |  | 171,184 |  | 3,777,374 |  |

Changes in equity

Total comprehensive income | - |  | 118,923 |  | - |  | 118,923 |  |

Balance at 30 November 2025 | 152,369 |  | 3,572,744 |  | 171,184 |  | 3,896,297 |  |

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | STATUTORY INFORMATION

| Parallel UK 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The principal activity of the Company is importing and supplying fresh produce to the UK Retail, freshly prepared and wholesale markets.

| The financial statements have been rounded to the nearest £1.

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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

| 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 33.7.

| This information is included in the consolidated financial statements of Fresh Hub Group Limited as at 30 November 2025 and these financial statements may be obtained from The Bungalow, Northgate, Pinchbeck, Spalding, Lincolnshire, PE11 3SQ.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

| Key sources of estimates include depreciation and accruals.

| 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery | - | 33% on cost

| Fixtures and fittings | - | 10% on cost

| Computer equipment | - | 25% on cost

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

| Financial instruments

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| 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 the income statement.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currency translation

| 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.

| Operating leases: the company as lessee

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

| Pensions

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 plan are held separately from the Company in independently administered funds.

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

| During the year, the Company has steady revenues and profits. These results have been maintained post year end. The Company has strong net assets including healthy cash reserves.

| Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| 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.

| 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.

| 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.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance sheet.

| Dividends

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

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 | 78,931,478 |  | 74,120,910 |  |

| Europe | 323,043 |  | 523,647 |  |

| South America | 100,144 |  | - |  |

79,354,665 |  | 74,644,557 |  |

4. | EMPLOYEES AND DIRECTORS

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

| The directors are the only employees of the Company, which are being paid by its parent Company on its behalf. These are then recharged to the company as staff costs. The Directors are also considered as the key management personnel.

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | - |  | 1,300 |  |

| Other operating leases | 28,728 |  | 24,625 |  |

| Depreciation - owned assets | 29,977 |  | 78,230 |  |

| Loss on disposal of fixed assets | - |  | 106,003 |  |

| Auditors' remuneration | 20,800 |  | 19,600 |  |

| Auditors' remuneration for non audit work | 4,025 |  | 1,400 |  |

| Foreign exchange differences | (7,711 | ) | 6,508 |  |

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 | 50,276 |  | 78,305 |  |

| Adjustment re previous years | - |  | (5,658 | ) |

| Total current tax | 50,276 |  | 72,647 |  |

| Deferred tax | (7,404 | ) | (44,812 | ) |

| Tax on profit | 42,872 |  | 27,835 |  |

| 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 | 161,795 |  | 107,385 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 40,449 |  | 26,846 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,423 |  | 33,749 |  |

| Capital allowances in excess of depreciation | - |  | (27,088 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (5,598 | ) |

| NTLR | - |  | (74 | ) |

| Total tax charge | 42,872 |  | 27,835 |  |

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

7. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024

| and 30 November 2025 | 348,873 |  | 39,941 |  | 239,666 |  | 628,480 |  |

| DEPRECIATION

| At 1 December 2024 | 348,873 |  | 23,048 |  | 195,875 |  | 567,796 |  |

| Charge for year | - |  | 2,343 |  | 27,634 |  | 29,977 |  |

| At 30 November 2025 | 348,873 |  | 25,391 |  | 223,509 |  | 597,773 |  |

| NET BOOK VALUE

| At 30 November 2025 | - |  | 14,550 |  | 16,157 |  | 30,707 |  |

| At 30 November 2024 | - |  | 16,893 |  | 43,791 |  | 60,684 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 14,239,352 |  | 14,743,527 |  |

| Other debtors | 5,033 |  | 5,033 |  |

| Amounts owed by group undertak | 3,578,584 |  | 572,375 |  |

| Directors' current accounts | - |  | 2,175 |  |

| VAT | 591,077 |  | 535,703 |  |

| Prepayments and accrued income | 712,300 |  | 10,643 |  |

19,126,346 |  | 15,869,456 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 10) | 1,416,654 |  | - |  |

| Trade creditors | 4,410,777 |  | 8,517,444 |  |

| Amounts owed to group undertakings | 2,184,811 |  | 1,814,932 |  |

| Taxation | 50,368 |  | 78,156 |  |

| Other creditors | 211,737 |  | - |  |

| Accruals and deferred income | 7,045,498 |  | 4,847,924 |  |

15,319,845 |  | 15,258,456 |  |

10. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Invoice financing facility | 1,416,654 |  | - |  |

| During the year the company entered into an invoice financing facility with HSBC. The facility allows the company to draw funds against eligible trade receivables. At 30 November 2025 the balance outstanding was £1,416,654, repayable on demand and secured against the related receivables.

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

11. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 22,407 |  | 28,087 |  |

| Between one and five years | 7,659 |  | 30,066 |  |

30,066 |  | 58,153 |  |

| The expense recognised for the year in respect of operating leases is £28,087 (2024 - £24,625).

12. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 7,275 |  | 14,681 |  |

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 14,681 |  |

| Credit to Income Statement during year | (7,406 | ) |

| Balance at 30 November 2025 | 7,275 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 152,369 | Ordinary | £1 | 152,369 |  | 152,369 |  |

14. | RESERVES

| Share premium account

| The share premium account represents amounts received on the issue of share capital in excess of the nominal value of share capital, less any cost incurred as a result of the issue.

| Profit and loss account

| The profit and loss account represents the cumulative profits and losses of the Company less any distributions made to the Owners of the Company.

15. | PENSION COMMITMENTS

| The parent Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the parent Company to the scheme for Parallel UK Limited's directors and had been recharged to the Company as part of its overhead costs.

16. | RELATED PARTY DISCLOSURES

| At 30 November 2025, Robert Landymore, a director, owed £nil to the Company (2024 - £2,175).

PARALLEL UK LIMITED (REGISTERED NUMBER: 07016526)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

17. | CONTROLLING PARTY

| The immediate and ultimate parent undertaking is Fresh Hub Group Limited, a company incorporated in England and Wales. Fresh Hub Group Limited is the parent undertaking of the only group of undertakings to consolidate its financial statements at 30 November 2025.

| The Directors consider that there is no ultimate controlling party.