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Company registration number: 07568132
Iberveg (UK) Limited
Financial statements
30 September 2025
Iberveg (UK) Limited
Contents
Directors and other information
Strategic report
Director's report
Independent auditor's report to the member
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Iberveg (UK) Limited
Directors and other information

| Director | Mr Richard Vater
| Company number | 07568132
| Registered office | 1st Floor 87/89 Hight Street
|  | Hoddesdon
|  | Herts
|  | EN11 8TL
| Auditor | Thomas Alexander & Co Limited
|  | 590 Green Lanes
|  | Palmers Green
|  | London
|  | N13 5RY
| Accountants | A. Infantino & Co LLP
|  | 1st Floor 87/89 High Street
|  | Hoddesdon
|  | Herts
|  | EN11 8TL

Iberveg (UK) Limited
Strategic report
Year ended 30 September 2025
Fair Review of the Business
Turnover in the year to 30 September 2025 has remained consistent at £77.6 million (2024: £77.6 million).
The gross profit margin for the year to 30 September 2025 was 7.6% (2024: 6.4%) resulting in an increase in gross profit margin from £4.9 million to £5.9 million.
The cash has decreased by £2.1 million to £2.6 million (2024: £4.7 million).
The continued success of the company is explained by increases in new depot orders with existing key customers. The orders obtained during the year remain in place post year end and this trend is set to continue in the future as business relationships develop.
Furthermore, the success of the company can also be attributed to the healthy level of reserves being left in the business for development in systems and processes to ensure continued efficiencies are maintained. Such expenditure relates to new ERP system and high-tech greenhouses. The high-tech greenhouses perform in such a way that carbon emissions are reduced.
An additional performance indicator is staff retention, the core team running the day-to-day operations and administration are long standing employees, this longevity of staffing contributes to efficiencies as time and cost is saved on training.
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. The company has developed a framework for identifying risks for trading in overseas markets and their impact on economic capital. The financial risks are minimised by the use of appropriate exchange rates for foreign currency.
Future Developments
In the coming year the company aims to continue to maximise profit levels whilst continuing to control costs. The company will continue to strive to develop good relationships with distributors and customers, generating new business where possible.
This report was approved by the board of directors on 4 June 2026 and signed on behalf of the board by:
Mr Richard Vater
Director
Iberveg (UK) Limited
Director's report
Year ended 30 September 2025
The director presents his report and the financial statements of the company for the year ended 30 September 2025.
Director
The director who served the company during the year was as follows:

Mr Richard Vater

Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Future developments
In the coming year the company aims to continue to maximise profit levels whilst continuing to control costs. The company will continue to strive to develop good relationships with distributors and customers, generating new business where possible.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 him 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 04 June 2026 and signed on behalf of the board by:
Mr Richard Vater
Director
Iberveg (UK) Limited
Independent auditor's report to the member of
Iberveg (UK) Limited
Year ended 30 September 2025
Opinion
We have audited the financial statements of Iberveg (UK) Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 September 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 auditor’s 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report has 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 director's report. 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 the returns; or - certain disclosures of director's 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 director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 auditor’s 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: The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: o We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are [the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation] o We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. o We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. o We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. o Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to him 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Vassos Chrysostomou (Senior Statutory Auditor)
For and on behalf of
Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY
04 June 2026
Iberveg (UK) Limited
Statement of comprehensive income
Year ended 30 September 2025

|  |  |  | 2025 |  | 2024 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 4 |  | 77,592,803 |  | 77,639,866 |  |
Cost of sales |  |  |  | ( 71,663,697) |  | ( 72,698,066) |  |
|  |  |  | _______ |  | _______ |  |
Gross profit |  |  |  | 5,929,106 |  | 4,941,800 |  |
Administrative expenses |  |  |  | ( 1,426,499) |  | ( 1,791,986) |  |
|  |  |  | _______ |  | _______ |  |
Operating profit |  | 5 |  | 4,502,607 |  | 3,149,814 |  |
Loss on financial assets at fair value through profit or loss |  |  |  | ( 9,898) |  | ( 2,699) |  |
Income from participating interests |  | 7 |  | 92,784 |  | - |  |
Other interest receivable and similar income |  | 8 |  | 77,021 |  | 148,723 |  |
Interest payable and similar expenses |  | 9 |  | ( 23,904) |  | ( 12,212) |  |
Profit before taxation |  |  |  | 4,638,610 |  | 3,283,626 |  |
Tax on profit |  | 10 |  | ( 1,144,949) |  | ( 829,688) |  |
|  |  |  | _______ |  | _______ |  |
Profit for the financial year and total comprehensive income |  |  |  | 3,493,661 |  | 2,453,938 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
Iberveg (UK) Limited
Statement of financial position
30 September 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 12 | 201,263 |  |  |  | 236,910 |  |
Investments |  | 13 | 240,200 |  |  |  | 417,009 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 441,463 |  |  |  | 653,919
Current assets |  |  |  |  |  |  |  |  |
Stocks |  | 14 | 364,325 |  |  |  | 586,083 |  |
Debtors: |  |  |  |  |  |  |  |  |
| Amounts falling due after more than one year | 15 | - |  |  |  | 1,854,160 |  |
| Amounts falling due within one year | 15 | 9,241,404 |  |  |  | 10,136,063 |  |
Cash at bank and in hand |  |  | 2,619,706 |  |  |  | 4,740,326 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 12,225,435 |  |  |  | 17,316,632 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 16 | ( 6,371,578) |  |  |  | ( 7,085,477) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 5,853,857 |  |  |  | 10,231,155
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 6,295,320 |  |  |  | 10,885,074
Provisions for liabilities |  | 17 |  |  | ( 46,147) |  |  |  | ( 54,793)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 6,249,173 |  |  |  | 10,830,281
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 20 |  |  | 100 |  |  |  | 100
Profit and loss account |  |  |  |  | 6,249,073 |  |  |  | 10,830,181
|  |  |  |  | _______ |  |  |  | _______
Shareholder funds |  |  |  |  | 6,249,173 |  |  |  | 10,830,281
|  |  |  |  | _______ |  |  |  | _______

These financial statements were approved by the board of directors and authorised for issue on 04 June 2026 , and are signed on behalf of the board by:
Mr Richard Vater
Director
Company registration number: 07568132
Iberveg (UK) Limited
Statement of changes in equity
Year ended 30 September 2025

|  | Called up share capital |  | Profit and loss account | Total |  |  |  |  |
|  | £ |  | £ | £ |  |  |  |  |
At 1 October 2023 |  | 100 |  | 8,434,898 | 8,434,998 |  |  |  |  |
Profit for the year |  |  |  | 2,453,938 | 2,453,938 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the year |  | - |  | 2,453,938 | 2,453,938 |  |  |  |  |
Dividends paid and payable |  |  |  | ( 58,655) | ( 58,655) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total investments by and distributions to owners |  | - |  | ( 58,655) | ( 58,655) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 30 September 2024 and 1 October 2024 |  | 100 |  | 10,830,181 | 10,830,281 |  |  |  |  |
Profit for the year |  |  |  | 3,493,661 | 3,493,661 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the year |  | - |  | 3,493,661 | 3,493,661 |  |  |  |  |
Dividends paid and payable |  |  |  | ( 8,074,769) | ( 8,074,769) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total investments by and distributions to owners |  | - |  | ( 8,074,769) | ( 8,074,769) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 30 September 2025 |  | 100 |  | 6,249,073 | 6,249,173 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |

Iberveg (UK) Limited
Statement of cash flows
Year ended 30 September 2025

|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Cash flows from operating activities |  |  |  |  |
Cash generated from operations | 21 |  | 6,874,479 |  | 2,370,636
Interest paid |  |  | ( 23,904) |  | ( 12,212)
Interest received |  |  | 77,021 |  | 148,723
Tax paid |  |  | ( 1,290,569) |  | ( 1,349,590)
|  |  | _______ |  | _______
Net cash from operating activities |  |  | 5,637,027 |  | 1,157,557
|  |  | _______ |  | _______
Cash flows from investing activities |  |  |  |  |
Purchase of tangible assets |  |  | ( 23,922) |  | ( 64,959)
Proceeds from sale of tangible assets |  |  | 9,898 |  | 21,199
Proceeds from sale of subsidiaries |  |  | 176,809 |  | -
Dividends received |  |  | 92,784 |  | -
|  |  | _______ |  | _______
Net cash from/(used in) investing activities |  |  | 255,569 |  | ( 43,760)
|  |  | _______ |  | _______
Cash flows from financing activities |  |  |  |  |
Proceeds from borrowings |  |  | 61,553 |  | ( 151,198)
Payment of finance lease liabilities |  |  | - |  | ( 10,048)
Equity dividends paid |  |  | ( 8,074,769) |  | ( 58,655)
|  |  | _______ |  | _______
Net cash used in financing activities |  |  | ( 8,013,216) |  | ( 219,901)
|  |  | _______ |  | _______
Net increase/(decrease) in cash and cash equivalents |  |  | ( 2,120,620) |  | 893,896
Cash and cash equivalents at beginning of year |  |  | 4,740,326 |  | 3,846,430
|  |  | _______ |  | _______
Cash and cash equivalents at end of year |  |  | 2,619,706 |  | 4,740,326
|  |  | _______ |  | _______

Iberveg (UK) Limited
Notes to the financial statements
Year ended 30 September 2025
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1st Floor 87/89 Hight Street, Hoddesdon, Herts, EN11 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 15 % | reducing balance
| Fittings fixtures and equipment | - | 20 % | reducing balance
| Motor vehicles | - | 25 % | reducing balance
| Computer equipment | - | 25 % | reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

|  |  | 2025 | 2024
|  |  | £ | £
| Sale of goods |  | 77,592,803 | 77,639,866
|  |  | _______ | _______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Depreciation of tangible assets |  |  | 49,671 | 56,917
| Foreign exchange differences |  |  | ( 185,670) | 282,870
| Fees payable for the audit of the financial statements |  |  | 13,500 | 13,500
|  |  |  | _______ | _______

6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:

|  |  | 2025 | 2024
| Administrative staff |  | 6 | 5
|  |  | _______ | _______

The aggregate payroll costs incurred during the year were:

|  |  | 2025 | 2024
|  |  | £ | £
| Wages and salaries |  | 416,173 | 375,338
| Social security costs |  | 43,247 | 40,325
| Other pension costs |  | 3,975 | 3,931
|  |  | _______ | _______
|  |  | 463,395 | 419,594
|  |  | _______ | _______

7. Income from participating interests

|  |  | 2025 | 2024
|  |  | £ | £
| Dividends from participating interests |  | 92,784 | (-)
|  |  | _______ | _______

8. Other interest receivable and similar income

|  |  | 2025 | 2024
|  |  | £ | £
| Loans and receivables |  | 11,848 | 30,143
| Bank deposits |  | 64,622 | 118,580
| Other interest receivable and similar income |  | 551 | -
|  |  | _______ | _______
|  |  | 77,021 | 148,723
|  |  | _______ | _______

9. Interest payable and similar expenses

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Other loans made to the company: |  |  |  |
|  | Finance leases and hire purchase contracts |  | - | 7,166
| Other interest payable and similar expenses |  |  | 23,904 | 5,046
|  |  |  | _______ | _______
|  |  |  | 23,904 | 12,212
|  |  |  | _______ | _______

10. Tax on profit
Major components of tax expense

|  |  | 2025 | 2024
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | 1,153,595 | 828,069
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | ( 8,646) | 1,619
|  |  | _______ | _______
| Tax on profit |  | 1,144,949 | 829,688
|  |  | _______ | _______

Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

|  |  | 2025 | 2024
|  |  | £ | £
| Profit before taxation |  | 4,638,610 | 3,283,626
|  |  | _______ | _______
| Profit multiplied by rate of tax |  | 1,159,653 | 820,907
| Effect of expenses not deductible for tax purposes |  | 10,967 | 9,456
| Effect of revenue exempt from tax |  | ( 23,196) | -
| Permanent capital allowances in excess of depreciatin |  | 6,171 | ( 2,294)
| Deferred tax movement |  | ( 8,646) | 1,619
|  |  | _______ | _______
| Tax on profit |  | 1,144,949 | 829,688
|  |  | _______ | _______

11. Dividends
Equity dividends

|  |  | 2025 | 2024
|  |  | £ | £
| Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |  | 8,074,769 | 58,655
|  |  | _______ | _______

12. Tangible assets

|  | Plant and machinery | Fixtures, fittings and equipment | Computer equipment | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 October 2024 | 290,018 | 7,167 | 184,437 | 481,622 |  |  |
| Additions | - | - | 23,922 | 23,922 |  |  |
| Disposals | ( 18,961) | - | - | ( 18,961) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 30 September 2025 | 271,057 | 7,167 | 208,359 | 486,583 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 October 2024 | 150,591 | 4,971 | 89,150 | 244,712 |  |  |
| Charge for the year | 19,429 | 439 | 29,803 | 49,671 |  |  |
| Disposals | ( 9,063) | - | - | ( 9,063) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 30 September 2025 | 160,957 | 5,410 | 118,953 | 285,320 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 30 September 2025 | 110,100 | 1,757 | 89,406 | 201,263 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 30 September 2024 | 139,427 | 2,196 | 95,287 | 236,910 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

13. Investments

|  | Shares in group undertakings | Participating interests | Total |  |  |
|  | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |
| At 1 October 2024 | 176,809 | 240,200 | 417,009 |  |  |
| Disposals | ( 176,809) | - | ( 176,809) |  |  |
|  | _______ | _______ | _______ |  |  |
| At 30 September 2025 | - | 240,200 | 240,200 |  |  |
|  | _______ | _______ | _______ |  |  |
| Impairment |  |  |  |  |  |
| At 1 October 2024 and 30 September 2025 | - | - | - |  |  |
|  | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |
| At 30 September 2025 | - | 240,200 | 240,200 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 30 September 2024 | 176,809 | 240,200 | 417,009 |  |  |
|  | _______ | _______ | _______ |  |  |

| Investments in group undertakings |  |  |  |
|  |  | Registered office | Class of share | Percentage of shares held
| Participating interest |  |  |  |
| RV Export BV |  | ABC Westland 312 2685DD Poeldijk Netherlands | Ordinary | 50
| SG Salads LTD |  | Leabank Nursery Sedge Green Roydon Essex CM19 5JR | Ordinary | 50

14. Stocks

|  |  | 2025 | 2024
|  |  | £ | £
| Stocks |  | 364,325 | 586,083
|  |  | _______ | _______

15. Debtors
Debtors falling due within one year are as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 7,070,452 | 7,109,949
| Amounts owed by undertakings in which the company has a participating interest |  | 380,676 | 1,541,617
| Prepayments and accrued income |  | 9,089 | 20,000
| Other debtors |  | 1,781,187 | 1,464,497
|  |  | _______ | _______
|  |  | 9,241,404 | 10,136,063
|  |  | _______ | _______

Debtors falling due after one year are as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Amounts owed by group undertakings |  | - | 638,043
| Amounts owed by undertakings in which the company has a participating interest |  | - | 1,216,117
|  |  | _______ | _______
|  |  | - | 1,854,160
|  |  | _______ | _______

Trade debtors includes factored debts of £7,070,452 (2024:£7,108,441).
16. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | ( 286,529) | ( 350,992)
| Trade creditors |  | 5,268,620 | 6,358,036
| Accruals and deferred income |  | 889,560 | 459,847
| Corporation tax |  | 453,595 | 590,569
| Social security and other taxes |  | - | 5,736
| Director loan accounts |  | - | 2,910
| Other creditors |  | 46,332 | 19,371
|  |  | _______ | _______
|  |  | 6,371,578 | 7,085,477
|  |  | _______ | _______

Included within bank loans and overdrafts is A debit balance £286,529 (2024: £350,992) in respect of invoice financing with HSBC, who hold a fixed and floating charge over the company's assets as security.
17. Provisions

|  | Deferred tax (note 18) | Total |  |  |
|  | £ | £ |  |  |
| At 1 October 2024 | 54,793 | 54,793 |  |  |
| Unused amounts reversed | ( 8,646) | ( 8,646) |  |  |
|  | _______ | _______ |  |  |
| At 30 September 2025 | 46,147 | 46,147 |  |  |
|  | _______ | _______ |  |  |

18. Deferred tax
The deferred tax included in the statement of financial position is as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Included in provisions (note 17) |  | 46,147 | 54,793
|  |  | _______ | _______

The deferred tax account consists of the tax effect of timing differences in respect of:

|  |  | 2025 | 2024
|  |  | £ | £
| Accelerated capital allowances |  | 46,147 | 54,793
|  |  | _______ | _______

19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 3,975 (2024: £ 3,931 ).
20. Called up share capital
Issued, called up and fully paid

|  |  | 2025 |  |  |  | 2024 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares of £ 1.00 each |  | 100 |  | 100 |  | 100 |  | 100
|  |  | _______ |  | _______ |  | _______ |  | _______

21. Cash generated from operations

| £ | £
|  | Cash flows from operating activities
Profit for the financial year | 3,493,661 | 2,453,938
Depreciation of tangible assets | 49,671 | 56,917
Gain/(loss) on financial assets at fair value through profit or loss | 9,898 | 2,699
Income from participating interests | ( 92,784) | -
Other interest receivable and similar income | ( 77,021) | ( 148,723)
Interest payable and similar expenses | 23,904 | 12,212
Gain/(loss) on disposal of tangible assets | ( 9,898) | ( 2,699)
Tax on profit | 1,144,949 | 829,688
Accrued expenses/(income) | 429,713 | ( 310,269)
|  | Changes in:
Stocks | 221,758 | ( 375,080)
Trade and other receivables | 2,748,819 | ( 323,894)
Trade and other payables | ( 1,068,191) | 382,873
Provisions and employee benefits | - | ( 207,026)
| _______ | _______
Cash generated from operations | 6,874,479 | 2,370,636
| _______ | _______

22. Analysis of changes in net debt

|  | At 1 October 2024 | Cash flows | At 30 September 2025 |  |  |
|  | £ | £ | £ |  |  |
| Cash and cash equivalents | 4,740,326 | (2,120,620) | 2,619,706 |  |  |
| Debt due within one year | 354,482 | (61,553) | 292,929 |  |  |
| Debt due after one year | (5,652) | - | (5,652) |  |  |
|  | _______ | _______ | _______ |  |  |
|  | 5,089,156 | ( 2,182,173) | 2,906,983 |  |  |
|  | _______ | _______ | _______ |  |  |

23. Directors advances, credits and guarantees

| During the year the director entered into the following advances and credits with the company: |  |  |  |  |  |
2025 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Mr Richard Vater | ( 2,910) | 139,815 | ( 50,261) | 86,644 |  |
|  | _______ | _______ | _______ | _______ |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the director | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Mr Richard Vater | 85,620 | 205,639 | ( 294,169) | ( 2,910) |  |
|  | _______ | _______ | _______ | _______ |  |

24. Related party transactions
As at 30 September 2025, the company was owed a net amount of £nil (2024: £1,262,547) by Iberveg Spain SL, a company in which R Vater and his wife have controlling interests. Goods amounting to £7,766,038 (2024: £7,171,368) were purchased during the year from Iberveg Spain SL by the company. The company also paid £575,264 (2024: £889,575.42) for administrative work provided by Iberveg Spain SL. At the year end, the company owed a trade creditor balance of £57,773. At the year end, the company owed a trade creditor liability of £419,684 (2024: £822,087) to SG Salads Ltd, an associated undertaking. During the year, the company purchased goods and services totalling £4,244,527 (2024: £4,488,344) from S G Salads Ltd and made sales of £nil (2024: 3,760). At the end of the year, the company was owed a net amount of £380,676 (2024: £208,624) by RV Export BV, an associated undertaking. The loan is payable within 1 year. During the year the company purchased goods totalling £9,434,418 (2024: £11,074,981) from RV Export BV. At the year end the company owed a trade creditor balance of £663,018 (2024: £1,014,248) and unpaid share capital of £4,282 During the year, the company purchased goods of £865,931 (2024: £915,078) from R & G Salads Ltd, an associated undertaking of SG Salads Ltd. The company owed a trade creditor balance of £3,803 (2024: £6,302) and was owed a loan, repayable within 1 year of £nil (2024: £40,000). During the year, the parent purchased consultancy services for £52,000 (2024: £44,000) from ONU Services Ltd, a company controlled by R Vater's brother and his wife and owed a trade creditor balance of £4,800. At the end of the year, the company was owed net amount of nil (2024: £1,216,117) from Icebreaker Project Management LLC, a company wholly owned by R Vater.At the end of the year the company owed £3,796 to IBE Investments Ltd, a company owned by R Vater.
25. Controlling party
The ultimate controlling party at the year end was Iberveg Holdings Limited, a company under the control of the director Richard Vater .