Iberveg (UK) Limited 30/09/2025 iXBRL

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 .