REGISTERED NUMBER: 04115804 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2025 TO 30 SEPTEMBER 2025

FOR

PRIMEPAK FOODS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

R D Johnson

A Smith

D A Mirtchev

M S Auty

SECRETARY:

A Smith

REGISTERED OFFICE:

The Embankment

Kelleythorpe Industrial Estate

Driffield

East Yorkshire

YO25 9DJ

REGISTERED NUMBER:

04115804 (England and Wales)

AUDITORS:

BCO Accountants LLP

Chartered Certified Accountants

and Statutory Auditors

Driffield

The directors present their strategic report for the period 1 January 2025 to 30 September 2025.

REVIEW OF BUSINESS

The key financial highlights are as follows:

9 months

12 months

12 months

12 months

2025

2024

2023

2022

£

£

£

£

Turnover

12,596

16,884

15,971

13,427

Profit before tax

1,004

1,650

1,402

877

Net assets

4,655

4,104

3,743

3,769

The directors consider the results for the period to be satisfactory, with productivity continuing to show good growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks for the company are raw material supplies and costs, compliance with food safety standards and competition in the retail market.

KEY PERFORMANCE INDICATORS

2025

2024

2023

2022

Growth in Revenue

(0.5%)

6%

19%

26%

Gross Profit Margin

28%

29%

27%

25%

Net Profit Margin

8%

10%

9%

7%

FUTURE DEVELOPMENTS

In view of the company's continued successful financial results the directors will continue the same business model as previously and expect to continue trading at the same productivity levels as in previous years.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise of bank balances, bank overdrafts and trade creditors. The main purpose of these instruments is to raise funds and finance for the company's operations.

Due to the nature of the financial instruments used by the company there is limited exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

ON BEHALF OF THE BOARD:

R D Johnson - Director

9 June 2026

The directors present their report with the financial statements of the company for the period 1 January 2025 to 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of speciality food wholesalers.

DIVIDENDS

Interim dividends of £200,000 were paid on the ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 30 September 2025 will be £200,000 (2024 - £875,000).

DIRECTORS

R D Johnson has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

A Smith , D A Mirtchev and M S Auty were appointed as directors after 30 September 2025 but prior to the date of this report.

C D Johnson and Mrs G Johnson ceased to be directors after 30 September 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R D Johnson - Director

9 June 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to:

- Financial Reporting Standard 102

- Companies Act 2006

- health and safety

- food hygiene

We assessed the risks of material misstatement in respect of fraud through discussions with directors.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquiries were made of management and we corroborated our enquiries by reviewing the company's health and safety manual and external food hygiene audit reports.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the risk of fraud to be low. Accounting policies were reviewed and an element of unpredictability was included in our audit procedures.

We consider that the nature, timing and extent of audit procedures performed increases the likelihood of detection of any irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Nicola Jayne Lyon FCCA (Senior Statutory Auditor)

for and on behalf of BCO Accountants LLP

Chartered Certified Accountants

and Statutory Auditors

Driffield

16 June 2026

TURNOVER

3

12,596,145

16,884,020

Cost of sales

(9,026,480

)

(11,928,490

)

GROSS PROFIT

3,569,665

4,955,530

Administrative expenses

(2,635,170

)

(3,385,441

)

934,495

1,570,089

Other operating income

4

7,340

6,023

OPERATING PROFIT

6

941,835

1,576,112

Interest receivable and similar income

62,066

74,151

PROFIT BEFORE TAXATION

1,003,901

1,650,263

Tax on profit

7

(253,286

)

(413,716

)

PROFIT FOR THE FINANCIAL PERIOD

750,615

1,236,547

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

750,615

1,236,547

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,713,719

1,658,750

1,713,719

1,658,750

CURRENT ASSETS

Stocks

11

596,400

551,608

Debtors

12

3,503,786

1,291,696

Cash at bank and in hand

884,920

2,184,204

4,985,106

4,027,508

CREDITORS

Amounts falling due within one year

13

(1,673,571

)

(1,226,960

)

NET CURRENT ASSETS

3,311,535

2,800,548

TOTAL ASSETS LESS CURRENT LIABILITIES

5,025,254

4,459,298

PROVISIONS FOR LIABILITIES

16

(370,347

)

(355,006

)

NET ASSETS

4,654,907

4,104,292

CAPITAL AND RESERVES

Called up share capital

17

750

750

Retained earnings

18

4,654,157

4,103,542

SHAREHOLDERS' FUNDS

4,654,907

4,104,292

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

R D Johnson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

750

3,741,995

3,742,745

Changes in equity

Dividends

-

(875,000

)

(875,000

)

Total comprehensive income

-

1,236,547

1,236,547

Balance at 31 December 2024

750

4,103,542

4,104,292

Changes in equity

Dividends

-

(200,000

)

(200,000

)

Total comprehensive income

-

750,615

750,615

Balance at 30 September 2025

750

4,654,157

4,654,907

1.	STATUTORY INFORMATION

Primepak Foods Limited is a private company limited by shares. The Company is incorporated and domiciled in England and Wales. Its company registration number is 04115804. The registered office of the company is The Embankment, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ.

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.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The ultimate parent company is Montyredman Holdings Limited. The registered office of Montyredman Holdings Limited is Water Mill Lodge, Priestgate, Nafferton, Driffield, East Yorkshire, YO25 4LR.

The financial statements of the company are consolidated in the financial statements of Montyredman Holdings Limited . These consolidated financial statements are available from its registered office, Water Mill Lodge, Priestgate, Nafferton, Driffield, East Yorkshire, YO25 4LR.

Judgements and key sources of estimation uncertainty

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

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

Turnover

Turnover is measured at fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost and 10% on cost

Motor vehicles

-

20% on cost

Freehold land is not depreciated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Stocks

Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation

Taxation for the period comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Sale of goods

12,596,145

16,884,020

12,596,145

16,884,020

4.	OTHER OPERATING INCOME

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Sundry receipts

254

-

Feed In Tariff

7,086

6,023

7,340

6,023

5.	EMPLOYEES AND DIRECTORS

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Wages and salaries

1,503,044

1,903,939

Social security costs

139,615

148,370

Other pension costs

67,489

77,170

1,710,148

2,129,479

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

Period

1/1/25

to

Year ended

30/9/25

31/12/24

Directors

3

3

Sales and production

60

63

Administration

4

5

67

71

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Directors' remuneration

15,974

27,825

Directors' pension contributions to money purchase schemes

22,510

22,500

6.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Depreciation - owned assets

112,074

156,825

Loss on disposal of fixed assets

-

5,540

Operating lease charges

104,175

166,729

Auditors remuneration

6,000

6,000

Auditors remuneration for non audit work

16,800

9,500

7.

TAXATION

Analysis of the tax charge

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

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Current tax:

UK corporation tax

237,945

427,089

Deferred tax:

Charge for the year

15,341

(13,373

)

Tax on profit

253,286

413,716

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

Reconciliation of total tax charge included in profit and loss

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

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Profit before tax

1,003,901

1,650,263

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

250,975

412,566

Effects of:

Expenses not deductible for tax purposes

1,447

-

Depreciation in excess of capital allowances

864

1,150

deduction

Total tax charge

253,286

413,716

The net reversal of deferred tax liabilities expected to occur in the next year is £32,711. This expected reversal is due to the movement in the accelerated capital allowances timing differences.

8.

DIVIDENDS

Period

1/1/25

to

Year ended

30/9/25

31/12/24

£

£

Ordinary shares of £1 each

Interim

200,000

875,000

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 30 September 2025

227,500

AMORTISATION

At 1 January 2025

and 30 September 2025

227,500

NET BOOK VALUE

At 30 September 2025

-

At 31 December 2024

-

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2025

534,220

2,633,116

241,689

3,409,025

Additions

2,638

155,305

9,100

167,043

At 30 September 2025

536,858

2,788,421

250,789

3,576,068

DEPRECIATION

At 1 January 2025

43,182

1,580,812

126,281

1,750,275

Charge for period

8,055

86,718

17,301

112,074

At 30 September 2025

51,237

1,667,530

143,582

1,862,349

NET BOOK VALUE

At 30 September 2025

485,621

1,120,891

107,207

1,713,719

At 31 December 2024

491,038

1,052,304

115,408

1,658,750

11.

STOCKS

2025

2024

£

£

Stocks

596,400

551,608

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,364,998

1,178,976

Amounts owed by group undertakings

-

55,974

VAT

41,332

32,574

Prepayments and accrued income

2,097,456

24,172

3,503,786

1,291,696

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 14)

-

205,361

Trade creditors

1,236,705

742,886

Tax

130,905

187,089

Social security and other taxes

156,788

36,957

Accruals and deferred income

149,173

54,667

1,673,571

1,226,960