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Riviera Produce Limited
Annual Report and Financial Statements
Year Ended 30 September 2025

Registration number: 03456808

Riviera Produce Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 24

Riviera Produce Limited

Company Information

Directors | Mr D J Simmons Mrs S C Simmons Mr T G P Simmons Mr P Willis

Company secretary | Mrs S C Simmons

Registered office | Higher Trevaskis Farm 14 Gwinear Road Connor Downs Cornwall TR27 5JQ

Auditors | Francis Clark LLP Registered AuditorLowin House Tregolls Road Truro Cornwall TR1 2NA

Riviera Produce Limited

Strategic Report for the Year Ended 30 September 2025

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

Principal activity

The principal activity of the company is the wholesale of fruit and vegetables.

Fair review of the business

On behalf of the board, we are pleased to report on a successful year for the business albeit despite challenging trading conditions.
As anticipated, turnover increased by 0.76% largely due to increased prices of product rather than volume. However, we note that whilst turnover growth is encouraging the increase in turnover has been offset by the increase in cost of sales.
Costs of produce and labour have decreased. Our gross profit has increased to 7.22% (2024: 4.65%), but we expect inflationary pressures to continue post year end.
We look to closely manage our administrative costs. In the current year these have increased by 48.27%.
Overall, the accounts show an increased operating profit of £443,912 (2024: £130,998) and operating margin of 0.85% (2024: 0.25%).

Principal risks and uncertainties

The Board believes that it is dealing positively with the principal risks and uncertainties of the business as outlined below.

Operational and supplier risks
The principal risks and uncertainties of the business revolve around our relationship with our key customers and suppliers and the general demand for the products that we market and sell and ultimately the uncertainties as to changes to consumer tastes.
In terms of our customers we work hard to supply our customers the best quality of fresh products that they demand on a timely basis and in return we seek a fair price. We have always looked to build and maintain a close relationship with our key customers and maintain clear channels of communication which we see as essential.
Linked to this is the risk relating to our farm suppliers and their ability to provide us with continual supply of quality of crops. We work closely with our suppliers throughout the growing process to ensure every endeavor is made to grow the best crops possible in a cost effective manner, noting particular issues faced in relation to weather, crop failure, the growing price of input costs and the availability of labour to ensure continuity.
Inflation and interest rates have risen significantly in recent years and, while there are early signs of stabilisation, they remain elevated in the UK and across major global economies. We expect pressures to persist in the near term as markets adjust to ongoing geopolitical uncertainty and cost volatility, with a more gradual easing anticipated over the medium term.

Riviera Produce Limited

Strategic Report for the Year Ended 30 September 2025

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... Mr D J Simmons Director

Riviera Produce Limited

Directors' Report for the Year Ended 30 September 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr D J Simmons

Mrs S C Simmons

Mr T G P Simmons

Mr P Willis

Mr S A Hayden (ceased 31 October 2025)

Financial instruments

Objectives and policies

The company's principal financial instruments comprise of retained reserves, bank balances, stock, trade debtors and trade creditors, invoice discounting creditor and redeemable preference shares, with the main purpose of these instruments being to raise funds to finance the company's on-going operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is minimal exposure to price risk.
The company manages its cash requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the day-to-day operating needs of the business.
The company maintains strong relationships with its key customers and actively manages credit risk by means of customer credit and credit control procedures.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Francis Clark LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... Mr D J Simmons Director

Riviera Produce Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Opinion

We have audited the financial statements of Riviera Produce Limited (the 'company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 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 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 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' 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 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 5, 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 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 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.

Auditor 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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to 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 to due fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's licence to operate. In making this assessment we determined that the most significant elements of legislation include health and safety legislation, environmental legislation, food hygiene and safety standards legislation and employment laws and regulations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omission thereon of which there were none identified.
• Reviewing the most recent BRC audit inspection results, and where there had been recommendations made or non-conformance issues noted ensuring these were followed up appropriately and dealt with on a timely basis.
• Discussing with management compliance with health and safety legislation and where any incidents had occurred during the year establishing how they were dealt with, recorded, and identifying what actions were taken to prevent similar incidents in future.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

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.

Riviera Produce Limited

Independent Auditor's Report to the Members of Riviera Produce Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
Francis Clark LLP, Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

23 June 2026

Riviera Produce Limited

Statement of Income and Retained Earnings

Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 52,322,671 | 51,929,568
Cost of sales |  | (48,545,086) | (49,516,177)
Gross profit |  | 3,777,585 | 2,413,391
Administrative expenses |  | (3,413,232) | (2,302,065)
Other operating income | 4 | 79,559 | 19,672
Operating profit | 5 | 443,912 | 130,998
Other interest receivable and similar income |  | 47 | 763
Interest payable and similar charges | 9 | (235,022) | (163,385)
|  | (234,975) | (162,622)
Profit/(loss) before tax |  | 208,937 | (31,624)
Taxation | 10 | (81,823) | (24,532)
Profit/(loss) for the financial year |  | 127,114 | (56,156)
Retained earnings brought forward |  | 3,874,120 | 3,930,276
Retained earnings carried forward |  | 4,001,234 | 3,874,120

Riviera Produce Limited

Balance Sheet

30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 2,065,476 | 1,157,158
Investment property | 12 | 270,845 | 117,729
|  | 2,336,321 | 1,274,887
Current assets |  |  |
Stocks | 13 | 864,911 | 1,219,571
Debtors | 14 | 10,791,271 | 11,096,085
Cash at bank and in hand |  | 10,606 | 3,017
|  | 11,666,788 | 12,318,673
Creditors: Amounts falling due within one year | 16 | (8,735,313) | (9,313,219)
Net current assets |  | 2,931,475 | 3,005,454
Total assets less current liabilities |  | 5,267,796 | 4,280,341
Creditors: Amounts falling due after more than one year | 16 | (1,023,190) | (264,690)
Provisions for liabilities | 19 | (243,252) | (141,411)
Net assets |  | 4,001,354 | 3,874,240
Capital and reserves |  |  |
Called up share capital |  | 120 | 120
Profit and loss account |  | 4,001,234 | 3,874,120
Shareholders' funds |  | 4,001,354 | 3,874,240

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... Mr D J Simmons Director

Company Registration Number: 03456808

Riviera Produce Limited

Statement of Cash Flows

Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit/(loss) for the year |  | 127,114 | (56,156)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 651,852 | 438,741
Loss on disposal of tangible assets |  | - | 18,827
Finance income |  | (47) | (763)
Finance costs | 9 | 235,022 | 163,385
Income tax expense | 10 | 81,823 | 24,532
|  | 1,095,764 | 588,566
Working capital adjustments |  |  |
Decrease/(increase) in stocks | 13 | 354,660 | (267,357)
Decrease/(increase) in trade debtors | 14 | 324,832 | (2,100,759)
(Decrease)/increase in trade creditors | 16 | (589,172) | 982,928
(Decrease)/increase in deferred income, including government grants |  | (19,551) | 219,753
Cash generated from operations |  | 1,166,533 | (576,869)
Income taxes paid | 10 | (20,018) | (86,204)
Net cash flow from operating activities |  | 1,146,515 | (663,073)
Cash flows from investing activities |  |  |
Interest received |  | 47 | 763
Acquisitions of tangible assets |  | (1,560,170) | (415,029)
Proceeds from sale of tangible assets |  | - | 711
Acquisition of investment properties |  | (153,116) | -
Net cash flows from investing activities |  | (1,713,239) | (413,555)
Cash flows from financing activities |  |  |
Interest paid | 9 | (221,382) | (148,505)
Proceeds from bank borrowing draw downs |  | 933,729 | 1,161,549
Repayment of bank borrowing |  | (95,542) | -
Interest on preference shares |  | (13,640) | (14,880)
Net cash flows from financing activities |  | 603,165 | 998,164
Net increase/(decrease) in cash and cash equivalents |  | 36,441 | (78,464)
Cash and cash equivalents at 1 October |  | (26,830) | 51,634
Cash and cash equivalents at 30 September |  | 9,611 | (26,830)
Out of balance to Cash and cash equivalents category (adjusted for overdrafts) |  | (995) | -

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Higher Trevaskis Farm
14 Gwinear Road
Connor Downs
Cornwall
TR27 5JQ

These financial statements were authorised for issue by the Board on 23 June 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of business. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Government grants

The company has elected to account for grant income under the accruals model as permitted by FRS 102. Grants of a capital nature are released to "other income" within profit or loss in line with the depreciation policy of the related asset.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | Straight line over 10 years
Plant and machinery | 15-30% reducing balance basis/20% straight line
Fixtures, fittings and equipment | 33% reducing balance/10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties on an annual basis. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
No depreciation is charged on investment property. Changes in fair value are recognised in profit or loss.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Entitlements | 3 year straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

3 | Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 52,322,671 | 51,929,568

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 52,322,671 | 51,929,568

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Government grants | 79,559 | 19,672

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 651,852 | 438,741
Foreign exchange losses/(gains) | 21,812 | (31,073)
Operating lease expense - plant and machinery | 210,907 | 180,860
Loss on disposal of property, plant and equipment | - | 18,827

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 40,784 | 46,656
Social security costs | 1,808 | -
Pension costs, defined contribution scheme | 170,000 | -
| 212,592 | 46,656

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 5 | 6

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 40,784 | 46,656
Contributions paid to money purchase schemes | 170,000 | -
| 210,784 | 46,656

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | -

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 15,035 | 13,800

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

9 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 191,967 | 148,505
Interest on preference shares | 13,640 | 14,880
Interest expense on other finance liabilities | 29,415 | -
| 235,022 | 163,385

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | - | 20,018
UK corporation tax adjustment to prior periods | (20,018) | -
| (20,018) | 20,018
Deferred taxation |  |
Arising from origination and reversal of timing differences | 101,841 | 4,514
Tax expense in the income statement | 81,823 | 24,532

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit/(loss) before tax | 208,937 | (31,624)
Corporation tax at standard rate | 52,234 | (7,906)
Tax increase from effect of capital allowances and depreciation | 26,179 | 29,168
Effect of expense not deductible in determining taxable profit (tax loss) | 3,410 | 3,270
Total tax charge | 81,823 | 24,532

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Fixed asset timing differences | - | 348,791
Tax losses carried forward | 105,540 | -
| 105,540 | 348,791

2024 | Asset £ | Liability £
Fixed asset timing differences | - | 141,411
| - | 141,411

11 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Plant and machinery £ | Total £
Cost or valuation
At 1 October 2024 | 3,007,685 | 65,415 | 2,389,078 | 5,462,178
Additions | 265,000 | - | 1,295,170 | 1,560,170
At 30 September 2025 | 3,272,685 | 65,415 | 3,684,248 | 7,022,348
Depreciation
At 1 October 2024 | 2,296,883 | 62,621 | 1,945,516 | 4,305,020
Charge for the year | 277,948 | 931 | 372,973 | 651,852
At 30 September 2025 | 2,574,831 | 63,552 | 2,318,489 | 4,956,872
Carrying amount
At 30 September 2025 | 697,854 | 1,863 | 1,365,759 | 2,065,476
At 30 September 2024 | 710,802 | 2,794 | 443,562 | 1,157,158

Included within the net book value of land and buildings above is £697,854 (2024 - £710,802) in respect of freehold land and buildings.

12 | Investment properties

| 2025 £
At 1 October 2024 | 117,729
Additions | 153,116
At 30 September 2025 | 270,845

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

During the year, the company purchased an additional investment property for £153,116.
The Directors have considered the value of the investment properties in light of the requirement for a valuation under the accounting standard. In their opinion there is no reason for the value of the properties to have materially differed from cost since acquisition and as such the valuation is considered to be £270,845 (2024 - £117,729).

There has been no valuation of investment property by an independent valuer.

13 | Stocks

| 2025 £ | 2024 £
Harvested crops and other stock | 864,911 | 1,219,571

14 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 7,814,029 | 7,406,904
Amounts owed by related parties | 21 | 1,723,651 | 1,409,915
Other debtors |  | 563,606 | 666,080
Prepayments |  | 669,967 | 1,613,186
Income tax asset | 10 | 20,018 | -
|  | 10,791,271 | 11,096,085

15 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 91 | -
Cash at bank | 10,515 | 3,017
| 10,606 | 3,017
Bank overdrafts | - | (29,847)
Cash and cash equivalents in statement of cash flows | 10,606 | (26,830)

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

16 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 17 | 3,102,462 | 2,892,632
Trade creditors |  | 2,935,090 | 2,481,635
Amounts due to related parties | 21 | 2,346,976 | 3,383,242
Social security and other taxes |  | 4,075 | 510
Accruals |  | 267,151 | 276,085
Corporation tax | 10 | - | 20,018
Deferred income |  | 79,559 | 259,097
|  | 8,735,313 | 9,313,219
Due after one year |  |  |
Loans and borrowings | 17 | 784,513 | 186,000
Deferred income |  | 238,677 | 78,690
|  | 1,023,190 | 264,690

17 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,990,241 | 2,862,785
Bank overdrafts | - | 29,847
Other borrowings | 112,221 | -
| 3,102,462 | 2,892,632

Non-current loans and borrowings

| 2025 £ | 2024 £
Redeemable preference shares | 186,000 | 186,000
Other borrowings | 598,513 | -
| 784,513 | 186,000

Other borrowings

Other borrowings is denominated in pounds sterling, £ with a nominal interest rate of 7.22%, and the final instalment is due on 14 February 2032. The carrying amount at year end is £710,734 (2024 - £nil). The other borrowings are secured against the assets to which the borrowings relate.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

18 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 171,984 | 154,990
Later than one year and not later than five years | 261,831 | 233,569
| 433,815 | 388,559

The amount of non-cancellable operating lease payments recognised as an expense during the year was £182,886 (2024 - £145,984).

19 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 October 2024 | 141,411 | 141,411
Increase (decrease) in existing provisions | 101,841 | 101,841
At 30 September 2025 | 243,252 | 243,252

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 120 | 120 | 120 | 120
Preference shares of £1 each | 186,000 | 186,000 | 186,000 | 186,000
| 186,120 | 186,120 | 186,120 | 186,120

Redeemable preference shares

The Preference shares of £1 each are redeemable at the option of the company. They are redeemable at £1 per share and carry no voting rights. Winding up value for redeemable preference shares is £nil.

The redeemable preference shares have both equity and liability elements, however the value of the equity component is deemed to be £nil, therefore the entire value of redeemable preference shares is recognised in liabilities.
The holders of the preference shares are entitled to interest at a rate of 8% per annum with no rights to additional profits.

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

21 | Related party transactions

Summary of transactions with other related parties

During the year the company has transacted with various business which are all classified as 'other related parties' of Riviera Produce Limited under FRS102 paragraph 33.10, each identified by virtue of common control or control by a close family member.
The nature of transactions with related parties are purchases of produce and services including labour. All balances have arisen from trading relationships.
The company provided a guarantee to one of the related party companies post year end. No other guarantees, collateral or other securities have been given over outstanding balances between related parties.

Income and receivables from related parties

2025 | Other related parties £
Sale of goods | 120,070
Amounts receivable from related party | 1,723,651

2024 | Other related parties £
Amounts receivable from related party | 1,409,915

Expenditure with and payables to related parties

2025 | Other related parties £
Purchase of goods | 24,452,026
Rendering of services | 6,684,407
| 31,136,433
Amounts payable to related party | 2,346,976

2024 | Other related parties £
Purchase of goods | 21,077,194
Rendering of services | 6,285,304
| 27,362,498
Amounts payable to related party | 3,658,242

Riviera Produce Limited

Notes to the Financial Statements

Year Ended 30 September 2025

22 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £170,000 (2024 - £Nil).

23 | Parent and ultimate parent undertaking

The ownership of the company changed on 28 October 2024 from Mr DJ Simmons & Mrs SC Simmons to Mr & Mrs Simmons Discretionary Trust 2024.
The ultimate controlling party is Mr and Mrs Simmons Discretionary Trust 2024.