ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

As restated

Registered number: 12697109

BNW FOOD LIMITED

FINANCIAL STATEMENTS

FOR THE 52 WEEK PERIOD ENDED 28 SEPTEMBER 2025

BNW FOOD LIMITED

COMPANY INFORMATION

Directors	N. Sebba
	A. Harrisson
	B. C. Davis
	A. Elliott


Registered number	12697109


Registered office	Unit 61 55 Baker Street
	London
	W1U 8EW

BNW FOOD LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 10

BNW FOOD LIMITED

REGISTERED NUMBER: 12697109

BALANCE SHEET

AS AT 28 SEPTEMBER 2025

	28 September	As restated 29 September
	2025	2024
Note	£	£

Fixed assets
Intangible assets	4		-		-
Tangible assets	5		988,887		1,437,824
			988,887		1,437,824
Current assets
Stocks		51,511		70,201
Debtors	6	949,732		972,258
Cash at bank and in hand		119,054		138,370
		1,120,297		1,180,829
Creditors: amounts falling due within one year	7	(4,243,915)		(4,755,151)
Net current liabilities			(3,123,618)		(3,574,322)
Creditors: amounts falling due after more than one year			(383,333)		-
Net liabilities			(2,518,064)		(2,136,498)

Capital and reserves
Allotted, called up and fully paid share capital	1	1
Profit and loss account	(2,518,065)	(2,136,499)
Equity shareholders' deficit	(2,518,064)	(2,136,498)

Page 1

BNW FOOD LIMITED

REGISTERED NUMBER: 12697109

BALANCE SHEET (CONTINUED)

AS AT 28 SEPTEMBER 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Directors' Report and the Statement of Income and Retained earnings in accordance with provisions applicable to companies subject to the small companies regime, under Section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2026.

N. Sebba

Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

1.	General information

BNW Food Limited (Company number: 12697109), having its registered office and principal place of business at Unit 61, 55 Baker Street, London, W1U 8EW, is a private limited company incorporated in England and Wales.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows, on the grounds that it is a small company.

2.3

Going concern

At the Balance Sheet date, the Company had net liabilities of £2,385,744 (as at 29 September 2024: £2,055,399 as restated). The Company relies on the support of its parent who will continue to support the Company for the foreseeable future. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 4

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

2.Accounting policies (continued)

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Shop fit	-	20% straight-line
Heavy equipment	-	20% straight-line
IT equipment	-	50% straight-line
Store equipment	-	33% straight-line
Lease costs	-	straight-line over life of lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.16

Creditors

Short-term creditors are measured at the transaction price.

Page 5

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

2.Accounting policies (continued)

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Employees

The average monthly number of employees, including directors, during the period was 91 (2024 - 118).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 29 September 2024 and 28 September 2025	10,002
	Amortisation
	At 29 September 2024 and 28 September 2025	10,002
	Net book value
	At 28 September 2025	-
	At 29 September 2024	-

Page 6


		BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 SEPTEMBER 2025

	5.	Tangible fixed assets

	Shop fit	Heavy equipment	Store equipment	IT equipment	Lease costs	Total
	£	£	£	£	£	£
Cost
At 30 September 2024	1,483,224	351,699	294,461	157,918	251,062	2,538,364
Additions	28,661	756	27,811	8,257	-	65,485
Disposals	-	-	-	-	(2,500)	(2,500)
At 28 September 2025	1,511,885	352,455	322,272	166,175	248,562	2,601,349
Depreciation
At 30 September 2024	586,154	116,879	176,180	110,768	110,559	1,100,540
Charge for the period	299,475	70,479	68,296	39,507	34,945	512,702
Disposals	-	-	-	-	(780)	(780)
At 28 September 2025	885,629	187,358	244,476	150,275	144,724	1,612,462
Net book value
At 28 September 2025	626,256	165,097	77,796	15,900	103,838	988,887
At 29 September 2024	897,070	234,820	118,281	47,150	140,503	1,437,824

Page 7

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

Debtors


					2025	2024
					£	£

Due within one year
Trade debtors	82,455	147,709
Other debtors	274,305	252,784
Prepayments and accrued income	592,972	571,765
	949,732	972,258

Trade creditors	833,352	808,667
Amounts owed to group undertakings	1,897,303	2,392,771
Other taxation and social security	94,315	38,954
Obligations under finance lease and hire purchase contracts	78,567	176,659
Other creditors	208,441	235,658
Accruals and deferred income	1,031,937	1,102,442
Bank loans	100,000	-
	4,243,915	4,755,151

Bank loans (see below)	383,333	-
	383,333	-

The bank loan is secured by any security held by the Bank for the Company's liabilities. Interest is charged at 3.5% p.a. over the Base Rate.

Page 8

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

Amounts falling due 1-2 years
Bank loans	100,000	-
Amounts falling due 2-5 years
Bank loans	283,333	-
	383,333	-

10.	Prior period adjustment

During the current financial period, management identified that lease incentives received in prior periods had not been accounted for in accordance with the Company’s stated accounting policy. The policy requires lease incentives to be recognised on a straight-line basis over the lease term, but previously, the incentives were recognised in full upon receipt.

As a result, a prior period adjustment has been made to correct this misstatement. The adjustment has been applied retrospectively, in accordance with FRS 102 Section 1A.10, and the comparative figures have been restated.

Impact of the adjustment:

∙Profit for the prior period of £104,096 has become a loss of £32,477, reflecting the deferral of lease incentive income that was previously recognised in full.

∙Net liabilities at the beginning of the current period have increased from £1,369,034 to £2,136,498 to reflect the cumulative impact of the adjustment.

Management has reviewed all lease arrangements to ensure consistent application of the policy going forward.

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,683 (2024: £32,273). Contributions totalling £4,030 (2024: £4,807) were payable to the fund at the Balance Sheet date and are included in creditors.

12.	Related party transactions
	The Company has taken advantage of the exemptions under FRS 102 Section 33.1A from not disclosing transactions with members of the same group that are wholly owned.

Page 9

BNW FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2025

13.	Immediate and ultimate parent undertaking

As at 28 September 2025 and 29 September 2024, the Company's immediate and ultimate parent undertaking was FTMYFG Holdings Limited, a company incorporated in England and Wales.

Page 10