Company registration number 08199354 (England and Wales)
PURE PET FOOD LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PURE PET FOOD LTD
COMPANY INFORMATION
Directors
M G Hill
D T V Eha
S J Doyle
M I Cockroft
R Cuschieri
A Nussenbaum
Mercia Fund Management (Nominees) Limited
(Appointed 17 September 2025)
Company number
08199354
Registered office
Unit 4 Chain Bar Road
Cleckheaton
Bradford
West Yorkshire
England
BD19 3QF
Auditor
Sumer Auditco Limited
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PURE PET FOOD LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
PURE PET FOOD LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Business performance review and financial key performance indicators

FY26 represented a year of significant investment and operational progress for the Group, with strong revenue growth and a deliberate increase in customer acquisition activity positioning the business well for FY27.

- Turnover grew by 66% to £36.3m, reflecting continued strong new customer acquisition and improved retention of existing customers.

- Gross profit margin improved to approximately 47.8% (FY25: 45.5%), driven by economies of scale and ongoing production efficiencies.

- Operating loss increased to £5.5m (FY25: £1.0m), reflecting deliberate investment in new customer acquisition alongside the costs of establishing the business's first international operation, and a significant share-based payment charge that is expected to reduce materially in future periods.

The Group continues to operate a vertically integrated model, managing manufacturing, fulfilment, and customer engagement in-house. The opening of a new fulfilment centre in Bradford during the year increased capacity to support the business's continued growth, and finalisation of a major production automation project has further strengthened the operational platform.

During the year, the Group launched its first international operation, establishing Pure Pet Food BV in the BeNeLux region. This represents a meaningful step in the Group's international growth ambitions and lays the foundation for further expansion. As a result, the Group now consists of two entities with consolidated accounts presented for the first time this year.

Principal risks and uncertainties

Food safety

The quality and safety of products remains a top priority. The Group has robust procedures in place covering raw material sourcing, production process controls, and traceability to ensure ongoing compliance with industry standards.

Financial risk

As a direct-to-consumer business, customer payments are processed prior to dispatch, reducing exposure to credit risk. Liquidity risk is actively managed through regular cash flow forecasting and oversight. The debt facility secured post year end provides additional financial resource to support the company's growth plans.

Supply chain

The Group relies on a network of third-party suppliers for key ingredients and packaging. Any disruption could affect fulfilment. To mitigate this, multiple suppliers are used where viable, inventory levels are maintained, and supplier performance is reviewed regularly.

Currency risk

The establishment of the BeNeLux operation has increased the Group’s exposure to currency risk. This exposure is monitored and, where appropriate, managed through natural hedging or purchase contracts.

Operational risk

Scaling operations introduces risk across systems, processes, and people. Investment in internal systems, automation, and processes is ongoing to ensure operational continuity.

PURE PET FOOD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Key performance indicators

- Turnover grew to £36.3m, an increase of 66% vs FY25, reflecting new customer acquisition and improved retention.

- Gross profit margin improved to approximately 47.8% (FY25: 45.5%), driven by production efficiencies and economies of scale.

- Operating loss increased to £5.5m (FY25: £1.0m), reflecting the level of growth investment made during the year and a front-loaded share-based payment charge.

- Customer acquisition in the year was significantly ahead of plan, providing a strong base of recurring subscription revenue entering FY27.

Future developments

The Group will continue to invest in the capabilities and infrastructure needed to support scalable, profitable growth. Priorities for FY27 include:

- Continued development and establishment of the BeNeLux operation as the company's first international market.

- Product enhancement and new product development to enhance the range and deepen customer value.

- Investment in the customer experience, including digital and service improvements.

- Continued investment in people and team development.

The directors are encouraged by the strong momentum of the Group and have confidence in the future growth opportunities defined. As such, the directors believe the Group is well placed to deliver its UK and International ambitions in the years ahead.

On behalf of the board

M G Hill
Director
24 June 2026
PURE PET FOOD LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activities of the Group during the period were the manufacture of dog food and its sale via a direct-to-consumer subscription model within the UK.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Oosthuizen
(Resigned 17 September 2025)
M G Hill
D T V Eha
S J Doyle
M I Cockroft
R Cuschieri
A Nussenbaum
Mercia Fund Management (Nominees) Limited
(Appointed 17 September 2025)
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M G Hill
Director
24 June 2026
PURE PET FOOD LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;

- state whether applicable U nited K ingdom 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 group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

PURE PET FOOD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PURE PET FOOD LTD
- 5 -
Opinion

We have audited the financial statements of Pure Pet Food Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2026 and of the group's loss 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 group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PURE PET FOOD LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PURE PET FOOD LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the parent company 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 directors' r esponsibilities s tatement, 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 group's and parent 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 group or parent company or to cease operations, or have 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

•  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

PURE PET FOOD LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PURE PET FOOD LTD
- 7 -

To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  agreeing financial statement disclosures to underlying supporting documentation; and

•  enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ann Brown (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
24 June 2026
PURE PET FOOD LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
36,341,561
21,846,172
Cost of sales
(18,967,810)
(11,897,344)
Gross profit
17,373,751
9,948,828
Administrative expenses
(22,839,348)
(10,975,948)
Other operating income
5,121
417
Operating loss
4
(5,460,476)
(1,026,703)
Interest receivable and similar income
7
51,794
49,350
Interest payable and similar expenses
8
(8,123)
(158,430)
Amounts written off investments
9
-
578,786
Loss before taxation
(5,416,805)
(556,997)
Tax on loss
10
112,255
-
0
Loss for the financial year
(5,304,550)
(556,997)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PURE PET FOOD LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,082,977
787,995
Tangible assets
12
1,211,802
1,021,835
2,294,779
1,809,830
Current assets
Stocks
15
2,758,020
1,223,431
Debtors
16
1,953,766
1,179,683
Cash at bank and in hand
808,245
4,679,546
5,520,031
7,082,660
Creditors: amounts falling due within one year
17
(6,960,960)
(3,854,309)
Net current (liabilities)/assets
(1,440,929)
3,228,351
Total assets less current liabilities
853,850
5,038,181
Creditors: amounts falling due after more than one year
18
(46,428)
(31,832)
Net assets
807,422
5,006,349
Capital and reserves
Called up share capital
22
1,090,352
1,090,346
Share premium account
12,940,061
12,940,061
Profit and loss reserves
(13,222,991)
(9,024,058)
Total equity
807,422
5,006,349

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
24 June 2026
M G Hill
Director
Company registration number 08199354 (England and Wales)
PURE PET FOOD LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,080,797
787,995
Tangible assets
12
1,206,364
1,021,835
Investments
13
3,500
-
0
2,290,661
1,809,830
Current assets
Stocks
15
2,541,384
1,223,431
Debtors
16
3,866,253
1,179,683
Cash at bank and in hand
808,245
4,679,546
7,215,882
7,082,660
Creditors: amounts falling due within one year
17
(7,102,781)
(3,854,309)
Net current assets
113,101
3,228,351
Total assets less current liabilities
2,403,762
5,038,181
Creditors: amounts falling due after more than one year
18
(46,428)
(31,832)
Net assets
2,357,334
5,006,349
Capital and reserves
Called up share capital
22
1,090,352
1,090,346
Share premium account
12,940,061
12,940,061
Profit and loss reserves
(11,673,079)
(9,024,058)
Total equity
2,357,334
5,006,349

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £3,754,638 (2025 - £556,997 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
24 June 2026
M G Hill
Director
Company registration number 08199354 (England and Wales)
PURE PET FOOD LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
271
4,153,692
(8,467,061)
(4,313,098)
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
(556,997)
(556,997)
Issue of share capital
22
51
5,850,171
-
5,850,222
Conversion of loan to shares
22
24
1,708,663
-
1,708,687
Other movements
1,090,000
1,227,535
-
2,317,535
Balance at 31 March 2025
1,090,346
12,940,061
(9,024,058)
5,006,349
Year ended 31 March 2026:
Loss and total comprehensive income
-
-
(5,304,550)
(5,304,550)
Issue of share capital
22
6
-
0
-
6
Credit to equity for equity settled share-based payments
21
-
-
1,105,617
1,105,617
Balance at 31 March 2026
1,090,352
12,940,061
(13,222,991)
807,422
PURE PET FOOD LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
271
4,153,692
(8,467,061)
(4,313,098)
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
(556,997)
(556,997)
Issue of share capital
22
51
5,850,171
-
5,850,222
Conversion of loan to shares
22
24
1,708,663
-
1,708,687
Other movements
1,090,000
1,227,535
-
2,317,535
Balance at 31 March 2025
1,090,346
12,940,061
(9,024,058)
5,006,349
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
(3,754,638)
(3,754,638)
Issue of share capital
22
6
-
0
-
6
Credit to equity for equity settled share-based payments
21
-
-
1,105,617
1,105,617
Balance at 31 March 2026
1,090,352
12,940,061
(11,673,079)
2,357,334
PURE PET FOOD LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(3,060,390)
(220,069)
Interest paid
(8,123)
(72,332)
Net cash outflow from operating activities
(3,068,513)
(292,401)
Investing activities
Purchase of intangible assets
(417,913)
(351,730)
Purchase of tangible fixed assets
(384,858)
(758,663)
Proceeds from disposal of tangible fixed assets
-
750
Repayment of loans
-
13,554
Interest received
51,794
49,350
Net cash used in investing activities
(750,977)
(1,046,739)
Financing activities
Proceeds from issue of shares
6
5,850,222
Repayment of borrowings
-
(104,472)
Payment of finance leases obligations
(51,817)
(39,372)
Net cash (used in)/generated from financing activities
(51,811)
5,706,378
Net (decrease)/increase in cash and cash equivalents
(3,871,301)
4,367,238
Cash and cash equivalents at beginning of year
4,679,546
312,308
Cash and cash equivalents at end of year
808,245
4,679,546
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
1
Accounting policies
Company information

Pure Pet Food Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Pure Pet Food Ltd and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

These are the first consolidated financial statements of the group.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pure Pet Food Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Pure Pet Food Ltd, and its 100% subsidiary Pure Pet Food B.V. have been included in the group financial statements using acquisition accounting.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, considering reasonable possible changes in trading performance.

As part of the forecast process, various downside scenarios have been modelled to assess the business’ ability to continue in operation in each scenario. These included significant increases in cost of customer acquisition, significant increases to material prices and a major reduction in new customer acquisition.

Based on the factors set out above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
10% straight line
Website
Fully depreciated
Trademark
10% straight line
1.7
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Plant and equipment
10% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.18
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.19
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Sales of pet food
36,341,561
21,846,172
2026
2025
£
£
Turnover analysed by geographical market
UK
35,632,159
21,846,172
Netherlands
709,402
-
36,341,561
21,846,172
2026
2025
£
£
Other revenue
Interest income
51,794
49,350
Grants received
5,121
417
4
Operating loss
2026
2025
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
13,796
3,513
Government grants
(5,121)
(417)
Fees payable to the group's auditor for the audit of the group's financial statements
34,750
27,500
Depreciation of tangible fixed assets
258,222
150,422
Profit on disposal of tangible fixed assets
-
(750)
Amortisation of intangible assets
122,931
79,062
Share-based payments
1,105,617
-
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Direct
67
40
67
40
Administration
74
51
71
51
Management
5
5
5
5
Total
146
96
143
96

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
7,098,978
3,843,845
6,919,321
3,843,845
Social security costs
725,090
419,428
721,950
419,428
Pension costs
100,496
55,419
100,496
55,419
7,924,564
4,318,692
7,741,767
4,318,692
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
575,778
585,825
Amounts receivable under long term incentive schemes
1,007,604
-
Company pension contributions to defined contribution schemes
4,693
12,571
1,588,075
598,396

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2025 - 3).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 5 (2025 - 0).

The number of directors who exercised share options during the year was 2 (2025 - 0).

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
301,250
315,000
Amounts receivable under long term incentive schemes
368,652
-
Company pension contributions to defined contribution schemes
-
11,250
7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
51,794
49,350
8
Interest payable and similar expenses
2026
2025
£
£
Interest on convertible loan notes
-
0
86,207
Other interest on financial liabilities
-
61,921
Interest on finance leases and hire purchase contracts
8,123
10,302
Total finance costs
8,123
158,430
9
Amounts written off investments
2026
2025
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to fair value through profit or loss
-
0
578,786
10
Taxation
2026
2025
£
£
Current tax
Adjustments in respect of prior periods
(112,255)
-
0
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
10
Taxation
(Continued)
- 24 -

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Loss before taxation
(5,416,805)
(556,997)
Expected tax credit based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
(1,354,201)
(139,249)
Effects of:
Expenses that are not deductible in determining taxable profit
5,556
107,248
Income not taxable in determining taxable profit
(1,250)
(104)
Change in unrecognised deferred tax assets
1,349,895
32,105
Adjustments in respect of prior years
(112,255)
-
0
Taxation credit in the financial statements
(112,255)
-
11
Intangible fixed assets
Group
Development Costs
Website
Trademark
Total
£
£
£
£
Cost
At 1 April 2025
979,391
15,832
8,360
1,003,583
Additions - internally developed
403,550
7,000
7,363
417,913
At 31 March 2026
1,382,941
22,832
15,723
1,421,496
Amortisation and impairment
At 1 April 2025
199,342
15,832
414
215,588
Amortisation charged for the year
116,084
6,417
430
122,931
At 31 March 2026
315,426
22,249
844
338,519
Carrying amount
At 31 March 2026
1,067,515
583
14,879
1,082,977
At 31 March 2025
780,049
-
0
7,946
787,995
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
11
Intangible fixed assets
(Continued)
- 25 -
Company
Development Costs
Website
Trademark
Total
£
£
£
£
Cost
At 1 April 2025
979,391
15,832
8,360
1,003,583
Additions - internally developed
403,550
7,000
5,183
415,733
At 31 March 2026
1,382,941
22,832
13,543
1,419,316
Amortisation and impairment
At 1 April 2025
199,342
15,832
414
215,588
Amortisation charged for the year
116,084
6,417
430
122,931
At 31 March 2026
315,426
22,249
844
338,519
Carrying amount
At 31 March 2026
1,067,515
583
12,699
1,080,797
At 31 March 2025
780,049
-
0
7,946
787,995
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2025
203,549
1,227,936
-
0
1,431,485
Additions
62,586
352,543
33,060
448,189
At 31 March 2026
266,135
1,580,479
33,060
1,879,674
Depreciation and impairment
At 1 April 2025
85,880
323,770
-
0
409,650
Depreciation charged in the year
32,510
223,508
2,204
258,222
At 31 March 2026
118,390
547,278
2,204
667,872
Carrying amount
At 31 March 2026
147,745
1,033,201
30,856
1,211,802
At 31 March 2025
117,669
904,166
-
0
1,021,835
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
12
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2025
203,549
1,227,936
-
0
1,431,485
Additions
62,586
346,888
33,060
442,534
At 31 March 2026
266,135
1,574,824
33,060
1,874,019
Depreciation and impairment
At 1 April 2025
85,880
323,770
-
0
409,650
Depreciation charged in the year
32,510
223,291
2,204
258,005
At 31 March 2026
118,390
547,061
2,204
667,655
Carrying amount
At 31 March 2026
147,745
1,027,763
30,856
1,206,364
At 31 March 2025
117,669
904,166
-
0
1,021,835

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Plant and equipment
93,830
74,799
93,830
74,799
Motor vehicles
30,856
-
0
30,856
-
0
124,686
74,799
124,686
74,799
13
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,500
-
0
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025
-
Additions
3,500
At 31 March 2026
3,500
Carrying amount
At 31 March 2026
3,500
At 31 March 2025
-
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pure Pet Food B.V.
Netherlands
Ordinary
100.00
15
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Raw materials and consumables
902,527
811,419
902,527
811,419
Finished goods and goods for resale
1,855,493
412,012
1,638,857
412,012
2,758,020
1,223,431
2,541,384
1,223,431
PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 28 -
16
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
112,376
-
0
112,376
-
0
Amounts owed by group undertakings
-
0
-
0
2,011,754
-
0
Other debtors
81,301
2,184
874
2,184
Prepayments and accrued income
1,669,158
1,155,703
1,650,318
1,155,703
1,862,835
1,157,887
3,775,322
1,157,887
Amounts falling due after more than one year:
Other debtors
90,931
21,796
90,931
21,796
Total debtors
1,953,766
1,179,683
3,866,253
1,179,683
17
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under finance leases
19
40,663
43,745
40,663
43,745
Trade creditors
2,930,168
1,917,716
2,917,207
1,917,716
Other taxation and social security
1,475,567
719,499
1,429,363
719,499
Other creditors
71,510
28,941
71,510
28,941
Accruals and deferred income
2,443,052
1,144,408
2,644,038
1,144,408
6,960,960
3,854,309
7,102,781
3,854,309

Obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

18
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under finance leases
19
46,428
31,832
46,428
31,832

Obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
19
Finance lease obligations
Group
Company
2026
2025
2026
2025
Amounts due:
£
£
£
£
Current liabilities
40,663
43,745
40,663
43,745
Non-current liabilities
46,428
31,832
46,428
31,832
87,091
75,577
87,091
75,577
Group
Company
2026
2025
2026
2025
Future minimum lease payments due:
£
£
£
£
Within one year
40,663
43,745
40,663
43,745
In two to five years
46,428
31,832
46,428
31,832
87,091
75,577
87,091
75,577

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,496
55,419

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share-based payment transactions

On 2 May 2025, the company granted share options for 21,856 Ordinary shares to board members.

On 20 June 2025, the company granted share options for 10,000 Ordinary shares to key management.

On 20 June 2025, the company also granted share options for 4,104 Ordinary shares to various employees, including board members and key management. These Ordinary shares are subject to a threshold condition of value per share of £344.07 at which point the shares will rank parri passu with other shares.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
21
Share-based payment transactions
(Continued)
- 30 -
Group and company
Number of share options
Weighted average exercise price
2026
2025
2026
2025
Number
Number
Pence
Pence
Outstanding at 1 April 2025
-
-
-
-
Granted
35,960
-
0.10
-
Forfeited
(2,440)
-
0.10
-
Exercised
(6,172)
-
0.10
-
Outstanding at 31 March 2026
27,348
-
0.10
-
Exercisable at 31 March 2026
5,523
-
0.10
-

The options outstanding at 31 March 2026 all had an exercise price of £0.001. The contractual term for all options ends on 31 December 2034.

Group
Company
2026
2025
2026
2025
£
£
£
£
Expenses recognised in the year
Arising from equity-settled transactions
1,105,617
-
1,105,617
-

The fair value of options granted was measured at grant date using a Black-Scholes option pricing model. Management considered whether a more complex methodology was required given the company's capital structure, which includes liquidation preferences ranking ahead of ordinary shareholders. However, having reviewed the distribution of proceeds across share classes at a range of valuations, management concluded that the most likely outcome is that preference holders would convert to ordinary shares, meaning all shareholders participate pro rata and the preference mechanics do not create a material divergence from a standard Black-Scholes output. The ordinary share value was adjusted to reflect marketability and subordination.

The key inputs to the fair valuation calculation were a share price of £74.22, volatility of 58.4%, risk free rate of 4.1%, dividend yield of nil and a five-year expected term.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 31 -
22
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
74,860
68,688
75
69
Seed of 0.1p each
47,815
47,815
48
48
Seed A1 of 0.1p each
114,327
114,327
114
114
Seed A2 of 0.1p each
12,855
12,855
13
13
Series A of 0.1p each
118,865
118,865
119
119
Deferred shares of 0.1p each
1,089,982,576
1,089,982,576
1,089,983
1,089,983
1,090,351,298
1,090,345,126
1,090,352
1,090,346

On 13 June 2025, the Company issued 6,172 Ordinary shares at a nominal value of £0.001 per share. The total consideration for the shares issued amounted to £6.17, which was credited to share capital.

23
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within 1 year
439,023
165,849
439,023
165,849
Years 2-5
1,601,748
689,852
1,601,748
689,852
After 5 years
1,278,369
347,386
1,278,369
347,386
3,319,140
1,203,087
3,319,140
1,203,087
24
Events after the reporting date

Subsequent to the reporting date, the Group entered into a loan facility with Claret Capital amounting to £4.0 million. The facility is repayable over a period of 48 months.

PURE PET FOOD LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 32 -
25
Cash absorbed by group operations
2026
2025
£
£
Loss after taxation
(5,304,550)
(556,997)
Adjustments for:
Taxation credited
(112,255)
-
0
Finance costs
8,123
158,430
Investment income
(51,794)
(49,350)
Gain on disposal of tangible fixed assets
-
(750)
Amortisation and impairment of intangible assets
122,931
79,062
Depreciation and impairment of tangible fixed assets
258,222
150,422
Other gains and losses
-
(578,786)
Equity settled share based payment expense
1,105,617
-
Movements in working capital:
Increase in stocks
(1,534,589)
(590,331)
Increase in debtors
(661,707)
(234,526)
Increase in creditors
3,109,612
1,402,757
Cash absorbed by operations
(3,060,390)
(220,069)
26
Analysis of changes in net funds - group
1 April 2025
Cash flows
New leases
31 March 2026
£
£
£
£
Cash at bank and in hand
4,679,546
(3,871,301)
-
808,245
Payment of finance leases obligations
(75,577)
51,817
(63,331)
(87,091)
4,603,969
(3,819,484)
(63,331)
721,154
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