Company registration number 00566338 (England and Wales)
PASTA FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PASTA FOODS LIMITED
COMPANY INFORMATION
Directors
Mr S Webber
Mr A Gunton
Mr G Chetwood
Company number
00566338
Registered office
Pasta Foods Limited
Forest Way
New Costessey
Norwich
NR5 0JH
Auditor
Ensors
3 St James Court
Whitefriars
Norwich
NR3 1RJ
PASTA FOODS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
PASTA FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

Pasta Foods is a vertically integrated pasta manufacturer. The company buys high quality durum wheat which it mills at its own mill and then makes pasta from the semolina. The pasta is sold to a wide variety of customers which make pasta salads, recipe dishes, canned goods, snack pots and to a number of food service distributors and a small number of retail brands. It also sells semolina as an ingredient along with other added value products from the mill.

It has been a difficult year for our UK customer base, as differing factors like the uptake of GLP1, muted optimism amongst customers, and continuing rising costs for consumers has led to lower sales in the year.

We are developing products that will support the requirements of customers who are using GLP1. Our added value products from the mill continue to grow, and we have won 9 new customers who recognise the quality of our products and exceptional service levels.

Pasta Foods has continued to deliver 100% of all customer needs on time, in full. We are proud to support a number of charities with donations of pasta in difficult times for many.

Sales of £27.7m whilst down on the record pasta sales of the previous year is well up on earlier years with a creditable Operating Profit of £2.1m (pre exceptional costs).

Given the huge investment made over the last 10 or so years, it is key that we focus on our Return on Invested Capital (ROIC). This year it stands at 7.3%. We need to strive to improve returns on investment in the coming year.

A continuing theme is that we work closely with our customers, both existing and new, to meet their needs. We have also worked successfully to increase the range of suppliers of durum wheat, as our purchased volumes increase over the longer term and as a natural hedge in our buying portfolio. This also includes working with British farmers to develop sustainable, local supply of durum wheat.

The business, like all UK businesses, confronts the challenges posed by inflationary pressures especially increases in employers’ NI, minimum wage increases above inflation, interest rates higher for longer, the threats of no/slow economic growth and post year end energy prices which have increased significantly.

Debt is specifically allocated to companies within the group, with the exception of £8.4m that Pasta Foods is holding on behalf of group companies.

Capex in the year was £224k following the significant investment in previous years.

Principal risks and uncertainties

The principal risks faced by the company are focused on raw material price movements, energy cost volatility and exchange rate fluctuations.

The business seeks to pass on underlying raw material price increases to customers as appropriate.

The business protects itself with long term agreements and insurance policies where possible.

PASTA FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Key performance indicators

The business operates using a range of KPIs which are cascaded through the business.

The business reviews health and safety metrics at Board level and acts accordingly upon that information.

HR metrics regarding employee performance and wellbeing are measured and reviewed.

During the year we launched our new company CARE values which are designed to support our long-term strategy. These values set our culture and behaviours expected across our business and are embedded in our reward and recognition KPI programme.

The business focuses on various financial KPIs including operating profit, ROIC, EBITDAE, net assets and cash.

The non-financial KPIs that are reviewed involve production volumes, waste volumes and manufacturing metrics.

Sales volumes are measured against manufacturing volumes. In turn, KPIs regarding customer service levels and efficiency are monitored very closely.

On behalf of the board

Mr S Webber
Director
30 March 2026
PASTA FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of wheat milling and the production of dry pasta.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

Loss for the year amounted to £587,652 (2024: £930,116 Profit).

Directors

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

Mr S Webber
Mr A Gunton
Mr G Chetwood
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

The company's financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and where necessary through borrowings with third party banks.

The company's exposure to the price risk of financial instruments is therefore minimal. As the counter party to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments. Its cash flow risk in respect of forward currency purchases is also minimal as it aims to pay suppliers in accordance with their stated terms, matching the maturity of currency purchases.

The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.

At the Statement of Financial Position date, the company was not entered into forward foreign exchange contracts. The company does not use hedge accounting.

Research and development

The development and technical function is focused not only on improving efficiency and quality by use of technology, but also by further development of pasta products offering a point of difference or meeting changed market needs. Resource is allocated to achieve this aim.

Future developments

We continue to monitor opportunities to invest in the business to support our customers who value our approach to service and quality.

PASTA FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr S Webber
Director
30 March 2026
PASTA FOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -

The directors are responsible 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 then apply them consistently;

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

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

The 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.

PASTA FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PASTA FOODS LIMITED
- 6 -
Opinion

We have audited the financial statements of Pasta Foods Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 October 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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:

- the 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.

PASTA FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PASTA FOODS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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, 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 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 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'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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiring of those charged with governance and management, including obtaining and reviewing supporting documentation, concerning the company's internal policies and procedures relating to:

  - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

  - The internal controls established to mitigate the risks related to fraud or non-compliance with laws and regulations.

- Obtaining an understanding, as gathered from accumulated knowledge of the company and the industry, of the legal and regulatory (including reporting framework) environment that the company operates in, focusing on those laws and regulations that could reasonably be expected to have a direct effect on the financial statements or a fundamental effect on the operations of the company. For Pasta Foods Limited, we consider these to include Companies Act 2006, UK GAAP, Employment Law, Data Protection, Health and Safety Regulations, Food Hygiene Standards and standard UK tax legislation.

PASTA FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PASTA FOODS LIMITED (CONTINUED)
- 8 -

- Where available and provided, reviewing all correspondence with regulatory authorities.

- Undertaking analytical procedures to identify any unusual or unexpected relationships that may indicate risks or material misstatement due to fraud.

- I n addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Additionally, we reviewed the revenue recognition policy and ensured the adopted policy was in line with UK GAAP requirements, we tested the application of this policy throughout our substantive audit procedures over revenue.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors
Statutory Auditor
Chartered Accountants
3 St James Court
Whitefriars
Norwich
NR3 1RJ
30 March 2026
PASTA FOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
27,095,377
29,864,992
Cost of sales
(21,493,254)
(23,979,504)
Distribution costs
(1,644,140)
(1,708,641)
Gross profit
3,957,983
4,176,847
Administrative expenses
(2,266,479)
(2,111,517)
Other operating income
486,760
449,220
Exceptional costs
4
(1,409,675)
(85,599)
Operating profit
5
768,589
2,428,951
Interest payable and similar expenses
8
(1,107,693)
(1,231,359)
(Loss)/profit before taxation
(339,104)
1,197,592
Tax on (loss)/profit
9
(248,548)
(267,476)
(Loss)/profit for the financial year
(587,652)
930,116

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There was no other comprehensive income for 2025 (2024 - £Nil).

The notes on pages 12 to 24 form part of these financial statements.

PASTA FOODS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,850,431
3,147,457
Current assets
Stocks
11
2,905,157
3,357,533
Debtors
12
28,388,817
32,169,784
Cash at bank and in hand
1,819,184
2,040,310
33,113,158
37,567,627
Creditors: amounts falling due within one year
13
(12,681,175)
(15,855,416)
Net current assets
20,431,983
21,712,211
Total assets less current liabilities
23,282,414
24,859,668
Creditors: amounts falling due after more than one year
14
(5,936,167)
(6,926,167)
Provisions for liabilities
Deferred tax liability
16
349,258
348,860
(349,258)
(348,860)
Net assets
16,996,989
17,584,641
Capital and reserves
Called up share capital
18
10,000,000
10,000,000
Profit and loss reserves
6,996,989
7,584,641
Total equity
16,996,989
17,584,641

The notes on pages 12 to 24 form part of these financial statements.

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 30 March 2026 and are signed on its behalf by:
Mr S Webber
Director
Company registration number 00566338 (England and Wales)
PASTA FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2023
10,000,000
6,654,525
16,654,525
Year ended 31 October 2024:
Profit and total comprehensive income
-
930,116
930,116
Balance at 31 October 2024
10,000,000
7,584,641
17,584,641
Year ended 31 October 2025:
Loss and total comprehensive income
-
(587,652)
(587,652)
Balance at 31 October 2025
10,000,000
6,996,989
16,996,989

The notes on pages 12 to 24 form part of these financial statements.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
1
Accounting policies
Company information

Pasta Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pasta Foods Limited, Forest Way, New Costessey, Norwich, NR5 0JH.

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.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

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

The financial statements of the company are consolidated in the financial statements of Milton Webber Ltd as at 31 October 2025. These consolidated financial statements are available from, Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises sales recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover 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.

1.4
Tangible fixed assets

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

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -

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:

Plant & machinery
5 - 33% 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 credited or charged to profit or loss.

During the year, the directors undertook a review of the useful economic lives of assets included within plant and machinery. As a result of this review, the estimated useful economic lives of some assets were revised from ten years to twenty years to more appropriately reflect the period over which the assets are expected to generate economic benefits for the company. This has resulted in a reduction of depreciation charge for the year of £319,768.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is determined on a first in first out basis, and includes all direct costs incurred and attributable production overheads. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposals. Work in progress is stated on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate.

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.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company 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 company after deducting all of its liabilities.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’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 when the company has 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.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
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.

1.15

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.16

Invoice financing

The company has an invoice discounting arrangement. The amount owed by customers to the company is included within trade debtors and the amount owed to the invoice discounting company is included within other creditors. The amount owed to the invoice discounting company represents the difference between the amounts advanced by the discounting group and the invoices discounted. The interest element of the invoice discounting charges and other related costs are recognised as they accrue and are included in the Statement of Comprehensive Income within 'interest payable and similar expenses'.

1.17

Exceptional items

Exceptional items in the current year and prior year relate to refinancing costs and waiving of intergroup debtors.

2
Judgements and key sources of estimation uncertainty

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

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

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for the stock provision. Provision is made for slow moving or obsolete stock that is written down to its original cost without absorbed overheads.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Processed goods
21,870,585
24,609,924
Milled goods
5,224,792
5,255,068
27,095,377
29,864,992
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
26,346,529
28,976,849
Rest of Europe
221,183
406,132
Rest of World
527,665
482,011
27,095,377
29,864,992
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional costs
1,409,675
85,599

Included within the exceptional costs of £1,409,675 is £1,320,334 which relates to the waiving of a debt owed by a company within the group. During the year, the related group company was dissolved.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(11,556)
80,814
Research and development costs
84,861
88,442
Fees payable to the company's auditor for the audit of the company's financial statements
18,220
17,350
Depreciation of tangible fixed assets
509,091
1,021,691
Operating lease charges
790,290
721,968
6
Employees

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

2025
2024
Number
Number
Production
48
44
Selling and distribution
20
17
Administration
17
17
Total
85
78

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,022,123
2,764,987
Social security costs
404,184
316,053
Pension costs
106,761
84,343
3,533,068
3,165,383
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
277,513
244,713
Company pension contributions to defined contribution schemes
5,705
4,271
283,218
248,984

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
1,107,693
1,231,359
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
241,500
365,917
Deferred tax
Origination and reversal of timing differences
7,048
(98,441)
Total tax charge
248,548
267,476

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

2025
2024
£
£
(Loss)/profit before taxation
(339,104)
1,197,592
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(84,776)
299,398
Tax effect of expenses that are not deductible in determining taxable profit
330,084
-
0
Deferred tax adjustments in respect of prior years
-
0
357
Additional deduction for R&D expenditure
-
0
(37,625)
Ineligible depreciation
3,240
5,346
Taxation charge for the year
248,548
267,476
PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
10
Tangible fixed assets
Plant & machinery
£
Cost
At 1 November 2024
11,506,158
Additions
223,978
Disposals
(293,255)
At 31 October 2025
11,436,881
Depreciation and impairment
At 1 November 2024
8,358,701
Depreciation charged in the year
509,091
Eliminated in respect of disposals
(281,342)
At 31 October 2025
8,586,450
Carrying amount
At 31 October 2025
2,850,431
At 31 October 2024
3,147,457
11
Stocks
2025
2024
£
£
Raw materials and consumables
1,398,490
1,950,766
Finished goods and goods for resale
1,506,667
1,406,767
2,905,157
3,357,533
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,797,050
5,672,482
Corporation tax recoverable
28,350
-
0
Amounts owed by group undertakings
230,455
29,862
Other debtors
98,656
110,332
Prepayments and accrued income
440,533
698,709
5,595,044
6,511,385
PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
12
Debtors
(Continued)
- 21 -
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
22,793,773
25,658,399
Total debtors
28,388,817
32,169,784

Amounts owed by group undertakings due within one year are interest free, unsecured and repayable on demand.

Amounts due by group undertakings due after more than one year are interest free and unsecured.

The directors have confirmed that payment will not be requested from fellow group companies within 12 months from the date these financial statements are approved.

13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
5,522,248
4,750,776
Trade creditors
1,475,297
1,790,895
Amounts owed to group undertakings
-
0
3,496,033
Taxation and social security
93,612
77,087
Other creditors
4,608,245
4,751,132
Accruals and deferred income
981,773
989,493
12,681,175
15,855,416

Bank loans totalling £5,522,248 (202 4: £4,750,776) are secured by a fixed and floating charge by way of an unlimited multilateral guarantee over the assets of fellow group undertakings Pretty Investments Limited, Pasta Foods Limited, Snack Creations L imited and Milton Webber L imited.

Other creditors includes £4,345,224 (2024: £4,506,916) secured on the trade debts of the company, and by way of an unlimited multilateral guarantee over the assets of fellow group undertakings Pretty Investments Limited, Pasta Foods Limited, Snack Creations L imited and Milton Webber L imited.

Amounts owed to group undertakings due within one year are interest free, unsecured and repayable on demand.

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
15
5,509,167
6,499,167
Other creditors
427,000
427,000
5,936,167
6,926,167
Creditors which fall due after five years are payable as follows:
Payable by instalments
2,245,833
3,015,833

Bank loans totaling £5,509,167 (202 4: £6,499,167) are secured by a fixed and floating charge by way of an unlimited multilateral guarantee over the assets of fellow group undertakings Pretty Investments Limited, Pasta Foods Limited, Snack Creations L imited and Milton Webber L imited.

15
Loans and overdrafts
2025
2024
£
£
Bank loans
11,031,415
11,249,943
Payable within one year
5,522,248
4,750,776
Payable after one year
5,509,167
6,499,167

Included in amounts payable after one year is a borrowing facility with payments due after 5 years. Interest is charged on this at 2.75% over Bank of England Base Rate. Amounts are repaid monthly up until the termination date of October 2033.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
358,625
354,057
R&D expenditure credit
(6,650)
-
Short term timing differences
(2,717)
(5,197)
349,258
348,860
PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
16
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 November 2024
348,860
Charge to profit or loss
7,048
Other
(6,650)
Liability at 31 October 2025
349,258
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,761
84,343

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Allotted, called up and fully paid of £1 each
10,000,000
10,000,000
10,000,000
10,000,000

The ordinary shares each carry one voting right.

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

19
Financial commitments, guarantees and contingent liabilities

The company has guaranteed the bank debts of the group. The debts are secured by a fixed and floating charge by way of an Unlimited Multilateral Guarantee over the assets of f ellow group undertakings Pasta Foods Limited, Snack Creations L imited, Pretty Investments Limited and Milton Webber L imited. The maximum amount payable under this guarantee at 31 October 202 5 is £11,434,748 (202 4: £11,873,277).

PASTA FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
20
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
815,386
812,759
Years 2-5
2,942,433
3,247,029
After 5 years
-
0
506,072
3,757,819
4,565,860
21
Related party transactions

During the year, sales totalling £635,018 (2024: £906,505) were made to a related company by virtue of a director's common control.

Pasta Foods Limited also made recharges of directly attributable costs and overheads amounting to £535,128 (2024: £498,551) during the year to this company.

At the year end an amount totalling £640,824 (2024: £652,552) was due to this company. Of this, there was £427,000 (2024: £427,000) due after more than one year. There is no interest charged on, or security over, this balance.

22
Ultimate controlling party

The immediate parent company is Milton Webber Ltd, a company incorporated in England and Wales.

The ultimate controlling party is Simon Webber by way of a majority shareholding.

The smallest and largest group in which the results of the company are consolidated is that headed by Milton Webber Ltd. The address of Milton Webber Ltd's registered office is Pasta Foods Limited, Forest Way, New Costessey, Norwich, NR5 0HJ. The consolidated financial statements can be obtained from Companies House.

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