Company No:
Contents
| DIRECTORS | Dimitri Pierre Humbert |
| Jason Daniel Stephens |
| REGISTERED OFFICE | Schreiber Foods Uk Limited Brunel Way |
| Stroudwater Business Park | |
| Stonehouse | |
| GL10 3SX | |
| United Kingdom |
| COMPANY NUMBER | 13522416 (England and Wales) |
| AUDITOR | Gravita Audit II Limited |
| Statutory Auditor | |
| Aldgate Tower | |
| 2 Leman Street | |
| London | |
| E1 8FA | |
| United Kingdom |
The directors present their Strategic Report for the financial year ended 31 December 2025.
REVIEW OF THE BUSINESS
Schreiber Foods UK Limited (the Company) is engaged in the manufacture and supply of customer‑specific processed cheese products to foodservice and quick service restaurant (QSR) customers in the UK. The Company operates from its manufacturing site in Stonehouse.
Customer demand is primarily forecast‑driven and governed by master supply agreements, which define commercial terms and service expectations. Production planning and capacity utilisation are closely aligned to customer forecasts, enabling efficient management of raw materials, labour and manufacturing schedules.
During the year ended 31 December 2025, the Company experienced increased production volumes. This was driven by the onboarding of new customers within the QSR and foodservice sectors, increased volumes from existing customers, and inter‑company volume transfers from its sister manufacturing site in Germany, where the Company acts as an operational backup to support continuity of supply within the wider Group.
To support the increased level of activity, the Company introduced an additional production shift, increasing manufacturing capacity and operational flexibility. Workforce levels increased accordingly to ensure the expanded capacity was sustainable and supported consistent service and quality standards.
The Company is a wholly owned subsidiary of Schreiber International Inc., a company incorporated in the United States of America. The directors consider the broader Group context when assessing the Company’s strategic position; however, this report relates solely to the activities and performance of the UK entity.
KEY PERFORMANCE INDICATORS ('KPIS')
The directors monitor performance using a combination of financial and non‑financial key performance indicators (KPIs) that are considered appropriate for a processed cheese manufacturing business.
Performance is reviewed monthly by senior management, including reporting to Group management teams in the United States and Madrid.
**1. Financial KPIs**
The principal financial KPIs used to assess performance are:
- Sales volumes
- Variable income to measure contribution against approved business plan and helps in analysing customer profitability
- EBITDA performance measured against the approved business plan
**2. Health & safety KPIs:**
Health and safety performance is assessed using Lost Time Injury (LTI) and Medical Treatment Injury (MTI) measures, which are reviewed regularly by management. It was below target in the current year but improvement actions are underway.
**3. Quality KPIs:**
Product quality performance is monitored through complaints compared to annual targets set at the beginning of the fiscal year. It was below target in the current year but it's an area of focus with actions in place to drive Improvment.
| 2025 | 2024 | ||
| £ | £ | ||
| Sales volumes (t) | 11,795 | 6,671 | |
| Variable income (£) | 3,350,000 | 140,000 | |
| EBITDA - operating loss add back depreciation, amortisation and fair value movement (£) | 202,292 | (2,421,258) |
Sales volume significant increase in the current year to prior year is driven by new customer onboarding, higher volumes from existing customers, and inter-company transfers. Variable income improved strongly compared to the prior year, reflecting the benefit of increased volumes and improved operational performance. EBITDA current year Improvment reflects higher utilisation and cost absorption.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the following to be the principal risks and uncertainties facing the Company:
**1. Customer demand and forecast variability**
- Production volumes are driven by customer forecasts, which may fluctuate over time.
- Mitigation: Regular customer engagement, forecast reviews and flexible production planning.
**2. Operational capacity and inter‑company support requirements**
- The Company provides backup manufacturing support to other Group facilities, which may create short‑term variability in volumes.
- Mitigation: Additional manufacturing capacity and ongoing workforce planning.
**3. Labour availability and capability**
- Increased manufacturing activity increases reliance on the availability of a suitably skilled workforce.
- Mitigation: Recruitment, training and continued focus on health and safety.
**4. Food safety, quality and customer reputation**
- Failure to meet customer‑specific quality requirements could affect customer relationships.
- Mitigation: Robust quality systems, clear quality targets and corrective action processes.
The directors believe that these risks are appropriately managed and monitored.
FUTURE DEVELOPMENTS
The directors expect the general level of activity to remain stable, supported by forecast‑driven customer demand, volumes from customers onboarded during the year, and the Company’s role in supporting continuity of supply within the wider Group. The additional manufacturing capacity introduced during 2025 provides a platform to respond flexibly to customer demand while maintaining service, quality and cost discipline.
Approved by the Board of Directors and signed on its behalf by:
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Dimitri Pierre Humbert
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
PRINCIPAL ACTIVITIES
GOING CONCERN
The directors’ assessment has taken into account the Company’s current financial position, detailed cash flow forecasts, expected trading performance, and committed capital expenditure. The forecasts reflect increased production volumes arising from the onboarding of new customers within the quick service restaurant and foodservice sectors, together with the associated ramp up of manufacturing activity. During the year, the Company introduced an additional production shift, increasing manufacturing capacity and operational flexibility. This enhanced capacity enables the Company to support higher volumes from both existing and new customers and has been incorporated into the directors’ going concern assessment. The directors have also considered the Company’s planned and committed capital investment, including the Culinary Kitchen project, which is intended to support future growth, product development and operational efficiency. The Company is a wholly owned subsidiary of Schreiber International Inc. The directors have taken into account the Company’s integration within the wider Schreiber Group, the financial strength of the Group, and the ongoing operational and financial support historically available to the Company. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
DIVIDENDS
No ordinary dividends were paid and the directors do not recommend payment of a final dividend in the current year (2024: none)
EVENTS AFTER THE BALANCE SHEET DATE
There have been no events after the balance sheet date affecting the Company since the financial year.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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DIRECTORS' INDEMNITIES
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors recognise the importance of maintaining strong and constructive relationships with the Company’s key stakeholders, including suppliers, customers and other business partners. The Company engages with these stakeholders on a regular basis to support its long term success and ensure continuity of operations.
The Company maintains regular engagement with its customers and wider stakeholders through account management, customer service interactions, and feedback processes, enabling it to understand customer needs, respond promptly, and uphold high service standards. It also liaises with service providers, regulatory bodies and professional advisers as required to ensure compliance, operational resilience, and effective business relationships. Insights gained from these interactions inform management decisions on product quality, operational efficiency, investment in systems and processes, and overall strategy, supporting responsible practices, protecting stakeholder interests, and promoting long term sustainable performance.
MATTERS COVERED BY THE STRATEGIC REPORT
See the Strategic Report for details of the review of the business, financial risk management and future developments.
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Gravita Audit II Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Dimitri Pierre Humbert
Director |
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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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. The directors 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.
We have audited the financial statements of Schreiber Foods UK Limited for the financial year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 22, 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 of Schreiber Foods UK Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). 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. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the Company's ability to continue as a going concern.
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 the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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’ Responsibilities Statement, 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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 noncompliance with applicable laws and regulations;
* We identified the laws and regulations applicable to the Company through discussions with directors and other management;
* 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 the Companies Act 2006.
* We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal expenses; 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:
* Understanding the business model as part of the control and business environment;
* 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 noncompliance with laws and regulations.
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 the 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;
* Enquiring of management as to actual and potential litigation and claims; and
* Enquiring with the Company of actual and potential non-compliance with laws and regulations.
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. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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 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.
For and on behalf of
Statutory Auditor
2 Leman Street
London
E1 8FA
United Kingdom
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit/(loss) |
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| Administrative expenses | (
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| Fair value movements | (
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| Operating loss | (
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| Interest receivable and similar income | 4 | (
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| Interest payable and similar expenses | 4 | (
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| Loss before taxation | 5 | (
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| Tax on loss | 8 |
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| Loss for the financial year | (
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive loss | (
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 9 |
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| Tangible assets | 10 |
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| 18,856,095 | 20,655,319 | |||
| Current assets | ||||
| Stocks | 11 |
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| Debtors | 12 |
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| 15,609,881 | 8,347,593 | |||
| Creditors: amounts falling due within one year | 13, 21 | (
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(
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| Net current assets/(liabilities) | 1,073,900 | (3,081,502) | ||
| Total assets less current liabilities | 19,929,995 | 17,573,817 | ||
| Creditors: amounts falling due after more than one year | 14 | (
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| Provision for liabilities | 15 | (
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| Net assets | 133,226 | 4,722,535 | ||
| Capital and reserves | 17 | |||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's funds | 133,226 | 4,722,535 |
The financial statements of Schreiber Foods UK Limited (registered number:
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Dimitri Pierre Humbert
Director |
| Called-up share capital | Profit and loss account | Total | |||
| £ | £ | £ | |||
| At 01 January 2024 |
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| Loss for the financial year |
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| At 31 December 2024 |
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| At 01 January 2025 |
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| Loss for the financial year |
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| Total comprehensive loss |
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| At 31 December 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Net cash flows from operating activities (note 19) | (
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| Cash flows from investing activities | |||
| Purchase of plant and machinery | (
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| Interest received | (
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| Purchase of intangible assets |
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| Net cash flows from investing activities | (
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| Cash flows from financing activities | |||
| Increase in borrowings | 6,969,600 | 0 | |
| Purchase of derivatives | (179,815) | 0 | |
| Net cash flows from financing activities |
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| Net increase in cash and cash equivalents |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
| Cash and cash equivalents at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Schreiber Foods UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brunel Way, Stroudwater Business Park, Stonehouse, GL10 3SX, United Kingdom.
The principal activities are set out in the director's report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the Company’s ability to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements.
The directors’ assessment has taken into account the Company’s current financial position, detailed cash flow forecasts, expected trading performance, and committed capital expenditure. The forecasts reflect increased production volumes arising from the onboarding of new customers within the quick service restaurant and foodservice sectors, together with the associated ramp up of manufacturing activity. During the year, the Company introduced an additional production shift, increasing manufacturing capacity and operational flexibility. This enhanced capacity enables the Company to support higher volumes from both existing and new customers and has been incorporated into the directors’ going concern assessment. The directors have also considered the Company’s planned and committed capital investment, including the Culinary Kitchen project, which is intended to support future growth, product development and operational efficiency. The Company is a wholly owned subsidiary of Schreiber International Inc. The directors have taken into account the Company’s integration within the wider Schreiber Group, the financial strength of the Group, and the ongoing operational and financial support historically available to the Company. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the goods have been dispatched to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Statement of Financial Position.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
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| Leasehold improvements |
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| Plant and machinery |
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| Fixtures and fittings |
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| Computer equipment |
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| Assets in the course of construction |
not depreciated |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.
The Company as lessee
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to fluctuation in commodity (dairy) price based on StoneX market position. The Company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Comprehensive Income immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Statement of Comprehensive Income depends on the nature of the hedge relationship.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
Critical judgements in applying the Company’s accounting policies
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies in these financial statements.
Key source of estimation uncertainty
In preparing these financial statements, the directors have made the following estimates:
In determining the valuation of stock and the corresponding provision of stock required, stock is reviewed on a monthly basis for obsolescence, expiration and net realisable value. In line with the stock accounting policy, a provision is raised to ensure that stocks are recognised at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
In determining the provision for dilapidations, the directors have estimated the cost of the reinstatement work expected at the time the leasehold improvements were made and have discounted this over the term of the lease period to obtain the present value of the provision. The directors have applied their current best estimates to arrive at this provision however, future costs are uncertain by nature
and may be affected by factors such as building and material cost and changes in circumstances which could affect any amount payable in the future.
In determining the provision for undercharged electricity costs, the directors have calculated the difference between actual energy usage and invoices raised by the supplier. This is based on readings from their own independent energy meter. The increased fees are yet to be agreed by the supplier, and as such the year end provision is an estimate of future costs.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Processed cheese | 53,087,763 | 27,395,929 | |
| Cardboard sales | 6,982 | 3,633 | |
| 53,094,745 | 27,399,562 |
Breakdown by geographical market:
An analysis of the Company's turnover by geographical market is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| United Kingdom | 43,185,316 | 24,590,603 | |
| Europe | 8,861,492 | 2,808,959 | |
| Rest of World | 1,047,937 | 0 | |
| 53,094,745 | 27,399,562 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income | (
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| (1,096,749) | (895,374) |
Interest receivable and similar income
| 2025 | 2024 | ||
| £ | £ | ||
| Interest from group undertakings |
|
|
|
| Other interest receivable and similar income | (
|
|
|
| (
|
|
Interest payable and similar expenses
| 2025 | 2024 | ||
| £ | £ | ||
| Loans from group undertakings | (
|
(
|
|
| Other interest payable and similar expense | (
|
|
|
| (
|
(
|
Loss before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 10) |
|
|
|
| Amortisation of intangible assets (note 9) |
|
|
|
| Operating lease rentals |
|
|
|
| Foreign exchange losses/(gains) |
|
(
|
|
| Loss on disposal of fixed assets |
|
|
An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 46,000 | 43,500 | |
| Total audit fees |
|
|
|
| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Management |
|
|
|
| Production |
|
|
|
| Administration |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 4,544,273 | 3,036,274 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on loss | |||
| UK corporation tax |
|
|
|
| Total current tax |
|
|
|
| Total tax on loss |
|
|
The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Loss before taxation | (4,589,309) | (5,601,438) | |
| Tax on loss at standard UK corporation tax rate of 25% (2024: 25%) | (
|
(
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes - depreciation | 576,698 | 567,230 | |
| Capital allowances | (457,205) | (457,205) | |
| Unrelieved tax losses carried forward | 1,027,834 | 1,288,009 | |
| Other adjustments | 0 | 2,326 | |
| Total tax charge for year | 0 | 0 |
The Finance Act 2021, which was substantively enacted on 24 May 2021, included an increase to the UK Corporation Tax rate (effective from 1 April 2023) to 25% (for companies with profits over £250,000) and continues to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
| Computer software | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
|
|
|
| At 31 December 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2025 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 December 2025 |
|
|
|
| Net book value | |||
| At 31 December 2025 |
|
|
|
| At 31 December 2024 |
|
|
| Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Assets in the course of construction |
Total | |||||||
| £ | £ | £ | £ | £ | £ | £ | |||||||
| Cost | |||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
||||||
| Additions |
|
|
|
|
|
|
|
||||||
| Disposals | (
|
|
|
|
|
|
(
|
||||||
| Transfers | (
|
|
|
|
|
|
|
||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
||||||
| Accumulated depreciation | |||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
||||||
| Charge for the financial year |
|
|
|
|
|
|
|
||||||
| Disposals | (
|
|
|
|
|
|
(
|
||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
||||||
| Net book value | |||||||||||||
| At 31 December 2025 | 10,124,281 | 7,481,138 | 328,155 | 43,659 | 146,661 | 695,278 | 18,819,172 | ||||||
| At 31 December 2024 | 11,576,213 | 8,185,964 | 364,402 | 69,855 | 213,406 | 194,710 | 20,604,550 |
| 2025 | 2024 | ||
| £ | £ | ||
| Raw materials |
|
|
|
| Work in progress |
|
|
|
| Finished goods |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings (note 20) |
|
|
|
| VAT recoverable |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings (note 20) |
|
|
|
| Amounts owed to Parent undertakings (note 20) |
|
|
|
| Accruals |
|
|
|
| Derivative financial instruments |
|
|
|
| Other creditors |
|
|
|
|
|
|
Amounts owed to Group undertakings are repayable on demand and interest free.
Amounts owed to Parent undertakings are repayable on demand and interest free.
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to Group undertakings (note 20) |
|
|
|
| Amounts owed to Parent undertakings (note 20) |
|
|
|
|
|
|
Amounts owed to Group undertakings include amounts due to Schreiber Europe SL, a group entity, repayable in 2035 and incur interest at a market rate.
| 2025 | 2024 | ||
| £ | £ | ||
| Other provisions |
|
|
| Other | Total | ||
| £ | £ | ||
| At 01 January 2025 |
|
260,805 | |
| Utilisation of provision | (
|
( 24,113) | |
| At 31 December 2025 |
|
236,692 | |
Other provisions includes dilapidation accruals.
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets | |||
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 12) |
|
|
|
| Amounts owed by Group undertakings (note 12) |
|
|
|
| 6,522,310 | 3,274,186 | ||
| Financial liabilities | |||
| Measured at fair value and designated in an effective hedging relationship | |||
| Derivative financial liabilities | (
|
|
|
| Measured at undiscounted amount payable | |||
| Trade creditors (note 13) | (
|
(
|
|
| Other payables (note 13) | (
|
|
|
| Amounts owed to Group undertakings (note 13 and note 14) | (
|
(
|
|
| Amounts owed to Parent undertakings (note 13 and note 14) | (
|
(
|
|
| (31,803,600) | (22,468,948) |
The Company’s incomes, expenses, gains and losses in respect of financial instruments are summarised below:
| 2025 | 2024 | ||
| £ | £ | ||
| Fair value gains/(losses) | |||
| On financial liabilities measured at fair value through profit or loss | (1,374,213) | 0 |
The above financial liabilities are derivatives which include dairy future forwards.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 18,000,001 | 18,000,001 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
| After five years |
|
|
|
| Total future minimum lease payments under non-cancellable operating leases |
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £293,727 (2024: £190,983).
| 2025 | 2024 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Operating loss | (
|
(
|
|
| Adjustment for: | |||
| Depreciation and amortisation |
|
|
|
| Loss on sale of plant and equipment |
|
|
|
| (Decrease)/increase in provisions | (
|
|
|
| Fair value movements |
|
|
|
| Operating cash flows before movement in working capital |
|
(
|
|
| (Increase)/decrease in stocks | (
|
|
|
| (Increase)/decrease in debtors | (
|
|
|
| Increase in creditors |
|
|
|
| Cash generated by operations | (
|
|
|
| Interest paid | (
|
(
|
|
| Net cash flows from operating activities | (
|
|
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
No remuneration was paid to the directors during the current year or prior year.
| 2025 | 2024 | ||
| £ | £ | ||
| Commodity contracts (measured at FVTPL) | 1,194,397 | 0 |
The Company uses derivative financial instruments to mitigate commodity price exposures based on StoneX market positions. Fair values are determined using mark-to-market valuations provided by the counterparty, based on underlying contract positions at the reporting date. The movement in fair value recognised in the current year was £1,374,213 (2024: £nil).
The immediate parent company is Schreiber International Inc, a Company incorporated in the USA and registered at P.O. Box 19010 Green Bay WI USA.
The smallest and largest group in which the results of the Company are consolidated is that headed by Schreiber Foods Inc (registered office address: 400 N. Washington St. Green Bay WI 54301 USA), which is also the ultimate parent company.
The ultimate parent company is Schreiber Foods Inc, a Company incorporated in the USA and registered at 400 N. Washington St. Green Bay WI 54301 USA.
| 2025 | 2024 | ||
| £ | £ | ||
| Turnover | |||
| Sales |
|
|
|
| Cost of sales | |||
| Opening stock | (
|
(
|
|
| Purchases | (
|
(
|
|
| Direct costs | (
|
(
|
|
| Closing stock |
|
|
|
| Wages and salaries | (
|
(
|
|
| Insurance | (
|
(
|
|
| (50,042,264) | (28,015,694) | ||
| Gross profit/(loss) |
|
(
|
|
| Administrative expenses | |||
| Wages and salaries | (
|
(
|
|
| Recruitment | (
|
(
|
|
| Staff training and welfare | (
|
(
|
|
| Travel and subsistence | (
|
(
|
|
| General office | (
|
(
|
|
| Rent | (
|
(
|
|
| Rates | (
|
|
|
| Water | (
|
(
|
|
| Light and heat | (
|
(
|
|
| Cleaning | (
|
(
|
|
| Computer expenses | (
|
(
|
|
| Internet, telephone and fax | (
|
(
|
|
| Bank charges | (
|
(
|
|
| Insurance | (
|
(
|
|
| Depreciation | (
|
(
|
|
| Amortisation | (
|
(
|
|
| Motor expenses | (
|
(
|
|
| (Loss)/gain on sale of assets | (
|
|
|
| Repairs and maintenance | (
|
(
|
|
| Operating lease rentals | (
|
(
|
|
| Software | (
|
|
|
| (Loss)/gain on foreign exchange transactions | (
|
|
|
| Audit fees | (
|
(
|
|
| Accountancy fees | (
|
(
|
|
| Legal and professional fees | (
|
(
|
|
| Advertising and PR | (
|
|
|
| Staff entertainment |
|
(
|
|
| Management fees | (
|
(
|
|
| General | (
|
(
|
|
| Sundry expenses |
|
|
|
| (5,170,828) | (4,089,932) | ||
| Fair value movements | (
|
|
|
| Operating loss | (
|
(
|
|
| Interest receivable and similar income | |||
| Other loans interest receivable | (
|
|
|
| Group interest receivable |
|
|
|
| (25,477) | 18,085 | ||
| Interest payable and similar expenses | |||
| Other interest payable | (
|
|
|
| Group interest payable | (
|
(
|
|
| (1,071,272) | (913,459) | ||
| Loss before taxation | (
|
(
|