GLOBAL PACIFIC PROCESSORS UK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GLOBAL PACIFIC PROCESSORS UK LIMITED

 

COMPANY INFORMATION

GLOBAL PACIFIC PROCESSORS UK LIMITED

CONTENTS

GLOBAL PACIFIC PROCESSORS UK LIMITED

 

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

 

Turnover increased by 2% to £164,866,609 (2024: £161,695,583), reflecting a continued strong relationship with our key customers.

The gross margin before exceptional costs is £10,701,130 or 6.5% (2024: £8,615,707 – 5.3%), reflecting enhanced operational efficiencies and pricing strategies. Favourable currency movements resulted in £353,574 of exchange gains during the year (2024: £97,840) reducing the impact of foreign exchange volatility on financial performance. The Company continues to assess the requirement for forward contracts to reduce its exposure to exchange rate fluctuations in the future. 

The net profit after tax is £3,721,945 (2024: £2,851,076), driven by improved trading conditions and a more stable global supply chain. The reduction in supply chain disruptions has enabled the business to maintain consistent delivery of quality products at expected turnover levels.

The Company maintains strong cash reserves at £7,412,047 (2024: £9,217,270). In the current year, the
Company invested £8,579,707 (2024: £3,986,379) into current and fixed asset investments which is easily convertible into cash. This is the result of continued cash management which enables the Directors to invest in key strategic areas that support long term growth and stability.

The business is inherently linked to the weather and other agricultural conditions which impact the growers in its supply chain and the Company continues to work closely with its customers to provide quality products at a competitive price. The Directors continue to review the strategic opportunities of the business going forward.

 

Market risk
The Company acknowledges that it operates in a competitive market and maintaining strong relationships with its key customers is important to avoid any loss in revenue. This risk is managed through excellent customer service and consistent KPI delivery.

The purchasing activities of the Company could expose it to over reliance of its suppliers. The Company manages this risk through continuous review and growth of its supplier base to ensure continuity of goods.

The Company’s strategy of utilising the efficiencies of third-party partnerships could expose it to over reliance of the performance of certain providers. Strong partnership between the business and its service providers in the UK ensures that there is the well-developed understanding and clear performance monitoring required to maintain outstanding service to key customers.
 
Currency risk 
The Company’s foreign currency exposure arises from importing produce in multiple currencies from overseas suppliers. To mitigate the impact of exchange rate fluctuations, the Company enters into forward contracts where appropriate. The Company continues to monitor its currency exposure and will assess the need for additional hedging measures as market conditions evolve.

Liquidity risk 
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet the operating needs of the business.

Credit risk 
The Company’s principal financial asset is trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, the Directors set limits for its customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the management team on a regular basis in conjunction with debt ageing and collection history.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

 

The Directors consider turnover, net profit, and net assets to be the business’s Key Performance Indicators.

        2025 (£) 2024 (£)
Turnover       164.9m 161.7m
Net profit (before tax)     5.0m  3.8m
Net assets       12.6m  8.9m

 

The Directors look at service level and growth of the customer base. These measures are tracked to help explain and provide context for the financial KPI’s.

By regularly monitoring Industry and market trends, the Directors can use the data to ensure they are making informed decisions about the Company’s strategy and operations. Also having a clear understanding of the latest market trends enables the Directors to identify opportunities and threats more easily and reduce any risk associated with the business.
 

 

The Directors place significant importance on the strength of its relationships with stakeholders to promote the sustainable success of the Company. In order to fulfil their duties, the Directors of the Company take care to have regard to the likely consequences on all stakeholders of the decisions and actions which they take (in accordance with s172 of the Companies Act 2006). The Directors have performed in line with the Company’s Mission, Values, Culture and Corporate Social Responsibility Policy and the following paragraphs summarise how Directors fulfil their duties:

Long term strategies

The Directors recognise that decisions taken today will affect the long-term success and sustainability of the Company. During the year the Directors had particular regard to the long-term success of the Company in its annual budgeting review and ongoing discussions on strategy, balancing the short and long-term requirements of the business, with consideration to its risk profile.

The strategy is set to promote long-term growth and increase value for all its stakeholders, with a particular focus on a growth within core products and activities.

The Directors have also acted in the long-term interests of the business by supporting suppliers, behaviours and actions which promote the interests of other stakeholders, specifically our 3rd party and logistics providers in developing longer term relationships.

The need to foster business relationships with stakeholders

The Directors recognise the importance of key stakeholders to the long-term success of the Company, this is reflected in the effective engagement with stakeholders and strong relationships with customers and suppliers. This year the Directors focused on supporting overseas growers with improved planning and commitment.

Further information on the Company’s engagement with these stakeholders can be found on page 4.

Impact on the community and environment

The Directors have promoted and acted in accordance with the Corporate Social Responsibility (CSR) Policy. The communities in which the Company, its service providers and suppliers globally operate in are important and the Directors aim to impact them in a positive way. Suppliers are encouraged to have their own CSR Policies and to provide annual updates on initiatives that impact their local communities. In line with this commitment, the Company has proudly supported the Boxwise Foundation, which empowers young people through mentorship and skill-building programs. Our donation underscores our dedication to fostering positive social change and investing in the future of underserved communities. Additionally, local & national food banks are supported whenever possible rather than send surplus produce to waste streams. IT service providers are also encouraged to donate old mobile phones, laptops, and PCs to charity.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors aim to identify and reduce corporate carbon emissions within the supply chain in accordance with the Science Based Targets initiative (SBTi) by working with Climate Partner to establish the Company’s base line C02e.

Further information on managing the impact on the environment can be found on page 5.

Maintaining high standards of business conduct

Regular updates are provided on the Company’s financial health, including tax position, its health and safety standards and technical, quality and ESG position. This is supported by both internal and external audits. This is in addition to commercial and operational updates that ensure the business is being run in line with its core principles.

Acting fairly between members of the company

The Company has continued to work in partnership with its shareholder via its immediate parent company, Global Pacific Food Group.

This report was approved by the board and signed on its behalf.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

The profit for the year, after taxation, amounted to £3,721,945 (2024: £2,851,076).

No dividend has been paid in the current year (2024: £NIL).

The Directors of the Company who served during the year were:

The Company continues to develop its relationship with its key customers. The Directors continue to work closely with third party service providers to leverage consolidation benefits.

The Directors have been involved in several collaborations with suppliers, customers and other stakeholders that are designed to create value and mutual benefits, develop strategic partnerships, and deliver sustainable growth.

Discussions have continued through 2025 with key customers around how their strategic goals can be supported, specifically consolidating their supply base whilst delivering a sustainable supply chain. These discussions continue into 2026, alongside initiatives to explore new markets and opportunities to enhance sales growth. The Company remains committed to strengthening customer relationships while identifying avenues for growth that align with the commercial objectives.

To ensure the Company continues to be well placed to benefit from its customer strategy, the Directors continue to invest in the team by a broader commitment to training and development as well as recruitment of new skills and capability to support growth plans.

Similarly, discussions remain ongoing with suppliers to ensure alignment with the Company, and its customers, goals and objectives.

To ensure that we remain in line with our customers strategy around growth and stability, we continue to develop our working relationship with key suppliers around the world so that we remain aligned on the future goals and objectives.

Collaboration with the following bodies provides support in ensuring compliance with food safety standards and understanding Modern Slavery.

∙Improved business practices in the food supply chain with Audax, FNET and Sensitech

∙Sustainable practices in the food supply chain with Global G.A.P and Sedex

∙Prevention, awareness, and mitigation of modern slavery in our supply chain with Stronger Together and Modern Slavery Helpline

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

 

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors are committed to reducing corporate carbon emissions and in 2025 we saw a 30.5% increase in emissions mainly due to higher private and rental vehicle usage across all sites. 

The following data has been prepared in accordance with the Streamline Energy and Carbon Reporting legislation.

        2025  2024           Unit

Energy consumption                                           70,659         60,125           kWh

GHG emissions:

Vehicle fleet (Scope 1)    46.82          107.71          tCO2e

Fugitive emissions (Scope 1 refrigerant leakage)-  5.85  tCO2e

Electricity (Scope 2 location based)  13.58  11.96  tCO2e

Total Scope 1 & 2     60.41   125.52 tCO2e

Fuel and energy related emissions not included

in Scopes 1 & 2     18.27  9.36  tCO2e

Private/hire vehicle usage (Scope 3)  122.18 19.05  tCO2e

Total Scope 1, 2 & 3    200.86 153.93 tCO2e

Intensity ratios:

Emissions per employee     1.84  1.37  tCO2e / person

Emissions per revenue     0.08  0.1  tCO2e / £100,000

 

The Company’s reports have been prepared in accordance with the GHG Protocol Corporate Accounting and Reporting Standard and the UK Government’s Environmental Reporting Guidelines and to sufficient data quality. Where sufficient real-world data was unavailable, reasonable estimates were used with the aim of improving data collection and quality in future reporting periods. Exact emission factors have not been disclosed due to the limits of a licensing agreement with EcoInvent. 
The reports have been prepared using an operational control approach to fully capture the greenhouse gas emissions that sit within the scope of the Company’s commercial activity.

Methodology

The methodology used to calculate the information disclosed above:

Calculation method: activity data x emission factor = greenhouse gas emission

∙Scope 1 (direct) includes heating of buildings, company cars and vans, and owned vehicles.

∙Scope 2 (indirect) includes purchased electricity based on meter readings from bills received. Location-based emissions are reported.

∙Scope 3 (indirect) includes the fuel-and-energy related emissions not included in Scopes 1 & 2 (for fuels and electricity consumption) and private/hire vehicle usage. Data for waste generated in operations was not provided.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

 

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

A description of the principal risks and uncertainties has been included in the Strategic Report.

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are 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 auditors are aware of that information.

There have been no significant events affecting the Company since the year end. 

The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

 

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors are responsible for preparing the Annual Report, comprising the Strategic Report and the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 period.

 In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF GLOBAL PACIFIC PROCESSORS UK LIMITED

We have audited the financial statements of Global Pacific Processors UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity, Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

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.

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF GLOBAL PACIFIC PROCESSORS UK LIMITED (CONTINUED)

 

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 the Directors' Report have 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.

 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, 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.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF GLOBAL PACIFIC PROCESSORS UK LIMITED (CONTINUED)

 

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 Auditors' 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:

∙considering the nature of the entity and its environment, internal control environment, and business performance;

∙considering the results of our enquiries of management about their own identification and assessment of the risk of irregularities;

∙obtaining and reviewing, for any matters identified, the Company’s documentation of their policies and procedures relating to:

°the identification, evaluation, and compliance with laws and regulations, and whether management were aware of any instances of non-compliance within the year;

°the detection and response to the risk of fraud, and whether management have knowledge of actual, suspected, or alleged fraud; and

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

∙discussing amongst the audit engagement team, including internal tax specialists, regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the

organisation for fraud and identified the greatest potential for fraud in the completeness of revenue recognition

and management override of controls.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to

these identified risks.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.

 

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDER OF GLOBAL PACIFIC PROCESSORS UK LIMITED (CONTINUED)

We identified revenue recognition completeness and management override of controls as key audit matters related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙enquiring of management and those charged with governance concerning actual and potential litigation claims;

∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;

∙reading minutes of meetings of management and those charged with governance throughout the year;

∙in 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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

 

This report is made solely to the Company's shareholder 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 shareholder those matters we are required to state to them in an Auditors' 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 shareholder for our audit work, for this report, or for the opinions we have formed.

Andrew Wood FCCA (Senior Statutory Auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB

14 July 2026

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

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GLOBAL PACIFIC PROCESSORS UK LIMITED

REGISTERED NUMBER:07958754

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.

The notes on pages 17 to 25 form part of these financial statements.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

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GLOBAL PACIFIC PROCESSORS UK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

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GLOBAL PACIFIC PROCESSORS UK LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Global Pacific Processors UK Limited is a company limited by shares incorporated in England. The  registered office is 1-3 College Yard, Worcester, Worcestershire, WR1 2LB. The principal place of trading is Briary Barn, Pury Hill Business Park, Alderton Road, Towcester, Northamptonshire, NN12 7LS.

The principal activity of the Company during the year was the import and sale of fruit.

2.ACCOUNTING POLICIES

The Company's financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

The presentation currency of these financial statements is in Sterling. All amounts in the financial statements have been rounded to the nearest £.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The Directors have reviewed the going concern and are satisfied that it will continue to operate as a going concern in the foreseeable future. The Directors took into consideration the operations of the Company, the industry it is affiliated with, and the impact of potential supply chain disruptions. The Company continues to maintain positive cash reserves subsequent to the year end and this has enabled it to meet its operating and other financial obligations. Furthermore, the Company's long-standing relationships with key customers remain strong, supporting revenue stability and reinforcing confidence in future growth. The Directors remain committed to navigating industry challenges while identifying strategic opportunities to sustain long-term success.

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

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

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

Depreciation is provided on the following basis:

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Fixed-term investments with maturity dates greater than 12 months and fixed returns are classified as basic financial instruments under FRS 102 Section 11. These investments are initially measured at the transaction price including transaction costs and subsequently measured at amortised cost using the effective interest method, less any impairment.

Current asset investments with maturity dates between 3 months and 12 months of the reporting date and fixed returns are classified as basic financial instruments under FRS 102 Section 11. These investments are initially measured at the transaction price including transaction costs and subsequently measured at amortised cost using the effective interest method, less any impairment.

Interest income is recognised in the profit and loss account on an effective interest basis over the term of the investment.

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in profit or loss.

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

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

(i) Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

(ii) Financial assets

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, 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.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the reporting date and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date. Forward contracts are recognised at fair value at the reporting date, with changes in fair value recognised in profit or loss unless hedge accounting is applied.

The Company is exposed to foreign exchange risk arising from purchases and transactions denominated in multiple currencies, primarily linked to the import of produce from overseas suppliers.

To mitigate this risk, the Company enters into forward foreign exchange contracts where appropriate. These instruments are used to manage forecasted cash flows and firm commitments in foreign currencies, and are entered into on a rolling basis aligned with expected payment schedules.

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

Interest income is recognised in profit or loss using the effective interest method.

Current tax, including UK Corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

The 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 to settle the liability simultaneously.

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision and future periods if the revision affects both current and future periods.

Turnover is recognised when goods are received by the customer and the risks and rewards of ownership have passed to them. Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and Value Added Tax. 

There is only one class of business which is the sale of fruits.

Analysis of turnover by country of destination:

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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GLOBAL PACIFIC PROCESSORS UK LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025