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

The principal activity of the company is the production and sale of baked goods in retail stores around London.

The company delivered strong sales growth during the year despite ongoing market and inflationary pressures, supported by disciplined execution of its strategic priorities, continued product innovation and a focus on operational excellence. The directors remain confident in the long-term prospects of the business and its ability to deliver sustainable growth.

Against a challenging and highly competitive market backdrop, the company remained disciplined in executing the initiatives considered to deliver the greatest impact. The focus throughout the year was on driving profitable sales growth, strengthening the guest experience, and enhancing operational efficiency across the estate.

On a like-for-like basis, sales increased by 10.3%, with customer like-for-like growth of 7.1%, demonstrating stronger transaction volumes and the positive impact of increased customer loyalty and repeat visits across the estate. This momentum supported total turnover growth, with turnover increasing to £40.5 million, representing growth of £3.8 million compared with the prior year. The performance reflected continued customer demand for the company’s core bakery and coffee offer, supported by focused marketing activity, product innovation, and improved operational execution.

Growth was supported by continued product innovation around the brand's iconic Cinnamon Social, with seasonal launches including the Apple Crumble Social and the Gingerbread Social, and a partnership with a local London gelato maker that brought a Cinnamon Social Gelato into both brands' stores. The company also increased its range of open-faced sandwiches and introduced new bread and pastries during the year.

Operational execution remained a central priority. Teams across the business maintained a strong focus on hospitality standards and the overall guest experience, ensuring that customers receive consistent service and product quality across all locations.

The company continued to strengthen its relationship with UK customers by broadening access to the Ole & Steen brand beyond its London bakery estate. Digital engagement remained an important area of focus, with further development of the Ole & Steen loyalty app and online ordering proposition supporting increased customer interaction, repeat visits and stronger brand attachment. The loyalty app membership base grew by 30% during the year, expanding the company’s direct customer platform and improving its ability to engage guests with targeted communication, promotional activity and repeat-purchase initiatives. This strengthened loyalty base supported customer retention and contributed to the positive customer like-for-like performance during the year. Delivery sales through third-party partner platforms also increased by approximately 75%, reflecting continued demand for convenience-led purchasing and at-home consumption.

The business also expanded beyond its own stores, launching a range of signature products into Waitrose late in the year, now available in more than 50 stores across southern England, creating a new way for customers to enjoy the brand at home.

Whilst revenue performance was encouraging, the business continued to operate in an environment characterised by cost inflation, elevated financing costs and pressure on consumer spending. Management therefore maintained a disciplined approach to cost control and productivity, supporting EBITDA performance despite ongoing margin pressures.

The directors remain encouraged by the progress achieved during 2025 and believe the business is well positioned to build on this momentum through continued focus on product quality, customer experience, operational excellence and disciplined growth.

The company operates in a highly competitive food and beverage market and is exposed to a range of commercial and financial risks. The principal risks facing the business include inflationary pressure on raw materials, labour, utilities and occupancy costs; changes in consumer spending patterns and confidence levels; volatility in commodity markets, particularly coffee, dairy, cocoa and bakery ingredients; recruitment, retention and availability of skilled employees; cyber security, data protection and business continuity risks; and increases in financing costs and interest rates.

The directors monitor these risks regularly and take appropriate actions to mitigate their potential impact on the company’s financial performance and long-term prospects.

Financial risk management

The company manages financial risks through established policies and procedures covering liquidity, credit and interest rate exposure.

Credit risk

Credit risk remains limited as most of the revenue is generated through cash, debit card and credit card transactions.

Liquidity risk

The company actively manages liquidity through detailed cash flow forecasting and access to funding arrangements within the wider group. The directors are satisfied that sufficient financial resources are available to support the ongoing operations of the business.

Interest rate risk

The company is exposed to interest rate risk primarily through bank borrowings and group financing arrangements. Interest costs remain a key area of management focus, and financing requirements are monitored closely throughout the year.

On behalf of the board

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

The loss for the year, after taxation, amounted to £851,343 (2024 - £881,158).

The analysis of the key performance indicators is detailed in the strategic report on page 1.

No dividends were paid in the current or previous year. The directors do not recommend the payment of a final dividend.

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

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company seeks to maintain open communication with employees through regular engagement activities, performance updates and consultation on matters that affect their working environment. Information on matters of concern to employees is shared to promote a common awareness of the financial and economic factors affecting the company performance.

Whilst the wider economic environment remains uncertain, the directors believe the company is well positioned for continued progress. During 2026, management will continue to focus on profitable revenue growth, guest experience, product innovation, operational efficiency and further expansion of customer engagement through the enlarged loyalty programme. The business will also continue to leverage the benefits of its central production facility and maintain disciplined control of operating costs and capital expenditure.

Thomson Cooper were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The company’s energy use includes purchased electricity, gas and fuel for company transport and was collated by gathering information from sites and suppliers. Meter readings were predominantly used for gas and electricity. Where actual data was not readily available, estimates have been used.

The conversion factors used to calculate the emissions are those published by the UK Government GHG Conversion Factors (version1.1) for Company Reporting.

The reporting intensity ratio used is tonnes of CO2 per £m turnover. It is considered that this provides the best representation of the activities of the company and comparison through the industry.

The company actively works to reduce the environmental impact – including carbon emission - of its operations as an integrated part of running a fresh food business. Environmental priorities are closely linked to the way the Company manages sourcing, production, ordering and distribution, with a particular focus on reducing waste and improving resource efficiency across the value chain. During the year, the company actively worked to reduce waste by improving forecast models, upgraded cooling and chilling equipment to low energy solutions as well as implementing new daylight/occupancy controls and shutdown routines for signage and non-essential equipment overnight.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

The directors expect that the company has adequate resources to continue in operational existence for a period not less than 12 months from the date of approving this annual report and financial statements. The company has received confirmation that the parent undertaking, Danish Bake A/S, will provide financial support to the company if required. In fulfilling their obligations as directors of the company, they have satisfied themselves that the parent company has the means and ability to provide financial support if so required.

In doing so, the directors have reviewed cash flow forecasts and considered group banking facilities and related forecast financial covenant compliance. The directors therefore continue to adopt the going concern basis in preparing the annual report and financial statements.

Research and development activities

The company did not incur any research and development costs during the year.

Donations

The company did not make any political or charitable donations during the year.

We have audited the financial statements of Danish Bake UK Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' 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, 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.

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

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

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, misstatement of work in progress, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, reviewed a sample of contracts focussing on cut off, tested a sample of journals to confirm they were appropriate, read minutes of Board meetings and reviewed areas of judgement for indicators of management bias to address these risks.

We reviewed areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards). Whilst the company is subject to many laws and regulations, we did not identify any others where the consequence of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Danish Bake UK Limited is a private company limited by shares incorporated in England. The registered office is Fifth Floor, 27 Greville Street, London, EC1N 8SU.

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

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

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

The company's ultimate parent undertaking, Cidron Garonne Limited is a company registered in Jersey. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:

• the requirement of Section 4 Statement of financial Position paragraph 4.12(a)(iv);

• the requirements of Section 7 Statement of Cash Flows and relates notes;

• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

• the requirement of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29A;

• the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and

• the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The directors expectruet that the company has adequate resources to continue in operational existence for a period not less than 12 months from the date of approving this annual report and financial statements. The company has received confirmation that the parent undertaking, Danish Bake A/S, will provide financial support to the company if required. In fulfilling their obligations as directors of the company, they have satisfied themselves that the parent company has the means and ability to provide financial support if so required.

In doing so the directors have held discussions with directors of the parent company, have reviewed and discussed cashflow forecasts prepared and have considered group banking facilities and related forecast financial covenant compliance to ensure no impediment to parental financial support.

In performing these procedures and satisfying themselves accordingly, the directors therefore continue to adopt the going concern basis in preparing the Annual report and financial statements.

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

The company has entered into an agreement that provides for royalty income based on a percentage of sales, with certain minimum amounts and, in the event of a loss, support is provided.

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

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

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

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

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

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

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

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

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

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

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

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

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

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

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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

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

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

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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the course of preparing the company’s financial statements no judgements have been made in the process of applying the company’s accounting policies, other than in respect of those involving estimates as set out below. The directors consider that the following estimate and judgement is likely to have the most significant effect on the amounts recognised in the financial statements:

Dilapidation provision

Provisions are made for potential dilapidation costs in respect of leased premises. The provisions are based on independent calculations provided by RAB Retail Ltd who are specialists in their field. The recognition and measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty and the judgement that has the most significant effect on the amounts recognised being in relation to the amount and timing of future cash flows required to settle any restoration obligation, and to a lesser extent the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Details of dilapidation provisions recognised are set out in note 15.

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

Their aggregate remuneration comprised:

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

Terms for the loan between group companies are on an arms length basis, with an interest of 7.69% (2024: 7.69%)

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

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

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

Called up share capital

Share capital represents the nominal value of shares that have been issued.

Profit and loss

Profit and loss account includes all current year and prior year retained profits and losses.

At the reporting end date, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

The company's immediate parent undertaking is Danish Bake A/S, which is incorporated and registered in Denmark. The ultimate parent undertaking and controlling party is Cidron Garonne Limited which is incorporated and registered in Jersey. The group consolidated financial statements can be found online at https://lagkagehuset.dk/arsrapport-og-nogletal.