European Freeze Dry Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—6

1. General Information

European Freeze Dry Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02979293 . The registered office is 45 Roman Way, Longridge Road, Ribbleton, Preston, PR2 5BD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

The company made a profit before tax of £168,000 for the four months to 30th April 2026 and continues to operate profitably. However, the company remains reliant on its Danish parent undertaking for financial and operational support, in line with the Group’s centralised financing and management structure.

The parent company's trading performance has significantly improved and has returned to profit and the Directors have received confirmation from the parent undertaking that operational and financial support will continue to be made available for a period of at least 12 months from the date of approval of the financial statements.

The Directors have prepared detailed cash flow forecasts for the period to April 2027, which demonstrate that the company is expected to maintain adequate liquidity and meet its obligations as they fall due, based on its own trading performance and the ongoing support from the wider Group.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover in respect of goods supplied is recognised on the despatch of goods to customers.

Turnover in respect of contract drying services is recognised when the service has been performed.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at 33% in order to write off each asset over its estimated useful life.

2.5. Tangible Fixed Assets and Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property	- between 6% and 10% on cost
Plant and machinery	- between 5% and 50% on cost
Motor vehicles	- 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and applicable variable selling expenses.

2.6. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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European Freeze Dry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Stocks and Work in Progress

Inventories are measured at the lower of cost and net realisable value.

The cost of inventories is based on the first-in, first-out principle (FIFO method). Cost of raw material and consumables consists of purchase price plus direct costs. Cost of manufactured goods and work in progress consists of raw materials, consumables, direct labour and other direct costs.

Net realisable value is the estimated selling price in the ordinary course of business, less completion costs and applicable variable selling expenses.

2.8. Financial Instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade, intercompany debtors, other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss.

There are no assets which are initially measured at fair value.

Financial liabilities

Basic financial liabilities, including trade and other creditors and intercompany creditors, 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 receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.9. Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.10. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2.11. Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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European Freeze Dry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.12. Cash and cash equivalents

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

2.13. Share capital and dividends

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and other distributions to the company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and the other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 29 (2024: 27)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	47,238

As at 31 December 2025	47,238

Amortisation
As at 1 January 2025	47,238

As at 31 December 2025	47,238

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	-

5. Tangible Assets

	Land & Property
	Improvements to leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
As at 1 January 2025	185,052	3,916,684	13,500	4,115,236
Additions	53,802	25,893	-	79,695
Disposals	-	(1,666 )	(13,500 )	(15,166 )

As at 31 December 2025	238,854	3,940,911	-	4,179,765

Depreciation
As at 1 January 2025	151,315	3,374,150	13,500	3,538,965
Provided during the period	12,666	164,910	-	177,576
Disposals	-	(1,666 )	(13,500 )	(15,166 )

As at 31 December 2025	163,981	3,537,394	-	3,701,375

...CONTINUED

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European Freeze Dry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025	74,873	403,517	-	478,390

As at 1 January 2025	33,737	542,534	-	576,271

6. Stocks

	2025	2024
	£	£
Materials	654,021	533,600
Finished goods	413,579	700,554

	1,067,600	1,234,154

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	984,953	1,052,294
Amounts owed by group undertakings	1,106,709	496,665
Other debtors	135,598	109,770

	2,227,260	1,658,729

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	404,843	432,597
Other creditors	180,112	148,502
Taxation and social security	145,545	27,266

	730,500	608,365

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	86,801	98,608

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,600,000	1,600,000

11. Capital Commitments

	2025	2024
	£	£
At the end of the period	20,000	-

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

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European Freeze Dry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Other Commitments

Minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	132,391	130,130
Later than one year and not later than five years	322,613	147,706
Later than five years	40,833	-

	495,837	277,836

13. Pension Commitments

The company operates a defined contribution pension scheme for the employees of the company.

The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £0 (2024 - £5,602) were due to the fund which are included in Other Creditors.

14. Related Party Transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. Ultimate Parent Undertaking and Controlling Party

The company's immediate parent undertaking and the smallest group of undertakings to consolidate these financial statements is European Freeze Dry ApS , a company incorporated in Denmark. The company's ultimate parent and controlling party is EFD Investment A/S which is incorporated in Denmark.

EFD Investment A/S, is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2025. The consolidated financial statements of European Freeze Dry ApS and EFD Investment A/S are available from Erhvervsinvest Management A/S, Jaegersborg Alle 4, 5. sal, DK-2920 Charlottenlund.

16. Audit Information

The auditor's report on the accounts of European Freeze Dry Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Mark James Hall (Senior Statutory Auditor) for and on behalf of MJH Accountants Limited , Statutory Auditor.

MJH Accountants Limited

129 Woodplumpton Road

Fulwood

Preston

Lancashire

PR2 3LF

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		478,390		576,271

			478,390		576,271
CURRENT ASSETS
Stocks	6	1,067,600		1,234,154
Debtors	7	2,227,260		1,658,729
Cash at bank and in hand		116,615		16,570

		3,411,475		2,909,453
Creditors: Amounts Falling Due Within One Year	8	(730,500 )		(608,365 )

NET CURRENT ASSETS (LIABILITIES)			2,680,975		2,301,088

TOTAL ASSETS LESS CURRENT LIABILITIES			3,159,365		2,877,359

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(86,801 )		(98,608 )

NET ASSETS			3,072,564		2,778,751

CAPITAL AND RESERVES
Called up share capital	10		1,600,000		1,600,000
Profit and Loss Account			1,472,564		1,178,751

SHAREHOLDERS' FUNDS			3,072,564		2,778,751