REGISTERED NUMBER: 04451152 (England and Wales)

Financial Statements

for the Year Ended 31 October 2025

for

North Lakes Foods Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Parker

J Parker

J Parker

A Parker

S A Croft

SECRETARY:

J Parker

REGISTERED OFFICE:

C/o Greencroft Milk Supplies Limited

Telford Road

MIDDLESBROUGH

Cleveland

TS3 8BL

REGISTERED NUMBER:

04451152 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kevin Shotton BA BFP FCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, Allington Way

DARLINGTON

Co Durham

DL1 4QB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

562,187

485,560

562,187

485,560

CURRENT ASSETS

Stocks

6

80,925

90,485

Debtors

7

2,336,101

2,176,970

Cash at bank and in hand

18,833

13,152

2,435,859

2,280,607

CREDITORS

Amounts falling due within one year

8

(1,527,996

)

(1,367,166

)

NET CURRENT ASSETS

907,863

913,441

TOTAL ASSETS LESS CURRENT LIABILITIES

1,470,050

1,399,001

CREDITORS

Amounts falling due after more than one year

9

(1,093,513

)

(1,133,481

)

PROVISIONS FOR LIABILITIES

12

(49,342

)

(77,387

)

NET ASSETS

327,195

188,133

CAPITAL AND RESERVES

Called up share capital

13

2

2

Retained earnings

327,193

188,131

SHAREHOLDERS' FUNDS

327,195

188,133

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

D Parker - Director

1.	STATUTORY INFORMATION

North Lakes Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption

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 and those conducted on normal market terms.

Turnover

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

Income recognition

Income is recognised when a contract for sale of goods is determined as unconditional.

Goodwill

Goodwill being the amount paid in connection with the acquisition of the business is now fully amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

15% on reducing balance

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

Government grants

Revenue based grants are credited to the profit and loss account on receipt.

Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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.

Invoice discounting

The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2024 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

1,355,252

AMORTISATION

At 1 November 2024

and 31 October 2025

1,355,252

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

439,204

910,487

315,736

9,817

1,675,244

Additions

-

11,322

102,196

-

113,518

At 31 October 2025

439,204

921,809

417,932

9,817

1,788,762

DEPRECIATION

At 1 November 2024

112,248

791,288

279,215

6,933

1,189,684

Charge for year

8,875

15,170

12,414

432

36,891

At 31 October 2025

121,123

806,458

291,629

7,365

1,226,575

NET BOOK VALUE

At 31 October 2025

318,081

115,351

126,303

2,452

562,187

At 31 October 2024

326,956

119,199

36,521

2,884

485,560

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

102,196

At 31 October 2025

102,196

DEPRECIATION

Charge for year

5,110

At 31 October 2025

5,110

NET BOOK VALUE

At 31 October 2025

97,086

6.

STOCKS

2025

2024

as restated

£

£

Finished goods

80,925

90,485

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

945,953

898,360

Amounts owed by group undertakings

1,232,014

1,061,289

Other debtors

48,984

31,896

Prepayments and accrued income

109,150

185,425

2,336,101

2,176,970

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Hire purchase contracts (see note 10)

12,429

-

Trade creditors

774,377

775,805

Corporation tax

(182

)

60,667

Taxation and social security

28,695

26,810

Other creditors

2,681

2,974

Invoice discounting facility

590,089

454,773

Accruals and deferred income

119,907

46,137

1,527,996

1,367,166

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Hire purchase contracts (see note 10)

78,270

-

Amounts owed to group undertakings

1,015,243

1,133,481

1,093,513

1,133,481

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

as restated

£

£

Net obligations repayable:

Within one year

12,429

-

Between one and five years

78,270

-

90,699

-

Non-cancellable

operating leases

2025

2024

as restated

£

£

Within one year

15,066

11,114

Between one and five years

11,912

1,143

26,978

12,257

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

as restated

£

£

Invoice discounting

590,089

454,773

Hire purchase

90,699

-

680,788

454,773

Invoice discounting is secured with a fixed and floating charge over the assets of the company.

Hire purchase liabilities are secured over the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

44,163

69,690

Other provisions

5,179

7,697

49,342

77,387

Deferred

Other

tax

provisions

£

£

Balance at 1 November 2024

69,690

7,697

Accelerated capital allowances

(25,527

)

-

Release of government grant

-

(2,518

)

Capital grants

Balance at 31 October 2025

44,163

5,179

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

as restated

£

£

2

Ordinary

£1

2

2

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

15.	CONTINGENT LIABILITIES

The company has an unlimited cross guarantee with B&S (Rentals) Limited and Greencroft Milk Supplies Limited, the parent company. No liability is expected to arise in relation to this guarantee.

16.	ULTIMATE PARENT COMPANY

The ultimate parent company is Greencroft Milk Supplies Limited, a company registered in England and Wales. The registered office is Telford Road, Middlesbrough, Cleveland, TS3 8BL.

17.	PRIOR YEAR ADJUSTMENTS

Adjustments have been made to the prior year accounts in respect of the following:

The prior year accounts have been restated to correct for overstated sales and overstated accrued income. The impact of the prior year adjustment is a decrease in sales of £107,385 and a decrease in accrued income of £107,385.

The overall impact on retained earnings was £107,385.