REGISTERED NUMBER: 01904912 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 28 MARCH 2025 TO 26 MARCH 2026

FOR

N.H. CASE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

N H Case

T H Case

Mrs J P Case

SECRETARY:

T H Case

REGISTERED OFFICE:

21 Bennetts Field

Wincanton

Somerset

BA9 9DT

REGISTERED NUMBER:

01904912 (England and Wales)

AUDITORS:

Andrews and Palmer Limited

Statutory Auditor

32 The Square

Gillingham

Dorset

SP8 4AR

The directors present their strategic report of the company and the group for the period 28 March 2025 to 26 March 2026.

N H Case Ltd operate 4 separate sites manufacturing and wholesaling frozen food. There are 2 sites in Grimsby, and one each in Warminster and Wincanton.

REVIEW OF BUSINESS

Turnover remained broadly similar to the previous year at around £31M. Profit before Tax was just under £1.2m compared with a loss of £724K the previous year. Gross Profit increased from £8.2M to £10.1M, and operating profits increased to £1.23M against a loss of £626K the year before. Cash at Bank and in hand has increased from £2.4M to £4.9M without our having resorted to the underhand tactic of lagging payments to our valued and trusted suppliers.

The improved results are a direct consequence of our decision over the last two years to get rid of high turnover, low margin business with slow paying customers who treat their suppliers as a cheap source of finance. Our original plan was to halve turnover from just under the £60M that it was two years ago and to focus on improving margin and cashflow. This has been achieved.

The directors consider profitability and cash to be key performance indicators in the current climate, and these are reviewed on a weekly basis throughout the year. The financial position of the group, including liquidity and solvency, is strong as seen in the balance sheet on page 10.

The group's principal financial instruments comprise bank accounts, trade creditors and trade debtors supported where necessary by the use of invoice discounting. The main purpose of these instruments is to provide working capital for the group's day-to-day operations. Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding. Trade creditors consist of the amounts owed to suppliers. Liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

PRINCIPAL RISKS AND UNCERTAINTIES

The business faces risks from two principal directions in the coming few years.

Fish still makes up the bulk of our sales and reduced quotas in Iceland and Norway coupled with sanctions and tariffs against the Russians have reduced supply of the main species that we process and trade. Consequently, prices have doubled in 18 months. Fish is now a very expensive form of protein which an increasingly impoverished UK with low growth rates will struggle to afford. Stocks will increasingly be sold to more affluent consumers overseas.

The second major risk that we face is our desire to keep operating under a government that is determined to tax and regulate UK business out of existence. Investing in UK businesses for the long-term is becoming an increasingly unattractive compared with investments elsewhere.

Higher UK labour costs, employment taxes, commercial rates, and levies on electricity and gas presented as contributions to carbon-reduction targets are all making it increasingly difficult to run a profitable business in the UK. We do not see this situation improving in the next three years.

FUTURE DEVELOPMENTS

We will continue to supply customers that we enjoy working with, who pay their bills in a timely fashion, and who accept that all parties in a transaction need to make a modest profit from their effort and investment. We will not seek business where would be customers' expectations do not align with these criteria. We need to avoid being busy fools.

The group will look to maximise retained cash, without starving the business of the essential investment that it needs and keep our powder dry whilst waiting for a more benign regulatory environment in the UK when speculative long-term growth orientated investment in the country once again becomes attractive.

ON BEHALF OF THE BOARD:

T H Case - Director

31 July 2026

The directors present their report with the financial statements of the company and the group for the period 28 March 2025 to 26 March 2026.

DIVIDENDS

No dividends will be distributed for the period ended 26 March 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 28 March 2025 to the date of this report.

N H Case

T H Case

Mrs J P Case

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Andrews and Palmer Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T H Case - Director

31 July 2026

Opinion

We have audited the financial statements of N.H. Case Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 26 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 26 March 2026 and of the group's profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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:

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including the Companies Act 2006. In common with all audits under ISAs (UK), we are also required to identify management override as a significant risk and to perform specific procedures to respond to that risk. Our procedures included reviewing the financial statement disclosures and testing supporting documentation to assess compliance with laws and regulations having a direct effect on the financial statements. We also made enquiries of management, performed analytical and substantive procedures to identify unusual or unexpected events that may indicate risks of material misstatement due to fraud. We tested the appropriateness of journal entries and assessed whether judgements made are indicative of potential bias. 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 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 Report of the Auditors.

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 a Report of the Auditors 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.

Christopher Jarratt BA(Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Andrews and Palmer Limited

Statutory Auditor

32 The Square

Gillingham

Dorset

SP8 4AR

31 July 2026

TURNOVER

3

30,720,910

31,196,030

Cost of sales

20,638,722

23,018,966

GROSS PROFIT

10,082,188

8,177,064

Administrative expenses

8,938,595

9,038,381

1,143,593

(861,317

)

Other operating income

91,111

235,066

Gain/loss on revaluation of investment property

(8,123

)

-

OPERATING PROFIT/(LOSS)

5

1,226,581

(626,251

)

Interest receivable and similar income

65,677

22,563

1,292,258

(603,688

)

Interest payable and similar expenses

7

113,417

119,813

PROFIT/(LOSS) BEFORE TAXATION

1,178,841

(723,501

)

Tax on profit/(loss)

8

319,030

(145,581

)

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

859,811

(577,920

)

Profit/(loss) attributable to:

Owners of the parent

859,811

(577,920

)

PROFIT/(LOSS) FOR THE PERIOD

859,811

(577,920

)

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation gain

19,043

(2,310

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

19,043

(2,310

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

878,854

(580,230

)

Total comprehensive income attributable to:

Owners of the parent

878,854

(580,230

)

FIXED ASSETS

Tangible assets

10

3,766,689

3,817,604

Investments

11

-

-

Investment property

12

999,070

930,393

4,765,759

4,747,997

CURRENT ASSETS

Stocks

13

5,384,511

5,988,665

Debtors

14

3,701,593

3,903,928

Cash at bank and in hand

4,864,179

2,360,046

13,950,283

12,252,639

CREDITORS

Amounts falling due within one year

15

3,963,021

3,859,028

NET CURRENT ASSETS

9,987,262

8,393,611

TOTAL ASSETS LESS CURRENT LIABILITIES

14,753,021

13,141,608

CREDITORS

Amounts falling due after more than one year

16

(174,774

)

(131,828

)

PROVISIONS FOR LIABILITIES

20

(854,911

)

(665,298

)

NET ASSETS

13,723,336

12,344,482

CAPITAL AND RESERVES

Called up share capital

21

31,220

30,000

Share premium

22

498,780

-

Revaluation reserve

22

1,253,994

1,311,126

Undistributable reserves

22

137,875

137,875

Retained earnings

22

11,801,467

10,865,481

SHAREHOLDERS' FUNDS

13,723,336

12,344,482

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

T H Case - Director

FIXED ASSETS

Tangible assets

10

3,766,689

3,817,604

Investments

11

100

100

Investment property

12

999,070

930,393

4,765,859

4,748,097

CURRENT ASSETS

Stocks

13

5,384,511

5,988,665

Debtors

14

3,701,593

3,904,353

Cash at bank and in hand

4,864,179

2,360,046

13,950,283

12,253,064

CREDITORS

Amounts falling due within one year

15

3,963,121

3,859,553

NET CURRENT ASSETS

9,987,162

8,393,511

TOTAL ASSETS LESS CURRENT LIABILITIES

14,753,021

13,141,608

CREDITORS

Amounts falling due after more than one year

16

(174,774

)

(131,828

)

PROVISIONS FOR LIABILITIES

20

(854,911

)

(665,298

)

NET ASSETS

13,723,336

12,344,482

CAPITAL AND RESERVES

Called up share capital

21

31,220

30,000

Share premium

22

498,780

-

Revaluation reserve

22

1,253,994

1,311,126

Undistributable reserves

22

137,875

137,875

Retained earnings

22

11,801,467

10,865,481

SHAREHOLDERS' FUNDS

13,723,336

12,344,482

Company's profit/(loss) for the financial year

859,811

(532,087

)

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

T H Case - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 29 March 2024

30,000

11,369,175

-

Changes in equity

Total comprehensive income

-

(503,694

)

-

Balance at 27 March 2025

30,000

10,865,481

-

Changes in equity

Issue of share capital

1,220

-

498,780

Total comprehensive income

-

935,986

-

Balance at 26 March 2026

31,220

11,801,467

498,780

Revaluation

Exchange

Undistributable

Total

reserve

reserve

reserves

equity

£

£

£

£

Balance at 29 March 2024

1,367,406

1,496

137,875

12,905,952

Changes in equity

Total comprehensive income

(56,280

)

(1,496

)

-

(561,470

)

Balance at 27 March 2025

1,311,126

-

137,875

12,344,482

Changes in equity

Issue of share capital

-

-

-

500,000

Total comprehensive income

(57,132

)

-

-

878,854

Balance at 26 March 2026

1,253,994

-

137,875

13,723,336

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 29 March 2024

30,000

11,322,528

-

Changes in equity

Total comprehensive income

-

(457,047

)

-

Balance at 27 March 2025

30,000

10,865,481

-

Changes in equity

Issue of share capital

1,220

-

498,780

Total comprehensive income

-

935,986

-

Balance at 26 March 2026

31,220

11,801,467

498,780

Revaluation

Undistributable

Total

reserve

reserves

equity

£

£

£

Balance at 29 March 2024

1,367,406

137,875

12,857,809

Changes in equity

Total comprehensive income

(56,280

)

-

(513,327

)

Balance at 27 March 2025

1,311,126

137,875

12,344,482

Changes in equity

Issue of share capital

-

-

500,000

Total comprehensive income

(57,132

)

-

878,854

Balance at 26 March 2026

1,253,994

137,875

13,723,336

Cash flows from operating activities

Cash generated from operations

1

2,627,848

2,849,164

Interest paid

(71,601

)

(76,809

)

Interest element of hire purchase payments paid

(41,816

)

(43,004

)

Net cash from operating activities

2,514,431

2,729,351

Cash flows from investing activities

Purchase of tangible fixed assets

(189,178

)

(52,880

)

Purchase of investment property

(76,800

)

(155,393

)

Sale of tangible fixed assets

39,650

49,800

Interest received

54,826

22,563

Net cash from investing activities

(171,502

)

(135,910

)

Cash flows from financing activities

New loans in year

41,401

55,425

Loan repayments in year

-

(369,430

)

Capital repayments in year

(378,124

)

(428,676

)

Amount withdrawn by directors

(2,073

)

(443,253

)

Share issue

500,000

-

Net cash from financing activities

161,204

(1,185,934

)

Increase in cash and cash equivalents

2,504,133

1,407,507

Cash and cash equivalents at beginning of period

2

2,360,046

952,539

Cash and cash equivalents at end of period

2

4,864,179

2,360,046

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

28.3.25

29.3.24

to

to

26.3.26

27.3.25

£

£

Profit/(loss) before taxation

1,178,841

(723,501

)

Depreciation charges

559,747

590,891

Loss on disposal of fixed assets

25,292

22,304

Loss on revaluation of fixed assets

8,123

-

Foreign currency exchange rate movement

10,851

(2,310

)

Finance costs

113,417

119,813

Finance income

(65,677

)

(22,563

)

1,830,594

(15,366

)

Decrease in stocks

604,154

2,394,809

Decrease in trade and other debtors

202,335

597,200

Decrease in trade and other creditors

(9,235

)

(127,479

)

Cash generated from operations

2,627,848

2,849,164

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 26 March 2026

26.3.26

28.3.25

£

£

Cash and cash equivalents

4,864,179

2,360,046

Period ended 27 March 2025

27.3.25

29.3.24

£

£

Cash and cash equivalents

2,360,046

952,539