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Company Registration Number: 00207864 CLASSIC FINE FOODS UK LIMITED FINANCIAL STATEMENTS 30 SEPTEMBER 2025
CLASSIC FINE FOODS UK LIMITED COMPANY INFORMATION
Directors | O Batel
| E Scott Aiton
| K Wickramasekara
Company secretary | P Patel
Registered number | 00207864
Registered office | 291 Abbey Road
| Park Royal
| London
| NW10 7SA
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| James Watson House
| Montgomery Way
| Rosehill
| Carlisle
| Cumbria
| CA1 2UU
CLASSIC FINE FOODS UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Income Statement | 10
Statement of Financial Position | 11 - 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 30
CLASSIC FINE FOODS UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The Directors present their strategic report for the year ended 30 September 2025. Principal activities The Company is involved in the wholesaling and distribution of fine food products to customers in the United Kingdom.
Fair Review of the Business
The Company's key financial and other performance indicators during the year were as follows: Turnover increased by 9% during the year. Turnover growth was largely supported by company's investments into fruit and vegetable as well as plant-based initiatives in the previous year. The company strategizes into becoming a basket leader rather than a brand leader previously and new investment initiatives are endeavoured every financial year. The forecast prepared for FY2025-2026 expects better turnover than FY2024-2025. The company forecast predicts revenue for FY2025-2026 to be 10% higher than FY2024-25. Gross profit increased by 4% during the year. Better price management helped to improve margins. An effective foreign currency hedging strategy was maintained which also helped margin improvement. The total average number of employees increased during the year to support and deliver increased demand. Due to the Company's expansion strategy in the FY 2025-2026, the average number of employees is expected to increase compared to FY2024-2025. Page 1
CLASSIC FINE FOODS UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are broadly grouped as competitive, financial, supply chain and inflation risks. 1.Competitive risk The fine food market is extremely competitive with many companles of varying sizes operating in this segment of the economy. This risk is managed by employing an effective, well trained and knowledgeable sales force backed up by strong after-sales support, the procurement of the best products from around the world and securing long term relationships with key suppliers and customers. 2.Financial risk The Company sources approximately 70% of its products from Eurozone suppliers. The relative value of Sterling to Euro is therefore a key risk for the Company, as any strengthening in the value of the Euro to Sterling directly affects profitability. The risk is mitigated by an effective foreign exchange purchase policy, whereby purchases for a minimum of three and a maximum of twelve months are covered by forward currency contracts in which the Company's ultimate parent is the counterparty. The Company also monitors item profitability and has an effective pricing strategy to ensure it trades profitably. 3.Supply chain disruption risk due to Russia-Ukraine War There have been significant developments in terms of supply chain disruption due to the ongoing conflict, staff shortages with our suppliers and also in sourcing ingredients. The Company has maintained long term relationships with key suppliers to secure the supply of the majority of our product range. The Company is also maintaining higher inventory levels to help mitigate supply chain disruption risk for the foreseeable future. 4.Inflation risk The Company is not immune to the impact of inflation on inventory procurement. The Company maintains an effective foreign exchange purchase policy by way of forward contracts for the majority of its product procurement. Some of the increased cost will be passed onto customers in future to help mitigate inflation risk. This report was approved by the board and signed on its behalf.
O Batel Director
Date: 10 August 2026
Page 2
CLASSIC FINE FOODS UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, 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 101 ‘Reduced Disclosure Framework’. 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 judgments 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.
Results and dividends
The loss for the year, after taxation, amounted to £4,097,000 (2024 - loss £1,620,000) . The directors do not recommend the payment of a dividend for the year (2024: £nil).
Directors
The directors who served during the year were:
O Batel
E Scott Aiton
K Wickramasekara
Page 3
CLASSIC FINE FOODS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Greenhouse gas emissions and energy consumption We believe in respecting the environment and conducting our business in responsible way. The success of our business over the long term depends on the environmental sustainability of our operations, the resilience of our supply chain and our ability to manage climate change impacts. 1.UK Energy Use A.Energy Consumption i.Renewable Energy - 1,191,387.20 kwh ii.Non Renewable Energy - 61,127 kwh B.Transport i.Fleet Fuel Consumption: 280,376.05 litres of diesel ii.Company Car Fuel Consumption: 15,731.08 litres of diesel 2.GHG emissions i.Scope 1: 782.28 tons of CO2 e ii.Scope 2: 10.81 tons of CO2 e iii.Total GHG emissions: 793.69 tons of CO2 e 3.Emission Intensity i.1.51 tons of CO2 e per £. Energy Efficiency action: Scope 1 emissions increased by 47% compared to the baseline year, primarily due to increased business activity. The new facility did not require any refrigeration gas refills during the reporting period; therefore, emissions from refrigerant top-ups are recorded as zero. Scope 2 emissions decreased significantly by 87%, driven by the adoption of green energy tariffs, installation of rooftop solar panels, and other energy efficiency measures. The new facility was designed with sustainability in mind, incorporating smart motion sensors and an efficient lighting system to further reduce energy consumption and emissions. Page 4
CLASSIC FINE FOODS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Going Concern The net current liabilities as at 30 September 2025 were £9,730,000 (2024: £4,577,000), the loss for the year after tax was £4,097,000 (2024: £1,620,000) and the cash position was £1,573,000 as at 30 September 2025 (2024: £2,193,000). The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared cash flow forecasts to September 2027, being a period of more than 12 months from the date of approval of these financial statements. The forecasts project that the company will have sufficient funds through trading and through funding receivable from group companies, Metro AG and Klassisk Investment Ltd, to meet its liabilities as they fall due for that period. Those forecasts are dependent on Metro AG not seeking repayment of loan balances repayable within the review period by the company which at 30 September 2025 amounted to £9,004,479 and on Metro AG providing any necessary additional financial support during that period. Metro AG has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have made sufficient enquiries to conclude that Metro AG has sufficient financial resources to enable it to provide the required support. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Disclosure of information to auditors
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.
Auditors
The auditors, Armstrong Watson 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.
O Batel Director
Date: 10 August 2026
Page 5
CLASSIC FINE FOODS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASSIC FINE FOODS UK LIMITED
Opinion
We have audited the financial statements of Classic Fine Foods UK Limited (the 'Company') for the year ended 30 September 2025, which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity 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 101 ‘Reduced Disclosure Framework’ (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 30 September 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 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.
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 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. Page 6
CLASSIC FINE FOODS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASSIC FINE FOODS UK LIMITED (CONTINUED)
Opinion 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 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.
Matters on which we are required to report by exception
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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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. Page 7
CLASSIC FINE FOODS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASSIC FINE FOODS UK LIMITED (CONTINUED)
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 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: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, Including fraud and non- compliance with laws and regulatlons, was as follows: • the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management and from our commercial knowledge and experience of the sector; • we focussed on specific laws and regulations which we considered may have a direct materlal effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, employment, health and safety legislation and anti-money laundering regulations. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed anatytical procedures to identify any unusual or unexpected relationships; • tested journal entries with specific attributes to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates; • investigated the rationale behind significant or unusual transactions. Page 8
CLASSIC FINE FOODS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASSIC FINE FOODS UK LIMITED (CONTINUED) In response to the risk of irregularities and non- compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • enquiring of management as to actual and potential litigation and claims; • review of legal expenditure incurred during the year to Identify Instances of non-compliance with laws and regulations; • reviewing correspondence with HMRC. 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.
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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. David Harper (Senior Statutory Auditor) Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Carlisle 12 August 2026 Page 9
CLASSIC FINE FOODS UK LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 52,390 | 48,074
Cost of sales |  | (37,024) | (33,229)
Gross profit |  | 15,366 | 14,845
Distribution costs |  | (9,818) | (9,022)
Administrative expenses |  | (7,989) | (6,093)
Operating loss | 5 | (2,441) | (270)
Interest receivable and similar income |  | 19 | -
Interest payable and similar expenses | 8 | (1,675) | (1,103)
Loss before tax |  | (4,097) | (1,373)
Tax on loss | 9 | - | (247)
Loss for the financial year |  | (4,097) | (1,620)
There are no items of other comprehensive income for 2025 or 2024 other than the loss for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 14 to 30 form part of these financial statements.
Page 10
CLASSIC FINE FOODS UK LIMITED REGISTERED NUMBER: 00207864 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 228 |  | 42
Tangible assets | 11 |  | 27,384 |  | 29,746
|  |  | 27,612 |  | 29,788
Current assets |  |  |  |  |
Stocks | 12 | 3,648 |  | 3,537 |
Debtors: amounts falling due within one year | 13 | 6,189 |  | 6,795 |
Cash at bank and in hand | 14 | 1,573 |  | 2,193 |
|  | 11,410 |  | 12,525 |
Creditors: amounts falling due within one year | 15 | (21,140) |  | (17,102) |
Net current liabilities |  |  | (9,730) |  | (4,577)
Total assets less current liabilities |  |  | 17,882 |  | 25,211
Creditors: amounts falling due after more than one year | 16 |  | (17,590) |  | (20,853)
|  |  | 292 |  | 4,358
Provisions for liabilities |  |  |  |  |
Other provisions | 19 | (1,321) |  | (1,290) |
|  |  | (1,321) |  | (1,290)
Net assets excluding pension asset |  |  | (1,029) |  | 3,068
Net (liabilities)/assets |  |  | (1,029) |  | 3,068
Page 11
CLASSIC FINE FOODS UK LIMITED REGISTERED NUMBER: 00207864 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,015 |  | 1,015
Profit and loss account |  |  | (2,044) |  | 2,053
|  |  | (1,029) |  | 3,068
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
O Batel
Director
Date: 10 August 2026
The notes on pages 14 to 30 form part of these financial statements. Page 12
CLASSIC FINE FOODS UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 October 2023 | 1,015 | 3,673 | 4,688
Comprehensive income for the year |  |  |
Loss for the year | - | (1,620) | (1,620)
Total comprehensive income for the year | - | (1,620) | (1,620)
At 1 October 2024 | 1,015 | 2,053 | 3,068
Comprehensive income for the year |  |  |
Loss for the year | - | (4,097) | (4,097)
Total comprehensive income for the year | - | (4,097) | (4,097)
At 30 September 2025 | 1,015 | (2,044) | (1,029)
| The notes on pages 14 to 30 form part of these financial statements.
Page 13
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Classic Fine Foods UK Limited is a private company limited by shares incorporated in 1925 and is registered and domiciled in England and Wales. These financial statements were prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" ("FRS 101") issued by the Financial Reporting Council. The financial statements have been presented in Sterling (£) and rounded to the nearest thousand (£'000). In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards in conformity with the requirements of the Companies Act 2006 has set out below where advantage of FRS 101 disclosure exemptions has been taken. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 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). In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures: a)Disclosure of the effects of new but not yet effective IFRSs. b)Disclosures in respect of the compensation of Key Management Personnel c)The requirements of IFRS 7 'Financial Instruments: Disclosures'. d)The requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: i. paragraph 79(a)(iv) of IAS 1; e)The requirement of IAS 7 'Statement of Cashflows', this exemption requires that equivalent disclosures be included in the consolidated financial statements of the group in which the entity is consolidated. f)The requirements in IAS 24 'Related Party Disclosures' to disclose material related party transactions entered into between two or more members of the group, provided that any subsidiary which a party to the transaction is wholly owned by such a member g)The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details of indebtedness required by paragraph 61(1) of Schedule 1 to the Regulations is presented separately for lease liabilities and other liabilities, and in total. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. The financial statements are prepared on the historical cost basis except for currency derivatives which are stated at their fair value. The following principal accounting policies have been applied: Page 14
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.2 | Going concern
The net current liabilities as at 30 September 2025 were £9,730,000 (2024: £4,577,000), the loss for the year after tax was £4,097,000 (2024: £1,620,000) and the cash position was £1,573,000 as at 30 September 2025 (2024: £2,193,000). The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared cash flow forecasts to September 2027, being a period of more than 12 months from the date of approval of these financial statements. The forecasts project that the company will have sufficient funds through trading and through funding receivable from group companies, Metro AG and Klassisk Investment Ltd, to meet its liabilities as they fall due for that period. Those forecasts are dependent on Metro AG not seeking repayment of loan balances repayable within the review period by the company which at 30 September 2025 amounted to £9,004,479 and on Metro AG providing any necessary additional financial support during that period. Metro AG has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors have made sufficient enquiries to conclude that Metro AG has sufficient financial resources to enable it to provide the required support. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
| 2.5 | Leases
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an expense in profit or loss on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is perlodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: ∙fixed payments, including in-substance fixed payments. ∙variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date ∙amounts expected to be payable under a residual value guarantee; and ∙the exercise price under a purchase option that the Company Is reasonably certain to exercise, and ∙lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option. Page 16
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Leases (continued)
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The estimated useful lives range as follows:
|  |  |  | Purchased Software | - | 3 | years
Page 17
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
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. 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:
|  |  |  | Leasehold land and buildings | - | Over the period of the lease
|  |  |  | Plant and machinery | - | 5 years
|  |  |  | Motor vehicles | - | Between 4 and 5 years
|  |  |  | Fixtures and fittings | - | Between 3 and 8 years
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.
| 2.12 | Stocks
Stocks 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 weighted average basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
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 date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 18
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Fair value through profit or loss All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. Impairment of financial assets The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. Page 19
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant, and they are reviewed on a regular basis. Actual results may differ from these estimates. Dilapidations provision The company is subject to obligations, under leases, to maintain leasehold properties to an agreed standard and remove any alterations made to the property prior the termination of the lease. In determining the fair value of the provision, assumptions and estimates are made in relation to discount rates, the expected cost to dilapidate and the expected timing of those costs. In forming an appropriate estimate, management have obtained advice from an expert surveyor to identify suitable estimates. Recoverability of trade recelvables The company makes an estimate of the recoverable amount of trade receivables. Provision and write-offs have been made based on customer status, customer credit rating, the aging profile of debtors and historical experience. The total expected credit loss provision at 30 September 2025 was £70,000 (2024: £40,000). Incremental borrowing rate Upon entering a lease contract, the company considers the appropriate discount rate to use for the purpose of discounting future lease payments under the lease contract. The discount rate is assessed by reference to the company's incremental borrowing rate. As the company is funded by the wider Metro group, the group's incremental borrowing rate is applied in the assessment of the appropriate discount rate to apply.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the company and arises mainly within the United Kingdom, from goods sold and is stated net of VAT, discounts, rebates and other sales taxes or duty. Page 20
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 2,988 | 2,221
| Amortisation of intangible assets, including goodwill | 42 | 15
| Impairment of contract costs | 6 | 615
| Realised foreign exchange (gains)/losses | 147 | (252)
| Auditor's remuneration - Audit of the Company financial statements | 38 | 46
| - Other non-audit services | - | 4
| Cost of Inventories recognised as an expense | 37,204 | 33,229
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 7,796 | 7,395
| Social security costs | 950 | 806
| Cost of defined contribution scheme | 175 | 168
|  | 8,921 | 8,369
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Warehouse | 45 | 41
|  | Transport | 50 | 39
|  | Sales | 31 | 39
|  | Administrative | 59 | 59
|  |  | 185 | 178
Page 21
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Directors' remuneration
| The highest paid director received remuneration of £417,000 (2024 - £408,000) The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £22,000). Three directors (2024: three directors) benefitted from company contributions to defined contribution schemes in the year.
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Interest on intercompany loans | 462 | 300
| Interest expense on lease liabilities | 1,213 | 784
| Unwinding of provisions | - | 19
|  | 1,675 | 1,103
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Total current tax | - | -
| Deferred tax |  |
| Movement in the period | - | 247
| Total deferred tax | - | 247
|  | - | 247
Page 22
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (4,097) | (1,373)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (1,024) | (343)
| Effects of: |  |
| Deferred tax asset not recognised | 1,024 | 314
| Expenses not deductible for tax purposes | - | 29
| Movement in deferred tax | - | 247
| Total tax charge for the year | - | 247
| Factors that may affect future tax charges
There are no factors which management consider with affect the applicate rate of taxation in future periods. Page 23
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Intangible assets
|  | Computer software
|  | £000
| Cost |
| At 1 October 2024 | 361
| Additions - internal | 228
| At 30 September 2025 | 589
| Amortisation |
| At 1 October 2024 | 319
| Charge for the year | 42
| At 30 September 2025 | 361
| Net book value |
| At 30 September 2025 | 228
| At 30 September 2024 | 42
Page 24

|  | CLASSIC FINE FOODS UK LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 11. | Tangible fixed assets
|  | Leasehold Land and Buildings | Plant and machinery | Right of Use - Motor vehicles | Right of Use - Buildings | Right of Use - Asset reinstatement obligation | Fixtures, fittings & equipment | Assets under construction | Total
|  | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |  |  |  |
| At 1 October 2024 | 4,869 | 45 | 4,172 | 19,749 | 843 | 2,959 | 609 | 33,246
| Additions | 112 | - | 176 | - | - | 483 | 40 | 811
| Disposals | - | (45) | (182) | (41) | - | - | - | (268)
| Transfers between classes | - | - | - | - | - | 514 | (514) | -
| At 30 September 2025 | 4,981 | - | 4,166 | 19,708 | 843 | 3,956 | 135 | 33,789
| Depreciation |  |  |  |  |  |  |  |
| At 1 October 2024 | 13 | 45 | 2,120 | 888 | 25 | 409 | - | 3,500
| Charge for the year on owned assets | 328 | - | 805 | 1,324 | 9 | 528 | - | 2,994
| Disposals | - | (45) | (44) | - | - | - | - | (89)
| At 30 September 2025 | 341 | - | 2,881 | 2,212 | 34 | 937 | - | 6,405
| Net book value |  |  |  |  |  |  |  |
| At 30 September 2025 | 4,640 | - | 1,285 | 17,496 | 809 | 3,019 | 135 | 27,384
| At 30 September 2024 | 4,856 | - | 2,052 | 18,861 | 818 | 2,550 | 609 | 29,746
Page 25

CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finished goods and goods for resale | 3,648 | 3,537
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 5,362 | 5,513
| Amounts owed by group undertakings | 302 | 365
| Other debtors | 317 | 513
| Prepayments and accrued income | 208 | 404
|  | 6,189 | 6,795
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 1,573 | 2,193
Page 26
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 6,880 | 5,865
| Amounts owed to group undertakings | 8,514 | 9,004
| Other taxation and social security | 252 | 254
| Lease liabilities | 3,119 | 711
| Other creditors | 70 | 59
| Accruals and deferred income | 2,305 | 1,209
|  | 21,140 | 17,102
| Included within Amounts owed to group undertakings are: a)£368,000 which relates to short term trading balances or informal intercompany loans which are interest free and repayable on demand or subject to normal trading terms b)£7,970,000 due under a long-term credit facility with Metro Cash & Carry International GmbH, a group company. The facility attracts interest by reference to Euribor plus 0.6% and expires on 18 May 2026. Each amount drawn under the facility is repayable along with accrued interest on the first anniversary of its drawdown date, unless a rollover is agreed by the lender. Interest is repayable at maturity of the drawdown. Additionally, the year end liability includes accrued interest of £176,000.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Lease liabilities | 17,590 | 20,853
|  | 17,590 | 20,853
Page 27
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. | Leases
| Company as a lessee
| Contractual undiscounted cash flows are due as follows:
| Lease interest recorded in profit or loss amounted to £1,213,000 (2024: £784,000). Depreciation on Right of Use assets recorded in profit or loss amounted to £2,129,000 (2024: £1,937,000). At the reporting date the Company held various leases relating to property and vehicles. The discount rates applied in the calculation of lease liabillties range from 2.4% to 6.2% and are determined at the date of lease inception by reference to the Group's incremental borrowing cost. The Company's leases contain no variable lease payments and management have assumed that all available break clauses will be triggered for the purpose of determining lease term. The Company has taken advantage of the exemption in FRS 101:eB not to present a maturities analysis of lease obligations on the basis that lease liabilities have been separately identified above.
Page 28
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | Deferred taxation
|  | 2024
|  | £000
| At beginning of year | 246
| Charged to profit or loss | (246)
| At end of year | -
19. | Provisions
|  | Reinstatement obligations
|  | £000
| At 1 October 2024 | 1,290
| Charged to the profit or loss | 31
| At 30 September 2025 | 1,321
| The Company has obligations arising under certain leases in respect of the reinstatement of leasehold premises. Asset reinstatement provisions are created to reflect the expected cost of returning leasehold properties to their original condition at the termination of the lease and is based on estimates prepared by an external surveyor.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,015,000 (2024 - 1,015,000) Ordinary shares of £1.00 each | 1,015 | 1,015
| Ordinary shares entitle the holder to full voting and dividend rights.
21. | Related party transactions
| The Company has taken advantage of the exemption under FRS 101 from the requirements of IAS 24 'Related Party Disclosures' to disclosre transactions with companies that are wholly owned within the Group.
Page 29
CLASSIC FINE FOODS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
22. | Controlling party
The Company's immediate parent undertaking is Classic Fine Foods Group Limited. The Company's ultimate parent undertaking and controlling party at the start of the year was Metro AG, a company registered in Germany. In March 2025 EP Group a.s., a company registered in The Czech Republic, became the ultimate parent undertaking and controlling party. The consolidated financial statements of EP Group a.s are available from Parizska 130/26, Praha 1, Josefov, Hlavni mesto Praha, 11000, Czechia.
Page 30